TCRAP_Public/091009.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

           Friday, October 9, 2009, Vol. 12, No. 200

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRA: To Sell British Port Business for $1
BRIGHTON HALL: Faces ASIC Legal Action over Westpoint Advice
ENVIRONINVEST: Founder May Face Lawsuit Over Property-Related Deal
FORTESCUE METALS: May Secure US$6-Billion from Chinese Lenders
FORTESCUE METALS: Receives Exploration Permit in New Zealand

GOODMAN GROUP: Moody's Downgrades Rating on "PLUS" Hybrid to 'Ba2'
LIBERTY FUNDING: S&P Assigns Ratings on Various Australian RMBS
LIBERTY PRIME: Fitch Assigns Ratings on Various 2009-2 Notes
WESTPOINT GROUP: ASIC Begins Legal Action Against Brighton Hall


C H I N A

FERROCHINA LIMITED: Citigroup Demands Repayment on US$176.8MM Debt
GENERAL MOTORS: Talks to Sell Hummer to Tenzhong Remain "On Track"
TONGLI PHARMACEUTICAL: Earns US$633,908 in 1st Qtr Ended June 30
UNIVERSAL SOLAR: June 30 Balance Sheet Upside-Down by US$169,639


H O N G  K O N G

AKAI HOLDINGS: Creditors to Get $100-Mln Grande Settlement Payout
BAOSHINN CORP: Posts US$10,270 Net Loss in 2nd Qtr Ended June 30
GALLERIA (USA): Joins Hong Kong Unit in Bankruptcy
GARTLETT INVESTMENT: Declares First Dividend
GREEN DRAGON: Earns US$30,900 in First Quarter Ended June 30


I N D I A

AIR INDIA: In Talks with State Banks Over Working Capital Loans
DAMAN POLYTHREAD: ICRA Puts 'LBB+' Rating on INR45.60MM Term Loans
ENERCON WIND: Fitch Downgrades National Long-Term Rating to 'BB+'
ERIC APPAREL: CRISIL Reaffirms 'BB+' Rating on INR15.4MM Term Loan
ICICI BANK: Needs Clearance from Sebi, RBI for INR500cr Fund

JET AIRWAYS: Prock-Schauer Steps Down as CEO
KCP PROJECTS: ICRA Assigns 'LBB' Rating on Various Bank Debts
LAKSHMI STEEL: CRISIL Rates INR50MM Cash Credit Limit at 'BB-'
LUCKY YARN: Delay in Loan Servicing Prompts CRISIL 'D' Ratings
MIL INDUSTRIES: Fitch Assigns National Long-Term Rating at 'BB-'

RANBAXY LABORATORIES: EU officials Raid Ranbaxy French Unit
SASI ANAND: CRISIL Assigns 'BB' Rating on INR90MM Long Term Loan
SHREE NAKODA: CRISIL Cuts Rating on Various Bank Debts to 'B-'
SHREE SUMATI: CRISIL Assigns 'BB' Rating on INR72.5MM Term Loan
SINGHAL POLYTECH: Default in Loan Payment Cues CRISIL 'D' Ratings

SIVASWATI TEXTILE: ICRA Rates INR766.6MM Term Loan at 'LBB'
SURYAAMBA SPINNING: CRISIL Assigns 'BB+' Ratings on Various Debts
SKS TEXTILES: ICRA Assigns 'LBB+' Rating on INR188.5MM LT Loans
TATA MOTORS: Jaguar Land Rover Secures GBP175 Mln Loan From SBI
TATA STEEL: Sales Up 19% in Second Quarter Ended September 30

TRANSWAYS EXIM: CRISIL Rates INR125-Mln Cash Credit at 'B+'
TRIMEX INDUSTRIES: CRISIL Downgrades Ratings on Term Loan to 'BB'
TRIMEX SANDS: CRISIL Cuts Rating on INR1.6BB Term Loan to 'BB'
VENKRAFT PAPER: CRISIL Places 'BB+' on Various Bank Facilities


I N D O N E S I A

PT BERLIAN: Voluntary Exchange Offer Won't Affect S&P's 'B' Rating
PT TELEKOMUNIKASI: Fitch Affirms Issuer Default Rating at 'BB+'


J A P A N

AIFUL CORP: ISDA Rules "No Bankruptcy Credit Event"
ELPIDA MEMORY: May Spend US$452MM to Increase 40nm Chips Output
GK MLOX3: Fitch Downgrades Ratings on Four Classes of Notes
JAPAN AIRLINES: Two Units Offer Early Retirement to Staff
ORIX-NRL Trust: S&P Downgrades Ratings on Various Certificates

SCUDETTO ABL: Moody's Junks and Withdraws Ratings on Loan
TAKEFUJI CORPORATION: To Raise JPY42BB Via Bank Loans, Stock Sales
TAKEFUJI CORPORATION: Moody's Cuts Senior Debt Rating to 'B2'
TOSHIBA CORP: Faces EU Fines in Cartel Case


K O R E A

GENERAL MOTORS: KDB May Collect Maturing Loans from GM Daewoo


M A L A Y S I A

PRIME UTILITIES: Annual General Meeting Slated for October 29
RANHILL BERHAD: Kozai Sabah Files Wind Up Petition Against Unit


N E W  Z E A L A N D

AIR NEW ZEALAND: Seeks Payment for Unpaid Service Dues
DORCHESTER PACIFIC: Appoints New Director


P H I L I P P I N E S

EXPORT & INDUSTRY BANK: Tier1 Notes Issuance Extended to Oct. 30


S I N G A P O R E

ARMADA (SINGAPORE): Creditors' Meeting Set for October 23
HOCK CHUAN: Members and Creditors' Meeting Set for October 20
INTEGRA ENGINEERING: Court to Hear Wind-Up Petition on October 16
LUCINA SHIPPING: Creditors' Proofs of Debt Due on November 7
NCH (TAMPINES): Creditors' Proofs of Debt Due on November 2

NCH (SENGKANG): Creditors' Proofs of Debt Due on November 2
ORIENT TELECOMMUNICATIONS: To Declare Dividend on October 14
PETRORIG: Sells Two Rigs for US$950 Mil. to Diamond Offshore
SHIRETOKO SHIPPING: Creditors' Proofs of Debt Due on November 7
YL INVEST: Creditors' Proofs of Debt Due on October 30


T A I W A N

AMERICAN INT'L: Says Still Evaluates Bids for Taiwan Unit


T H A I L A N D

GENERAL MOTORS: GM Thai Plant May Resume Operations This Week


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


BABCOCK & BROWN INFRA: To Sell British Port Business for $1
-----------------------------------------------------------
The Sydney Morning Herald reports that Babcock & Brown
Infrastructure Group plans to sell its British port business for a
nominal price of $1 to help reduce the debt burden that the group
faces at both corporate and asset level.

The Herald says details of the token payment are contained in the
documentation that has been prepared for BBI's US$1.5 billion
recapitalization, in which the Canadian group Brookfield Asset
Management will become its new cornerstone investor.

Brookfield, according to the Herald, is set to take over the
ownership of PD Ports from BBI as part of a program of asset sales
designed to reduce as much as $10.3 billion of debt spread across
the Australian group's operations

As part of the nominal fee, the report notes, Brookfield will
assume responsibility for $205 million of borrowings held by the
port operation, the third largest by volume in Britain and based
on the north-east coast of England.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Oct. 5, 2009, that Babcock & Brown Infrastructure was
expected to launch a AU$850 million (US$736 million) capital
raising on Oct. 7 as part of a AU$1.8 billion recapitalization to
cut its debt.

The infrastructure fund, which is seeking to reduce borrowings of
AU$9.4 billion, will sell AU$600 million to institutions as well
as AU$250 million to existing shareholders, according to
Bloomberg.

BBI will also sign a deal with Brookfield Asset Management Inc.
for the Canadian fund manager to inject AU$600 million into the
infrastructure fund in return for a cornerstone stake.

Bloomberg noted the infrastructure fund will also sell a half-
share in Dalrymple Bay Coal terminal, as well as all of the PD
Ports business in the U.K. to Brookfield.

                About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Moody's Investors Service 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 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.

                About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, Moody's Investors Service confirmed Babcock & Brown
Infrastructure Group's B1 corporate family rating and B2 senior
secured rating.  The outlook on the ratings is stable.


BRIGHTON HALL: Faces ASIC Legal Action over Westpoint Advice
------------------------------------------------------------
The Australian Securities & Investments Commission has filed an
application for leave before the Federal Court in Perth to
commence proceedings against Brighton Hall Securities Pty Ltd,
which is in liquidation.

ASIC said this action, which will seek damages on behalf of a
number of Westpoint investors who were clients of Brighton Hall
Securities, is one of 19 civil actions ASIC is now taking to
recover funds for the benefit of Westpoint investors.

ASIC will allege that Brighton Hall Securities was negligent in
relation to its investigation of Westpoint products and its
subsequent recommendations to its clients to invest in Westpoint
products.

ASIC's proposed claim against Brighton Hall will seek to recover
compensation in the order of $14 million.  However, given Brighton
Hall's liquidation, it is anticipated that the funds available to
satisfy this claim will be limited to any available insurance
proceeds.

ASIC has filed this application following negotiations with the
relevant parties aimed at preventing the need to commence
litigation.

ASIC is using its power under section 50 of the ASIC Act, which
enables it to begin and carry on civil proceedings for damages for
investors where it appears to ASIC that such proceedings are in
the public interest.

Approximately 170 investors could possibly benefit from the action
should the application for leave to file succeed.  An investor's
entitlement to benefit from the action will depend on the product
type and the investor's individual circumstances.

The matter will return to the Court on November 16, 2009.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.

                       About Brighton Hall

Brighton Hall Securities Pty Ltd carried on a financial services
business from Applecross and South Perth in Western Australia
prior to entering into liquidation in September 2007.


ENVIRONINVEST: Founder May Face Lawsuit Over Property-Related Deal
------------------------------------------------------------------
The Age reports that the Victorian Supreme Court has heard that
the liquidator of failed managed investment scheme group
Environinvest is considering suing the company's founder, former
Victorian Liberal minister Roger Pescott.

The report relates that the prospect of a future law suit was
raised by Mr. Pescott's counsel, Trevor McLean, during a courtroom
examination on September 30 in which Mr. Pescott faced hours of
questions about various multimillion-dollar property-related deals
between Pescott family interests and Environinvest.

According to the Age, Mr. McLean told Associate Justice John
Efthim that the possibility of court proceedings against
Mr. Pescott had emerged in a letter emanating from the offices of
KordaMentha, the receiver appointed to Environinvest in
September 2008.

Mr. McLean, however, did not provide any further detail, the
report notes.

                        About Environinvest

Headquartered in Melbourne, Victoria in Australia, Environinvest
Limited -- http://www.environinvest.com.au/-- which trades as
Primary Yield, holds a financial services licence to run several
forestry and agricultural investment schemes.  Since its
inception in 1997, the company is currently responsible under
ownership, lease, and agistment for 370,000 acres (148,857
hectares) of agricultural land in Victoria, Tasmania, South
Australia, New South Wales, and Queensland.  The company also
offers Eucalyptus industry investment opportunities, cattle
industry investment opportunities and blue gum investment
information for Australian national markets and international
clients.  As at June 30, 2004,  Environinvest and its
subsidiaries had net assets of approximately AU$36 million.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 24, 2008, the directors of Environinvest Ltd appointed
James Downey as administrator of the company.  On Sept. 22, 2008,
Commonwealth Bank of Australia appointed Craig Shepard and Mark
Mentha of KordaMentha as joint and several receivers and managers
of Environinvest.

The creditors of Environinvest Ltd met on October 24, 2008, and
resolved that the company be wound up voluntarily, the TCR-AP
reported on Feb. 18, 2009.


FORTESCUE METALS: May Secure US$6-Billion from Chinese Lenders
--------------------------------------------------------------
Bloomberg News reports that Fortescue Metals Group Ltd. will
probably secure US$6 billion from Chinese lenders in the "near
future" after missing the September 30 deadline to raise up to
US$6 billion (AU$6.85 billion) in financing deals from Chinese
banks.

Bloomberg quoted Michael Rawlinson, an analyst at Liberum Capital,
as saying that "Most likely due diligence is taking longer than
expected, and we would expect this deal to resurface in the near
future."  A delay will hurt expansion plans, Mr. Rawlinson added.

"Fortescue is scheduled to produce 45 million tons a year of iron
ore and this financing would have allowed the expansion to 90
million tons a year to press ahead, the timing of which could now
be in jeopardy," the report quoted Mr. Rawlinson as saying.

The Troubled Company Reporter-Asia Pacific reported on October 1,
2009, that the financing deadline was part of the company's
funding and pricing agreement last month with China Iron & Steel
Association and Baosteel Group Corp, Bloomberg said.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group.  The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.


FORTESCUE METALS: Receives Exploration Permit in New Zealand
------------------------------------------------------------
Fortescue Metals Group has been granted a large exploration permit
in New Zealand's South Island, according to The Australian.

The Australian says New Zealand's Ministry of Economic Development
has granted Fortescue an exclusive two-year lease over a 3,568sqkm
area in the island's north west.

According to the report, a spokesman for the miner said it will
carrying out early stage exploration work, which will involve
reviewing historical data and carrying out 3D geological modeling.

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group.  The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.


GOODMAN GROUP: Moody's Downgrades Rating on "PLUS" Hybrid to 'Ba2'
------------------------------------------------------------------
Moody's Investors Service has confirmed Goodman Group's Baa3
issuer and senior unsecured rating, and downgraded the rating on
Goodman's "PLUS" hybrid to Ba2.  The outlook on all ratings is
stable.

This concludes the review which initially commenced in March 2009
due to concerns about the group's high leverage.  The rating
action follows the conclusion of Goodman's recapitalization which
included capital raising and debt extension at the headstock and
managed funds.

Goodman's Baa3 ratings reflect its portfolio of directly owned,
high quality and well-diversified industrial property assets,"
Chong says, adding, "The ratings also consider Goodman's much
improved leverage, liquidity and covenant positions which are
expected to provide adequate cushion for reasonable downside risks
in the operating environment".

However, the rating recognizes that -- in comparison with other
rated Australian real estate investment trusts -- the larger
proportion of the group's earnings are derived from less-stable
property management fees, development profits and equity returns
from partly owned and managed property funds.  Moody's considers
to these cashflows to be less predictable and more cyclical than
those from directly owned property.  The property development
business can also be a large user of capital and more exposed to
rapid market shifts.  As a result, Moody's considers Goodman's
business risk to be greater than that of a more traditional real
estate investment trust.

The group's pro-forma look-through Net Debt/EBITDA ratio of around
7.5 times remain weak for the Baa3 rating, although Moody's notes
that financial metrics at headstock level -- including Net
Debt/EBITDA of 5.0 times -- are more appropriate for the rating.
Moody's considers both measures of the credit quality of the group
given its track record of providing capital to the partly owned
funds at times of need.

"The ratings includes an expectation that Goodman will de-lever
its look-through balance sheet -- over the next 12-18 months -- to
achieve Net Debt/EBITDA of 6 times on a look-through basis," Chong
says, adding, "The group intends to sell down its stakes in funds
to 20-30% range, and if implemented, look-through leverage would
decline."

"Moody's recognizes the group's recent track record of managing
its capital structure in this regard through capital raising and
asset sales," Chong says.

The downgrade of the hybrid rating to Ba2 reflects the weakened
position of the instrument in Goodman's capital structure.  In
this regard, the deterioration in the group senior unsecured
rating has increased the expected risk of loss on the hybrids.

The stable outlook on the ratings reflects an expectation that
Goodman's leverage position will gradually improve as it executes
its strategy, and that the operating environment is showing signs
of stabilization in Australia.  It also reflects plans by the
company to continue to extend its debt maturity profile and
maintain solid balance sheet liquidity.  This is particularly
important given the cyclicality of some parts of its business.

Positive rating momentum is unlikely in the near term given
Moody's expectation of the group's look-through and head-stock
leverage level.  Over the longer-term, the group's ratings could
be considered for an upgrade if look-through Net Debt/EBITDA ratio
falls below 4.5 times (3.0-3.5 times at the headstock level), and
fixed charge coverage rising above 3.5 times on a sustainable
basis.  When considering these metrics, Moody's would exclude any
profit from asset recycling.  In addition, Moody's would look for
Goodman to maintain a long debt maturity profile consistent with
its asset structure.

On the other hand, downward rating pressure could eventuate if
Moody's considers it unlikely that Goodman would improve its look-
through Net Debt/EBITDA to below 6 times (or headstock to below
4.0-4.5 times) and fixed charge coverage to higher than 2.5 times
over the next 12-18 months.  A material deterioration in the
group's liquidity position (through a material reduction in
available liquidity or build-up of short-term debt maturities), or
evidence of meaningful increase in development risk or financial
support for its managed funds, could lead to rating pressures.

The last rating action on Goodman was on August 6, 2009, when
Goodman's ratings were maintained on review for possible downgrade
following the announcement of its recapitalization plan.

The Goodman Group, based in Australia, is an internally managed,
integrated property group, with ownership of a substantial
portfolio of Australian industrial property assets.  In addition,
the group has a number of strategic investments in various
industrial property funds globally.  It also derives earnings
streams from providing funds management and property management
services together with property development activities.


LIBERTY FUNDING: S&P Assigns Ratings on Various Australian RMBS
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary ratings to
the AU$126 million Australian residential mortgage-backed
securities to be issued by Liberty Funding Pty Ltd. in respect of
the Liberty PRIME Series 2009-2 Trust.

"While this is Liberty's second prime RMBS issue for 2009, both
issues involved the Australian Office of Financial Management as a
cornerstone investor," Standard & Poor's credit analyst Sarah
Samson said.  "This transaction includes a short-term note rated
'A-1+' (Class A1), which has a legal final maturity term of 12
months.  In addition, S&P believes there is sufficient
subordination to cover expected losses without any reliance on any
lenders' mortgage insurance."

