TCRAP_Public/091013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, October 13, 2009, Vol. 12, No. 202

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRA: Signs US$1.1-Bln Recapitalization Plan
BABCOCK & BROWN INFRA: Says $625-Mln Placement Fully Subscribed
BABCOCK & BROWN: Moody's Reviews Ratings for Possible Upgrade
BBI FINANCE: Moody's Retains Review on Senior Secured Ratings
CYTOPIA LIMITED: Signs Takeover Agreement with YM BioSciences

FORTESCUE METALS: Okays AU$360-Mln Christmas Creek Mine Expansion
MULTIPLEX PRIME: ASI Contests Brookfield's $50MM Entitlement Offer
ROCK BUILDING: Moody's Assigns 'D+' Bank Financial Strength Rating


C H I N A

CHINA CABLECOM: Closes Restructuring of Outstanding Debt
GENERAL MOTORS: GM, Tengzhong Reach Deal on Sale of Hummer Brand


H O N G  K O N G

ASBESTOS CONTROL: Lee Che Wing Appointed as Liquidator
ASIAN CARTRIDGE: Creditors' Proofs of Debt Due on November 14
CONWELL FAR: Placed Under Voluntary Wind-Up Proceedings
CITI-RICH ASIA: Placed Under Voluntary Wind-Up Proceedings
CHEUNG SHING: In Voluntary Wind-Up Proceedings

DVB SERVICE: Lam and Toohey Step Down as Liquidators
DAITO-SEITO (HK): Pui Chiu Wing Appointed as Liquidator
ELI LILLY FUNDING: Inability to Pay Debts Prompts Wind-Up
GREENWICH HK NO. 1: Yan and Haughey Step Down as Liquidators
GOLD SPARK: Placed Under Voluntary Wind-Up Proceedings

HING LEE: Wong Yuk Ming Aaron Steps Down as Liquidator
JOHN DEERE: Seng and Yuk Step Down as Liquidators
MAIN JOY: Chang Te-Lung Steps Down as Liquidator
MWH CHINA: Commences Wind-Up Proceedings
NEW TREASURE: Wong Yee Sui Andrew Appointed as Liquidator


I N D I A

ARIHANT COAL: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
BDH INDUSTRIES: CRISIL Rates INR5.3 Million LT Loan at 'BB+'
D.S.R. DEVELOPERS: CRISIL Rates INR165 Million Term Loan at 'BB-'
JAUSHNA STEELS: Low Net Worth Cues CRISIL 'BB-' Ratings
KAYNES HOTELS: CRISIL Assigns 'B' Rating on INR200MM Term Loan

MY ASSOCIATES: CRISIL Places 'B+' Rating on INR10MM Bank Facility
NOVOPAN INDUSTRIES: Default on Bank Debts Cues CRISIL Junk Ratings
PAPER TRADERS: CRISIL Assigns 'BB' Rating on Various Bank Debts
RADHIKA COTTEX: CRISIL Assigns 'B' Rating on INR10.7MM Term Loan
RAJ COTTEX: CRISIL Places 'B' Rating on INR20.2 Mln Term Loan

SABARE INTERNATIONAL: CRISIL Cuts Rating on INR331.9MM Term Loans
SRI GANESH: CRISIL Cuts Ratings on Various Bank Debts to 'D'
TATA MOTORS: Bond Offering Won't Affect Mood's 'B3' Rating
TATA MOTORS: Equity Issuance Won't Affect S&P's 'B' Rating
UNITED ELECTRICAL: CRISIL Rates INR40MM Cash Credit at 'B+'

VISHAL PIPES: Low Net Worth Prompts CRISIL 'BB+' Ratings
VISWAS BUSINESS: CRISIL Assigns 'BB' Rating on INR200MM Bank Debt
VRAJ PACKAGING: Fitch Assigns National Long-Term Rating at 'BB+'


I N D O N E S I A

TELEKOMUNIKASI INDONESIA: To Divest Stakes in Two Subsidiaries


J A P A N

JAPAN AIRLINES: Gov't. Mulls Adopting ADR to Restructure JAL
JLOC XXXIII: Fitch Downgrades Ratings on Two Classes of Notes
MITSUKOSHI LTD: To Close 11 Small Outlets by March 2010
* JAPAN: Gov't Outlines Debt Moratorium Bill for Small Firms


N E W  Z E A L A N D

DANIEL SCHUSTER: Receiver Puts Winery on the Selling Block
LANE WALKER: Faces Probe by Serious Fraud Office
LINE 7: Charles Parsons Denies Deal to Acquire Assets
HEMISPHERE INSURANCE: S&P Retains Suspension on 'CCC-' Rating
SENSATION YACHTS: HSBC Seeks Summary Judgment Against Owner


P H I L I P P I N E S

BENGUET CORP: Receives Notice of Default from Altus
* PHILIPPINES: One of Four Rural Banks in Trouble, PDIC Says


S I N G A P O R E

BEARINGPOINT PTE: Creditors' Proofs of Debt Due on October 22
BEARINGPOINT (ASIA PACIFIC): Creditors' Meeting Set for October 22
BEARINGPOINT 2002 ASIA: Creditors' Meeting Set for October 22
BEARINGPOINT 2002 SINGAPORE: Creditors' Meeting Set for October 22
CROWN GLOBAL: Declares First and Final Dividend

FMG INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 10
GIANTWILL PTE: Court to Hear Wind-Up Petition on October 22
KIM ENG FUTURES: Creditors' Proofs of Debt Due on Nov. 9
MANZARO (S) PTE: Court Enters Wind-Up Order
METRON TECHNOLOGY: Creditors' Proofs of Debt Due on Nov. 8


S R I  L A N K A

SRI LANKA: Fitch Changes Outlook to Stable; Holds 'B+' Rating


X X X X X X X X

* BOND PRICING: For the Week October 5 to October 9, 2009


                         - - - - -


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


BABCOCK & BROWN INFRA: Signs US$1.1-Bln Recapitalization Plan
-------------------------------------------------------------
Brookfield Asset Management Inc. and Brookfield Infrastructure
Partners L.P. have signed an agreement with Babcock & Brown
Infrastructure to sponsor a comprehensive restructuring and
recapitalization.

Under the agreement with BBI, Brookfield Asset Management and
Brookfield Infrastructure have jointly and severally subscribed
for a proposed investment in stapled securities and assets of BBI
of approximately US$1.1 billion.  The proposed investment is
comprised of the purchase of approximately AU$625 million to
AU$713 million (approximately US$555 million to $635 million) of
stapled securities for a 35% to 40% interest in the restructured
BBI and AU$295 million (approximately US$265 million) for the
direct purchase from BBI of a 49.9% economic interest in Dalrymple
Bay Coal Terminal, in Queensland, Australia, and 100% of PD Ports,
a leading ports business in northeast England.  Immediately
following the purchase of PD Ports, Brookfield will repay
GBP100 million (approximately US$160 million) of debt at PD Ports.

Brookfield Asset Management and Brookfield Infrastructure have
entered into an agreement under which Brookfield Infrastructure is
being offered the right to act as the primary investment vehicle
to acquire the BBI stapled securities and an approximate 50%
interest in the direct assets.  Brookfield Infrastructure intends
to raise equity to fund its interest in the transaction and
Brookfield Asset Management will subscribe for its pro rata share
of any equity raised by Brookfield Infrastructure, subject to
Brookfield Infrastructure unitholder approval.   A meeting of
Brookfield Infrastructure's unitholders will be called shortly to
approve the participation of Brookfield Asset Management in any
Brookfield Infrastructure offering above a specified threshold as
required under Canadian securities laws.  Brookfield Asset
Management will acquire any portion of the investment which
Brookfield Infrastructure does not acquire.

"This transaction is a significant step forward in Brookfield's
global infrastructure growth plan and enhances our position as a
leading global infrastructure asset manager," said Sam Pollock,
Senior Managing Partner and CEO of Brookfield's Infrastructure
Group. "It will add approximately US$8 billion of assets under
management to Brookfield's infrastructure platform and expand our
presence in the important and growing transportation and energy
infrastructure sectors."

"This is a unique opportunity for Brookfield to invest in high
quality, core infrastructure assets," said Mr. Pollock. "Due to
the contractual and regulated nature of their revenues, BBI's
portfolio of market leading infrastructure businesses tend to be
resilient in economic downturns and are expected to generate
consistent cash flows for shareholders now that we've addressed
BBI's capital structure issues."

"We are very pleased to be working together with Brookfield to
restructure and recapitalize BBI and position it for renewed
growth. Brookfield's comprehensive recapitalization proposal has
the full support of our management team and the BBI Board and we
believe it is the best alternative available to BBI's
securityholders for restoring our balance sheet and building on
our significant strengths for the future," said Dr. David Hamill,
Chairman of Babcock & Brown Infrastructure.

Recapitalization Plan

The principal elements of the Recapitalization plan are:

   * an equity raising by BBI of AU$1.5 billion comprised of:
     AU$625 million placement to Brookfield; AU$625 million
     placement to institutional investors; and AU$250 million
     Security Purchase Plan.  Brookfield has agreed to sub-
     underwrite up to AU$87.5 million of the SPP;

   * Brookfield, through convertible notes and other arrangements,
     obtains a 49.9% economic interest in DBCT and 100% of BBI's
     interests in PD Ports, for AU$295 million.  In addition,
     Brookfield will repay GBP100 million (approximately US$160
     million) of PD Ports debt on closing;

   * the repayment and restructuring of BBI's debt facilities,
     including the repayment of all existing corporate debt
     (excluding approximately AU$119 million of NZ bonds) and
     the repayment and extension of certain asset-level debt,
     all funded with proceeds from the equity raise and asset
     sales;

   * simplification of the capital structure, including the
     conversion of the BBI EPS Limited Exchangeable Preference
     Shares ("EPS") into BBI stapled securities;

   * separation of the Australian Energy Transmission and
     Distribution ("AET&D") and Cross Sound Cable ("CSC")
     assets and the associated indebtedness from the remaining
     BBI assets, which will be accounted for as "held for
     sale"; and

   * a name change, from Babcock & Brown Infrastructure to
     Prime Infrastructure.

BBI's expected approximate ownership structure and indicative
capitalization following the Recapitalization:

Equity and Ownership
Under Transaction               (AU$ millions)       Ownership
--------------------            --------------       ---------
Brookfield                       $625 - 713           35-40%

Institutional investors                 625              35%

SPP subscribers (ex-Brookfield)   162 - 250            9-14%

Securityholders (including
converted EPS holders)                  286              16%
-----------------------          -------------        --------
                                   $1,786                100%

Brookfield Asset Management has also agreed to provide management
services for a fee to both AET&D and CSC and will have the right
to acquire BBI's interests in these assets on certain defined
terms.