                   Preliminary Ratings Assigned

                    Liberty PRIME Series 2009-2

             Class     Rating        Amount (mil. A$)
             -----     ------        ----------------
             A1        A-1+          10.0
             A2        AAA           45.0
             A3        AAA           58.5
             AB        AAA            6.3
             B         AA             1.8
             C         A              1.5
             D         BBB            0.9
             E         BB             0.8
             F         N.R.            1.2

                         N.R. Not rated.


LIBERTY PRIME: Fitch Assigns Ratings on Various 2009-2 Notes
------------------------------------------------------------
Fitch Ratings has assigned expected ratings and loss severity
ratings to Liberty PRIME Series 2009-2 Trust's mortgage-backed
floating-rate notes:

  -- AU$10.0 million Class A1 notes: 'F1+';
  -- AU$45.0 million Class A2 notes: 'AAA', LS-1; Outlook Stable;
  -- AU$58.5 million Class A3 notes: 'AAA', LS-1; Outlook Stable;
  -- AU$6.3 million Class AB notes: 'AAA', LS-2; Outlook Stable;
  -- AU$1.8 million Class B notes: 'AA', LS-3; Outlook Stable;
  -- AU$1.5 million Class C notes: 'A', LS-3; Outlook Stable;
  -- AU$0.9 million Class D notes: 'BBB', LS-4; Outlook
     Stable; and
  -- AU$0.8 million Class E notes: 'BB', LS-4; Outlook Stable.

The transaction also includes Class F notes, which are not rated
by Fitch, totaling AUD1.2m and represents 1.0% of the total amount
of notes to be issued.  The notes will be issued by Liberty
Funding Pty Ltd in respect of the Liberty PRIME Series 2009-2
Trust.

The expected 'F1+' rating assigned to the Class A1 notes and the
expected 'AAA' ratings assigned to the Class A2, Class A3 and
Class AB notes are based on: the quality of the mortgage loan
collateral; the 4.9% credit enhancement provided by the
subordination of the Class B, C, D, E and the unrated Class F
notes; Liberty's mortgage underwriting and servicing capabilities;
the liquidity provision of 2.0% of the outstanding rated notes
funded from the issuance proceeds; and the interest-rate swap
arrangements the trustee has entered into with National Australia
Bank Limited ('AA'/Outlook Stable/'F1+').

"This is Liberty's second transaction to benefit from the federal
government's AOFM (Australian Office of Financial Management) RMBS
funding program.  The government funding program has allowed non-
bank lenders such as Liberty to continue to originate and remain
viable during the current stressed economic period, and helps to
ensure that non-bank lenders remain to provide competition to the
major banks once markets return to a more normal state," said
Claire Heaton, Associate Director in Fitch Ratings' structured
finance team in Sydney.

As at the pool cut-off date, the total collateral pool was
comprised of 10.0% reduced documentation mortgages with the
remaining mortgages belonging to borrowers with fully verified
income.  The portfolio consisted of 582 loans originated by
Liberty totaling approximately AUD123.4m.  Fitch's calculated
weighted average current loan-to-value ratio was 64.2% and the
weighted average seasoning is 19.7 months.  Investment loans
comprise 18.9% of the pool, and 15.0% of mortgages in the
portfolio are interest-only loans.  In addition, fixed rate loans
make up 6.4% of the pool.  The agency has incorporated all the
abovementioned factors into its credit analysis of the
transaction.

The expected ratings assigned to the Class B, C, D and E notes are
based on all the strengths supporting the Class A notes, excluding
their credit enhancement levels, but including the credit
enhancement provided by each Class of notes' respective
subordinate notes.

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

Loss Severity criteria were published on February 17, 2009.


WESTPOINT GROUP: ASIC Begins Legal Action Against Brighton Hall
---------------------------------------------------------------
The Australian Securities & Investments Commission has filed an
application for leave before the Federal Court in Perth to
commence proceedings against Brighton Hall Securities Pty Ltd,
which is in liquidation.

ASIC said this action, which will seek damages on behalf of a
number of Westpoint investors who were clients of Brighton Hall
Securities, is one of 19 civil actions ASIC is now taking to
recover funds for the benefit of Westpoint investors.

ASIC will allege that Brighton Hall Securities was negligent in
relation to its investigation of Westpoint products and its
subsequent recommendations to its clients to invest in Westpoint
products.

Brighton Hall Securities carried on a financial services business
from Applecross and South Perth in Western Australia prior to
entering into liquidation in September 2007.

ASIC's proposed claim against Brighton Hall will seek to recover
compensation in the order of $14 million.  However, given Brighton
Hall's liquidation, it is anticipated that the funds available to
satisfy this claim will be limited to any available insurance
proceeds.

ASIC has filed this application following negotiations with the
relevant parties aimed at preventing the need to commence
litigation.

ASIC is using its power under section 50 of the ASIC Act, which
enables it to begin and carry on civil proceedings for damages for
investors where it appears to ASIC that such proceedings are in
the public interest.

Approximately 170 investors could possibly benefit from the action
should the application for leave to file succeed.  An investor's
entitlement to benefit from the action will depend on the product
type and the investor's individual circumstances.

The matter will return to the Court on November 16, 2009.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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


FERROCHINA LIMITED: Citigroup Demands Repayment on US$176.8MM Debt
------------------------------------------------------------------
Joyce Koh at Bloomberg News reports that FerroChina Ltd. said it
received a statutory demand from Citigroup Inc. for the repayment
of US$176.8 million that the indebted Chinese steelmaker borrowed.

Citing FerroChina's statement to the Singapore Exchange, Bloomberg
discloses the U.S. bank reserves the right to start winding-up
proceedings if FerroChina doesn't pay within 21 days from Oct. 5,
the date the demand was served.

Bloomberg relates the Changshu, Jiangsu province-based company is
consulting financial advisers on restructuring options, which
include a potential reverse takeover.

As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, The Wall Street Journal said the creditors of
FerroChina Ltd have agreed on a restructuring plan for the Company
and are awaiting approval by a mainland China court.

WSJ said that under the restructuring agreement, China Minmetals
Corp. will acquire five operating subsidiaries of the galvanized-
steel maker for CNY3.2 billion (US$468.5 million).  Some foreign
creditors will recoup as much as 60 cents on the dollar, WSJ
related.

The Company's creditors include Citigroup Inc., Credit Suisse
Group, CLSA Asia-Pacific Markets's CLSA Capital Partners and U.S.
hedge fund Citadel Investment Group LLC.

                              Loan Default

November last year, the company said due to the current economic
crisis, it is unable to repay part of its working capital loans
aggregating approximately RMB706 million which has become due and
payable.  As a result, further loan facilities and notes of
approximately RMB2.03 billion may potentially become due and
payable.

There are some other working capital loans of RMB2.49 billion
which may also become due and payable, the company said.

                  Manufacturing Operations Ceased

Citing liquidity issues, the company temporarily ceased its
manufacturing operations in its factories located in Changshu
City, Jiangsu, PRC and Changshu Riverside Industrial Park,
Jiangsu, PRC.

                   Court Proceedings by Creditors

In a press statement last year, the company said that various
creditors of the company's PRC subsidiaries, including lenders and
suppliers, have commenced PRC court proceedings to claim for
amounts owing by these subsidiaries.  The subsidiaries involved
comprise:

   (a) Changshu Xinghai Advanced Building Material Co., Ltd;

   (b) Changshu Xingyu Advanced Building Material Co., Ltd;

   (c) Changshu Xingdao Advanced Building Material Co., Ltd;

   (d) Changshu Everbright Material Technology Co., Ltd;

   (e) Tianjin Everbright Material Technology Co., Ltd; and

   (f) Changshu Changgang Steel Plate Co., Ltd

In addition, the company said it faces a total of 169 lawsuits
with an aggregate claim amount of approximately RMB4.47 billion.

                      Appointment of Receivers

PricewaterhouseCoopers Singapore was appointed as receiver over
the shares of the company's wholly-owned subsidiaries:

   (a) Trigo Lucky, being the immediate holding company
       of Xinghai and Xingyu; and

   (b) Twin Well, being the immediate holding company
       of Xingdao,

pursuant to a debenture granted by the company in favor of
Citibank, N.A., London Branch acting as notes trustee in respect
of US$130 million guaranteed notes due 2011 issued by the company.

                          About FerroChina

FerroChina Limited (SIN:F33) -- http://www.ferro-china.com/-- is
an independent flat steel value-added processors in China. Its
subsidiaries are engaged in the production and sale of galvanized
steel coils and other related products; production and sale slab
billet and other related products, and investment holding.  The
Company's customers are steel trading companies, steel structure
engineering companies and steel processing companies in China
covering industries including construction, agricultural,
infrastructure, consumer electronics, automobiles spare parts,
computer parts, building materials and industrial applications. On
January 18, 2007, it acquired 35.45% of the equity interest in
China GalvaTech Holdings Limited.  On October 30, 2007, it
acquired Superb Team Limited.  On January 3, 2008, it incorporated
a wholly owned subsidiary, Ferro Resources Pte Ltd.


GENERAL MOTORS: Talks to Sell Hummer to Tenzhong Remain "On Track"
------------------------------------------------------------------
Katie Merx at Bloomberg News reports that General Motors Co. said
talks to sell the Hummer line of sport-utility vehicles to Sichuan
Tengzhong Heavy Industrial Machinery Co. remain "on track" after
the companies didn't conclude the deal in the third quarter.

"The parties have been in frequent discussions working closely to
finalize a definitive agreement," Bloomberg cited Hummer CEO Jim
Taylor as saying in an e-mailed statement.  "Talks are on track.
It would be inappropriate to comment further until an agreement is
reached."

As reported by the Troubled Company Reporter on June 4, 2009, the
Los Angeles Times said that General Motors Corp. said it has
reached an agreement to sell its Hummer brand to Sichuan Tengzhong
Heavy Industrial Machinery Co.

According to LA Times, Sichuan Tengzhong said it will:

     -- keep Hummer's senior management

     -- keep existing dealer agreements;

     -- try to reach a long-term contract assembly and key
        component and material supply agreement with GM; and

     -- invest in research and development to produce Hummer-
        branded products like more fuel-efficient vehicles for the
        U.S. market.

Tengzhong said in a press release that it will acquire the rights
to the premium off-road HUMMER brand, along with a senior
management and operational team.  It will also assume existing
dealer agreements relating to HUMMER's dealership network.  It is
contemplated that Tengzhong will, as part of the transaction,
enter into a long-term contract assembly and key component and
material supply agreement with GM.  In an earlier statement, GM
said it expects the deal if successful to secure more than 3,000
U.S. jobs.

The final terms of the deal are subject to final negotiations.
The price was not publicly disclosed but The Wall Street Journal
said it is expected to be less than US$500,000,000.  The HUMMER
line has been on the market for almost a year.

                       About General Motors

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.  The U.S. Government entity is known as
General Motors Company.

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


TONGLI PHARMACEUTICAL: Earns US$633,908 in 1st Qtr Ended June 30
----------------------------------------------------------------
Tongli Pharmaceutical (USA), Inc., reported net income of
US$633,908 on revenue of US$2.3 million in the first quarter ended
June 30, 2009, compared with net income of US$504,985 on revenue
of US$1.7 million in the same period of 2008.

The revenue increase was mainly attributable to the increase in
sales of the product Yufang Anti-Bacterial Mouth Wash.

At June 30, 2009, the Company's consolidated balance sheet showed
US$10.5 million in total assets, US$2.0 million in total
liabilities, and US$8.5 million in total stockholders' equity.

Full-text copies of the Company's consolidated financial
statements for the first quarter ended June 30, 2009, are
available for free at http://researcharchives.com/t/s?4658

                   Going Concern Doubt

As reported in the TCR on July 21, 2009, Paritz & Company, P.A. in
Hackensack, New Jersey expressed substantial doubt about Tongli
Pharmaceuticals' ability to continue as a going concern after
auditing the financial results for the years ended March 31, 2009,
and 2008.  The auditors related that the Company has a working
capital deficit of US$275,450 and had minimum cash or available
borrowing capacity as of March 31, 2009.

As of June 30, 2009, the Company's working capital has improved to
US$478,656 and the operating results for the three months ended
June 30, 2009, reflect profitability.

Tongli Pharmaceuticals (USA), Inc., through a wholly owned
subsidiary, Harbin Tianmu Pharmaceuticals Co., Ltd., develops,
produces and sells a wide variety of Chinese drugs and healthcare
products in The Peoples Republic of China.  TP was formerly known
as American Tony Pharmaceutical, Inc.  The name change became
effective on October 30, 2008, and was done to better represent
the origin and ongoing business of the company.

On August 12, 2008, American Tony completed a reverse merger with
Aim Smart Corporation, a dormant public shell.  Under the terms of
the merger agreement, the former American Tony shareholders
exchanged their shares for Aim Smart shares so that, upon the
closing of the merger, the former American Tony shareholders owned
96.7% of the outstanding shares of Aim Smart.  Aim Smart changed
its name to American Tony prior to the change to TP.


UNIVERSAL SOLAR: June 30 Balance Sheet Upside-Down by US$169,639
----------------------------------------------------------------
Universal Solar Technology, Inc., reported a net loss of US$92,448
for the second quarter ended June 30, 2009, compared with a net
loss of US$172,483 in the same period last year.  The Company
reported zero sales in both periods.

At June 30, 2009, the Company's consolidated balance sheet showed
US$1,246,989 in total assets and US$1,416,628 in total
liabilities, resulting in a US$169,639 stockholders' deficit.

The Company's consolidated balance sheet at June 30, 2009, also
showed strained liquidity with US$545,294 in total current assets
available to pay US$1,394,143 in total current liabilities.

Full-text copies of the Company's consolidated financial
statements for the second quarter ended June 30, 2009, are
available for free at http://researcharchives.com/t/s?4662

                    Going Concern Doubt

Paritz & Company, P.A., in Hackensack, New Jersey, expressed
substantial doubt about Universal Solar's ability to continue as a
going concern after auditing the Company's consolidated financial
statements for the year ended December 31, 2008.  The auditing
firm said that the Company has sustained a loss since inception
and at December 31, 2008, the Company's current liabilities
exceeded its current assets by US$506,057 and the Company has not
earned any revenues from operations since inception.

                    About Universal Solar

Based in Zhuhai City, Guangdong Province, The People's Republic of
China, Universal Solar Technology, Inc. was incorporated in the
State of Nevada on July 24, 2007.  It operates through its wholly
owned subsidiary, Kuong U Science & Technology (Group) Ltd., a
company incorporated in Macau, Special Administrative Region of
the People's Republic of China on May 10, 2007.

The Company is focusing on becoming a vertically integrated
designer, manufacturer, and distributor of silicon ingots, wafers
and high efficiency solar PV products.  Currently the Company
markets high efficiency solar PV modules and solar lighting
systems while outsourcing the current production of these products
to a related third party.


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


AKAI HOLDINGS: Creditors to Get $100-Mln Grande Settlement Payout
-----------------------------------------------------------------
Bloomberg News, citing the South China Morning Post, reports that
Akai Holdings Ltd.'s creditors will receive US$100 million under a
settlement reached with Grande Holdings Ltd. and the company's
Chairman Christopher Ho.

The Troubled Company Reporter-Asia Pacific reported on October 6,
2009, that Akai Holdings's liquidator reached a settlement with
Grande Holdings Ltd. in the effort to recover creditors' money
lost in Hong Kong's biggest corporate collapse.

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.

A TCR-AP report on September 25, 2009, 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.  Liquidator Borrelli Walsh, as cited by Bloomberg, said
the firm agreed to pay a "substantial" amount to settle claims of
negligence in its auditing of Akai between 1997 and 1999.

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.


BAOSHINN CORP: Posts US$10,270 Net Loss in 2nd Qtr Ended June 30
----------------------------------------------------------------
Baoshinn Corporation reported a net loss of US$10,270 on net sales
of US$5,462,850 for the second quarter ended June 30, 2009,
compared with a net loss of US$21,189 on net sales of US$8,712,030
in the same period of 2008.  The Company attributed the 37.3%
decrease in revenue to the downturn in the global economy.

At June 30, 2009, the Company's consolidated balance sheet showed
US$2,315,549 in total assets, US$1,559,032 in total liabilities,
and US$756,517 in total stockholders' equity.

Full-text copies of the Company's consolidated financial
statements for the three-months ended June 30, 2009, are available
for free at http://researcharchives.com/t/s?4660

                     Going Concern Doubt

Dominic K.F. Chan & Co, in Hong Kong, expressed substantial doubt
about Baoshinn Corporation's ability to continue as a going
concern after auditing the Company's consolidated financial
statements for the 9-months period ended December 31, 2008.  The
auditing firm pointed to the Company's recurring net losses.

Based in Kowloon, Hong Kong, Baoshinn Corporation was incorporated
under the laws of the State of Nevada on September 9, 2005, under
the name of JML Holdings, Inc.  Bao Shinn International Express
Limited ("BSIE"), a wholly owned subsidiary of the Company, offers
extended travel services primarily focused on wholesale businesses
and corporate clients.  BSIE is a ticket consolidator of major
international airlines including Thai Airways, Eva Airways, Dragon
Air, Air China, China Southern Airlines and China Eastern Airlines
that provides travel services such as ticketing, hotel and
accommodation arrangements, tour packages, incentive tours and
group sightseeing services.


GALLERIA (USA): Joins Hong Kong Unit in Bankruptcy
--------------------------------------------------
Galleria (USA) filed for bankruptcy in Santa Ana, California (Case
No. 09-20651), following the filing of affiliate Galleria (Hong
Kong) Ltd. last week.

The petition for Chapter 11 protection filed Oct. 3 listed up to
US$500 million in debt, and up to US$100 million in assets.  The
company's full statement of financial affairs is due Oct. 19.

Galleria manufactures home accents.

Galleria (Hong Kong) Ltd. sought bankruptcy Sept. 29 (Bankr. C.D.
Calif. Case No. 09-20414).  Matthew A Lesnick, Esq., represents
the Debtor in its restructuring effort.  The petition says that
assets and debts are US$100,000,001 to US$500,000,000.