Once recapitalized, BBI will have a more sustainable capital
structure and own premier infrastructure assets that generate
stable and predictable cash flows.  The Recapitalization has been
designed to reduce debt leverage to long-term sustainable levels
at both the corporate and asset levels.  The AU$1.8 billion of
cash proceeds from BBI's equity raising and asset sales will allow
repayment of BBI's corporate debt outstanding, remove material
near-term debt maturities and increase liquidity.  Following
completion of the Recapitalization, pro forma proportional debt
leverage is expected to decrease to approximately 68%.  BBI will
establish a three-year AU$300 million corporate borrowing
facility, which is expected to be undrawn upon completion of the
Recapitalization, providing BBI with additional liquidity.

Brookfield Asset Management Inc. -- http://www.brookfield.com/--
is a global asset management company, with a primary focus on
property, power and infrastructure assets.  As of December 31,
2008, the Company had approximately $80 billion of assets under
management.

                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.


BABCOCK & BROWN INFRA: Says $625-Mln Placement Fully Subscribed
---------------------------------------------------------------
The Australian, citing Dow Jones Newswires, reports that Babcock &
Brown Infrastructure said Monday its $625 million institutional
placement, part of a $1.5 billion recapitalization plan to pay
down debt, has closed fully subscribed.

The report relates the group said in a statement that the offer
was well supported by both international and domestic
institutional investors.

According the report, the company said its recapitalization plan,
which will also see it sell a $625 million cornerstone stake to
Brookfield Asset Management (BAM), has been deemed fair and
reasonable by independent assessor Grant Samuel & Associates.

Grant Samuel said that if the recapitalization doesn't go ahead,
there is a real risk that Babcock & Brown Infrastructure would be
placed in some form of insolvency administration, the report
notes.

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.


BABCOCK & BROWN: Moody's Reviews Ratings for Possible Upgrade
-------------------------------------------------------------
Moody's Investors Service says that it has changed the direction
of the review of BBI's ratings to possible upgrade (from review
with direction uncertain).  The ratings affected are Babcock and
Brown Infrastructure Group's B1 corporate family rating and BBI
Finance Pty Ltd's B2 senior secured rating.

"The change in review direction follows BBI's announced
recapitalization plan, under which the group would raise about
AU$1.8 billion in capital through equity raising and asset sales,
with majority of proceeds applied towards reducing debt at the
corporate level" says Clement Chong, Moody's VP/Senior Analyst.

"Should the recapitalization proceed as announced, Moody's expects
BBI's liquidity and financial profile to improve materially, and
its ratings could be upgraded by more than one notch," says Chong.
However, if the recapitalization fails to materialize, BBI's
rating is likely to be downgraded, given the looming refinancing
risk.

The plan includes raising AU$1.5 billion of equity, of which
AU$625 million would be placed to Brookfield Asset Management
(Brookfield; rated Baa2).  Another AU$625 million would be placed
to institutional investors on an underwritten basis, and a further
AU$250 million would be raised as part of a security purchase
plan.  The total equity raising is fully underwritten.

BBI plans to repay AU$1.2 billion of debt and associated swaps at
the corporate level and will establish a AU$300 million, 3 year
corporate liquidity facility.  As part of the plan, Brookfield
will subscribe to convertible notes of approximately AU$295
million and acquire a 49.9% economic interest in Dalrymple Bay
Coal Terminal which is located in Queensland.

The plan is subject to several approvals, including those of BBI's
securityholders and BBI Exchangeable Preference Share holders.

The review would focus on the outcome of the recapitalization plan
and the impact that it would have on BBI's ultimate financial
leverage and liquidity position, taking into account its revised
ownership structure and strategic plan.

The last rating action with respect to BBI was taken on October 2,
2009, when the group's ratings were placed on review with
direction uncertain.

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

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

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


BBI FINANCE: Moody's Retains Review on Senior Secured Ratings
-------------------------------------------------------------
Moody's Investors Service is continuing its review for possible
downgrade of BBI Finance Pty Ltd's senior secured Baa2 ratings.

This follows Babcock & Brown Infrastructure Group's ("rated B1/B2,
on review for possible upgrade) announced recapitalization plan.

"The review considers the impact on DBCT's credit profile of BBI's
recapitalization plan," says Clement Chong, a Moody's Vice
President/Senior Analyst, adding, "Given the close linkage between
DBCT and BBI -- both through ownership and financing documentation
-- the ratings of the two entities are linked."

Assuming the recapitalization plan is implemented, Moody's expects
the rating of DBCT to be maintained at investment grade.

"However, if BBI's recapitalization proposal fails to materialize,
then DBCT's ratings are likely to fall to below investment-grade,"
Mr. Chong follows.

"DBCT has a standalone investment grade rating profile, reflecting
the competitive position of its coal terminal in the Bowen Basin
coal chain and its low business risk," says Mr. Chong.

Moody's last rating action on DBCT was on October 2, 2009 when its
outlook was changed to negative from stable.

BBI Finance Pty Ltd rating was assigned by evaluating factors
Moody's believes are relevant to the credit profile of the issuer,
such as 1) the business risk and competitive position of the
company versus others within the industry, 2) the capital
structure and financial risk of the company, 3) the projected
performance of the company over the near to intermediate term, 4)
management's track record and tolerance for risk, and 5) the
linkage to the credit profile of its parent.  These attributes
were compared against other issuers both within and outside of
DBCT's core industry.

BBI Finance Pty Limited is the financing affiliate of BBI
Management Pty Limited and BBI Trust, (together DBCT Group), which
together hold a long-term lease on the Dalrymple Bay Coal Terminal
in north Queensland.  Babcock & Brown Infrastructure Ltd and
Babcock & Brown Infrastructure Trust own 100% of the DBCT Group,
which comprises BBI Management Pty Ltd, BBI Trust, and BBI Finance
Pty Ltd.

DBCT, near Mackay in north Queensland, has a current capacity of
85 million tonnes per annum and services the northern part of the
Bowen Basin coal fields.


CYTOPIA LIMITED: Signs Takeover Agreement with YM BioSciences
-------------------------------------------------------------
Cytopia Limited has signed an exclusive and binding implementation
agreement with YM BioSciences Inc. in which YM will acquire all of
the issued shares and options of Cytopia.

Cytopia said this transaction will be conducted by schemes of
arrangement and shareholders (and optionholders if required) are
expected to vote on the Schemes in January 2010.

Cytopia shareholders will be offered 1 YM share for every 11.737
Cytopia shares.  Cytopia option holders will receive YM option at
an equivalent ration.  The Share Scheme consideration represents a
share price offer of $0.1659 per Cytopia share.  This is a 58%
premium to the trading price of Cytopia shares on the ASX
immediately prior to signing of the agreement.  The consideration
payable will be subject to an arrangement providing for
adjustments to the share exchange ratio where there are
significant movements in the trading price of YM shares.

Post implementation, the combined companies will manage the
development of four clinical stage assets.

The merged companies will also managed other collaborations in the
Cytopia portfolio including the partnership with the Commonwealth
Government supported Cancer Therapeutices CRC to develop FAK
inhibitors for cancer.

Cytopia board unanimously recommended that the acquisition of
Cytopia's shares and options is in the best interests of Cytopia
shareholders and Cytopia optionholders.

The Australian operations will be operated under the YM name
following completion of the transaction.  Pursuant to the
provisions of the agreement, Mr. Bob Watson, Chair of Cytopia will
be appointed to the board of YM,

Cytopia has appointed Clayton Utz as Australian legal adviser,
Toronto-based Blake, Cassels & Graydon LLP as Canadian legal
adviser, US-based Oppenheimer & Co Inc as financial advisor and
Lonergan Edwards as an independent expert.

Based in Ontario, Canada, YM BioSciences Inc. (TSE:YM) --
http://www.ymbiosciences.com/-- is a biopharmaceutical company
engaged in the development of products primarily for the treatment
of patients with cancer.  The Company owns or in-license
substances or products in order to advance them along the
regulatory and clinical pathways toward commercial approval.  The
Company's portfolio of products in active clinical development
includes one anti-cancer agent (a monoclonal antibody) in a number
of clinical trials targeting more than 10 different tumors and/or
stages of cancer, and an inhalation-delivery approach for fentanyl
to treat acute pain, including cancer pain. The Company's two
product candidates in the clinical stage of development, as of
June 30, 2009, were NIMOTUZUMAB and AeroLEF.  Its three additional
products licensed that are not in clinical development include
Tesmilifene and two anti-cancer vaccines, a TGF? vaccine and a
HER1-targeting vaccine.

                           About Cytopia

Cytopia Limited (ASX:CYT) -- http://www.cytopia.com.au/-- is an
Australia-based company.  The Company is engaged in the business
of drug discovery research and development through its
subsidiaries Cytopia Research Pty Ltd (Cytopia Research) and
Cytopia Inc focusing on cancer and inflammatory diseases.  The
Company is developing CYT997, an anticancer agent that disrupts
tumour blood vessels. CYT997 is being investigated in Phase II
clinical trials in a variety of cancers. The Company is also
undertaking two Phase II efficacy studies.  Cytopia opened its
trial for CYT997 in relapsed glioma, a form of brain tumour, in
September 2008.  The Company is also undertaking a Phase II study
in multiple myeloma, a disorder of the bone marrow.

                           *     *     *

Cytopia Limited reported three consecutive net losses of AU$6.51
million, AU$7.60 million and AU$4.94 million for the years ended
June 30, 2009, 2008 and 2007, respectively.


FORTESCUE METALS: Okays AU$360-Mln Christmas Creek Mine Expansion
-----------------------------------------------------------------
Madelene Pearson and Jesse Riseborough at Bloomberg News report
that Fortescue Metals Group Ltd. approved a AU$360 million (US$326
million) expansion of its Christmas Creek mine to increase total
output to 55 million metric tons a year.

Citing Fortescue's statement to the Australian stock exchange,
Bloomberg discloses that the expansion involves building a 50-
kilometer (31-mile) railroad from the Cloudbreak mine and an ore
processing plant at the site.  According to Bloomberg, Fortescue
said the project will be "internally funded."

Bloomberg says the expansion of Christmas Creek returns Fortescue
to an earlier plan to have the two mines operating concurrently.
The report notes the company said it should enable output to reach
"an ultimate production level of 55 million tons to 60 million
tons per annum."

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.


MULTIPLEX PRIME: ASI Contests Brookfield's $50MM Entitlement Offer
------------------------------------------------------------------
The Sydney Morning Herald reports that Nicholas Bolton's
Australian Style Investments is contesting the conditions of an
entitlement offer by Multiplex Prime Property Fund.

The Herald relates that the fund's responsible entity, Brookfield
Multiplex Capital Management, on October 8 launched a $50 million
entitlement offer approved by unit holders a day earlier.

The funds are needed to stabilize the trust's balance sheet,
reduce debt and address a breach of its banking covenants brought
about by a fall in value of its four office tower assets, the
Herald says.

The report notes the Takeovers Panel said it had received an
application from ASI seeking orders that Brookfield Multiplex
Capital be restrained from acquiring further units in the offer,
unless it does so in compliance with the Corporations Act.

According to the report, ASI claims the structure of the offer,
the underwriting arrangements and the structure of the proposed
conditional offer from Brookfield Multiplex Capital will have an
unacceptable control effect on the fund.

The Takeovers Panel said no decision has been made on whether to
proceed with any action on the submission, according to the
Herald.

                       About Multiplex Prime

Multiplex Prime Property Fund (ASX:MAFCA) invests in a portfolio
of central business districts (CBD) office assets and listed
property trusts.  The Fund owns 50% of Latitude Landowning Trust
and 25% of Multiplex Development No. 6A Unit Trust.  As of
June 30, 2009, the Fund's investment properties include Defence
Plaza and American Express Building.  The responsible entity of
the Fund is Brookfield Multiplex Capital Management Limited.


ROCK BUILDING: Moody's Assigns 'D+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time rating of Baa3
on long-term deposits and a first-time bank financial strength
rating of D+ to The Rock Building Society Limited.  At the same
time, Moody's has assigned a short-term deposit rating of Prime-3.
The rating outlook is stable.

"The ratings reflect The Rock's low-risk loan book, conservative
strategy and sound capital levels" says Daniel Yu, an Associate
Analyst at Moody's Sydney office.

"Furthermore, as a listed entity the Society retains flexibility
to raise additional common equity if required," says Yu.

"However, the Society's business model faces a number of
challenges as a result of the closure of the RMBS market, which
has traditionally provided roughly half the Society's funding",
noted Yu.

"The Society also faces constraints from its small size -- which
limits its resources, economies of scale and pricing power".

The Rock's bank financial strength rating of D+ equates to a
baseline credit assessment of Baa3, which is at the same level as
its long-term deposit rating.  As a small institution (accounting
for less than 0.5% of the loan and deposit market), Moody's have
assumed a low probability of systemic support, in case of need --
which results in no lift from the Baa3 baseline credit assessment.

Despite its small size, The Rock has retained good representation
in the town of Rockhampton in Central Queensland, which has been
built upon a focused customer service proposition and its strong
community involvement.  The Society is continuing to increase its
footprint by expanding its network of deposit-taking mini-branches
across regional Queensland, while maintaining a suite of full-
service branches within its home area.  This has assisted in the
Society in boosting deposit growth in line with the overall system
after a period of under-performance.

Without the benefit of a branch network outside of the Rockhampton
region, The Rock relies extensively on brokers to originate loans.
Whilst this diversifies credit risk, it does require the Society
to further differentiate itself, through product features, service
and price, for its broker introduced loans.

From a funding perspective, The Rock has traditionally been a
heavy user of securitization, funding over half its loan book.  In
light of current RMBS market conditions, the Society has reduced
its reliance on securitization and has begun taking steps to
diversify its funding mix.  This process will be challenging as
competition for deposits remains intense and access to the
wholesale market remains tight and expensive for smaller
institutions like The Rock.

The Society has completed a number of initiatives to alleviate any
potential short-term funding requirements.  The Rock has secured
an Exchange Settlement Account, enabling it to issue short-term
wholesale securities that are repo-eligible with the Reserve Bank
of Australia.  The Society has also established AU$175million of
internal RMBS, which it is able to repo.  with the Reserve Bank of
Australia and provides an important contingent source of
liquidity.

Because it is listed, The Rock provides a slightly different
customer proposition from its mutual peers -- whose aim is to
maximise value for their members through competitive pricing.  In
contrast, the Society focuses on shareholder value and accordingly
reports a higher pre-provision profit to risk weighted assets
ratio than that of its mutual peers: 2.4% in 2008 versus 1.9%.

However, profitability will be challenged going forward as (i)
intense competition continue to place pressure on deposit margins,
and (ii) wholesale funding remains tight / expensive for smaller
players.

The Society has taken steps to strengthen its other non-interest
income sources.  This includes fee and commission income from its
growing insurance brokerage business, RockSure, as well as fee
income from its expanding ATM network.  Whilst absolute revenue
has not been high, Moody's would expect it to grow and should
assist in providing some buffer to ongoing profitability
pressures.

Capital coverage is also sound for the Society with its Tier 1
ratio standing at approximately 13.3%, following its recent equity
raising of approximately AUD12million.  This compares favorably to
the building society peer group average of 12.4% at June 2009.

However, the Society has maintained a very high dividend payout
ratio in the past, averaging over 90% over the past four years,
which restricts its ability to generate capital internally and
creates a dependence on the market to sustain its healthy capital
ratios.  The Society expects this ratio to reduce to 75% which
should assist in ensuring there are sufficient internal resources
to maintain growth -- which will be a key factor as, going
forward, new loans are unlikely to be funded through
securitization and will therefore not benefit from regulatory
capital relief.

As a pure mortgage lender, The Rock's sound asset quality is
reflective of its low risk loan portfolio -- residential mortgages
have demonstrated low loss rates over time and continue to perform
relatively well in the current economic environment.  In addition,
the Society's strict underwriting standards and use of mortgage
insurance on all loans will minimize any potential losses on the
portfolio.  Australia's locally incorporated mortgage insurers are
subject to onerous capital requirements under local regulation,
and have continued to perform well -- and maintain high ratings --
during the global financial crisis.

The stable outlook reflects Moody's expectations that in light of
these positive factors, Moody's anticipate the Society will be
able to maintain its credit profile in line with the assigned
ratings even as asset impairments within the sector reach their
likely peak in 2010.

A rating upgrade is unlikely without a considerable improvement in
the diversity of the Society's funding profile, significant gains
in market share, and hence greater pricing power and improved
internal capital generation.

A combination of these would likely trigger a rating downgrade:

  (i) Insufficient internal capital generation, requiring the
      Society to consistently rely on the market to provide
      additional capital.

(ii) Continuing decline in total loans and profitability as a
      result of on-going funding pressures.

(iii) The ratio of non-performing loans to gross loans exceeding
      2% and / or the ratio of non-performing loans to capital and
      loan loss reserves increasing to more than 20%.

(iv) Short-term wholesale funding minus liquid assets to total
      assets ratio being greater than 20%.

The Rock Building Society is headquartered in Rockhampton,
Queensland, Australia.  It reported assets of AU$1.3 billion
(approximately US$1.1billion) at 30 June 2009.


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


CHINA CABLECOM: Closes Restructuring of Outstanding Debt
--------------------------------------------------------
China Cablecom Holdings, Ltd., on October 9 announced the closing
of a comprehensive restructuring of its outstanding debt
obligations approved by the Board of Directors, holders of its
debt securities and majority holders of its ordinary shares.  The
restructuring strengthens the Company's balance sheet by reducing
the overall principal amount of its long-term debt obligations and
eliminating cash interest obligations on the new debt securities
issued in exchange for its outstanding notes.  In connection with
the closing, each debt holder waived any and all previously
existing defaults on the part of the Company.

Under the restructuring package, China Cablecom's existing debt
holders exchanged approximately US$47 million in current debt
obligations for an aggregate total of US$23.5 million in new
secured and unsecured promissory notes and 65,799,286 newly issued
shares of Class A Preferred Stock, each share of which is
convertible at the option of the holder into one ordinary share,
representing approximately 66.2% of the Company's ordinary shares
outstanding after the closing of the restructuring and a
concurrent offering of new senior secured notes.

Principal on the new notes is subject to cancellation in the event
that the Company's ordinary shares close at a daily VWAP greater
than US$0.85 for 30 consecutive days with daily dollar volume of
500,000 or more.

Chardan Capital Markets served as adviser to China Cablecom's debt
restructuring.

                        About China Cablecom

China Cablecom is a joint-venture provider of cable television
services in the People's Republic of China, operating in
partnership with a local state-owned enterprise authorized by the
PRC government to control the distribution of cable TV services
through the deployment of analog and digital cable services.
China Cablecom has consummated the acquisition of a 55 percent
economic interest in a cable network in Hubei province with paying
subscribers exceeding 1,100,000.  The Company originally acquired
operating rights of the Binzhou Broadcasting network in Binzhou,
Shandong Province in September 2007 by entering into a series of
asset purchase and services agreements with a company organized by
SOEs, owned directly or indirectly by local branches of State
Administration of Radio, Film and Television in five different
municipalities to serve as a holding company of the relevant
businesses.  China Cablecom now operates 28 cable networks with
over 1.67 million paying subscribers.  China Cablecom's strategy
is to replicate the acquisitions by operating partnership models
in other municipalities and provinces in the PRC and then
introducing operating efficiencies and increasing service
offerings in the networks in which it operates.


GENERAL MOTORS: GM, Tengzhong Reach Deal on Sale of Hummer Brand
----------------------------------------------------------------
General Motors and Sichuan Tengzhong Heavy Industrial Machinery
Co., Ltd., have entered into a definitive agreement that will
allow Tengzhong to acquire GM's premium all-terrain HUMMER brand.

Under the terms of the definitive agreement, the buyer will
acquire the ownership of the HUMMER brand, trademark and
tradenames, as well as specific IP license rights necessary for
the manufacture of HUMMER vehicles.  The buyer will also assume
the existing dealer agreements relating to HUMMER's dealership
network.

Tengzhong intends to purchase HUMMER through an investment entity,
in which it will hold an 80 percent stake.  Mr. Suolang Duoji, a
private entrepreneur with holdings that include the Hong Kong-
listed thenardite producer Lumena, will hold the remaining 20
percent stake.  Financial terms of the agreement were not
disclosed.

The transaction is subject to customary closing conditions and
regulatory approvals and/or review by government agencies in the
U.S. and China. The completion of the definitive agreement enables
the companies to continue and further the overall regulatory
review process.

"HUMMER is a strong global niche brand and this agreement
signifies another important milestone in writing the next chapter
for both GM and HUMMER," said Fritz Henderson, GM President and
CEO.  "For HUMMER, the combination of its knowledgeable leadership
team, vehicle design expertise and the capital financing of
Tengzhong portend a successful future."

Under the agreement, HUMMER would contract vehicle manufacturing,
key components and business services from GM during a defined
transitional time period.  For example, GM's Shreveport assembly
plant would continue to contract assemble the H3 and H3T and AM
General's Mishawaka assembly plant will continue to assemble the
H2.  Both facilities will produce the specified vehicles until
June 2011, with an optional one year extension until June 2012.
The deal is expected to secure more than 3,000 jobs in the U.S.
related to the sale and manufacturing of HUMMER vehicles.

HUMMER will continue to be managed by members of its existing
leadership team including James Taylor, who will remain in his
current role as HUMMER's chief executive officer.  Prior to
joining HUMMER, Taylor was General Manager of Cadillac where he
oversaw a reinvigoration of the brand, leading key innovations in
design and technology as well as the development of new models.

"We are fortunate to have a partner who understands and recognizes
the importance of continuing investment in HUMMER's heritage as a
U.S.-based and branded company with a view toward capitalizing on
global opportunities," said Taylor. "Backed by a privately owned
and well-capitalized company, we are going to be able to focus on
providing customers with more efficient models that deliver
HUMMER's promise of authentic, purpose-built design and
engineering."