Bank of America filed a winding up petition against a company of
the same name and with the same address in Hong Kong in July,
Tiffany Kary at Bloomberg notes.


GARTLETT INVESTMENT: Declares First Dividend
--------------------------------------------
Gartlett Investment Limited, which is in liquidation, declared the
first dividend to its creditors on October 7, 2009.

The company paid 70% to the received claims.

The company's liquidator is:

         Roderick John Sutton
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


GREEN DRAGON: Earns US$30,900 in First Quarter Ended June 30
------------------------------------------------------------
Green Dragon Wood Products, Inc. reported net income of US$30,900
on net revenues of US$3,336,920 for the three months ended
June 30, 2009, compared with net income of US$199,730 on net
revenues of US$5,097,927 in the same period last year.  The
revenue decrease was attributed by the Company to the reduction in
orders from construction and renovation project customers.

At June 30, 2009, the Company's consolidated balance sheet showed
US$7,736,444 in total assets, US$5,842,693 in total liabilities,
and US$1,893,751 in total stockholders' equity.

Full-text copies of the Company's consolidated financial
statements for the first quarter ended June 30, 2009, are
available for free at http://researcharchives.com/t/s?4661

                     Going Concern Doubt

ZYCPA Company Limited, in Hong Kong, expressed substantial doubt
about Green Dragon Wood Products, Inc.'s ability to continue as a
going concern after auditing the Company's consolidated financial
statements for the year ended March 31, 2009.  The auditing firm
said that for the year ended March 31, 2009, the Company incurred
a net loss of US$140,805 and suffered from a negative operating
cash flow of US$1,249,961.  The continuation of the Company as a
going concern through March 31, 2010, is dependent upon the
continuing financial support of its shareholders and credit
facility from the banks.

                     About Green Dragon

Based in Kowloon, Hong Kong, Green Dragon Wood Products, Inc., was
incorporated under the laws of the State of Florida on
September 26, 2007.  The Company, through its subsidiaries, mainly
engages in re-sale and trading of wood logs, wood lumber, wood
veneer and other wood products in Hong Kong.


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


AIR INDIA: In Talks with State Banks Over Working Capital Loans
---------------------------------------------------------------
Air India is in talks with state-run banks to avail working
capital loans at low interests, The Times of India reports.

"We are talking to some banks to avail working capital loans in
the range of Rs 1,500-2,000-crore," the report quoted an airline
sources as saying.

According to the report, the sources said loans are being sought
to carry out day-to-day operations of the carrier.

Meanwhile, the Times says Air India has released productivity-
linked incentives (PLI) and flying allowances of its 31,000-staff
including pilots for July.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.

The TCR-AP reported on June 19, 2009, that Air India has been
bleeding due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  Air India's losses have almost doubled to over INR4,000
crore in 2008-09 (INR2,226 crore in 2007-08), according to the
Hindustan Times.

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

                          About Air India

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


DAMAN POLYTHREAD: ICRA Puts 'LBB+' Rating on INR45.60MM Term Loans
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR45.60 million term loans and
INR45.00 million fund based Cash Credit limits of Daman Polythread
Limited.  ICRA has also assigned A4+ rating to the INR17.5 million
short term non-fund based limits of DPL.

The assigned rating takes into account DPL's small scale of
operations in an industry characterized by high competitive
intensity, its vulnerability to raw material price fluctuations
and modest profitability and return indicators coupled as well as
high gearing.  The rating, however, favorably factors in the
experience of DPL's promoters, fiscal benefits and interest
subsidy accrued by virtue of its location.

ICRA expects that the key challenge for the company going forward
would be to scale up its operations and move into more value added
products which will result in sound growth and profitability.

Daman Polythread Limited was incorporated in 1999, and commenced
commercial production in the year 2000.  The company deals in
manufacturing of industrial yarn also known as Polypropylene yarn.
The yarn finds application in manufacturing of different products
such as ropes, nets, geo textiles, industrial stitching, rigid
tapes, and webbings etc.  In FY 2009, DPL is also vertically
integrating into manufacturing of rigid tapes and designer name
tapes used in luggage bags etc.  The company has a registered
office in Mumbai and two manufacturing units in Daman.

DPL has recorded a profit after tax (PAT) of INR4.4 million on
an operating income of INR205.70 million for the year ending
March 31, 2008


ENERCON WIND: Fitch Downgrades National Long-Term Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has downgraded India's Enercon Wind Farms
(Hindustan) Pvt Limited's National Long-term rating to 'BB+(ind)'
from 'BBB(ind)'.  The Outlook is Negative.  Simultaneously, the
agency has downgraded EWHPL's long-term bank loans aggregating
INR4072 million to 'BB+(ind)' from 'BBB(ind)'.

The downgrades reflect the stabilization issues faced by EWHPL's
wind farm sites in Karnataka and Rajasthan, which has led to a
significant shortfall in power generation in FY09.  Consequently,
debt servicing had to be supported by its parent, Enercon India
Limited, in accordance to the minimum generation guarantee.  Fitch
also notes that the farms have yet to be completely stabilized,
which increases the likelihood of shortfall in power generation
and the need for support again during the current year.  Fitch is
concerned, however, about the ability of the parent to infuse the
necessary funds due to the deterioration in its credit profile and
the ongoing dispute between the sponsors of EIL based on limited
information available from public sources.  The downgrades also
reflect the lower than expected revenues from the Certified
Emission Reduction contract with Rabobank, putting further
pressure on EWHPL's already stretched liquidity position.

The Negative Outlook reflects Fitch's concerns that the
stabilization may take longer than expected and expose EWHPL to
refinancing risks, and the uncertainty of support from its parent.
The agency will closely monitor developments in EIL to assess its
ability to provide further support to EWHPL, as well as EWHPL's
own operating performance.  In any case, a Debt Service Coverage
Ratio below 1x on a sustained basis would result in a downward
rating action.  Conversely, a sustained improvement in revenues
after achievement of stabilization may result in the Outlook being
revised to Stable.

Incorporated in February 2005, EWHPL is an independent power
producer that has wind farms in Karnataka and Rajasthan with a
total capacity of 128.8 MW.  EIL holds a 51% equity share capital
in EWHPL.  EIL is a 56:44 venture between Enercon GmbH and the
Mehra family of Mumbai.

The company reported revenue of INR813.3 million (FY08: INR739
million), EBITDA of 97.6% (FY08: 98.0%) and net debt to EBITDA of
5.0x (FY08: 6.2x) in FY09.  Wind turbines normally take three
years to stabilize before it can run on optimum level, and in
EWHPL's case, the turbines are expected to stabilize by the end of
FY10.


ERIC APPAREL: CRISIL Reaffirms 'BB+' Rating on INR15.4MM Term Loan
------------------------------------------------------------------
CRISIL has reclassified its short-term rating on the bank
facilities of Eric Apparel Pvt Ltd as 'P4+', from the earlier
'P4'; the long-term rating has been reaffirmed.  The ratings
continue to reflect the customer concentration in Eric Apparel's
revenue profile, and its small scale of operations. The impact of
the weaknesses is mitigated by Eric Apparel's above-average
financial risk profile.

   Facilities                        Ratings
   ----------                        -------
   INR15.4 Million Term Loan         BB+/Stable (Reaffirmed)

   INR0.6 Million Proposed Long-     BB+/Stable (Reaffirmed)
           Term Bank Facility

   INR66.0 Million Packing Credit*   P4+ (Reclassified from 'P4')
   INR60.0 Million Post Shipment     P4+ (Reclassified from 'P4')
                   Credit
   INR15.0 Million Bill Discounting  P4+ (Reclassified from 'P4')
   INR10.0 Million Letter of Credit  P4+ (Reclassified from 'P4')
   INR2.5 Million Bank Guarantee     P4+ (Reclassified from 'P4')
   INR75.0 Million Derivative        P4+ (Reclassified from 'P4')

   *Fully interchangeable with bills negotiated.

Outlook: Stable

CRISIL believes that Eric Apparel will maintain its above-average
financial risk profile over the medium term, backed by its low
gearing and comfortable debt protection measures.  The outlook may
be revised to 'Positive' if the company diversifies its customer
base, while maintaining its current financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case Eric
Apparel's financial risk profile deteriorates because of large,
debt-funded capital expenditure or slowdown in the export markets.

                        About Eric Apparel

Incorporated in 1997 by Mr. M O Johnse and his wife, Mrs. Usha
Johnse, Eric Apparel manufactures readymade garments for men,
women, and children, entirely for the export markets.  The company
has manufacturing units at Vikhroli (Mumbai), Khopoli, and Digha
(all in Maharashtra).  The Digha unit, set up in June 2008, has a
capacity to manufacture 25,000 pieces per month. Mr. Johnse has
been in the same line of business for more than 30 years.

Eric Apparel reported a provisional profit after tax (PAT) of
INR11.3 million on revenues of INR375 million in 2008-09 (refers
to financial year, April 1 to March 31); the company reported a
PAT of INR9.7 million on revenues of INR270 million in 2007-08.


ICICI BANK: Needs Clearance from Sebi, RBI for INR500cr Fund
------------------------------------------------------------
The Economic Times reports that the Foreign Investment Promotion
Board (FIPB) has asked ICICI Bank Ltd. to obtain clearance from
Securities and Exchange Board of India and the Reserve Bank of
India for its INR500-crore fund that is proposed to set up in
Mauritius for making equity and equity-related investments in the
Indian market.

The report says the proposed fund has a greenshoe option of up to
INR250 crore, giving ICICI Bank the potential to raise INR750
crore from domestic as well as international investors.

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, Standard & Poor's Ratings Services affirmed
the 'BBB-' rating on ICICI Bank Ltd.'s senior unsecured notes, and
the 'BB' rating on its hybrid Tier 1 notes, under the bank's
revised US$5 billion medium-term note program.  At the same time,
Standard & Poor's has withdrawn its indicative ratings on the
upper Tier 2 and the lower Tier 2 bond tranches, which were
available under the previous version of the MTN program.
Following the recent revision to the program, these tranches no
longer exist.  There are no outstanding rated issues under these
tranches.


JET AIRWAYS: Prock-Schauer Steps Down as CEO
--------------------------------------------
Jet Airways (India) Ltd said Thursday that Wolfgang Prock-Schauer,
Chief Executive Officer, has resigned from the services of the
company, effective October 15, 2009.

Mr. Prock-Schauer has been at the helm of Jet Airways since
June 2003 and has guided the company during the critical period of
its international expansion growth.

Mr. Nikos Kardassis will take over as Acting Chief Executive
Officer of the company, effective October 15, 2009.  Mr.
Kardassis, who was formerly the CEO of Jet Airways from 1994 to
1999, brings with him a wealth of experience of both the Aviation
industry and the financial services.

Mr. Kardassis began his career with TWA holding various finance
and operational positions.  He has over two decades of extensive
leadership and business management experience.  He joined Merrill
Lynch from General Electric where he served as President for
GECAT.  Mr. Kardassis was also the Managing Director and Head of
Business Development and Distribution for the Global Bank Group at
Merrill Lynch.

In the past 18 months Mr. Kardassis has served as Senior Vice
President, The Americas for Jet Airways, and has been closely
involved in the restructuring, cost / network management of the
airline and has been working as Senior Advisor to the Chairman on
both Finance and Strategy.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


KCP PROJECTS: ICRA Assigns 'LBB' Rating on Various Bank Debts
-------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR 200 million fund
based limits and INR600 million non-fund based limits of KCP
Projects Limited.

ICRA's rating takes into account the competitive nature of the
construction industry, KCPPL's high geographical and sectoral
concentration, and its modest scale of operations.  The rating is
further constrained by high working capital requirements of the
company which has resulted in a high gearing of 1.65 times as on
March 31, 2009, for the company.  The rating is however supported
by KCPPL's experienced management and its healthy order book.

KCP Projects Ltd. is a Hyderabad based company engaged in civil
construction projects primarily in Andhra Pradesh.  KCPPL was
incorporated as a proprietorship firm in 1975 by Mr. KC Pullaiah.
Thereafter, proprietorship firm was converted into a partnership
firm (KCP Builders) in 1995 and became a limited company in 2005.
KCPPL has undertaken projects for Andhra Pradesh government bodies
like AP Housing Board (APHB), AP Rajiv Swagruha Corporation Ltd.
(APRSCL), AP Power Generation Corporation (APGENCO), AP Tourist
Development Corporation (APTDC), Hyderabad Metropolitan Water
Supply & Sewerage Board (HMWSSB) etc. in the past.  In FY2009,
KCPPL posted a Profit after Tax of INR60.2 million on a turnover
of INR1.28 billion


LAKSHMI STEEL: CRISIL Rates INR50MM Cash Credit Limit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable/P4+' to the various
bank facilities of Lakshmi Steel Rolling Mills.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Limit *    BB-/Stable (Assigned)
   INR400.0 Million Letter of Credit **   P4+ (Assigned)

   * Including a proposed limit of INR17.5 million
   ** Including a proposed limit of INR220.0 million

The rating reflects LSRM's exposure to risks relating to
cyclicality in the shipping industry, fluctuations in steel scrap
prices, and unfavorable government regulations, and weak financial
risk profile, marked by low net worth and small scale of
operations.  These weaknesses are, however, partially offset by
the healthy growth prospects of the ship-breaking industry.

Outlook: Stable

CRISIL expects LSRM to maintain a stable business and financial
risk profile over the medium term.  The outlook may be revised to
'Positive' if the firm benefits from the current upcycle in the
ship-breaking industry, and increases the scale of its operations.
Conversely, the outlook may be revised to 'Negative' if a
significant reduction in steel prices leads to losses forLSRM.

                            About LSRM

Set up in 1994, LSRM is a partnership firm engaged in ship-
breaking activities in Alang (Gujarat), the leading centre of the
ship-breaking and recycling industry in Asia.  It purchases old
ships, breaks them into steel plates and supplies them to rolling
mills located in Gujarat.

For 2008-09 (refers to financial year, April 1 to March 31), LSRM
reported a profit after tax (PAT) of INR2.4 million on net sales
of INR228 million, as against a PAT of INR0.6 million on net sales
of INR153 million for 2007-08.


LUCKY YARN: Delay in Loan Servicing Prompts CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Lucky Yarn Tex India
Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR149.00 Million Long Term Loan    D (Assigned)
   INR40.00 Million Cash Credit        D (Assigned)
   INR20.00 Million Letter of Credit   P5 (Assigned)
   INR3.30 Million Bank Guarantee      P5 (Assigned)

The ratings reflect delay by Lucky Yarn in servicing its term loan
obligations, owing to weak liquidity.

Set up in September, 2006 by Mr. Rajamanickam, Lucky Yarn
manufactures hank yarn, hosiery yarn, and grey fabric.  The
company's facility at Thiruchengode (Tamil Nadu) has a capacity of
12096 spindles, and 34 power looms.  The company's spinning
division started commercial operations in October, 2008.  The
company is increasing the capacity of its spinning division by
14600 spindles. The cost of this expansion project, INR100
million, will be funded in a debt-to-equity (DE) ratio of 2.3:1,
and is expected to commence operations by end of April, 2010.

Lucky Yarn posted a loss of INR0.11 million on net sales of INR44
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a profit after tax (PAT) of INR0.13 million
on net sales of INR3.3 million for 2007-08.


MIL INDUSTRIES: Fitch Assigns National Long-Term Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has assigned India's MIL Industries Limited a
National Long-Term rating of 'BB-(ind)' with a Stable Outlook.
The agency has also assigned these ratings to MIL's bank loans:

-- Fund-based working capital limits amounting to INR22.0m: 'BB-
    (ind)'; and

-- Non fund-based working capital limits amounting to INR65.0m:
    'F4(ind)'.

Fitch's ratings incorporate MIL Industries Limited's track record
of manufacturing and supplying industrial linings to major players
in industries such as fertilizers, chemicals, iron & steel, etc.,
its strength in the specialized Polytetrafluoroethylene lining
segment and the business potential of the newly setup high
performance PTFE hose facility.  The ratings are, however,
constrained by the small size of operations and vulnerability of
profit margins to raw material prices.  The rubber lining industry
is fragmented and competitive, and further, by virtue of catering
to large industry names, MIL has less bargaining power to pass on
raw material cost increases to customers, especially in the rubber
lining division.

MIL faces concentration risk due to a significant large order
where some important milestones are yet to be achieved.  Inability
or delay in achieving these milestones can be a negative trigger
for the ratings.  The ratings could also move downward if there is
an increase in Debt/EBITDA to above 6.0x times.  On the other
hand, positive rating triggers would be a substantial increase in
turnover from the high performance PTFE hose facility to levels
comparable to the rubber lining division, by way of new long term
contracts, or a decrease in Debt/EBITDA to less than 2.0x times.

MIL is in the business of providing anti-corrosion and anti-
abrasion lining and products to the process and flow industry,
specifically rubber and PTFE lining and products.  MIL had a net
turnover of INR155.6 million in FY08 with net income of
INR6.7 million.  As per the provisional results of FY09, MIL had a
net turnover of INR165.2 million with net income of
INR3.2 million.  The EBITDA margins were 11.3% and 7.1%,
respectively, while Debt/EBITDA was 5.5x times for FY09 (2.8x in
FY08).


RANBAXY LABORATORIES: EU officials Raid Ranbaxy French Unit
------------------------------------------------------------
The French unit of Ranbaxy Laboratories Ltd. has been raided by
European Commission officials as part of its antitrust probe
against alleged 'restrictive trade practices' by pharma companies,
The Financial Express reports.

"We had a visit yesterday [October 6] and we are co-operating with
the European Commission," the report quoted Anne Baille, managing
director of Puteaux, France-based Ranbaxy Pharmacie Generiques, as
saying.

The EU antitrust regulator suspects that innovator pharma
companies could be colluding with their generic counterparts and
indulging in unethical practices by deliberately delaying the
launch of affordable generic versions of medicines in the European
market, the Express states.

According to the report, the EU antitrust regulator also confirmed
the raids without naming the companies and said that the watchdog
suspects that these firms could have infringed EU competition
rules and abused their dominant market position.