Once the transaction is complete, HUMMER will become the first
automaker to offer an alternative fuel powertrain in every model,
with the addition of E85 FlexFuel capability in the 2010 H3 and
H3T.  HUMMER is also in the process of obtaining emissions
certification for a diesel H3 that will be introduced in markets
outside of North America. The brand's future product development
will focus on improving efficiency and performance in current
HUMMER models with alternative fuel powertrains, more efficient
gas engines, 6-speed transmissions and diesel engines.

"This transaction marks an exciting step for both Tengzhong and
HUMMER, as we invest in a business that has significant
opportunity in the U.S. and around the globe," said Yang Yi, chief
executive officer of Tengzhong. "We are excited about some of the
initiatives already underway at HUMMER that we believe our
investment will be able to accelerate, particularly related to the
creation of the next generation of more fuel-efficient vehicles to
meet not only future regulations but also customer expectations."

Credit Suisse is acting as exclusive financial advisor and
Shearman & Sterling is acting as international legal counsel to
Tengzhong on this transaction. Citi is acting as financial advisor
to GM.

For more information on the agreement go to
http://www.transactioninfo.com/tengzhong

                      About Sichuan Tengzhong

The investment entity buying Hummer will be jointly owned by
Tengzhong and private entrepreneur Suolang Duoji. Tengzhong will
hold 80 percent of the entity and Mr. Suolang 20 percent.

Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. is one of
China's major privately owned engineering companies. Tengzhong is
a manufacturer of heavy machinery equipment with a presence in
special-use vehicles, road and bridge construction equipment and
construction and energy industry equipment.

Since its establishment, Tengzhong has quickly become a major
manufacturer of machinery and construction components through a
series of successful acquisitions. Tengzhong prides itself on its
automated manufacturing equipment, its processing systems,
significant research and development initiatives and commitment to
innovation.

Mr. Suolang Duoji, a private entrepreneur from Sichuan Province
has holdings that include thenardite producer Lumena which was
recently listed on the Hong Kong Stock Exchange.

                       About General Motors

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

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

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

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

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

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


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


ASBESTOS CONTROL: Lee Che Wing Appointed as Liquidator
------------------------------------------------------
Lee Che Wing on September 30, 2009, was appointed as liquidator of
The Asbestos Control Association of Hong Kong Limited.

The liquidator may be reached at:

         Joseph Lee Che Wing
         Eton Building, Unit A, 17/F
         288 Des Voeux Road
         Central, Hong Kong


ASIAN CARTRIDGE: Creditors' Proofs of Debt Due on November 14
-------------------------------------------------------------
Creditors of Asian Cartridge Supplies Limited are required to file
their proofs of debt by November 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 5, 2009.

The company's liquidator is:

         Kwok Lai Ngor
         TAL Building, Unit A, 10/F
         49 Austin Road
         Jordan, Kowloon
         Hong Kong


CONWELL FAR: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on September 28, 2009,
members of Conwell Far East Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Cheng Pik Yuk
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


CITI-RICH ASIA: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on September 28, 2009,
members of Citi-Rich Asia Pacific Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Ho Kwan Tat
         Hung Sum
         Far East Consortium Building, 5th Floor
         121 Des Voeux Road
         Central, Hong Kong


CHEUNG SHING: In Voluntary Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on September 29, 2009,
members of Cheung Shing Engineering Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Leung Ka Man
         Lui Chi Kit
         JCG Building, Unit A, 14/F
         16 Mongkok Road, Mongkok
         Konwloon, Hong Kong


DVB SERVICE: Lam and Toohey Step Down as Liquidators
----------------------------------------------------
Rainier Hok Lam and John James Toohey stepped down as liquidators
of DVB Service Company (HK) Limited on September 22, 2009.


DAITO-SEITO (HK): Pui Chiu Wing Appointed as Liquidator
-------------------------------------------------------
Pui Chiu Wing on September 25, 2009, was appointed as liquidator
of Daito-Seito (H.K.) Company Limited.

The liquidator may be reached at:

         Pui Chiu Wing
         Parklane Centre, Room 10, 16/F
         25 Kin Wing Street
         Tuen Mun, N.T.
         Hong Kong


ELI LILLY FUNDING: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
Members of Eli Lilly Funding Limited on September 28, 2009,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it fall due.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


GREENWICH HK NO. 1: Yan and Haughey Step Down as Liquidators
------------------------------------------------------------
Lai Kar Yan (Derek) and Darack E. Haughey stepped down as
liquidators of Greenwich Hong Kong No. 1 Limited on
October 5, 2009.


GOLD SPARK: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on October 2, 2009,
members of Gold Spark development Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chok-man Yik
         Manulife Tower, 15th Floor
         169 Electric Road
         North Point
         Hong Kong


HING LEE: Wong Yuk Ming Aaron Steps Down as Liquidator
------------------------------------------------------
Wong Yuk Ming Aaron stepped down as liquidator of Hing Lee Nylon
Woven Fabric Holdings Limited on September 25, 2009.


JOHN DEERE: Seng and Yuk Step Down as Liquidators
-------------------------------------------------
Natalia Seng Sze Ka Mee and Cheng Pik Yuk stepped down as
liquidators of John Deere Asia Limited on September 30, 2009.


MAIN JOY: Chang Te-Lung Steps Down as Liquidator
------------------------------------------------
Chang Te-Lung stepped down as liquidator of Main Joy Limited on
September 29, 2009.


MWH CHINA: Commences Wind-Up Proceedings
----------------------------------------
Members of MWH China Constructors Limited on October 5, 2009,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         John Robert Lees
         Henley Building, 20/F
         5 Queen's Road
         Central, Hong Kong


NEW TREASURE: Wong Yee Sui Andrew Appointed as Liquidator
---------------------------------------------------------
Wong Yee Sui Andrew on October 8, 2009, was appointed as
liquidator of New Treasure Development Limited.

The liquidator may be reached at:

         Wong Yee Sui Andrew
         1601 Wing On Centre
         111 Connaught Road
         Central, Hong Kong


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


ARIHANT COAL: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Arihant Coal Sales India Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR210.0 Million Cash Credit      BB+/Stable (Assigned)
   INR30.0 Million Line of Credit    BB+/Stable (Assigned)
   INR30.0 Million Letter of Credit  P4+ (Assigned)

The ratings reflect Arihant's moderate scale of operations in the
intensely competitive coal trading industry, weak capital
structure, and exposure to risks relating to lack of forward
integration in operations, and to customer and supplier
concentration.   These weaknesses are, however, partially offset
by Arihant's comfortable debt protection measures, and the
benefits that the company derives from its promoters' experience
in the coal trading business, and from its reputed clientele.

Outlook: Stable

CRISIL believes that Arihant will maintain a stable business risk
profile on the back of established relations with reputed clients.
The outlook may be revised to 'Positive' if the company's scale of
operations and gearing improve.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large, debt-funded
capital expenditure, or faces pressure on profitability.

                        About Arihant Coal

Set up in 2004, Arihant undertakes coal-trading and coal-liasoning
operations. It procures coal from Coal India Ltd (CIL) and
occasionally, also buys excess stock from its customers.  Arihant
buys coal through auctions conducted by two auction agents of Coal
India Ltd: Metal Junction, and Metal and Scrap Trading Corporation
Ltd. Arihant has yard facilities at Indore, Bhopal, and Katni in
Madhya Pradesh, at Nagpur and Wani in Maharashtra, and at Kota
(Rajasthan).  Arihant reported a profit after tax (PAT) of
INR30 million on net sales of INR1.3 billion for 2008-09 (refers
to financial year, April 1 to March 31), as against a PAT of
INR23 million on net sales of INR953 million for 2007-08.


BDH INDUSTRIES: CRISIL Rates INR5.3 Million LT Loan at 'BB+'
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of BDH Industries Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR5.0 Million Cash Credit              BB+/Stable (Assigned)
   INR5.3 Million Long Term Loan           BB+/Stable (Assigned)
   INR189.7 Million Proposed Long          BB+/Stable (Assigned)
          Term Bank Loan Facility

   INR90.0 Million Export Packing          P4+ (Assigned)
                     Credit

   INR25 Million Foreign Bill Purchase     P4+ (Assigned)
   INR20 Million Export Bill Negotiations  P4+ (Assigned)
   INR40 Million Letter Of Credit          P4+ (Assigned)
   INR25 Million Bank Guarantee            P4+ (Assigned)

The ratings reflect BDH's customer concentration, low sales
growth, low net worth, and weak debt protection measures.  The
impact of these weaknesses is mitigated by the company's
established position in the pharmaceutical formulation and
contract manufacturing businesses.

Outlook: Stable

CRISIL expects BDH to maintain its credit risk profile over the
medium term.  The outlook may be revised to 'Positive' in case of
a significant and sustainable increase in the company's revenue,
and consequently, its cash accruals.  Conversely, the outlook may
be revised to 'Negative' in case of decline in the company's
profitability, or loss of business volumes, because of competitive
pressures.

                       About BDH Industries

Established in 1935, BDH is engaged in the manufacture of
pharmaceutical formulations and exports.  The company is managed
by Mrs. Jayashree Nair, Chairperson and Managing Director, and Mr.
S C Kachhara, Executive Director.  BDH manufactures various
dosages of pharmaceutical formulations.  The dosages include
tablets, capsules, sterile creams and ointments, sterile
ophthalmic drops, injections, external liquids, external creams,
ointments, and galanical alcoholic liquid.  The company exports a
wide range of these formulations to over 20 countries.  BDH
operates from its manufacturing facility in Mumbai; the facility
has ISO 9001:2000 certification, and is WHO-GMP accredited. BDH
reported a profit after tax of INR3.46 million on net sales of
INR227.00 million for 2008-09 (refers to financial year, April 1
to March 31) as against net loss of INR 0.05 million on net sales
of INR 146.9 million for 2007-08.


D.S.R. DEVELOPERS: CRISIL Rates INR165 Million Term Loan at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of D.S.R. Developers Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR165.0 Million Term Loan        BB-/Stable (Assigned)
   INR5.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect DDPL's exposure to project saleability risks,
and the inherent cyclicality in the real estate sector. The impact
of these weaknesses is mitigated by the low level of construction
and funding risk in the company's Textile Tower project.

Outlook: Stable

CRISIL believes that DDPL will maintain its credit risk profile,
as the company's Textile Tower project is expected to be completed
with only minimal delays. The ratings will remain sensitive to the
sale of shops constructed under the project. The outlook may be
revised to 'Positive' if the company reports higher-than-expected
revenues from the project. Conversely, the outlook may be revised
to 'Negative' in case of significant delays in the implementation
of the project, as that would lead to pressure on the company's
debt protection measures.

                      About D.S.R. Developers

Set up in 2005, DDPL is constructing a shopping complex, Textile
Tower, on the Hissar-Chandigarh road, in Ambala city, Haryana.
The INR265-million project is proposed to be funded in a debt-to-
equity ratio of 1.6:1. The project is likely to be completed by
December 2009.


JAUSHNA STEELS: Low Net Worth Cues CRISIL 'BB-' Ratings
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Jaushna Steels (India) Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR70 Million Cash Credit*     BB-/ Stable (Assigned)
   INR30 Million Proposed Short-  P4+ (Assigned)
        Term Bank Loan Facility

   * Includes proposed loan of INR10 million

The ratings reflect JSPL's small scale of operations and regional
concentration in the steel flat products trading industry, its
working capital-intensive operations, the vulnerability of its
operating margins to fluctuations in steel prices, and its weak
financial risk profile marked by low net worth, moderate gearing,
and weak debt protection measures.  These weaknesses are mitigated
by the benefits that the company derives from its promoters'
experience in the steel flat products trading business, and its
adequate liquidity position driven by moderate bank limit
utilization.

Outlook: Stable

CRISIL believes that JSPL's scale of operations will remain small
over the medium term.  The gearing may remain moderately high
because of incremental working capital requirements.  The outlook
may be revised to 'Positive' if the company scales up its
operations and improves its financial flexibility, supported by
fresh equity infusion.  Conversely, the outlook may be revised to
'Negative' if the company's profitability declines, thereby
weakening its financial risk profile.

                       About Jaushna Steels

Set up in 1993 by Mr. Jagdish K Agarwal, JSPL trades in steel flat
products. The company commenced trading activity in 2001, and has
its registered office and godowns in Nagpur (Maharashtra).  Its
products include galvanised sheets, and hot-rolled and cold-rolled
coils. JSPL procures steel mainly from JSW Steel Ltd, Uttam Galva
Steels Ltd, and Lloyds Steels Industries Ltd, and sells to
traders, wholesalers, semi-wholesalers, and retailers in the
Nagpur region.  JSPL's profit after tax (PAT) is estimated at
about INR2 million on net sales of INR370 million for 2008-09
(refers to financial year, April 1 to March 31), against a loss of
INR1.4 million on net sales of INR331 million for 2007-08.


KAYNES HOTELS: CRISIL Assigns 'B' Rating on INR200MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the term loan of
Kaynes Hotels Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR200.00 Million Term Loan    B/Stable (Assigned)

The rating reflects time overruns in KHPL's on-going three-star
hotel renovation project in Mysore.  The rating also factors in
the company's below-average financial risk profile, exposure to
intense competition, and vulnerability to industry downturns. The
impact of these weaknesses is mitigated by the promoters'
entrepreneurial experience and funding support for the company.

Outlook: Stable

CRISIL expects KHPL to complete its hotel renovation project
without further time or cost overruns. KHPL will continue to
receive funding support from its promoters until it achieves
break-even. The outlook may be revised to 'Positive' in case of a
significant and sustainable increase in the company's revenues and
improvement in its financial risk profile. Conversely, the outlook
could be revised to 'Negative' if there are cost or time overruns
in the project, or if the company undertakes a larger-than-
expected debt-funded capital expenditure program.

Kaynes Hotels Pvt Ltd was established in 1989 by industrialist
Mr. Raghunath; the company operated a 3-star hotel off the Mysore-
Krishnaraja Sagar Dam main road in Mysore.  In January 2004, the
hotel was taken over by Mr. Jagannath Shenoi.  Currently, the
hotel is partly operational.  The hotel is being renovated in two
phases; Phase I became operational in March 2009 and Phase II is
expected to be completed by November 2009.


MY ASSOCIATES: CRISIL Places 'B+' Rating on INR10MM Bank Facility
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of My Associates.

   Facilities                           Ratings
   ----------                           -------
   INR10.0 Million Overdraft Facility   B+/Stable (Assigned)
   INR100.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect My Associates' limited revenue diversity and
modest scale of operations as a civil contractor, and its weak
financial risk profile.  These weaknesses are, however, partially
offset by the firm's healthy growth in revenues, and order-book
position providing a good revenue visibility over the medium term.

Outlook: Stable

CRISIL believes that My Associates' financial risk profile will
remain weak on account of large working capital borrowings owing
to increasing scale of operations. The outlook may be revised to
'Negative' if there are cost and time overruns on projects, or if
the firm undertakes large, debt-funded capital expenditure.
Conversely, the outlook may be revised to 'Positive' if the firm
successfully scales up and diversifies its operations, while
maintaining healthy profitability and a comfortable gearing.

                        About My Associates

Set up in 1978 as a proprietorship concern by Mr. Mohammed Nisar Y
Sheikh, My Associates is a civil contractor.  The firm primarily
focuses on laying underground utilities for water, sewage,
telecommunications, storm water drains, construction of roads, and
hard landscaping. It is registered as a 'AA' Class contractor with
Municipal Corporation of Greater Mumbai (MCGM), Nashik Municipal
Corporation, Goa State Infrastructure Development Corporation Ltd,
and Karnataka Public Works Department.

My Associates reported a profit after tax (PAT) of INR10.6 million
on net sales of Rs185.0 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of INR5.5 million on
net sales of INR103.0 million for 2006-07.


NOVOPAN INDUSTRIES: Default on Bank Debts Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has downgraded its ratings on Novopan Industries Ltd's bank
facilities to 'D/P5' from 'BBB/P3+', as the company has defaulted
on some of its rated facilities.

   Facilities                         Ratings
   ----------                         -------
   INR160 Million Working Capital     D (Downgraded from 'BBB',
          Demand Loan                    Removed from 'Rating
                                         Watch with Developing
                                         Implications')

   INR280 Million Term Loan           D (Downgraded from 'BBB',
                                         Removed from 'Rating
                                         Watch with Developing
                                         Implications')

   INR10 Million Bank Guarantee       P5 (Downgraded from 'P3+',
                                          Removed from 'Rating
                                          Watch with Developing
                                          Implications')

   INR180 Million Letter of Credit#   P5 (Downgraded from 'P3+',
                                          Removed from 'Rating
                                          Watch with Developing
                                          Implications')

   # Includes proposed facility of INR17.5 million.

The default has been caused by weak liquidity.  NPIL's management
had failed to disclose these defaults in its declaration to CRISIL
about the timeliness of discharge of the company's financial
obligations.  According to NPIL's management, these defaults were
allowed by their bankers. Besides the credit strengths and
weaknesses of NPIL, the earlier ratings on the instruments were
predicated on the declaration by the management.

The earlier ratings had been placed on 'Rating Watch with
Developing Implications' following an announcement by NPIL that it
was planning to merge Vertex Projects Ltd (formerly GVK Projects
Ltd) with itself. The proposal has now been withdrawn.

                      About Novopan Industries

Established in 1974, NPIL is the flagship company of the GVK
group. The company manufactures and sells pre-laminated and plain
particle boards under the Novopan brand.  The company also
manufactures modular furniture.  For 2008-09 (refers to financial
year, April 1 to March 31), NPIL posted a net loss of INR110
million (Profit after tax of INR55 million in the previous year)
on net sales of INR795 million (INR799 million in the previous
year).


PAPER TRADERS: CRISIL Assigns 'BB' Rating on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Paper Traders.

   Facilities                              Ratings
   ----------                              -------
   INR48.0 Million Cash Credit Limit*      BB/Stable (Assigned)
   INR6.0 Million Stand by Line of Credit  BB/Stable (Assigned)

   * including SME Care Facility

The ratings reflect Paper Traders' exposure to risks relating to
substantial withdrawals of funds by the partners leading to high
gearing levels and low net worth. These weaknesses are, however,
partially offset by the benefits that Paper Traders derives from
its established supplier and customer base, and stable operating
margins.

Outlook: Stable

CRISIL believes that Paper Traders will maintain a stable credit
risk profile over the medium term, on the back of its established
presence in the market in Madhya Pradesh, strong supplier and
customer base, and the promoters' experience in the paper trading
business. The outlook may be revised to 'Positive' if the firm
reports strong growth in cash accruals, and operating income, or
receives equity infusions from partners, leading to improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if significant debt-funded capital expenditure results
to deterioration in the company's financial risk profile.

                        About Paper Traders

Set up in 1974 by Mr. Arvind Goenka, Paper Traders, a partnership
firm, trades in writing and printing paper.  The firm's partners
are Mr. Arvind Goenka, Mr. Ajay Goenka, Mr. Piyush Goenka, and
Mr. SP Goenka.  The firm caters primarily to the Bhopal paper
market in Madhya Pradesh, and is an exclusive dealer in the
products of JK Paper Ltd, Orient Paper and Industries Ltd, and
Sirpur Paper Mills Ltd.

Paper Traders reported a profit after tax (PAT) of INR5 million on
net sales of INR425 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4 million on net
sales of INR345 million for 2007-08.


RADHIKA COTTEX: CRISIL Assigns 'B' Rating on INR10.7MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the bank
facilities of Radhika Cottex Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR60.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR10.7 Million Term Loan             B/Stable (Assigned)

The ratings reflect RCPL's weak financial risk profile, and
exposure to risks relating to unfavorable changes in regulatory
policies governing the cotton industry.  These weaknesses are,
however, partially offset by the benefits that the company derives
from its promoters' experience in the cotton industry.

Outlook: Stable

CRISIL believes that RCPL will maintain a stable business risk
profile over the medium term, supported by its promoters'
experience. The outlook may be revised to 'Positive', if the
company achieves strong growth in revenues, while maintaining
stable profitability. Conversely, the outlook may be revised to
'Negative', if the company's financial risk profile deteriorates
due to the working-capital-intensive nature of its operations, or
large, debt-funded capital expenditure.

                        About Radhika Cottex

Incorporated in 2007, RCPL undertakes cotton ginning and pressing
activities. The company's plant at Amreli (Gujarat) has capacity
to process 250 bales of cotton per day, and has been operating at
around 50 per cent of its installed capacity.  RCPL reported a
profit after tax (PAT) of INR0.3 million on net sales of INR244.7
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR0.05 million on net sales of
INR200.2 million for 2007-08.


RAJ COTTEX: CRISIL Places 'B' Rating on INR20.2 Mln Term Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Raj Cottex.

   Facilities                           Ratings
   ----------                           -------
   INR80.0 Million Cash Credit Limit    B/Stable (Assigned)
   INR20.2 Million Term Loan            B/Stable (Assigned)
   INR16.0 Million Working Capital      B/Stable (Assigned)
                    Demand Loan
   INR18.8 Million Proposed Long Term   B/Stable (Assigned)
                     Facility

The ratings reflect Raj Cottex's weak financial risk profile, and
exposure to risks relating to the working-capital-intensive
operations, partnership nature of its business, and to unfavorable
changes in government policy.  These weaknesses are mitigated by
the benefits that Raj Cottex derives from the experience of its
promoters in the cotton ginning industry.

Outlook: Stable

CRISIL believes that Raj Cottex will maintain a stable business
risk profile backed by the established track record of its
partners in the cotton ginning industry.  The outlook may be
revised to 'Positive' if significant improvement in accruals leads
to reduced gearing and a stronger capital structure for Raj
Cottex.  Conversely, the outlook may be revised to 'Negative' if
low operating margins result in deterioration in the firm's cash
accruals over the medium term.