Other companies that were raided and confirmed the development
include France's Sanofi-Aventis, Switzerland's Novartis and
Israel's Teva Pharmaceutical Industries, the report notes.

                         U.S. Investigations

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, the U.S. Food and Drug Administration said that a
facility owned by Ranbaxy Laboratories falsified data and test
results in approved and pending drug applications.  The facility,
which is located in Paonta Sahib, India, has been under an FDA
Import Alert since September 2008.  In a press statement, the FDA
disclosed it is continuing to investigate the matter to ensure the
safety and efficacy of marketed drugs associated with Ranbaxy's
Paonta Sahib site.  To date, the FDA has no evidence that these
drugs do not meet their quality specifications and has not
identified any health risks associated with currently marketed
Ranbaxy products.

In July 2008, the TCR-AP reported that the U.S. Department of
Justice conducted a probe on Ranbaxy for allegedly bringing
adulterated and misbranded medications into the U.S.  Accordingly,
the DOJ sought court permission to access privilege records of
Ranbaxy's internal audits and operations.

Ranbaxy, which derived 24% of its 2007's revenue in the U.S.,
denied the allegations.

In September 2008, sale of more than 30 Ranbaxy generic medicines
manufactured in its Dewas and Paonta Sahib plants in India were
blocked by the U.S. Food and Drug Administration due to
deficiencies in manufacturing processes, a TCR-AP report said.

Separately, a Sept. 26, 2008 TCR-AP report said the United States
President's Emergency Plan for AIDS Relief suspended funding for
three generic AIDS drugs made by Ranbaxy until deficiencies at its
plants are cleared.  The three Ranbaxy drugs are zidovudine,
lamivudine and nevirapine.  The program, which provided
US$8.9 million for Ranbaxy's AIDS drugs last fiscal year, said it
won't use funds to support new orders, according to Bloomberg
News.

On Oct. 10, 2008, the TCR-AP reported that the DOJ dropped its
legal action against Ranbaxy after the Indian drug maker handed
over documents relating to the regulators' concerns over its
manufacturing.

                    About Ranbaxy Laboratories

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates, operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients.  It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States and Vietnam.  Its major
markets include the United States, India, Europe, Russia / CIS,
Brazil and South Africa.  The major products include, inter alia,
Simvastatin, CoAmoxyclav, Amoxycillin, Ciprofloxacin, Isotretinon
and Cephalexin.  Its research and development activities are
principally carried out at its facilities in Gurgaon, near New
Delhi, India.  The company's segments include Pharmaceuticals and
Other businesses.  In November 2008, Daiichi Sankyo Co., Ltd.
completed the takeover of RLL by buying a 63.9% stake.


SASI ANAND: CRISIL Assigns 'BB' Rating on INR90MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Sasi Anand
Spinning Mills India Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR90 Million Cash Credit        BB/Stable (Assigned)
   INR90 Million Long Term Loan     BB/Stable (Assigned)
   INR22.50 Million Bank Guarantee  P4+ (Assigned)

The ratings reflect SASMPL's exposure to risks relating to small
scale of operations, fluctuation in raw material prices, and to
the inherent risks related to the poultry industry. These
weaknesses are, however, partially offset by SASMPL's average
business risk profile and diversified product mix.

Outlook: Stable

CRISIL believes that SASMPL will maintain an average business risk
profile over the medium term, backed by a diversified product
portfolio. The outlook may be revised to 'Positive' if SASMPL
scales up its operations considerably; or to 'Negative' if large,
debt-funded expansions result in significant weakening in SASMPL's
financial risk profile.

                         About Sasi Anand

SASMPL, set up in 2004 in Tamil Nadu, undertakes spinning and
poultry activities. SASMPL's promoters have had a presence in the
poultry business since 1980, through Sasi Anand Poultry Farm and
Rajlakshmi Poultry Farm. The company is managed by Mr. A Duraisamy
and his two sons Mr. D Sasikumar and Mr. D Anand. The poultry
division has around 500,000 birds, which lay around 350,000 eggs
per day. The spinning division has a capacity of 16,800 spindles.

SASMPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR412.0million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.0 million on net
sales of INR361.1 million for 2007-08.


SHREE NAKODA: CRISIL Cuts Rating on Various Bank Debts to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Nakoda Ispat Ltd (Shree Nakoda) to 'B-/Negative' from
'BB+/Negative'.

   Facilities                        Ratings
   ----------                        -------
   INR29.30 Million Working Capital  B-/Negative (Downgraded from
                     Demand Loan                 'BB+/Negative')

   INR188.70 Million Cash Credit     B-/Negative (Downgraded from
                                                  'BB+/Negative')

   INR608.60 Million Term Loan       B-/Negative (Downgraded from
              Facility*                           'BB+/Negative')

   INR50 Million Bill Discounting    P4 (Reaffirmed)
                Facility

   INR27 Million Bank Guarantee      P4 (Reaffirmed)

   *Includes proposed facility of INR91.30 million.

The downgrade reflects Shree Nakoda's stretched liquidity because
of its ongoing capital expenditure (capex) programme.  The
downgrade also reflects CRISIL's expectation of further
deterioration in Shree Nakoda's financial risk profile over the
medium term because of the aggressively debt-funded capex.  The
revised rating factors in the company's low financial flexibility.
The impact of these weaknesses is mitigated by Shree Nakoda's
average business risk profile supported by increasing operational
integration, and healthy operating margins.  The rating on Shree
Nakoda's short-term bank facility has been reaffirmed at 'P4'.

Outlook: Negative

CRISIL expects Shree Nakoda's financial risk profile to remain
under pressure owing to the company's aggressive capex plans, and
pressure on accruals because of debt repayment obligations. The
ratings may be downgraded if the company posts lower-than-
projected accruals, or defaults on its debt obligations.
Conversely, the outlook may be revised to 'Stable' in case of a
significant increase in accruals, or if the company reduces the
debt portion of its capex funding.

                        About Shree Nakoda

Shree Nakoda was incorporated in 2000 by the Jain family.  The
Goel group of Raipur acquired the company in 2003, and set up an
integrated steel plant, which includes a 200-tonne-per-day sponge
iron plant, a six-MW power plant based on waste-heat recovery, and
an ingot and billet plant.

For 2007-08 (refers to financial year, April 1 to March 31), Shree
Nakoda reported a profit after tax (PAT) of INR48 million on net
sales of INR1132 million, against a PAT of INR9 million on net
sales of INR613 million in the previous year.


SHREE SUMATI: CRISIL Assigns 'BB' Rating on INR72.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Shree Sumati Sugar Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR37.5 Million Cash Credit       BB/Stable (Assigned)
   INR72.5 Million Rupee Term Loan   BB/Stable (Assigned)

The rating reflects SSSPL's limited track record of profitable
operations, and exposure to risks relating to the seasonal and
cyclical nature of the sugar industry. However, these weaknesses
are partially offset by the company's healthy financial risk
profile, marked by moderate gearing and strong debt protection
measures.

Outlook: Stable

CRISIL expects SSSPL to maintain a stable credit risk profile,
over the medium term, backed by moderate gearing. The outlook may
be revised to 'Negative' if SSSPL's financial risk profile weakens
owing to greater-than-expected debt-funded capex. Conversely, the
outlook may be revised to 'Positive' if the company scales up
operations, while maintaining stable profitability through sugar
cycles.

                         About Shree Sumati

Set up in 2003, SSSPL manufactures sugarcane derivates such as
khandsari and rab. The company commenced commercial operations in
2005-06 (refers to financial year, April 1 to March 31). Its plant
at Meerut (Uttar Pradesh) has capacity to crush 800 tonnes of cane
per day. SSSPL reported a profit after tax (PAT) of INR 18.5
million on net sales of INR 134.0 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a net loss of INR
2.9 million on net sales of INR 60.4 million for 2006-07.


SINGHAL POLYTECH: Default in Loan Payment Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its rating of 'D' to Singhal Polytech Ltd's
bank facilities.  The rating reflects default by Singhal Polytech
on its term loan obligations, owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR45.5 Million Cash Credit Limit      D (Assigned)
   INR70.0 Million Term Loan              D (Assigned)

Set up in 1980 as a proprietorship firm, Singhal Polytech was
converted into a company in 1993. Singhal Polytech trades in
zippers and buttons used in garments, bags, and luggage.  The
company recently set up a manufacturing unit at Gurgaon (Haryana),
with the capacity to manufacture 9 million yards of plastic and
nylon zippers per month, and commenced operations in March 2009.

Singhal Polytech reported a profit after tax (PAT) of INR2.4
million on net sales of INR108 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.3
million on net sales of INR129 million for 2007-08.


SIVASWATI TEXTILE: ICRA Rates INR766.6MM Term Loan at 'LBB'
-----------------------------------------------------------
ICRA has assigned 'LBB' rating to INR766.6 million term loan and
INR180.0 million fund based facilities of Sivaswati Textile
Private Limited.  ICRA has also assigned an A4 rating to INR20.0
million non-fund based facilities of STPL.

The assigned ratings factor in company's moderate financial
profile characterized by high gearing and stretched coverage
indicators and STPL's vulnerability to intensely competitive spun
yarn industry as reflected in the fall in STPL's operating profit
margin during 2008-09.  Any fluctuation in the polyester staple
fiber (PSF) and cotton prices as witnessed during 2008-09 can
affect company's operating profit margin considerably in the
absence of pricing power in a fragmented industry.  The ratings
however, favorably factor in STPL's diversification across cotton
and polyester based yarn, fiscal incentives offered by the Andhra
Pradesh state government and the promoters' experience in the
spinning industry.  The rescheduling of the two term loans in
October 2008 and February 2009 will reduce the pressure on
company's cash flows in the short to medium term.

Sivaswati Textile Private Limited was incorporated in the year
2005 and is engaged in the manufacturing of cotton, polyester and
polyester viscose spun yarn.  The company has a spinning mill in
Guntur district of Andhra Pradesh with an installed capacity of
60,624 spindles.  The company started commercial production of
yarn in March 2006 with an installed capacity of 9,936 spindles
which was increased to 46,512 spindles as on March 31, 2007 and to
60,624 spindles as on March 31, 2008.  STPL started the operations
with the manufacturing of 100% cotton yarn; however it diversified
its product portfolio in 2007-08 with the manufacturing of
polyester based yarn. Consequently, contribution of cotton yarn to
the total revenues from yarn sales declined from 100% in 2008-07
to -19% in 2008-09.


SURYAAMBA SPINNING: CRISIL Assigns 'BB+' Ratings on Various Debts
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Suryaamba Spinning Mills Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Million Cash Credit*       BB+/Stable (Assigned)

   INR43.5 Million Long Term Loan      BB+/Stable (Assigned)

   INR39.7 Million Proposed Long       BB+/Stable (Assigned)
        Term Bank Loan Facility

   INR2.50 Million Bank Guarantee      P4+ (Assigned)

   INR5.0 Million Letter of Credit**   P4+ (Assigned)

   * Has Export Packing Credit sub-limit of INR20.0 Million.
   ** Has Export Packing Credit sub-limit of INR5.0 Million.

The ratings reflect Suryaamba's small scale of operations, intense
competition in the textile industry, lack of integrated
facilities, customer concentration risk and its limited ability to
pass on fluctuations in prices of raw materials.  These weaknesses
are, however, partially offset by its healthy financial risk
profile and the promoters' experience in the yarn manufacturing
business.

Outlook: Stable

Suryaamba is likely to maintain a stable credit risk profile over
the medium term, supported by its promoters' experience, and its
healthy financial risk profile.  The outlook may be revised to
'Positive' if the company's operating income and profitability
improve; or to 'Negative' if the company's business risk profile
deteriorates owing to weakening in profitability margins, or if
competitive pressures result in reduced volumes.

                     About Suryaamba Spinning

Set up in June 2007, Suryaamba manufactures polyester yarn and
polyester/viscose-blended yarn of counts ranging from 20s to 45s
for the garment and apparel industries.  The company is headed by
Mr. Virender Kumar Agarwal, and has a manufacturing unit with
28,080 spindles at Nayakund (Maharashtra).

Suryaamba reported a profit after tax (PAT) of INR1.2 million on
net sales of INR833.6 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a net loss of INR1.4
million on net sales of INR603.8 million for 2007-08.


SKS TEXTILES: ICRA Assigns 'LBB+' Rating on INR188.5MM LT Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR188.50 million, long-
term sanctioned bank limits of SKS Textiles Private Limited. ICRA
has also assigned an A4+ rating to the INR15.00 million, short-
term sanctioned bank limits of SKS Textiles Private Limited.

The ratings are constrained by the small scale of operations of
the company, increasing consumer preference for readymade garments
over fabrics and weak financial indicators, reflected by their low
profitability and high working capital intensity.  The ratings,
however, take comfort from the experience of the promoters and
favorable location of their manufacturing plant and favorable
policies by the Government to promote the textile industry.  The
textile industry is characterized by intense competition from a
large number of companies and profitability is vulnerable to
volatile raw material prices.  The company caters only to the
domestic market and hence has been shielded from the slowdown in
export market for textiles.

                         About SKS Textile

SKS Textile Private Limited is engaged in the manufacturing of
cotton fabric and polyester blended fabrics used primarily for
bottom wear.  The company has been in the textile business since
1982.  The company's plant, located at Bhiwandi, is equipped with
63 weaving machines with an annual production capacity of 3
million sq meters of fabric.  The company markets its fabric under
two distinct brands, the Pierri Carlo' brand name for polyester
blended fabric and under Cotbelly's brand name for cotton fabric.
Recent results For the year ended March 2009, the company reported
a PAT of INR8.46 million on sales of INR639.17 million.


TATA MOTORS: Jaguar Land Rover Secures GBP175 Mln Loan From SBI
---------------------------------------------------------------
John Reed at The Financial Times reports that Jaguar Land Rover
said Wednesday that it had secured a GBP175 million loan from the
State Bank of India.

According to the FT, in addition to the GBP175 million loan from
India, JLR, the car company owned by India's Tata Motors, said it
had also recently added a new US$90 million (GBP56 million) export
financing facility with ABC International Bank.

The FT relates JLR said Wednesday that the GBP500 million of new
funding facilities -- alongside the SBI and ABC loans -- had been
secured from Standard Chartered Bank, Bank of Baroda and Burdale
Financial Ltd., a subsidiary of the Bank of Ireland.

As reported in the Troubled Company Reporter-Europe on Sept. 28,
2009, the FT said JLR was winding down one of its three UK plants.
The FT disclosed the carmaker said it would decide which of its
two West Midlands factories, at Castle Bromwich and Solihull,
would close by the middle of next year after an analysis of costs
and productivity, and talks with unions.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


TATA STEEL: Sales Up 19% in Second Quarter Ended September 30
-------------------------------------------------------------
Tata Steel Ltd has reported a 19% increase in sales in the second
quarter ended September 2009.

Tata Steel total sales reach 1,456,000 tonne in the second quarter
of 2009 to 2010 compared with 1,220,000 tonne in the previous
corresponding period.

In the second quarter ended September 2009, Tata Steel reported:

   * 14% increase in saleable steel sales to 1,519,000 tonne
     from 1,330,000 tonne recorded in the same period in 2008.

   * 21% rise in crude steel sales to 1,640,000 tonne from
     1,356,000 tonne over the second quarter last year.

   * 21% rise in hot metal output to 1,795,000 tonne from
     1,486,000 tonne in the previous corresponding period.

In the first half of 2009 to 2010, the company's total steel sales
recorded a 21% rise at 2,875,000 tonne against 2,380,000 tonne in
the same period in 2008.

"Tata Steel completed the second quarter and first half of FY'10
on a buoyant note with a considerable increase in its production
and sales volume as compared to the corresponding period of last
year," the company said in a statement on October 7.

                       About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


TRANSWAYS EXIM: CRISIL Rates INR125-Mln Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Transways Exim Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR125.00 Million of Cash Credit*   B+/Stable (Assigned)
   INR5.00 Million of Bank Guarantee   P4 (Assigned)

   *Includes Proposed Cash Credit of INR 5.00 Million

The ratings reflect Transways' weak financial risk profile, and
exposure to risks relating to unfavorable regulatory changes in
the distillery industry. These weaknesses are, however, partially
offset by the benefits that the company derives from its strong
track record, and healthy operating efficiency in the distillery
industry.

Outlook: Stable

CRISIL believes that Transways will maintain stable profitability,
and steady revenue growth, supported by a comfortable presence in
the West Bengal market, and healthy operating efficiency. The
outlook may be revised to 'Positive' if Transways consolidates its
presence in the beer market, and expands its reach beyond West
Bengal, while improving its profitability. Conversely, the outlook
may be revised to 'Negative' if drastic changes in the regulatory
environment weaken Transways' financial risk profile.

                        About Transways Exim

Incorporated in 1996 by Mr. Nishu Nigam, Transways trades in hard
drinks, and has acquired the trading-wall license for dealing in
liquor in West Bengal only. The company markets all the leading
brands, and operates at all levels of marketing channels,
including dealers and retailers, in addition to supplying directly
to hotels and restaurants. Transways reported a profit after tax
(PAT) of INR2.4 million on net sales of INR662 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.2 million on net sales of INR475 million for 2007-08.


TRIMEX INDUSTRIES: CRISIL Downgrades Ratings on Term Loan to 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities Trimex
Industries Pvt Ltd, a Trimex group company, to 'BB/Negative/P4+'
from 'BBB-/Negative/P3'.

   Facilities                      Ratings
   ----------                      -------
   INR600 Million Cash Credit       BB/Negative (Downgraded from
                                                 'BBB-/Negative')

   INR54 Million Term Loan          BB/Negative (Downgraded from
                                                 'BBB-/Negative')

   INR400 Million Export Packing    P4+ (Downgraded from 'P3')
                   Credit

   INR250 Million Letter of Credit  P4+ (Downgraded from 'P3')
                and Bank Guarantee

The downgrade reflects CRISIL's expectation of further
deterioration in the Trimex group's financial risk profile because
of increase in the group's gearing and lower-than-previously-
anticipated financial performance in 2009-10 (refers to financial
year, April 1 to March 31) so far.  The downgrade also reflects
further delays in the commencement of the beach-sand project of
TIPL's subsidiary Trimex Sands Pvt Ltd.  TSPL has approached its
bankers for rescheduling its term loan repayments.  CRISIL expects
the rescheduling to be completed in due course of time.