                         About Raj Cottex

Incorporated in 2006, Raj Cottex began commercial operations in
November 2006. Based at Amreli (Gujarat), the firm is engaged in
the business of cotton ginning and pressing.  Its plant has
capacity to process 200 bales of cotton per day.  The partners
also grow cotton in their farms of around 280 acres at Pitwajal
near Amreli.  Raj Cottex reported a profit after tax (PAT) of
INR1.3 million on net sales of INR467.8 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR0.9 million on net sales of INR442.3 million for 2007-08.


SABARE INTERNATIONAL: CRISIL Cuts Rating on INR331.9MM Term Loans
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Sabare International Ltd to 'D/P5' from 'B/Negative/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR331.90 Million Long-Term Loans     D (Downgraded from
                                            'B/Negative')

   INR300 Million Packing Credit Limits  P5 (Downgraded from 'P4')

   INR500 Million Bill Discounting       P5 (Downgraded from 'P4')
                       Facility
   INR200 Million Letter of Credit       P5 (Downgraded from 'P4')
                            Limits

The downgrade reflects delays in repayment of its term debt
obligations, owing to stretched liquidity. The company is in
discussions with some of its lenders to reschedule its long-term
debt.

For arriving at its ratings, CRISIL has combined the financials of
Sabare and Sabare's wholly owned subsidiaries Sabare USA Inc and
Sabare (Shanghai) Trading Company Ltd, as all the three companies
are in the same line of business.

                    About Sabare International

Incorporated in 1992 as a sole proprietorship firm, Sabare was
converted into a public limited company in 2003.  It manufactures
and exports home textile products, catering exclusively to the US
market. Its major customers are Wal-Mart, Target, and JC Penney.
For 2008-09 (refers to financial year, April 1 to March 31),
Sabare reported a loss of INR408 million on net sales of INR2.5
billion, as against a loss of INR308 million on net sales of
INR2.6 billion in the previous year.


SRI GANESH: CRISIL Cuts Ratings on Various Bank Debts to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sri
Ganesh Sponge Iron Pvt Ltd to 'D/P5' from 'BB+/Stable/P4'.

   Facilities                                Ratings
   ----------                                -------
   INR135.0 Million Cash Credit Limits*#     D (Downgraded from
                                                'BB+/Stable')

   INR20.3 Million Standby Line of Credit*^  D (Downgraded from
                                                'BB+/Stable')

   INR331.7 Million Term Loan Limits**       D (Downgraded from
                                                'BB+/Stable')

   INR2.0 Million Bank Guarantee$            P5 (Downgraded from
                                                 'P4')
   INR8.0 Million Letter of Credit$          P5 (Downgraded from
                                                 'P4')
   INR1.5 Million Standby Line of Credit$    P5 (Downgraded from
                                                 'P4')
   *Interchangeable with each other.
   $Interchangeable with each other.
   #Includes proposed facility of INR85 million.
   ^Includes proposed facility of Rs12.8 million.
   **Includes proposed facility of Rs 247.5 million.

The ratings reflect delay by Sri Ganesh in the payment of its debt
obligations because of stretched liquidity.

Incorporated in 2001 by Mr. Laxmi Narayan Sharma and his two sons,
Mr. Mahesh Kumar and Mr. Ganesh Kumar, Sri Ganesh manufactures
sponge iron.  The company has a 200-tonne per day sponge iron
plant, and a 75-tonne per hour iron ore crusher. Its facilities
are located in Keonjhar district of Orissa.  In April 2008, the
company set up a 1.05-megawatt captive power plant to reduce its
operating costs.

Sri Ganesh reported a profit after tax (PAT) of INR22.7 million on
net sales of INR402 million in 2007-08 (refers to financial year,
April 1 to March 31), against a PAT of INR8 million on net sales
of INR241 million in the previous year.


TATA MOTORS: Bond Offering Won't Affect Mood's 'B3' Rating
----------------------------------------------------------
Moody's Investors Service says that Tata Motors Ltd's equity and
convertible bond offering announced has had no immediate impact on
the company's B3 corporate family rating and stable outlook.

However, the rating agency notes that positive momentum on the
rating could build up over the near to medium term if TML
continues to deleverage its balance sheet while improving its
operating performance both in India and, in particular, at Jaguar
Land Rover.

This comment follows TML's announcement that it has raised
US$750 million through a combination of global depository receipts
and foreign currency convertible notes.

The proceeds from the equity and convertible bond offering are
expected to be used to repay the US$700 million outstanding debt
from the acquisition of JLR.

"The announced capital raising is certainly a positive for TML as
it will allow the company to reduce leverage, albeit not
significantly, and improve its liquidity profile," says Ivan
Palacios, a Moody's AVP/Analyst.

"By pre-paying the remaining balance of the JLR bridge loan, TML
will significantly reduce its refinancing risk.  In addition, the
company will no longer be restricted by the maintenance covenants
included in this facility," adds Palacios, also Moody's Lead
Analyst for TML.

"However, there has been no immediate positive impact on TML's
rating given that its leverage levels remain high and Moody's had
already factored into its analysis a potential equity issuance of
this size when it changed the outlook on TML's rating to stable
from negative on June 2, 2009," says Palacios, adding "Moody's
expectation that the company will generate negative free cash flow
in FY2009/10 means further leverage reductions will be
challenging," says Palacios.

Moody's notes that the company is progressively delivering on its
objective to reduce debt through capital raising, asset sales and
internal accruals.  Adding to this capital raising exercise,
during current fiscal year the company has sold part of its stake
in Tata Steel for around US$200 million.

In addition, TML has recently secured a GBP175 million loan for
JLR, sanctioned by the State Bank of India, taking the overall
aggregate amount of new facilities completed this year at the JLR
level to GBP500 million.

While JLR's operating performance continues to face material
profitability pressure due to weak volumes and more challenged
business conditions in the US and Europe, the situation in India
is progressively improving.  TML sold 159,000 vehicles there in
the quarter ended September 2009, as compared to 98,760 in
October-December 2008, when the market contraction and operating
conditions are thought to have bottomed out.  Volume growth in
India has been supported by easier availability of credit and
improved economic growth due to government stimulus packages.

In this context, Moody's expects to see a slow but progressive
improvement in performance in These quarters, as the company
benefits from the impact of its cost reduction plans, lower raw
material costs and gradually improving demand.

Should TML demonstrate strong execution, improving cash flow
generation and progress on deleveraging, such that Adjusted
Debt/EBITDA improves to 7.0x on a sustained basis, positive
momentum for the rating could build up over the near to medium
term.

Moody's last rating action with regard to TML was taken on 2 June,
2009, when the company's B3 corporate family rating was affirmed
and the outlook was changed to stable from negative.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest
manufacturer of passenger vehicles.  Its products include light,
medium and heavy commercial vehicles (trucks, pick-ups and buses),
utility vehicles and cars.  TML was ultimately 42% owned by the
Tata Group as of June 2009.


TATA MOTORS: Equity Issuance Won't Affect S&P's 'B' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that the rating on Tata
Motors Ltd. (B/Negative/--) is unaffected by the company's
US$375 million equity issuance, and its US$375 million 5-year 4%
convertible notes issuance.

The company plans to use these funds, totaling US$750 million, to
primarily repay the $700 million outstanding debt on the Jaguar
and Land Rover acquisition-related bridge facility.  S&P believes
that this is a positive step as it would improve the company's
cash flow protection measures, which are weak for the rating, and
its liquidity position.  However, the rating assumes that the
company would proactively reduce debt.  This along with an
improvement in JLR's operating performance could enable the
company to materially improve its financial metrics.


UNITED ELECTRICAL: CRISIL Rates INR40MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of United Electrical Industries Ltd.

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

The ratings reflect UEIL's below-average financial risk profile
and exposure to intense competition.  The impact of these
weaknesses is mitigated by the company's sound track record in the
energy meter business.

Outlook: Stable

CRISIL believes that UEIL will maintain its stable credit risk
profile on the back of its sound track record in the energy meter
business and support from the Government of Kerala (GoK).  The
outlook may be revised to 'Positive' in case of fresh, large
equity infusion into the company, which will lead to significant
improvement in its financial risk profile, or increase in scale of
operations, which will result in higher-than-expected cash flows.
Conversely, the outlook may be revised to 'Negative' if UEIL
quotes aggressively on tenders impacting its margins, faces long
delay in receiving payments from customers, or undertakes a large,
debt-funded capital expenditure (capex) program, thereby weakening
its financial risk profile.

                      About United Electrical

Set up in 1950, UEIL manufactures electric energy meters.  GoK
holds a stake of 97.2 per cent in the company.  UEIL has entered
into a memorandum of understanding with Kerala State Electricity
Board for off-take of products on requirement basis.  It sells its
products under the brand Unilec.

UEIL posted a profit after tax (PAT) of INR7 million on net sales
of INR426 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR5.1 million on net sales of
INR388.4 million for 2007-08.


VISHAL PIPES: Low Net Worth Prompts CRISIL 'BB+' Ratings
--------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Vishal Pipes Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR180.0 Million Cash Credit Limit    BB+/Stable(Assigned)
   INR10.0 Million Term Loan             BB+/Stable(Assigned)
   INR70.0 Million Letter of Credit      P4+(Assigned)
   INR50.0 Million Bank Guarantee        P4+(Assigned)

The ratings reflect VPL's moderate financial risk profile, marked
by low net worth, and weak debt protection measures, and small
scale of operations in the electric resistance welded (ERW) pipe
segment. These weaknesses are, however, partially offset by the
benefits that the company derives from the promoters' experience
in the ERW pipe segment.

Outlook: Stable

CRISIL believes that VPL will maintain a stable business risk
profile, backed by the promoters' experience, and diversified
product portfolio. However, VPL's financial risk profile is
expected to remain moderate owing to modest debt protection
measures, low margins, and large working capital requirements. The
outlook may be revised to 'Positive' if VPL's margins improve
substantially, leading to improvement in debt protection measures;
or to 'Negative' if the company undertakes large debt-funded
capital expenditure, or faces substantial decline in operating
margins.

                        About Vishal Pipes

Incorporated in 1985 by Radhey Shyam Agarwal, VPL manufactures ERW
black pipes, galvanised pipes, and poly vinyl chloride (PVC)
pipes. VPL's plant at Sikandrabad, (Uttar Pradesh) has capacity to
manufacture 30,000 tonnes per annum (tpa), 24,000 tpa, and 4000
tpa of mild steel (MS) pipes, Galvanised Pipes and PVC pipes,
respectively. VPL is expected to report a profit after tax (PAT)
of INR17.1 million on net sales of INR1625 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR10.7 million on net sales of INR1398.9 million for 2007-08.


VISWAS BUSINESS: CRISIL Assigns 'BB' Rating on INR200MM Bank Debt
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Viswas Business Synergies Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR200.00 Million Cash Credit     BB/Stable (Assigned)
   INR50.00 Million Bank Guarantee/  P4+ (Assigned)
                 Letter of Credit*

   *Bank Guarantee & Letter of Credit are interchangeable

The ratings reflect Viswas's below-average financial risk profile,
working-capital-intensive nature of operations, and exposure to
risks relating to intense competition in the agricultural–input
(agri-input) market, and vagaries in the monsoons.  These
weaknesses are, however, partially offset by the benefits that the
company derives from its promoters vast experience in the agri
inputs sector.