The ratings reflect the debt-funded aggressive growth strategy of
the Trimex group's management, implementation risks in the group's
beach-sand project, and the negligible demand for ilmenite in
India.  The ratings also factor in the Trimex group's weak debt
protection measures, and high gearing that limits its financial
flexibility.  The impact of these weaknesses is mitigated by
TIPL's strong presence in the mining industry, which will support
growth in its operating income over the medium term, and
sustainable tie-ups for sourcing and sales.

For arriving at its ratings, CRISIL has combined the financials of
TIPL, TSPL, and Pradeep Shipping and Logistics Pvt Ltd,
collectively referred to as the Trimex group, because the three
companies have strong intra-group operational and financial
linkages and are under a common management.  Also, the debt being
contracted by TSPL for the INR2.4 billion beach-sand project has
been guaranteed by TIPL.

Outlook: Negative

CRISIL expects the financial risk profile of the Trimex group to
remain constrained following the continued delay in the beach-sand
project, coupled with the volatility in the iron ore industry. The
ratings may be downgraded if there is further deterioration in the
group's financial risk profile, or if the group is unable to
reschedule its term loan. Conversely, the outlook may be revised
to 'Stable' in case of successful implementation and stabilisation
of the beach-sand project, or if there is significant and
sustainable improvement in the Trimex group's financial risk
profile and capital structure.

                      About Trimex Industries

TIPL, formerly Trimex Industries Ltd (TIL), was established in
1984 as Trimex Agencies Ltd; the name was changed to TIL in 1995
and to TIPL in January 2009.  The company is engaged in mining and
selling of industrial minerals.  TSPL, a subsidiary, was
incorporated in 2004 as East West Mineral Sands Pvt Ltd; the name
was changed in 2006-07.  TSPL is executing a beach-sand mineral-
separation project at Srikakulam in Andhra Pradesh.  The Trimex
group was founded by Mr. Rajendra Prasad Koneru; the Indian
operations are managed by his son Mr. Pradeep Koneru.  The company
has long-term agreements with mine owners and suppliers for
sourcing of various minerals.  The company sources iron ore
through sub-leased mines, baryte (mainly used in oil, glass,
paints, and chemical industries) from the Andhra Pradesh Mineral
Development Corporation Ltd, bauxite from Carborandum Universal
Ltd, Gujarat, and bentonite (mainly used for cat litter and in
well drilling) from Patel Mines.

The Trimex group reported a profit after tax (PAT) of INR259
million on net sales of INR3.29 billion in 2007-08, against a PAT
of INR52 million on net sales of INR1.51 billion in 2006-07. TIPL,
on a standalone basis, reported a net loss of INR56 million on net
sales of INR3.15 billion in 2008-09, against a PAT of INR285
million on net sales of INR3.30 billion in 2007-08.


TRIMEX SANDS: CRISIL Cuts Rating on INR1.6BB Term Loan to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities Trimex
Sands Pvt Ltd, a Trimex group company, to 'BB/Negative/P4+' from
'BBB-/Negative/P3'.

   Facilities                      Ratings
   ----------                      -------
   INR1682.5 Million Term Loan     BB/Negative (Downgraded from
                                                'BBB-/Negative')

   INR270 Million Bank Guarantee   P4+ (Downgraded from 'P3')

The downgrade reflects CRISIL's expectation of further
deterioration in Trimex group's financial risk profile owing to
increase in the group's gearing and lower-than-previously-
anticipated financial performance in 2009-10 (refers to financial
year, April 1 to March 31) so far.  The downgrade also reflects
further delays in the commencement of TSPL's beach-sand project.
TSPL has approached its bankers for rescheduling its term loan
repayments; CRISIL expects the rescheduling process to be
completed in due course of time.

The ratings reflect the debt-funded aggressive growth strategy of
the Trimex group's management, implementation risks in the group's
beach-sand project, and negligible demand for ilmenite in India.
The ratings also factor in the Trimex group's weak debt protection
measures, and high gearing that limits its financial flexibility.
The impact of these weaknesses is mitigated by TSPL's favorable
business prospects and sustainable tie-ups for sourcing and sales.

For arriving at its ratings, CRISIL has combined the financials of
Trimex Industries Pvt Ltd (TIPL, a Trimex group company), TSPL,
and Pradeep Shipping and Logistics Pvt Ltd, collectively referred
to as the Trimex group, as the three companies have strong intra-
group operational and financial linkages and are under a common
management. Also, the debt being contracted by TSPL for the INR2.4
billion beach-sand project has been guaranteed by TIPL.

Outlook: Negative

CRISIL expects the financial risk profile of the Trimex group to
remain constrained following the continued delay in the beach-sand
project, coupled with the volatility in the iron ore industry. The
ratings may be downgraded if there is further deterioration in the
group's financial risk profile, or if the group is unable to
reschedule its term loan.  Conversely, the outlook may be revised
to 'Stable' in case of successful implementation and stabilization
of the beach-sand project or a significant and sustainable
improvement in the Trimex group's financial risk profile and
capital structure.

                          About the Group

TSPL was promoted by TIPL in 2004 as East West Mineral Sands Pvt
Ltd; the name was changed in 2006-07.  TSPL is executing a beach-
sand mineral separation project at Srikakulam Mineral Sand
Deposit, located at about 15 kilometers from Srikakulam, Andhra
Pradesh.  The company proposes to carry out mining and processing
of the mined ore to produce rare earth minerals - ilmenite,
rutile, zircon, silliminate, and garnet.  TIPL, which is the
flagship company of the Trimex group in India, is engaged in
marketing, processing, and mining of industrial minerals, namely
iron ore, baryte, bauxite and bentonite.

The Trimex group reported a profit after tax of INR259 million on
net sales of INR3.29 billion in 2007-08, as against a PAT of
INR52 million on net sales of INR1.51 billion in 2006-07.  TIPL,
on a standalone basis, reported a net loss of INR56 million on net
sales of INR3.15 billion in 2008-09, against a PAT of INR285
million on net sales of INR3.30 billion in 2007-08.


VENKRAFT PAPER: CRISIL Places 'BB+' on Various Bank Facilities
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Venkraft Paper Mills Pvt. Ltd.  For arriving at its
ratings, CRISIL has combined the business and financial risk
profiles of VPML and JR Packages Pvt Ltd (JRPL), together referred
to as 'Venkraft'. Both VPML and JRPL are part of the JR group and
operate under the same management. Furthermore, the businesses of
both these companies are inter-dependent, with VPML supplying part
of JRPL's raw material requirements. Also, JRPL has guaranteed
part of VPML's term debt facilities.

   Facilities                             Ratings
   ----------                             -------
   INR234.60 Million Long Term Loans      BB+/Stable (Assigned)
   INR152.50 Million Cash Credit          BB+/Stable (Assigned)
                      Facility
   INR7.50 Million Letter of Credit       P4+ (Assigned)
                    Facility

   * Interchangeable with Bank Guarantee

The ratings reflect Venkraft's project implementation risks,
moderate size of operations and net worth, exposure to intense
competition because of the fragmented nature of the kraft paper
segment, and susceptibility of the company's operations to
cyclicality in the industrial paper industry.  The impact of these
weaknesses is mitigated by the extensive industry experience of
Venkraft's promoters, and the expected improvement in the
company's revenues and profitability after its new capacity is
commissioned.

Outlook: Stable

CRISIL expects Venkraft to commission its increased capacity on
schedule without any time or cost overruns.  The company's
business risk profile is expected to improve gradually on the back
of its enhanced capacity.  However, the company's overall credit
risk profile will remain constrained by its modest net worth size.
The outlook may be revised to 'Positive' if the expansion project
stabilizes on schedule, which would lead to a healthy growth in
the company's revenues and profitability.  Conversely, the outlook
may be revised to 'Negative' if the expansion project is delayed,
or if the company undertakes a fresh debt-funded capital
expenditure program, leading to deterioration in its financial
risk profile.

                         About Venkraft Paper

VPML was incorporated in 2004 as part of the JR group, primarily
to facilitate backward integration for the corrugated box
manufacturing company JRPL (incorporated in 1991). The group
companies have been promoted by Mr. M Ramamurthy (Chairman), his
wife Mrs. Jaya Ramamurthy, and sons, Mr. R Subash Chandru
(Managing Director) and Mr. R Sarath. VPML is engaged in the
manufacture and sale of kraft paper; its Hosur unit has a
production capacity of 50 tonnes per day (tpd). The company is
enhancing its capacity by another 150 tpd, and the same is
expected to be commissioned in September 2010. The total project
cost of about INR293 million is expected to be funded through
long-term loans of INR220 million and the balance through
promoters' contribution.

For 2008-09 (refers to financial year, April 1 to March 31),
VPML reported a stand-alone net profit of INR10.9 million on net
revenues of INR248.6 million, against a net profit of INR10.5
million on net revenues of INR231.1 million in 2007-08.  On a
consolidated basis, for 2008-09, Venkraft reported a net profit of
INR18.9 million (INR18.3 million in 2007-08) on net revenues of
INR351.0 million (INR318.8 million).


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


PT BERLIAN: Voluntary Exchange Offer Won't Affect S&P's 'B' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that there is no immediate
rating impact from Jakarta-headquartered PT Berlian Laju Tanker
Tbk.'s (BLT, B/Negative/--) non-binding indication of interest to
submit a voluntary exchange offer for all the outstanding shares
of Oslo-headquartered Camillo Eitzen & Co ASA (unrated).  The
voluntary exchange offer is subject to several conditions, and is
to be formalized by mid-November 2009.

Although the proposed transaction features a large equity
component, CECO's high leverage would likely result in additional
pressure to BLT's credit profile.  BLT's leverage remains high,
with adjusted debt to EBITDA of about 7x as at June 30, 2009.

If BLT proceeds with the exchange offer, Standard & Poor's will
assess the impact of this transaction on the rating on BLT.  The
rating could be placed on CreditWatch with negative implications
if the information available at that time is insufficient for us
to conclude a rating action.


PT TELEKOMUNIKASI: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed P.T. Telekomunikasi Selular's Long-term
foreign and local currency Issuer Default Rating at 'BB+' and
'BBB-', respectively, and its National Long-term rating at
'AAA(idn)'.  The Rating Outlook is Stable.  The company is 65%
owned by Indonesia's incumbent P.T. Telekomunikasi Indonesia Tbk
('BB'/Stable) and 35% owned by Singapore Telecommunications
Limited ('A'/Stable), from whom Telkomsel derives operational
benefits and technological support.

"Telkomsel's ratings reflect its leading position in the
Indonesian cellular market and sound financial profile, with high
operating margins and credit metrics that are strong for its
ratings," said Priya Gupta, Director in Fitch's Asia-Pacific
telecommunications, media and technology team.  "Despite intense
price competition in 2008, Telkomsel has managed to maintain a
dominant share of GSM revenue (59% at H109) and sustain
exceptionally strong EBITDA margins at over 60% of revenue," she
added.

While the company generates robust cash flow from operations,
heavy capex requirements combined with a high dividend payout have
resulted in moderately negative free cash flow generation over the
last four years to FY08, and Fitch expects this to continue
through FY09 as well.  Nevertheless, Telkomsel's financial profile
remains conservative with net adjusted leverage (defined as total
adjusted debt net of cash divided by operating EBITDAR) of 0.2x
and funds from operations net interest cover of 24.8x by H109.
The ratings factor in a mild weakening in leverage metrics during
FY09, arising from new bank loan availments in H209.

Telkomsel's ratings also take into account the intensely
competitive and fragmented nature of the Indonesian cellular
market.  Following a series of aggressive price wars in 2008,
Fitch notes that a more rational environment has prevailed during
H109, with operators implementing selective tariff increases on
on-net voice-calls and SMS.  Fitch expects the company to benefit
from easing price competition in 2009, which should underpin
revenue growth in the mid-single digits and relatively stable
margins for the period.

The company's ratings also reflect a persistently uncertain
regulatory regime, as well as the risks inherent in Indonesia
including political and social instability, economic and currency
volatility, and a legal framework that lacks robustness.

With respect to its foreign currency IDR, Telkomsel remains
constrained by the Country Ceiling of the Republic of Indonesia,
which is currently at 'BB+'.  On the local currency scale however
(which ignores foreign currency transfer and convertibility risk),
Telkomsel is rated two notches above the sovereign LC rating, due
to SingTel's strategic shareholding and influence which the agency
believes provides an important counter-balance to the Indonesian
government's ownership via Telkom and hence allows the company to
be rated more towards its stand-alone credit profile.  The
shareholder agreement offers strong minority protection given that
any initiative which could materially impair Telkomsel's financial
position is first subject to SingTel's consent.

The Stable Outlook for the ratings is based on Fitch's expectation
that Telkomsel is likely to maintain its strong credit profile
over the medium term.  However, downward rating pressure could
arise on the Long-term local currency IDR if capex and/or
shareholder returns are raised to a level which causes FCF to turn
significantly negative, if SingTel substantially reduces its
stake, or if terms as per the existing shareholder agreement are
diluted, invalidated or in any way altered materially to SingTel's
disadvantage.


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


AIFUL CORP: ISDA Rules "No Bankruptcy Credit Event"
---------------------------------------------------
Yusuke Miyazawa at Bloomberg News reports that the International
Swaps & Derivatives Association's Determinations Committee has
ruled that Aiful Corp. has not had a "bankruptcy credit event."

Bloomberg relates ISDA said all 15 committee members voted "no" to
a question asking whether there is sufficient publicly available
information to consider a bankruptcy credit event.

According to Bloomberg, ISDA said a decision is still to be made
on whether a "restructuring event" has occurred that would affect
credit-default swaps written on Aiful's debt.

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Bloomberg News said 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
disclosed 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 related 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 noted.

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, according to Bloomberg.

Bloomberg said 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.


ELPIDA MEMORY: May Spend US$452MM to Increase 40nm Chips Output
---------------------------------------------------------------
Elpida Memory Inc. said it may spend as much as JPY40 billion
(US$452 million) to increase output of smaller 40 nanometer chips
to account for half of its production, Bloomberg News reports.

Elpida's spokesman Hiroshi Tsuboi told Bloomberg that company
plans to begin mass-production of the devices this year.

Bloomberg notes Mr. Tsuboi said Elpida will pace the investment,
reported earlier by the Nikkei newspaper, to match market
conditions.

Elpida Memory said in an October 8 statement that it had finished
development of the smallest high-speed low-power 40nm 2-gigabit
DDR3 SDRAM in the DRAM industry.

The new 2-gigabit DDR3 SDRAM uses a smaller chip size to achieve a
44% higher chip yield per wafer compared with Elpida's 50nm DDR3
SDRAM and a 100% yield for DDR3 products that operate at 1.6Gbps,
the highest speed standard for current DDR3.  Compared with 50nm
products, it uses about two-thirds less current and supports 1.2V/
1.35V operation as well as DDR3 standard 1.5V, thus reducing power
consumption by as much as 45%.

The development of the DRAM using a 40nm process focused on both
performance and cost competitiveness.  As a result, the investment
cost of converting from 50nm manufacturing to 40nm manufacturing
is expected to be almost zero.  Moreover, a 65nm to 40nm process
conversion can be accomplished with greater investment efficiency
compared with a 65nm to 50nm conversion.

In addition to finer process technologies, Elpida is also
developing 65nm XS process technology that can compete with the
50nm process of other companies.  Another development effort
recently underway aims to produce smaller die size products based
on the 65nm process.

Given this range of development choices, Elpida will have greater
flexibility to deal with changing market conditions and in making
decisions about the timing of investment in 40nm process equipment
and the content of technology licensed to its Taiwan partners.

Elpida intends to increase 40nm process production to further
reduce die costs.  Meanwhile, the company continues to pursue
higher productivity. The changeover as of July to a product-
specific manufacturing system (separately managed manufacturing
lines for mobile and PC-related products) at Elpida's Hiroshima
Plant has already boosted yields.  The combination of these cost
savings and productivity improvements is expected to make Elpida
more competitive.  Also, depending on future DRAM market
conditions, Elpida believes it may be possible to increase the
ratio of 40nm process line output to as much as 50% of total
production.

Sample shipments of the 40nm 2-gigabit DDR3 SDRAM will start in
November.  Mass production is expected to begin before the end of
2009.

                        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.


GK MLOX3: Fitch Downgrades Ratings on Four Classes of Notes
-----------------------------------------------------------
Fitch Ratings has downgraded four classes of GK MLOX3 notes due
June 2015, affirmed its TK Interest, and removed the notes from
Rating Watch Negative following the implementation of the recently
published criteria for Japanese CMBS surveillance.  Full details
of the rating actions are:

  -- JPY38.18 billion* Class A notes downgraded to 'AA' from
    'AAA'; off RWN; Outlook Negative;

  -- JPY7.52 billion* Class B notes downgraded to 'A-' from 'AA';
     off RWN; Outlook Negative;

  -- JPY8.41 billion* Class C notes downgraded to 'BB' from 'A';
     off RWN; Outlook Negative;

  -- JPY5.74 billion* Class D notes downgraded to 'B' from 'BBB';
     off RWN; Outlook Negative; and

  -- TK Interest affirmed at 'AAA'; Outlook Stable.

  * as of October 6, 2009

The downgrades of classes A to D reflect the agency's view over
the potential recovery amounts from the underlying loans.
Fitch has revised downwards the cash flow expectations of nine of
the 24 underlying properties, reflecting their actual performance
and recent market conditions.  The agency also revised the cap
rates of all the underlying properties, taking into consideration
the remaining period to the maturity of each loan.  As a result
and in line with the recently published surveillance criteria,
Fitch, for the purpose of this review, has adopted values for the
underlying properties that are 28% lower than the initial value on
average.

Fitch has resolved the RWN status on all classes since the
likelihood of additional rating action has fallen given the
conservative property revaluation adopted at this time.  However,
the agency has assigned Negative Outlooks to classes A to D,
reflecting the risk that the expected recoveries from underlying
properties may decline further under severe market conditions as
the loan maturities approach.

The notes were issued in September 2007 and the transaction was
initially a securitization of five loans backed by 25 property
trust beneficiary interests.  One underlying loan will be fully
repaid in November 2009 due to the liquidation of its collateral
property, and partial repayments of notes are expected by the loan
redemption.

The rating on the TK Interest only addresses the likelihood of
receiving dividend payments as per the TK agreement.

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


JAPAN AIRLINES: Two Units Offer Early Retirement to Staff
---------------------------------------------------------
Japan Airlines Corp.'s two group firms have already carried out
job cuts by soliciting early retirements before the airline
officially decides on a restructuring plan for the group, Japan
Today reports citing sources familiar with the matter.

The report says Jalpak Co, which operates overseas package tours,
solicited applications for an early retirement program for about a
month from early July and received just less than 60 applications.

According to the report, sources said the company plans to raise
efficiency by shifting its retail operations in Japan to units of
another JAL subsidiary, JAL Sales Co.

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

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

                          *     *     *

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

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


ORIX-NRL Trust: S&P Downgrades Ratings on Various Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class D to H trust certificates issued under the ORIX-NRL Trust 13
transaction and removed the ratings from CreditWatch with negative
implications, where they had been placed on July 6, 2009.
Meanwhile, Standard & Poor's also affirmed its ratings on classes
A to C and X 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 D to H of ORIX-NRL Trust 13, on CreditWatch with
negative implications.

Two of the transaction's underlying loans (representing a combined
18.3% or so of the initial issuance amount of the trust
certificates) are "loans considered to be in default," as stated
in the aforementioned report, and the loans are due to mature by
the end of August 2010.  In addition, S&P hold the view that
uncertainty is mounting over interest payments relating to one of
the underlying specified bonds of this transaction (representing
about 12.6% of the initial issuance amount of the trust
certificates).  The specified bond was not subject to the
aforementioned review.  Yet, Standard & Poor's understands that
the anchor tenant of the office building backing that bond has
experienced a credit event, causing significant deterioration in
the performance of the collateral property.  Accordingly, Standard
& Poor's has reviewed the property management report for the
property backing the specified bond and interviewed the asset
manager about the specified bond.

S&P downgraded classes D to H because: (1) S&P expects the likely
recovery amounts from the collateral properties relating to the
aforementioned "loans considered to be in default" to be lower
than S&P's initial assumptions, based on the possibility that the
loans may not be redeemed by the maturity date and the properties
may need to be liquidated; and (2) S&P see a risk that interest
payments on the aforementioned specified bond may not be made, and
S&P expects the likely recovery amount from the property that
backs the specified bond to be considerably lower than S&P's
initial assumption, based on the possibility that the specified
bond may default and the property may need to be liquidated.

Standard & Poor's intends to continue to monitor progress in the
repayment of the aforementioned loans and specified bond, as well
as the performance and recovery prospects of the related
collateral properties.

S&P is considering amending the rating methodology for interest-
only (IO) certificates, which include class X of this transaction
(see "Request for Comment: Methodology For Rating Interest-Only
Certificates", published on June 1, 2009).  If the proposal is
adopted, it could affect the rating on class X.  At this point,
however, Standard & Poor's has affirmed its rating on class X.

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by 12 nonrecourse loans and specified bonds
(tokutei shasai) extended to 11 obligors, which were originally
backed by 21 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

             Ratings Lowered, Off Creditwatch Negative

                         ORIX-NRL Trust 13
       JPY21.1 billion trust certificates due September 2013

       Class   To     From            Initial Issue Amount
       -----   --     ----            --------------------
       D       BBB-   A/Watch Neg     JPY1.1 bil.
       E       B+     BBB/Watch Neg   JPY0.4 bil.
       F       B      BB/Watch Neg    JPY0.6 bil.
       G       B-     BB-/Watch Neg   JPY0.2 bil.
       H       B-     B/Watch Neg     JPY0.3 bil.

                        Ratings Affirmed

     Class   Rating   Initial Issue Amount
     -----   ------   --------------------
     A       AAA      JPY15.4 bil.
     B       AAA      JPY1.7 bil.
     C       AA       JPY1.4 bil.
     X*      AAA      JPY21.1 bil. (Initial notional principal)

                         * Interest only


SCUDETTO ABL: Moody's Junks and Withdraws Ratings on Loan
---------------------------------------------------------
Moody's Investors Service has downgraded the rating assigned to a
loan issued through the Scudetto ABL Program, and subsequently
withdrawn it.  The Program was established in October 2006, and
the loan is backed by a pool of loans to small and medium-sized
enterprises, secured by real estate.

The downgrade reflects mainly Moody's view that, of its scenarios
for the level of recovery from the disposal of the collateral
properties, the likelihood that the more severe scenario will
materialize has increased.  The downgrade also reflects an
amendment to reduce the coupon rate on the loan, which Moody's
views as a distressed exchange.

Moody's has also withdrawn the rating for business reasons.

The complete rating action:

Deal Name: Scudetto ABL Program

* Downgraded to Caa2 and subsequently Withdrawn; previously, on
  May 13, 2009, Downgraded to B3 from Ba1, and Placed Under Review
  for Possible Further Downgrade

Background:

On February 23, 2009, the initial servicer of this transaction
filed for civil rehabilitation proceedings in Tokyo District
Court.  On March 24, 2009, the court decided to terminate the
civil rehabilitation proceedings, after which, on April 21, 2009,
it ordered the company to commence bankruptcy proceedings.  The
servicing and special servicing of all the loan receivables in the
transaction were transferred to the back-up servicer and special
servicers, who started preparing for full-scale collections.

On May 13, 2009, Moody's downgraded the rating to B3 from Ba1,
having revised two of its assumptions to these: (1) all obligors
were considered as having defaulted, and no payments from obligors
were to be expected; and (2) the recovery rate from the disposal
of collateral properties was lowered.  (Average recovery rate on
the loan was assumed at 50-60%, down from the initial 60-70%.)

The assumptions were revised for these reasons: 1) payments from
SME obligors on the loans continued to worsen, with no sign of
improvement; thus, most of the securitized loans had become
delinquent on either principal or interest payments; and 2)
because of the slowdown in the real estate market in Japan, the
liquidation of collateral properties was taking longer, while
prices also remained under stress.  Any recovery in the real
estate market in the near term could not be expected.

At the same time, Moody's believed that the progress of the
servicers' operations should be monitored, and thereby announced
the continuation of its review of the rating for possible further
downgrade.

The back-up servicer and special servicers launched full-scale
collection activities after the rating action in May.  Moody's
also obtained information about the servicing plan for the
properties from one of the special servicers.  As of end-August
2009, the deal comprised approximately 120 obligors and 400
properties.  The final maturity of the transaction is August 2011.

In light of the servicing plan, Moody's believes that the more
severe scenario -- wherein the back-up servicer and special
servicers will sell some properties in a depressed real estate
market and others at auction because of the diminishing amount of
time to final maturity -- has become more likely.  Moody's also
views that full redemption of the loan is unlikely, despite the
reduced coupon rate.  Based on the expected level of losses on the
rated loan, the rating has been downgraded to Caa2.

One of the concerns raised at the time of the previous rating
action was the significant decline in the cash reserve.  To
address this concern, the initial purpose of the cash reserved
separately in the trust was altered to cover liquidity, and
Moody's is thus of the view that, at the current rating level,
liquidity is no longer a concern.


TAKEFUJI CORPORATION: To Raise JPY42BB Via Bank Loans, Stock Sales
------------------------------------------------------------------
Takahiko Hyuga and Yusuke Miyazawa at Bloomberg News report that
Takefuji Corp. plans to raise JPY42 billion (US$474 million)
through bank loans and sales of stock investments.

The report, citing two people with knowledge of the matter, says
the company will borrow JPY32 billion in a three-year loan from
regional banks and raise another JPY10 billion by selling stock it
owns in companies including Toyota Motor Corp.

According to Bloomberg, the people said Chief Executive Officer
Akira Kiyokawa is seeking to repay JPY130 billion, or almost half
of Takefuji's interest-bearing debt, by June.

The report notes the people said the company will pledge real
estate in Tokyo as well as JPY40 billion of outstanding loans made
in the past two years as collateral for the bank borrowings.

Takefuji will also use JPY30 billion of its cash reserves to repay
debt, Bloomberg adds.

                       Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on Oct. 5,
2009, that Standard & Poor's Ratings Services lowered its long-
term counterparty rating on Takefuji Corp. and its rating on
outstanding senior unsecured bonds (straight bonds) issued by
Takefuji by five notches to 'B-' from 'BB+'.  The ratings remain
on CreditWatch with negative implications, where they were placed
on Sept. 14, 2009, reflecting weakening cash flows.

S&P said the ratings action reflects the fact that Takefuji's cash
flow is deteriorating more severely than expected, due to
revisions made to the company's repayment schedule after it hit
early redemption triggers.  In addition, the company has seen
large cash outflows due to refunds of overcharged interest, while
fund raising has been constrained.  Given that the consumer
finance industry is still facing severe business conditions with
limited prospects of an early recovery, Takefuji's debt servicing
ability has become more susceptible to changes in the business and
financing environment.

Takefuji Corporation (TYO:8564) --http://www.takefuji.co.jp/ is a
Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.


TAKEFUJI CORPORATION: Moody's Cuts Senior Debt Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term senior
unsecured debt and issuer ratings of Takefuji Corporation to B2
from Ba3.  The outlook for both ratings is negative.

This action has been prompted by Moody's growing concern that the
difficult funding environment and the poor prospects for restoring
its funding access will continue to undermine its already
pressured franchise in ongoing negative operating environment.

In Moody's view, Takefuji is facing several liquidity issues
because of its unique funding structure -- and because of the
likelihood that a put option on an Euroyen convertible bond of JPY
70 billion will be exercised in June 2010 and concerns that early
redemption triggers on other debt have been breached.  Moody's is
also of the view that the Takefuji's funding environment has
deteriorated significantly.

Takefuji's funding structure is characterized by 1) the absence of
a main bank; 2) spread-out relationships with a number of small
domestic financial institutions; 3) limited reliance on bank
borrowings as a source of overall funding; 4) its historically
active use of credit facilities with covenants -- effectively,
secured debt, an investment alternative for which investors now
have no appetite; and 5) limited refinancing needs, as its short-
term maturing debt obligations are quite small.  In Moody's view,
this profile is limiting the financial flexibility the company
requires to maintain its franchise and earnings, with limited
prospects of a recovery until at least the middle of next year.

Nevertheless, Moody's believes that Takefuji is not facing an
imminent liquidity problem, as the scale of its short-term
contract-based payment obligations is not so large relative to its
cash position, and it retains enough flexibility to downsize its
operations for the time being.  However, given the above potential
liquidity stresses and poor prospect of regaining market funding
access over the short-term period, Takefuji's franchise and
earnings capacity may suffer serious impairment over the next
year.  Furthermore, despite the protection against a further
increase of overpaid interest claims, its access to market funding
will not normalize without clear signs of stabilization in the
claims situation, thereby hampering its projected business
underwriting.  Accordingly, in the shrinking market, Takefuji may
likely become a much smaller player, with lower earnings over the
next year.

Moody's retains its negative ratings outlook based on the
uncertainty about the amount of time needed for the industry to
finally stabilize.  The negative outlook also incorporates Moody's
view of the company's constraints to funding/liquidity flexibility
and the difficulty of finding an immediate solution to this issue,
given Takefuji's unique funding profiles.

Downward pressure may emerge due to 1) unexpected negative
developments in the company's ability to downsize its operations
or 2) significant net losses that could further erode its capital
base.

The ratings outlook may revert to stable if Takefuji can 1)
demonstrate that its business is stabilizing and 2) improve its
funding profile and solve its liquidity problems.

Moody's last rating action with respect to Takefuji was taken on
September 28, 2009, when its long-term senior unsecured debt and
issuer ratings were downgraded to Ba3 from Ba1 and the rating was
assigned a negative outlook.

Takefuji's rating was assigned by evaluating factors Moody's
believes are relevant to its credit profile, such as franchise
value, risk positioning, the operating and regulatory environment,
and financial fundamentals in comparison with its competitors, as
well as the company's projected performance for the near to medium
term.  These attributes were compared to those of other issuers
both in and outside its core industry.  Thus, Moody's believes
Takefuji's rating to be comparable to those of other issuers with
similar credit risk.

Takefuji Corporation, headquartered in Tokyo, was established in
1974.  It is a major specialized consumer finance company in
Japan, with about JPY 0.9 trillion in total consolidated assets as
of June 30, 2009.


TOSHIBA CORP: Faces EU Fines in Cartel Case
-------------------------------------------
The European Commission is set to impose fines to Toshiba Corp.,
Alstom SA, Areva SA and Hitachi Ltd. over claims they divided the
European and Japanese markets for electric-power transformers,
Bloomberg News reports citing four people with knowledge of the
case.

According to the report, the people said the companies met once a
year and agreed to stay out of each other's home markets.  Such
accords violate EU competition rules, Bloomberg says.

Siemens AG, Europe's biggest engineering company, won't be fined
after telling the commission, the EU's antitrust authority, about
the cartel, Bloomberg relates citing the people who can't be
identified because the draft decision isn't public.

Siemens has been "cooperating fully with the European Commission
and we've also launched our own investigation," the report cited
Alexander Becker, a company spokesman in Munich, as saying.  "We
can't comment further because the investigation is ongoing."

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.

The TCR-AP reported on Aug. 13, 2009, that Fitch Ratings affirmed
the FC and LC IDRs of Toshiba Corporation:

   -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
      Outlook assigned;

   -- Short-term FC and LC IDRs affirmed at 'B'; and

   -- Senior unsecured notes affirmed at 'BB'.


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


GENERAL MOTORS: KDB May Collect Maturing Loans from GM Daewoo
-------------------------------------------------------------
The Korea Development Bank has warned it will retrieve maturing
loans from GM Daewoo Auto & Technology Co., the South Korean unit
of General Motors Corp., if the U.S. carmaker does not take more
action to support its Korean subsidiary, The Korea Times reports.

"If General Motors does not play the role of the largest
shareholder of GM Daewoo in an appropriate manner, we will start
to retrieve loans that will mature this month," the Times quoted
KDB Chief Executive Officer Min Euoo-sung as saying.

"General Motors should accept both the financial and non-financial
requirements of the creditors.  If not, we will collect loans and
will not participate in a paid-in capital increase."

Yonhap News Agency relates that since February, cash-strapped GM
Daewoo has been in talks with KDB to receive about KRW1 trillion
(US$855.8 million) in new loans after using up a US$2 billion
credit line.  The negotiations have faltered on GM's refusal to
put up part of its stake in GM Daewoo as collateral, Yonhap notes.

                       About General Motors

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

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

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


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


PRIME UTILITIES: Annual General Meeting Slated for October 29
-------------------------------------------------------------
Prime Utilities Berhad will hold its 18th annual general meeting
on October 29, 2009, at 9:00 a.m., at the Bukit Kiara Equestrian &
Country Resort, Dewan Berjaya, Jalan Bukit Kiara, Off Jalan
Damansara, in Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive the Company's audited financial statements for
      the financial year ended April 30, 2009, together with
      the Directors' and Auditors' reports;

   -- approve the payment of Directors' fee amounting to
      MYR70,000 in respect of the financial year ended
      April 30, 2009.

   -- re-elect Dato' Sri Md Kamal Bin Bilal and Jamal
      Mohamed Bin SMA Mohamed Mydin, who retire by rotation
      pursuant to Article 92 of the Company's Articles of
      Association, and who, being eligible offer themselves
      for re-election; and

   -- re-appoint Messrs. SJ Grant Thornton, Chartered
      Accountants as Auditors of the Company for the ensuing
      year and to authorize the Directors to fix their
      remuneration.

                       About Prime Utilities

Prime Utilities Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the company is engaged in
property development.  The company's wholly owned subsidiaries
include PUB Properties Sdn. Bhd. and PUB Development Sdn. Bhd.  In
addition, Prime Utilities Berhad has a 52 % interest in Supreme
Annexe Sdn. Bhd., Berkat Gagah Sdn. Bhd. and LBCN Development Sdn.
Bhd.

                          *     *     *

Prime Utilities Berhad has been classified as an affected issuer
under Amended Practice Note No. 17/2005 of the Bursa Malaysia
Securities Bhd's Listing Requirements for having an insignificant
business or operations.


RANHILL BERHAD: Kozai Sabah Files Wind Up Petition Against Unit
---------------------------------------------------------------
Ranhill Berhad disclosed that a winding up petition has been
served by Kozai Sabah Sdn Bhd against wholly owned subsidiary
Ranhill Engineers and Constructors Sdn Bhd in the High Court of
Malaya at Kota Kinabalu, Sabah.

KSSB is a subcontractor to supply goods sold and delivered for
REC's Teluk Salut 190MW Combined Cycle Conversion Project at Kota
Kinabalu, Sabah.

The petition against REC was presented to Court on August 4, 2009,
and served on Ranhill on September 30, 2009.

KSSB's claim for the sums of MYR128,711.40 together with interest
at the rate of 8% per annum from January 24, 2008, until the date
of judgment; Statutory interest at the rate of 8% per annum on the
sum of MYR128,711.40 from the date of Judgment to the date of full
payment and costs.

The petition has been fixed for hearing on November 26, 2009.

                       About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On Dec. 11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Malaysia-based Ranhill Bhd and removed it from CreditWatch with
negative implications.  The outlook is negative.


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


AIR NEW ZEALAND: Seeks Payment for Unpaid Service Dues
------------------------------------------------------
Jenny Keown at BusinessDay reports that Air New Zealand Ltd is
seeking nearly half a million dollars in unpaid invoices from
Papua's New Guinea's national carrier Air Niuguni in the Auckland
High Court on Wednesday, October 7.

Air New Zealand's total claim against the airline is for
NZ$421,959 plus NZ$40,000 in interest costs, the report says.