Outlook: Stable

CRISIL believes that Viswas will maintain a stable business risk
profile on the back of established regional presence, and the
promoters' experience, in the organized retail market for
agricultural goods in Andhra Pradesh.  The outlook may be revised
to 'Positive' if the company's financial risk profile improves
owing to increase in profitability and revenues.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates, owing to sharp decline in margins and
revenues, or if it undertakes large, debt-funded capital
expenditure.

                       About Viswas Business

Set up in 2006 by Mr. Vijay Rai, Mr. N Chandra Sekhar, Dr. K R K
Reddy, and Mr. P V Mohan Rao, Viswas trades in seeds, fertilisers,
pesticides, bio-products and implements.  The company is head-
quartered in Hyderabad and has around 235 retail outlets across
Andhra Pradesh, Tamil Nadu, Karnataka, and Maharashtra.  In 2006-
07, Viswas received seed capital from private equity institution,
Peepul Capital LLC.  Viswas reported a provisional profit after
tax (PAT) of INR3.5 million on net sales of INR1042 million for
2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR2.3 million on net sales of INR476 million for
2007-08.


VRAJ PACKAGING: Fitch Assigns National Long-Term Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned India's Vraj Packaging Private Limited
a National Long-term rating of 'BB+(ind)'.  The Outlook is Stable.
The agency has also assigned these ratings to the company's bank
facilities:

  -- Long-term loans of INR101.9m 'BB+(ind)'
  -- Fund based limits of INR88.7m 'BB+(ind)'/'F4(ind)'
  -- Non-fund based limits of INR2.4m 'BB+(ind)'/'F4(ind)'

The ratings are driven by the company's long track record in
cement packaging and demand visibility, driven by the positive
long-term outlook for cement demand.  The ratings also reflect its
long established relationship of over 15 years with its major
customers, including large domestic players such as UltraTech
Cement Limited and Orient Cement (a Birla Group Company), which
also partly offsets the high customer concentration within the
cement business.  The company also benefits from its proximity to
key consumers, which minimizes any freight costs in the
transportation of the packaging materials.

The ratings also benefit from the fact that Vraj Packaging is
essentially a backward integration into the already existing
cement-related businesses of the Vraj group.  Vraj group is able
to provide the cement manufactures with a basket of services
including -- cement distribution and marketing, own bulkers and
logistics services for cement transportation, raw materials and
cement mixers, and pumps needed for construction activities.  The
group has a turnover of approximately INR4,000m and a capital
expenditure plan of INR500m-INR600m in FY09, with very low
leverage levels (FY09: net debt/EBITDA at 0.4x).

The ratings are constrained by the low EBITDA margins of the
business, which have been in the region of 5%-8% over the past
five years.  The raw material cost represents a significant 70% of
the total sales.  Therefore, the ratings are also constrained by
the volatility in raw material prices, although these risks are
offset to an extent by the company's ability to pass it on to
consumers.  The raw material sourcing risk is mitigated due to the
long established relationship with its suppliers, including
Reliance Industries Ltd and to a smaller extent with Haldia Petro
Chemicals.  The inventory days for the company have been
increasing from 45 days in FY06 to 66 days in FY09.  The increases
in inventory days as well as the low margins have primarily been
due to external processing of around 40% of the company's sales on
a commission basis.  With the current expansion plan, a large
portion of that sales would be processed in-house, leading to
better EBITDA margins as well as shorter inventory cycles.

The company has chalked out investments of around INR100m for
FY10, primarily for capacity expansion.  This capex will take its
capacity to 4,800MT per year from the current 2,800MT p.a.  A part
of the expansion will also be used to supply packaging for other
industries which have higher margins.  Fitch notes that the
expansion will likely increase the leverage levels from the
current 3.1x as at FY09, since this expansion is expected to be
funded mainly by a debt of INR81m.  Any material time/cost overrun
in the capex implementation would be a negative rating trigger.
Moreover, any substantial deterioration in the company's earnings
due to further raw material volatility would also be considered as
a negative trigger.  In any case, a net debt/EBITDA of over 3.5x-
4.0x and an interest cover of less than 1.8x-2.0x on a sustained
basis (post capex completion) would act as a negative trigger to
the ratings.

In FY09, the company recorded revenues of INR506.0m (FY08:
INR520.3m) with an EBITDA margin of 6.5%.  The company has
historically reported moderate leverage levels, with a net
debt/EBITDA varying in the region of 3.1x-3.7x over the past four
years.  For FY09, the company recorded a net debt/EBITDA of 3.1x
and an EBITDA/net interest of 2.2x.  Vraj Packaging started
operations in 1997 and has a manufacturing facility at Daman.


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


TELEKOMUNIKASI INDONESIA: To Divest Stakes in Two Subsidiaries
--------------------------------------------------------------
PT Telekomunikasi Indonesia said it is in the process of finding
buyers for entire stake of subsidiaries PT Citra Sari Makmur and
PT Pasifik Satelit Nusantara, The Jakarta Post reports.

According to the report, Telkom information technology director
Indra Utoyo said the divestment was part of the company's plan to
focus on businesses that it had majority ownership of.  The report
notes Telkom currently controls 25% shares in land network
operator CSM and 35% shares in satellite operator PSN.

Telkom recently divested 40% ownership in terrestrial network
provider PT Patra Telekomunikasi Indonesia (Patrakom), the Post
adds.

The Post quoted Mr. Indra as saying that "Rather than investing in
small units, we prefer to spend money on divisions where we have
majority ownership, such as Metra [PT Multimedia Nusantara]."

Mr. Indra, as cited by the Post, said the company has extended its
target divestment period for the two units as it was having
difficulty finding buyers.

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                           *     *     *

P.T. Telekomunikasi Indonesia Tbk continues to carry 'BB' Long-
term foreign and local currency Issuer Default ratings from Fitch
Ratings with stable outlook.  The ratings were affirmed by Fitch
in November 2008.


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


JAPAN AIRLINES: Gov't. Mulls Adopting ADR to Restructure JAL
------------------------------------------------------------
Bloomberg News, citing the Yomiuri newspaper, reports that the
Japanese government may adopt so-called alternative dispute
resolution, or ADR, to restructure Japan Airlines Corp.

Bloomberg notes the Yomiuri said that under ADR, Japan Airlines
and 20 or more of its financial institutions creditors would agree
to ways to reduce the Tokyo-based carrier’s burden by cutting and
securitizing part of its debt.

According to Bloomberg, the newspaper said the government may also
consider injecting public funds, depending on the airline’s
financial condition.

                              Hiring Cut

Japan Today reports that Japan Airlines will hire only 32 new
flight attendants for fiscal 2010, just one-third of the around
100 people it had originally planned to employ.

Citing sources familiar with the matte, Japan Today says the
carrier will also delay hiring the new flight attendants on a
contract-basis for about six months until next autumn.

JAL also slashed the number of administrative staff and pilot
trainees it will hire for next spring and plans to further cut
hiring of flight attendants for fiscal 2011, according to Japan
Today.

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.


JLOC XXXIII: Fitch Downgrades Ratings on Two Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed three classes of
trust beneficiary interests from JLOC XXXIII Trust due July 2013,
maintaining Rating Watch Negative on one TBI class, following the
implementation of the recently published criteria for Japanese
CMBS surveillance.  Full details of the rating actions are:

  -- JPY6.16 billion* Class A TBIs affirmed at 'AAA'; off RWN;
     Outlook Stable;

  -- JPY6.16 billion* Class B TBIs affirmed at 'AA'; off RWN;
     Outlook Negative;

  -- JPY5.96 billion* Class C TBIs downgraded to 'B' from 'A';
     off RWN; Outlook Negative;

  -- JPY5.66 billion* Class D TBIs downgraded to 'CC' from 'B-';
     remains on RWN; assigned a Recovery Rating of 'RR6'; and

  -- Dividend-only Class X TBIs affirmed at 'AAA'; Outlook Stable.

  * as of October 8, 2009

The classes C and D TBIs have been downgraded reflecting Fitch's
concern over potential recovery amounts from the underlying
properties backing the transaction, given that recovery activity
will very likely occur in the current stressed market conditions.
Of the four underlying assets that remain, all of which were
initially analyzed as liquidation-type assets, two have defaulted
and two are scheduled to mature before the end of 2009.  In line
with the recently published criteria, Fitch has adopted values for
the properties which are on average 42% lower than its initial
values, for the analysis.  For some property pools where past cash
flow performance has been below Fitch's initial expectations, cash
flow assumptions were revised downwards, taking into account the
current operational status, recent trends and regional market
conditions.  The downgrade of Class D to 'CC' and the maintenance
of RWN, reflect Fitch's current overall view of full recovery
expectations on all four underlying assets.  The fact that two of
the assets have defaulted but loan workouts have yet to actively
proceed and the possibility that the other two may default are
also considered.

Ratings on the classes A and B TBIs were affirmed given the
current low loan to value ratios, resulting from the significant
principal redemption of the higher-rated classes.  These
redemptions occurred as a result of underlying assets paying down
in full and prepayments related to fast pay event triggers and
post loan default pay downs.

Negative Outlooks on the classes B and C TBIs have been assigned
over concerns regarding the continued uncertainty surrounding the
Japanese commercial real estate market, in addition to uncertainty
over the defaulted loan workout proceedings.

The ratings on the dividend-only Class X TBIs address only the
likelihood of receiving dividend payments, while principal on the
related TBIs remain outstanding.

This transaction was originally a securitization of nine
underlying assets of either non-recourse loans or TMK specified
bonds, and the senior portion of one TBI backed by a non-recourse
loan, ultimately backed by 110 commercial properties located
throughout Japan.  Due to the timing and form of repayments
experienced to date on six underlying assets, the transaction now
effectively has a tail period of about 42 months after the
maturity date of the last underlying asset.


MITSUKOSHI LTD: To Close 11 Small Outlets by March 2010
-------------------------------------------------------
Department store operator Isetan Mitsukoshi Holdings Ltd. said
Friday its subsidiary Mitsukoshi Ltd will close 11 of its small
outlets operated at 53 locations across the country by next March,
Japan Today reports.

The report says Mitsukoshi will shut down the unprofitable
outlets, which sell mainly gift items and women's sundry goods, to
improve business efficiency amid the economic downturn since last
fall.

According to the Post, the outlets to be closed are located in
Hokkaido, Kanagawa, Niigata, Ehime, Akita, Chiba, Hyogo and Ehime
prefectures.  Mitsukoshi will transfer about 20 full-time workers
at the 11 outlets to other workplaces, the report notes.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd., Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

                           *     *     *

As of August 27, 2009, Mitsukoshi Ltd. continues to carry these
low ratings from Mikuni Credit Rating:

  -- "B" Mortgage Debt
  -- "B" Senior Debt


* JAPAN: Gov't Outlines Debt Moratorium Bill for Small Firms
------------------------------------------------------------
Japan Today, citing Kyodo News, reports that ruling lawmakers said
a government working group on Friday drew up an outline of a bill
that would provide financial support to small companies, including
a proposed conditional moratorium on debt repayments.