BusinessDay relates that Air New Zealand's engineering services
provided equipment to Air Niuguni and charged $61,400 on September
19, 2007.  The report says the company also carried out repair
work and supplied materials for one of Air Niugini's 'cowling'
systems where the cooling air is discharged in the low-pressure
area near the nose of an aircraft.

For this job, the report notes, the company charged NZ$170,000 for
labor and NZ$172,000 for materials.

According to the report, Air New Zealand's lawyer Nathan Gedye
said Air Niugini disputes the "excessive" labor charges but
doesn't provide supporting facts or documents.  Air Niugini,
however, isn't disputing the materials fee, BusinessDay relates.

                       About Air New Zealand

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

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


DORCHESTER PACIFIC: Appoints New Director
-----------------------------------------
Dorchester Pacific Ltd has appointed Stephen Sinclair as a non
executive director of the company.

Mr. Sinclair is a partner in The Business Bakery LP which recently
acquired the 19.47% shareholding in Dorchester from Auguste
Finance Ltd.

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 27, 2008, Dorchester Finance, a subsidiary of Dorchester
Pacific, said it will withdraw and not renew its prospectus and
will seek the approval of debenture holders and note holders to a
deferred repayment plan, but with continued interest payments.

Chairman of Dorchester Finance, Mr. Barry Graham, said "As a
result of the rapid decline in the property finance market and a
continuing fall in reinvestment rates the Board has formed the
view that there is now a risk of a cash flow shortfall arising
in future months."

Dorchester Pacific reported a net loss of NZ$25.4 million in the
year to March 31, 2009, compared to a NZ$18.1 million loss in the
previous year.  Net revenue of NZ$24.6 million was significantly
down on 2008 net revenue of NZ$64.4 million.


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


EXPORT & INDUSTRY BANK: Tier1 Notes Issuance Extended to Oct. 30
----------------------------------------------------------------
The Monetary Board of the Bangko Sentral ng Pilipinas is extending
for the third time Export and Industry Bank's authority to raise
PHP3.3 billion in fresh capital, Lee C. Chipongian at the Manila
Bulletin reports.

The Bulletin, citing BSP documents, says that Exportbank has until
October 30 to issue the tier1 notes.  The last authority expired
on September 30, which was an extension of the previous deadline
of July 31, the report notes.

According to the Bulletin, banking sources said Exportbank and its
capital infusion would ideally be timed with any buy-out plans.

The Bulletin notes banking sources said two of three interested
buyers the Yuchengcos' Rizal Commercial Banking Corp. and Security
Bank Corp. have backed out leaving only Banco de Oro Unibank of
the SM Group as prospective buyer.

The Manila Standard reports that EIB had not met its reportorial
requirements and paid the Philippine Stock Exchange PHP125,000 in
penalties for failing to submit its annual report for 2008.

EIB reported a PHP372.97-million loss in the first three months of
2008, up from a PHP325-million loss year-on-year, the Standard
says.  Net interest income fell to PHP91.75 million from PHP103.82
million.

The Standard relates that EIB's non-interest income also dropped
despite doubling its trading income to PHP16.9 million from
PHP7.4 million in the third quarter of 2007 and trimming expenses
to PHP826.6 million from PHP848.5 million.

As of March 31, 2007, the Bank's total assets were PHP35
billion, total liabilities were PHP29.9 billion and total equity
were PHP5.1 billion.

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.


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


ARMADA (SINGAPORE): Creditors' Meeting Set for October 23
---------------------------------------------------------
Armada (Singapore) Pte Ltd, which is under judicial management,
will hold a meeting for its creditors on October 23, 2009, at
4:00 p.m.

The company's judicial managers are:

         Jamil Raza Syed
         Tay Boom
         c/o Armada (Singapore) Pte Ltd
         1 Harbourfront Avenue
         #07-07/08 Keppel Bay Tower
         Singapore 098632


HOCK CHUAN: Members and Creditors' Meeting Set for October 20
-------------------------------------------------------------
Members and creditors of Hock Chuan Ann Construction Pte Ltd will
hold a meeting on October 20, 2009, at 10:00 a.m., at One Raffles
Quay, North Tower, Level 18, in Singapore.

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


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

Inter Power Engineering Pte Ltd filed the petition against the
company on August 14, 2009.

The Petitioner's solicitors are:

         Tan Kim Seng & Partners
         101 Cecil Street
         #18-01/05 Tong Eng Building
         Singapore 069533


LUCINA SHIPPING: Creditors' Proofs of Debt Due on November 7
------------------------------------------------------------
Creditors of Lucina Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 7, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


NCH (TAMPINES): Creditors' Proofs of Debt Due on November 2
-----------------------------------------------------------
Creditors of NCH (Tampines) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 2, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kiam Kok
         Aw Eng Hai
         c/o 47 Hill Street
         #05-01, Singapore Chinese Chamber of Commerce &
          Industry Building
         Singapore 179365


NCH (SENGKANG): Creditors' Proofs of Debt Due on November 2
-----------------------------------------------------------
Creditors of NCH (Sengkang) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 2, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kiam Kok
         Aw Eng Hai
         c/o 47 Hill Street
         #05-01, Singapore Chinese Chamber of Commerce &
          Industry Building
         Singapore 179365


ORIENT TELECOMMUNICATIONS: To Declare Dividend on October 14
------------------------------------------------------------
Orient Telecommunications Networks Pte Ltd will declare first and
final dividend on October 14, 2009.

The company will pay 0.59% to the received claims.

The company will pay 100% to all admitted preferential claims.

The company's judicial manager is:

         Tam Chee Chong
         c/o Deloitte & Touche LLP
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


PETRORIG: Sells Two Rigs for US$950 Mil. to Diamond Offshore
------------------------------------------------------------
Subsidiaries of Norway-based PetroMena ASA have sold two of their
three ultra-deepwater semi-submersible harsh environment drilling
rigs through the Chapter 11 process, even though the companies
have few if any connections to the U.S., Bill Rochelle at
Bloomberg reported.

The PetroMena subsidiaries obtained approval from the U.S.
Bankruptcy Court for the Southern District of New York to auction
of their oil rigs.  According to Bill Rochelle, two vessels were
purchased for US$950 million by affiliates of Diamond Offshore
Drilling Inc.

After paying Jurong Shipyard Pte Ltd., the shipyard in Singapore
where the rigs were being built, the sales generated a total of
some US$440 million for the PetroMena subsidiaries in bankruptcy.
One rig remains to be sold.

PetroRig I Pte Ltd, PetroRig II Pte Ltd, and PetroRig III Pte Ltd.
entered into agreements to construct three drilling rigs with
Singapore's Sembcorp Marine.  The rigs were scheduled for delivery
from Sembcorp's Jurong Shipyard in April 2009, September 2009, and
January 2010.  PetroMENA, the parent company, struggled to put
together financing to complete construction of the rigs and was
unable to make final installments on the construction contracts
The PetroMena units filed for bankruptcy when Jurong was on the
brink of foreclosing one of the drilling rigs.

The three rigs were being built for a total cost of almost US$1.5
billion. Almost US$750 million remained unpaid on the construction
contracts.

                        About PetroMena ASA

PetroMENA ASA -- http://www.petromena.no/-- is a Norway-based
company engaged in the ownership and operation of drilling rigs
and vessels, as well as in the construction of off-shore drilling
platforms and facilities for the oil industry.  The Company is
operational through its three wholly owned Singapore-based
subsidiaries: PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig
III Pte Ltd.  The Company's rigs are designed for drilling in
ultra deep waters, in such areas as the Mexican Gulf, Brazil, West
and South Africa, among others.  Additionally, the Company's
subsidiaries are engaged in the construction of semi submersible
drilling rigs at the Jurong shipyard in Singapore.  As of December
31, 2008, the Company held management and operational agreements
with Larsen Oil & Gas Ltd and Larsen Oil Gas AS. The Company's
majority shareholder is Petrolia Drilling ASA, with 51.47% of its
interests.

Headquartered in Singapore, PetroRig I Pte Ltd, PetroRig II Pte
Ltd, and PetroRig III Pte Ltd are rig-owning Singapore
subsidiaries of Norwegian oilfield driller PetroMENA ASA.
PetroRig I Pte. Ltd. and its affiliates filed for Chapter 11 on
May 17, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-13083).  Ira S.
Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP represents
the Debtors in their restructuring efforts.  The Debtors listed
between US$100 million and US$500 million each in assets and
debts.


SHIRETOKO SHIPPING: Creditors' Proofs of Debt Due on November 7
---------------------------------------------------------------
Creditors of Shiretoko Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 7, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


YL INVEST: Creditors' Proofs of Debt Due on October 30
------------------------------------------------------
Creditors of Yl Invest (Singapore) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 30, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Mitani Masatoshi
         c/o 89 Short Street
         #04-09 Golden Wall Centre
         Singapore 188216


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


AMERICAN INT'L: Says Still Evaluates Bids for Taiwan Unit
---------------------------------------------------------
The Wall Street Journal reports that American International Group
Inc. said Wednesday it is still considering "numerous" bids for
its Taiwan life insurance unit, rejecting media reports that it
has already picked Primus Financial Holdings Ltd. as the buyer of
Nan Shan Life Insurance Co.

"We are now in the process of evaluating numerous bids for Nan
Shan and determining next steps," the Journal quoted an AIG
spokesperson as saying in a statement.  "We are unable to comment
further at this time."

Citing people familiar with the matter, Bloomberg News reported
that AIG is near an agreement to sell its Taiwan life insurance
unit to Primus Financial Holdings Ltd.  Sources told Bloomberg AIG
is in advanced talks with Primus and the two companies may sign an
agreement as early as next week.

Primus Financial, co-founded by former Citigroup Inc. Asia
investment banking chief Robert Morse, offered more than
US$2 billion for AIG's Nan Shan Life Insurance Co., Bloomberg
related, citing two sources.

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

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

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


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


GENERAL MOTORS: GM Thai Plant May Resume Operations This Week
-------------------------------------------------------------
Bloomberg News reports that General Motors Co. said operations at
a plant in Thailand may resume this week after workers went on
strike Monday.

"We have held negotiations with union representatives and expect
the issues will be resolved soon," Bloomberg cited Sasinan
Allmand, public relations director at GM's Thai unit, as saying in
a phone interview in Bangkok.

Ms. Sasinan told Bloomberg that GM may produce 50,000 vehicles in
Thailand this year, down from 104,000 last year as demand has
dropped.  GM employs about 1,700 employees in Thailand.

As reported in the Troubled Company Reporter-Asia Pacific on
October 7, 2009, General Motors Thailand temporarily shut its
assembly plant in southeast Rayong province due to a strike by
workers.

Bangkok Post reported that about 200 union workers filed a
notice with GM on Saturday of their intention to strike Monday,
October 5, to demand higher wages, welfare and benefits but GM
management rushed to close the plant before the strike began to
ensure the safety and security of all employees and property.

                        About General Motors

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

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

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


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company            Ticker            Assets            Equity
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW       AHGN         16933460.19     -8226075.95
ALLOMAK LTD            AMA          40685785.47     -5913422.67
ALLSTATE EXPL-PP       ALXCC         16169603.2    -50619940.96
ALLSTATE EXPLORA       ALX           16169603.2    -50619940.96
ANTARES ENERGY L       AZZ          13709735.08     -1955765.01
ARC EXPLORATION        ARX           58544299.4    -15958771.93
AUSMELT LTD            AET           10421943.8     -1558622.35
AUSTAR UNITED          AUN         508844538.84   -310055789.75
AUSTRAILIAN Z-PP       AZCCA        77741918.88     -2566335.24
AUSTRALIAN ZIRC        AZC          77741918.88     -2566335.24
BIRON APPAREL LT       BIC          19706736.59     -2220069.65
CENTRO PROPERTIE       CNP       14725100625.83   -495299520.84
CHALLENGER INF-A       CIF        2307005549.62   -104582562.08
CHEMEQ LIMITED         CMQ          25194855.59    -24254413.72
CITY PACIFIC LTD       CIY         171501648.08     -6383353.75
EIRCOM HOLDINGS        ERC        7606555987.32   -533212434.19
ELLECT HOLDINGS        EHG          18245003.37    -15487781.92
HYRO LTD               HYO          21498880.13    -14825700.09
MAC COMM INFR-CD       MCGCD      8104415200.76   -103343256.49
RESIDUAL ASSC-EE       RAGXF       597329874.01   -126963316.48
RUBICON AMERICA        RAT         649532285.57   -100605696.94
RUBICON EUROPE T       REU          553099503.3   -252490904.13
TOOTH & CO LTD         TTH         108860665.87    -69404500.26
VERTICON GROUP         VGP          14221690.08    -24604525.15
VOYAGER RESOURCE       VOR         105239382.56   -190859513.39


CHINA

ALONG TIBET CO-A       600773       10645458.33     -1260472.65
AMOI ELECTRONI-A       600057      205714958.88   -171265179.25
ANHUI KOYO GROUP       979          60010204.49    -52445757.65
BAO LONG ORIENTA       600988       16803610.56     -3002433.31
CHANG LING GROUP       561          42473545.73    -10486849.69
CHENGDE DIXIAN-B       200160       52878580.08     -15925439.9
CHENGDU UNION-A        693          53505027.19     -5241722.53
CHINA EAST AIR-A       600115    10663617937.55   -669018244.31
CHINA EAST AIR-H       670       10663617937.55   -669018244.31
CHINA KEJIAN-A         35           80524769.63   -182184709.66
CHINESE.COM LOGI       805          12869661.54    -10094949.57
CITIC GUOAN VI-A       600084      348889601.71   -125227226.74
DANDONG CHEM F-A       498          102526072.1   -107860689.36
DONGGUAN FANGD-A       600656       64150753.72     -8735494.67
DONGXIN ELECTR-A       600691       20608187.18     -5028635.72
GAOXIN ZHANGTO-A       2075        124776592.95    -19821585.47
GUANGDONG HUAL-A       600242       19373034.05     -2325690.04
GUANGDONG KEL-A        921         650072211.91    -103760527.2
GUANGMING GRP -A       587          45859984.22    -44684252.23
GUANGXI BEISHE-A       600556      110503178.27   -144424566.92
GUANGXIA YINCH-A       557          19526916.97    -37073597.54
HEBEI BAOSHUO -A       600155      133526389.53   -358418197.58
HEBEI JINNIU C-A       600722      227141182.32   -223794072.17
HISENSE ELEC-H         921         650072211.91    -103760527.2
HUATONG TIANXI-A       600225       34542670.84    -29942511.88
HUDA TECHNOLOG-A       600892       20055498.84      -2392277.8
HUNAN ANPLAS CO        156          53136755.69     -81141655.2
HUNAN AVA HOLDIN       918         219048363.26    -78476613.98
JIAOZUO XIN'AN-A       719          14229704.96     -7806228.22
NINGBO YIDONG-H        8249         55690342.44    -22047522.03
QINGHAI SUNSHI-A       600381       53430938.15    -26418232.17
SHANG HONGSHENG        600817       17195946.36   -397044828.42
SHANG LIANHUA-A        600617       16629332.66     -2816699.77
SHANG LIANHUA-B        900913       16629332.66     -2816699.77
SHANGHAI WORLDBE       600757      218813789.33   -118596184.73
SHENZ CHINA BI-A       17           27968310.96    -264106065.1
SHENZ CHINA BI-B       200017       27968310.96    -264106065.1
SHENZ SEG DASH-A       7            75454296.33     -6832811.09
SHENZHEN DAWNC-A       863          28806239.39    -155220111.2
SHENZHEN KONDA-A       48          198370122.93    -14709825.62
SHENZHEN SHENXIN       34           25649329.38   -166918478.37
SHIJIAZHUANG D-A       958         247135076.94    -47057598.59
SICHUAN DIRECT-A       757         130066883.28    -118258912.1
SUNTEK TECHNOL-A       600728       36252073.49    -23232714.83
TAIYUAN TIANLO-A       600234       49936366.67    -24269532.79
TIANJIN MARINE         600751       82399198.24    -30394356.74
TIANJIN MARINE-B       900938       82399198.24    -30394356.74
TIBET SUMMIT I-A       600338       72677899.02    -13527522.12
TOPSUN SCIENCE-A       600771      183535542.89   -132134649.22
WINOWNER GROUP C       600681       11441386.17    -70778286.86
WUHAN BOILER-B         200770      425205467.18    -59127896.04
WUHAN GUOYAO-A         600421        11224148.1    -38404923.54
XIAMEN OVERSEA-A       600870      316697544.56   -153952891.08
YUEYANG HENGLI-A       622          37450378.86    -15337096.06
YUNNAN MALONG-A        600792      157520417.89     -3274324.93
ZHANGJIAJIE TO-A       430          47476905.56     -6608204.52


HONG KONG

21 HOLDINGS LTD        1003         43646556.17     -4262036.57
APTUS HLDGS LTD        8212         49964062.48       -11190766
ASIA TELEMEDIA L       376          16618871.08     -5369335.42
BEAUFORTE INV          21           12327016.69      -2955593.7
CHINA GOLDEN DEV       162         252996681.97     -2720111.36
CROSBY CAPITAL         8088            25806000        -6935000
EGANAGOLDPFEIL         48          557892423.39   -132858951.98
EMPEROR ENTERTAI       8078         29921484.05     -5924477.64
FULBOND HLDGS          1041            60255000       -14419000
HUTCHISON TELE H       215        2400098040.83   -366059762.21
JIAN EPAYMENT          8165         12943183.73     -1516828.52
MITSUMARU EAST K       2358         38170722.85        -1449668
NEW CITY CHINA         456         113178595.41     -9932226.54
PAC PLYWOOD            767             75639000        -5411000
PALADIN LTD            495         160927722.22     -1629398.23
PALADIN LTD -PRE       642         160927722.22     -1629398.23
PCCW LTD               8          5990928703.57   -394965167.61
SANYUAN GROUP LT       140          15148448.77     -1587205.23
WAI CHUN MINING        660          12791013.67    -14603647.06


INDONESIA

BANK MUTIARA TBK       BCIC        493235338.87   -135578273.49
BUKAKA TEKNIK UT       BUKK         73759284.09    -88378100.23
DAYA SAKTI UNGGU       DSUC         18968940.39    -16565907.15
ERATEX DJAJA           ERTX         16355782.65    -13909830.79
JAKARTA KYOEI ST       JKSW         30395173.44    -38677864.58
KARWELL INDONESI       KARW         10703306.59     -7637325.25
MULIA INDUSTRIND       MLIA        342682884.88   -423294727.62
PANASIA FILAMENT       PAFI         51388821.53     -3769923.94
PANCA WIRATAMA         PWSI         24440350.75     -28494642.1
POLYSINDO EKA PE       POLY        413587722.04   -843849953.26
PRIMARINDO ASIA        BIMA         11142638.56    -19773137.59
SEKAR BUMI TBK         SKBM          18209576.7     -1625327.43
STEADY SAFE TBK        SAFE         10838828.11     -4030148.54
SURABAYA AGUNG         SAIP         236584686.9     -99589026.9
TEIJIN INDONESIA       TFCO           192946176       -12344400
UNITEX TBK             UNTX         15358972.53    -13809629.56


INDIA

ALCOBEX METALS         AML          35670319.03    -22443296.68
APPLE FINANCE          APL          70832103.73    -29253849.19
ASHIMA LTD             ASHM         59922403.11    -47153581.06
BAKELITE HYLAM         BKLT         13911138.88     -12867352.6
BALAJI DISTILLER       BLD          51161385.13     -38383503.3
BELLARY STEELS         BSAL         451679252.4   -108504755.34
BHAGHEERATHA ENG       BGEL         22646453.72    -28195273.09
CFL CAPITAL FIN        CEATF        14305706.35    -40038022.22
COMPUTERSKILL          CPS          14896780.89     -7560054.57
CORE HEALTHCARE        CPAR        185364966.99   -241912027.81
DCM FINANCIAL SE       DCMFS        16540889.84    -10988851.47
DIGJAM LTD             DGJM         98769193.78    -14623833.58
DISH TV IND-PP         DITVPP      422081403.33   -127614551.41
DISH TV INDIA          DITV        422081403.33   -127614551.41
DUNCANS INDUS          DAI         114362122.22   -185510212.55
GALADA POWER & T       GCC          10899606.76    -27849464.86
GANESH BENZOPLST       GBP          77840261.61    -41865917.86
GEM SPINNERS LTD       GEMS         15233308.38      -112427.32
GLOBAL BOARDS          GLB          25154303.78      -793024.17
GSL INDIA LTD          GSL          37040429.61    -42340564.58
GUJARAT SIDHEE         GSCL         59440728.18      -660003.43
GUJARAT STATE FI       GSF          30159595.18   -234918081.46
HANJER FIBRES          HJF          10720699.56      -310044.87
HARYANA STEEL          HYSA         10831176.59     -5909008.81
HENKEL INDIA LTD       HNKL        102052835.27     -10237657.2
HFCL INFOTEL LTD       HFCL        151650830.03    -85807810.61
HIMACHAL FUTURIS       HMFC        406633181.85   -210980393.95
HINDUSTAN PHOTO        HPHT         93725753.93  -1229352757.43
HMT LTD                HMT         139311695.43   -277691144.15
ICDS                   ICDS         13300348.69     -6171079.46
INDIA FOILS LTD        IF           48457142.32    -38013960.39
INFOMEDIA 18 LTD       INF18        35798533.98     -1937646.71
INTEGRAT FINANCE       IFC          57729537.53    -52297155.04
ITI LTD                ITI        1116207771.94      -800236.54
JCT ELECTRONICS        JCTE         122542558.6    -49996834.55
JD ORGOCHEM LTD        JDO          14537402.78    -69753846.55
JENSON & NIC LTD       JN           15734678.26    -92089109.12
JIK INDUS LTD          KFS           20633171.5     -5623616.49
JK SYNTHETICS          JKS          20208078.76     -2171303.89
JOG ENGINEERING        VMJ          50080964.36    -10076436.07
KALYANPUR CEMENT       KCEM         37538318.01    -41771703.35
KERALA AYURVEDA        KRAP         13409639.48      -586700.12
KINGFISHER AIR         KAIR        1458636203.2   -418911009.67
LLOYDS FINANCE         LYDF         27683041.19     -8642121.28
LLOYDS STEEL IND       LYDS        358940191.85    -83135016.16
MILLENNIUM BEER        MLB          36392748.17     -3197477.14
MILTON PLASTICS        MILT         26114050.07    -42391324.19
NATH PULP & PAP        NPPM         13588844.93    -39126079.65
NICCO UCO ALLIAN       NICU         38788084.34       -61659313
NOVA PETROCHEM         NVPC         44390476.41      -925948.57
ORIENT PRESS LTD       OP           16699814.52       -94789.33
PANCHMAHAL STEEL       PMS          51024827.03      -325116.26
PANYAM CEMENTS         PYC          38841457.46      -641194.41
PARASRAMPUR SYN        PPS         111971290.89   -317111727.95
PAREKH PLATINUM        PKPL         61081050.43    -88849040.15
PEACOCK INDS LTD       PCOK         11395867.81    -14396604.39
PIRAMAL LIFE SC        PLSL         32054795.68     -3725239.05
POLAR INDS LTD         PLI           11613867.7    -22282942.24
RAMA PHOSPHATES        RMPH         34066789.55     -1192495.62
RATHI ISPAT LTD        RTIS         44555929.56      -3933592.5
RELIGARE TECHNOV       RTCL         44130883.78     -1460240.41
ROLLATAINERS LTD       RLT          22965755.05    -22244556.92
ROYAL CUSHION          RCVP         29192373.45    -73115309.68
RPG CABLES LTD         RPG          51431409.37    -20192930.18
SCOOTERS INDIA         SCTR          13288115.8      -578097.97
SEN PET INDIA LT       SPEN         13283611.52     -25431862.1
SHALIMAR WIRES         SWRI          24489676.4    -49901704.65
SHAMKEN COTSYN         SHC          23127927.75     -6172791.93
SHAMKEN MULTIFAB       SHM           60546590.6    -13260108.95
SHAMKEN SPINNERS       SSP          42180451.29    -16764934.64
SHARDA ISPAT LTD       SHIL         16179943.38     -5040578.35
SHREE RAMA MULTI       SRMT         81405835.45    -64134056.23
SIDDHARTHA TUBES       SDT          92929926.47    -10719543.54
SIL BUSINESS ENT       SILB         12461159.02    -19961202.41
SOUTHERN PETROCH       SPET       1543609373.57    -35609423.98
SPICE COMMUNICAT       SPCM        263692459.52    -19679192.67
STI INDIA LTD          STIB            44107456      -300149.59
TAMILNADU TELE         TNT          11680819.22     -3373123.87
TATA TELESERVICE       TTLS        793627684.28    -74636840.33
TRIVENI GLASS          TRSG         34542881.89     -6209872.78
UNIWORTH LTD           WW          178225972.59   -131624807.91
USHA INDIA LTD         USHA         12064900.61    -54512967.31
VENTURA TEXTILES       VRTL         14254627.45      -325402.59
WINDSOR MACHINES       WML          14500894.45    -28144999.02
WIRE AND WIRE-RT       WNWR        102422193.22    -37057061.49
WIRE AND WIRELES       WNW         102422193.22    -37057061.49


JAPAN

AVIX INC               7836         19009420.72     -2125138.36
COSMOS INITIA CO       8844       2333430615.87   -454804416.82
DDS INC                3782         10683845.35     -5696657.23
FDK CORP               6955         465071545.7    -85901797.18
G-TRADING              3348         53439073.69    -19823380.51
L CREATE CO LTD        3247         42344509.56      -9146496.9
NESTAGE CO LTD         7633         15752022.32     -7045459.62
PLACO CO LTD           6347         19727184.96     -1662140.28
PRIME NETWORK          2684         15052085.28     -8379329.03
PROPERST CO LTD        3236        854806960.92    -17847055.11
RADIA HD               4723       1145701822.41    -213538214.6
REMIXPOINT CO LT       3825         13032512.99     -1159815.17
SPC ELECTRONICS        6818        124705573.68    -13095644.59
TERRANETZ CO LTD       2140         11633353.37     -4293462.63


KOREA

AJU MEDIA SOL-PF       44775        13822171.46     -1245278.05
CL LCD CO LTD          35710        55585277.13    -14793655.63
DAHUI CO LTD           55250       186003859.24     -1504246.54
DAISHIN INFO           20180        740500919.3   -158453978.78
ELIM EDU CO LTD        46240        34029159.88     -3747735.09
FIRST FIRE & MAR       610        2044031310.36     -1780221.91
KYSYS CO LTD           15390        10671544.09     -6267111.24
MOBILINK TELECOM       41310        52665694.67    -11474605.44
MOBO CO LTD            51810       196643340.38    -11979182.85
ORICOM INC             10470        82645454.13    -40039161.33
PRIME ENTMT            17170         31473002.9     -19371600.2
ROCKET ELEC-PFD        425          68584186.91        -2140474
ROCKET ELECTRIC        420          68584186.91        -2140474
SAMT CO LTD            31330       303858255.56    -77572655.65
SIMM TECH CO LTD       36710       314177541.38    -34486443.29
SOLAR & TECH CO        30390        11466591.81      -588035.38
STARMAX CO LTD         17050        50131660.74    -25436154.88
TAESAN LCD CO          36210        187935112.1   -546263614.46
TONG YANG MAGIC        23020       355147750.92    -25767007.75
YOUILENSYS CORP        38720       166697877.68    -12337148.33


MALAYSIA

AXIS INCORPORATI       AXIS         42453772.51    -79710389.89
HARVEST COURT          HAR          10993283.82     -7102079.77
LITYAN HLDGS BHD       LIT          18071124.04     -29261166.9
NEPLINE BHD            NL           20755619.11    -27545946.39
NIKKO ELECTRONIC       NIKKO        11189473.86     -8723186.48
WONDERFUL WIRE         WW           11594594.78     -14561593.4
WWE HOLDINGS BHD       WWE          66753912.87      -904694.18


NEW  ZEALAND

DOMINION FINANCE       DFH         258902749.12    -55312405.88


PHILIPPINES

APEX MINING 'B'        APXB         51256351.82     -8972145.85
APEX MINING-A          APX          51256351.82     -8972145.85
BENGUET CORP 'B'       BCB          75331140.18    -35697080.01
BENGUET CORP-A         BC           75331140.18    -35697080.01
CENTRAL AZUC TAR       CAT          37806902.52     -2588843.76
CYBER BAY CORP         CYBR         12926776.59    -79228223.36
EAST ASIA POWER        PWR          50796443.41   -139420756.07
FIL ESTATE CORP        FC           37286935.14    -11355841.65
FILSYN CORP A          FYN           22000423.4    -10278638.86
FILSYN CORP. B         FYNB          22000423.4    -10278638.86
GOTESCO LAND-A         GO           18684576.24    -10863822.41
GOTESCO LAND-B         GOB          18684576.24    -10863822.41
MRC ALLIED             MRC          13040098.81     -3682026.54
PICOP RESOURCES        PCP          105659068.5    -23332404.14
STENIEL MFG            STN          28673457.47     -1478015.89
UNIVERSAL RIGHTF       UP           45118524.67    -13478675.99
UNIWIDE HOLDINGS       UW           52802040.71    -56176026.28
VICTORIAS MILL         VMC         178060236.02    -36659989.09


SINGAPORE

ADV SYSTEMS AUTO       ASA          11992958.61    -11223940.95
ADVANCE SCT LTD        ASCT         69486218.18    -11959064.78
CARRIERNET GLOBA       CARG         14286897.57       -17258.04
CHUAN SOON HUAT        CSH          31243269.09    -16230153.11
FALMAC LTD             FAL          10288220.94     -6460596.18
HL GLOBAL ENTERP       HLGE         93947954.45    -12514151.49
INFORMATICS EDU        INFO         23073311.96      -831837.63
JURONG TECH IND        JTL          98760092.87   -227275152.06
LINDETEVES-JACOB       LJ          155633719.48    -88389478.73
OCEAN INTERNATIO       OCEAN        61659790.45    -13720371.73
PACIFIC CENTURY        PAC          21863868.37     -2767499.46
SUNMOON FOOD COM       SMOON           18725666    -10079386.91
TT INTERNATIONAL       TTI         293865103.05    -37711583.27
WESTECH ELECTRON       WTE          28290170.94    -12855750.98


THAILAND

ABICO HLDGS-F          ABICO/F      12066621.69     -9544714.91
ABICO HOLD-NVDR        ABICO-R      12066621.69     -9544714.91
ABICO HOLDINGS         ABICO        12066621.69     -9544714.91
BANGKOK RUB-NVDR       BRC-R        85509149.46       -65276912
BANGKOK RUBBER         BRC          85509149.46       -65276912
BANGKOK RUBBER-F       BRC/F        85509149.46       -65276912
BLISS-TEL PCL          BLISS         12646465.4     -2089674.34
BLISS-TEL PCL-F        BLISS/F       12646465.4     -2089674.34
BLISS-TEL PCL-NV       BLISS-R       12646465.4     -2089674.34
CENTRAL PAPER IN       CPICO        10220356.04   -216074904.26
CENTRAL PAPER-F        CPICO/F      10220356.04   -216074904.26
CENTRAL PAPER-NV       CPICO-R      10220356.04   -216074904.26
CIRCUIT ELE-NVDR       CIRKIT-R     17385099.26    -87998004.08
CIRCUIT ELEC PCL       CIRKIT       17385099.26    -87998004.08
CIRCUIT ELEC-FRN       CIRKIT/F     17385099.26    -87998004.08
DATAMAT PCL            DTM          12690638.93     -6132014.29
DATAMAT PCL-NVDR       DTM-R        12690638.93     -6132014.29
DATAMAT PLC-F          DTM/F        12690638.93     -6132014.29
ITV PCL                ITV          32845084.57    -82941414.71
ITV PCL-FOREIGN        ITV/F        32845084.57    -82941414.71
ITV PCL-NVDR           ITV-R        32845084.57    -82941414.71
K-TECH CONSTRUCT       KTECH/F      83204235.85     -5693045.29
K-TECH CONSTRUCT       KTECH        83204235.85     -5693045.29
K-TECH CONTRU-R        KTECH-R      83204235.85     -5693045.29
KUANG PEI SAN          POMPUI       17146363.89    -12117287.24
KUANG PEI SAN-F        POMPUI/F     17146363.89    -12117287.24
KUANG PEI-NVDR         POMPUI-R     17146363.89    -12117287.24
MALEE SAMPR-NVDR       MALEE-R      53933645.39     -6900644.95
MALEE SAMPRAN          MALEE        53933645.39     -6900644.95
MALEE SAMPRAN-F        MALEE/F      53933645.39     -6900644.95
NFC FERTILI-NVDR       NFC-R        41433204.74     -2287708.95
NFC FERTILIZER P       NFC          41433204.74     -2287708.95
NFC FERTILIZER-F       NFC/F        41433204.74     -2287708.95
PATKOL PCL             PATKL        53430390.26    -26540095.34
PATKOL PCL-FORGN       PATKL/F      53430390.26    -26540095.34
PATKOL PCL-NVDR        PATKL-R      53430390.26    -26540095.34
PICNIC CORPORATI       PICNI/F     162041208.32    -79858191.23
PICNIC CORPORATI       PICNI       162041208.32    -79858191.23
PICNIC CORPORATI       PICNI-R     162041208.32    -79858191.23
PONGSAAP PCL           PSAAP/F      26599991.38      -3496872.9
PONGSAAP PCL           PSAAP        26599991.38      -3496872.9
PONGSAAP PCL-NVD       PSAAP-R      26599991.38      -3496872.9
SAFARI WORL-NVDR       SAFARI-R    101048401.65    -21027662.26
SAFARI WORLD PUB       SAFARI      101048401.65    -21027662.26
SAFARI WORLD-FOR       SAFARI/F    101048401.65    -21027662.26
SAHAMITR PR-NVDR       SMPC-R       31177710.43     -14940579.6
SAHAMITR PRESS-F       SMPC/F       31177710.43     -14940579.6
SAHAMITR PRESSUR       SMPC         31177710.43     -14940579.6
SUNWOOD INDS PCL       SUN          19863687.56    -13033623.14
SUNWOOD INDS-F         SUN/F        19863687.56    -13033623.14
SUNWOOD INDS-NVD       SUN-R        19863687.56    -13033623.14
THAI-DENMARK PCL       DMARK        15715462.27    -10102519.69
THAI-DENMARK-F         DMARK/F      15715462.27    -10102519.69
THAI-DENMARK-NVD       DMARK-R      15715462.27    -10102519.69
TRANG SEAFOOD          TRS          13251979.73        -3373.42
TRANG SEAFOOD-F        TRS/F        13251979.73        -3373.42
TRANG SFD-NVDR         TRS-R        13251979.73        -3373.42
UNIVERSAL S-NVDR       USC-R        85671220.21    -49479729.86
UNIVERSAL STAR-F       USC/F        85671220.21    -49479729.86
UNIVERSAL STARCH       USC          85671220.21    -49479729.86


TAIWAN

CHIEN TAI CEMENT       1107        202446919.23     -22407739.4
HELIX TECH-EC          2479T        23385923.43    -24115022.26
HELIX TECH-EC IS       2479U        23385923.43    -24115022.26
HELIX TECHNOL-EC       2479S        23385923.43    -24115022.26
TAIWAN KOL-E CRT       1606U       507206787.88    -147139297.7
TAIWAN KOLIN-EN        1606V       507206787.88    -147139297.7
TAIWAN KOLIN-ENT       1606W       507206787.88    -147139297.7
VERTEX PREC-ENTL       5318T        43037265.55     -2305484.43
VERTEX PRECISION       5318         43037265.55     -2305484.43
YEU TYAN MACHINE       8702         39574168.04   -271070409.72


                         *********

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

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

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


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

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

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

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

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





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