According to the report, the lawmakers said that under the
emergency legislation, the government would urge banks and other
financial institutions to freeze loan repayments by small
businesses for up to three years in an effort to improve the
financial standings of firms suffering from credit crunches as a
result of the global economic slowdown.

The rescue scheme, the Post says, is also expected to support
individuals facing difficulties repaying home loans.  The report
notes the lawmakers said the law would require lenders to soften
lending conditions for those who have lost their jobs or have had
their salaries cut due to the economic slowdown.


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


DANIEL SCHUSTER: Receiver Puts Winery on the Selling Block
----------------------------------------------------------
Chris Hutching at The National Business Review reports that the
receiver of Waipara's Daniel Schuster Wines is considering tenders
following a marketing campaign by Colliers.

According to the report, the property on 10ha includes a 460sq m
winery, wine-tasting area, house, vineyard, bottled wine and
barrels.  The report says most of the grapes are pinot noir
produced under six brands including Omihi Hills, Waipara, and
Daniel Schuster.  Nearly all products were exported.

Meanwhile, the Business Review reports that several wineries are
currently on the market including:

   -- Waipara property, Muddy Waters, which is being marketed
      by Harcourts; and

   -- grape growing blocks in Marlborough; and

   -- some wineries such as Fairhall Vineyard, which is being
      marketed by John Hoare and Jackie Herkt of Bayleys.

As reported in the Troubled Company Reporter-Asia Pacific on
August 14, 2009, New Zealand-based winery Daniel Schuster Wines
was placed under receivership.  Stephen Tubbs at BDO Spicers was
appointed receiver to the company.

The National Business Review, citing Mr. Tubbs' most recent
report, says the company owes Westpac NZ$1.1 million and unsecured
creditors NZ$1.6 million.  Assets are worth NZ$1.3 million and
liabilities NZ$2.9 million.

Set up in 1986, Daniel Schuster Wines produces pinot noir,
chardonnay and riesling.


LANE WALKER: Faces Probe by Serious Fraud Office
------------------------------------------------
The New Zealand Herald reports that the Serious Fraud Office is
investigating the failure of clothing and textile manufacturer
Lane Walker Rudkin.

According to the report, SFO director Grant Liddell said his
office had launched an investigation following a complaint from
the LWR group's receivers.

The Herald notes Mr. Liddell said the receivers claimed LWR had
misrepresented its financial strength to Westpac in order to
borrow from the bank, and if Westpac had known the true position
it would not have lent so much.  The company owes over NZ$111
million to Westpac, the report notes.

Mr. Liddell, as cited by the Herald, said he could not predict how
long the SFO investigation would take but it was likely to be a
number of months.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2009, that hundreds of staff are facing uncertain future as Lane
Walker Rudkin Industries went into receivership with debt of more
than NZ$50 million.

Brian Mayo-Smith and Stephen Tubbs, partners at BDO Spicers,
have been appointed joint receivers and managers of LWR.  The
appointment was made by LWR's bankers to protect the financial
position of LWR and its subsidiary Pod while issues facing the
group are resolved.  The LWR operations are currently unprofitable
and have incurred a substantial increase in bank debt.

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people are employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.


LINE 7: Charles Parsons Denies Deal to Acquire Assets
-----------------------------------------------------
The Dominion Post reports that Charles Parsons Ltd. has denied it
is buying Line 7 brand but confirms it is an interested party.

According to the Post, Charles Parson's NZ managing director,
Peter Allard said it was interested in buying Line 7 but it was
one of "maybe four or five parties that would be serious
contenders."

"There's all sorts of legal issues related to the receivership and
that's all I can say about it," the Post quoted Mr. Allard as
saying.

The Post relates Mr. Allard said that if his company did purchase
Line 7 it would be for the intellectual property rather than the
brand, as it was no longer a going concern.

Charles Parsons Ltd. manufactures fashion fabrics and garments for
wholesale, sells linen, drapery and upholstery brands including
Trelise Cooper Interiors, and has a technical division that makes
performance industrial and outdoor textiles.  It operates in
Australia, New Zealand, China, Hong Kong, Singapore and Fiji.

As reported in the Troubled Company Reporter-Asia Pacific on
September 8, 2009, Line 7 receiver Grant Graham said KordaMentha
was in discussions with more than one potential buyer for the
Line 7 business.  The receivers had issued 57 information
memorandums to interested parties.  A receivership sale had been
held to clear stock, and the company's nine retail and two outlet
stores had been closed.

Based in New Zealand, Line 7 Ltd. -- http://www.line7.com/--
manufactures sailing and outdoor apparel.

On June 29, 2009, Grant Robert Graham and Brendon James Gibson
were appointed Joint and Several Receivers and Managers of the
assets and undertakings of Line 7 Limited.


HEMISPHERE INSURANCE: S&P Retains Suspension on 'CCC-' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that the rating on New
Zealand-registered Hemisphere Insurance Co. Ltd. remains
suspended.  The rating was lowered to 'CCC-' with a negative
outlook and subsequently suspended on Feb. 11, 2009, due to
uncertainty of information and Hemisphere's transient strategy.
S&P expects to reinstate a rating on receipt and review of the
full audited accounts for the 2009 financial year, which are
likely to be finalized in the short term.


SENSATION YACHTS: HSBC Seeks Summary Judgment Against Owner
-----------------------------------------------------------
Jenny Keown at BusinessDay reports that the Hong Kong Shanghai
Banking Corporation sought summary judgment against businessman
Ivan Erceg, owner of boat builder Sensation Yachts, in the High
Court.

BusinessDay relates that the bank, as mortgagee of Sensation
Yachts Henderson property, wants the right to sell the land.

HSBC is owed NZ$182,000 by Mr. Erceg, brother of late alco pops
baron Michael, who has defaulted on interest payments on a bank
loan, according to the report.

The report says HSBC is one of many creditors who are after Erceg
to pay debts, and there have been several court judgments ordering
Sensation Yachts to pay debts.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of the company after creditor
Public Trust filed an application to liquidate the company.

On Aug 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, according to the Sunday Star
Times.


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


BENGUET CORP: Receives Notice of Default from Altus
---------------------------------------------------
BusinessWorld Online reports that Benguet Corp. has received
another notice of default from debt manager Altus Transactional
Services.

"Benguet’s default on its secured loan obligations with the all
above creditors is continuing, in the absence of any repayment,"
BusinessWorld cited Altus as saying in its letter dated October 5.
"We see no further compelling reasons for further delays in
settling the concerns on the validity of the assignment of
Benguet’s secured loan obligations."

BusinessWorld says Altus represents creditors holding 49.23% of
the total secured loan obligations of Benguet.

Benguet’s creditors have demanded a concrete and viable repayment
plan to settle the company’s remaining P1.2-billion debt,
according to The Manila Standard Today.

The Standard notes Benguet, in its reply to the Altus letter, said
it was considering three options to settle the debt -- either
payment in the form of cash, dacion or a combination of both.

According to the Standard, Benguet in the 1980s originally
obtained the equivalent loans of PHP4.2 billion denominated in
dollars and peso loans to finance the development of the Antamok
gold project in Itogon, Benguet province.

                       About Benguet Corp.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


* PHILIPPINES: One of Four Rural Banks in Trouble, PDIC Says
------------------------------------------------------------
The Daily Tribune reports that the Philippine Deposit Insurance
Corp. said one out of four rural banks in the country is hobbled
by financial troubles that prompted the Bangko Sentral ng
Pilipinas to place them under tight monitoring or prompt
corrective action.

The Tribune relates PDIC president Jose Nograles told delegates of
the 52nd Charter Anniversary of the Rural Bankers Association of
the Philippines that 179 rural banks that made up 26% of the 690
rural banks in the country were placed under the PCA framework by
the BSP.

Banks considered to have a high risk of failure are placed under
the BSP’s PCA, the report notes.

The report relates Mr. Nograles said 103 or 15% of all operating
rural banks are classified as deficient in capital.

"The combined assets of these banks make up 8.8% of the total
assets of the rural banking industry as of end-June 2009.  They
hold PHP11 billion in deposits or 10.3% of the industry’s deposit
liabilities," the Tribune quoted Mr. Nograles as saying.

According to the report, Mr. Nograles said the government needed
to assist rural banks because they "help steer the small rudders
of the economy."

Mr. Nograles, as cited by the Tribune, said while some of their
members are under financial stress, the industry as a whole
remains healthy as its capital adequacy ratio, a measure of
capacity to survive despite losses, stood at 18.3% or well above
the regulatory minimum of 10%.  This means the industry as a whole
can survive the capital problem of some their members,
Mr. Nograles said.


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


BEARINGPOINT PTE: Creditors' Proofs of Debt Due on October 22
-------------------------------------------------------------
Creditors of BearingPoint Pte. Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
October 22, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


BEARINGPOINT (ASIA PACIFIC): Creditors' Meeting Set for October 22
------------------------------------------------------------------
BearingPoint (Asia Pacific) Pte. Ltd, which is under provisional
liquidation, will hold a meeting for its creditors on October 22,
2009, at 9:30 a.m.

The company's provisional liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


BEARINGPOINT 2002 ASIA: Creditors' Meeting Set for October 22
-------------------------------------------------------------
BearingPoint 2002 Asia Pacific Pte. Ltd, which is under
provisional liquidation, will hold a meeting for its creditors on
October 22, 2009, at 9:15 a.m.

The company's provisional liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


BEARINGPOINT 2002 SINGAPORE: Creditors' Meeting Set for October 22
------------------------------------------------------------------
Bearingpoint 2002 Singapore Pte. Ltd, which is under provisional
liquidation, will hold a meeting for its creditors on October 22,
2009, at 9:00 a.m.

The company's provisional liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


CROWN GLOBAL: Declares First and Final Dividend
-----------------------------------------------
Crown Global Equipment & Machinery Pte Ltd. declared a first and
final dividend on October 2, 2009.

The company paid 5.4855% to the received claims.

The company's liquidator is:

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


FMG INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 10
-----------------------------------------------------------
Creditors of FMG International Pte. Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 10, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lee Eng Leun
         c/o 19 Keppel Road
         #03-10 Jit Poh Building
         Singapore 089058


GIANTWILL PTE: Court to Hear Wind-Up Petition on October 22
-----------------------------------------------------------
A petition to wind up the operations of Giantwill Pte Ltd will be
heard before the High Court of Singapore on Oct. 22, 2009, at
10:00 a.m.

G&W Ready-Mix Pte Ltd filed the petition against the company on
September 23, 2009.

The Petitioner's solicitors are:

         M/s Lai Mun Onn & Co
         1 North Bridge Road
         #07-06, High Street Centre
         Singapore 179094


KIM ENG FUTURES: Creditors' Proofs of Debt Due on Nov. 9
--------------------------------------------------------
Creditors of Kim Eng Futures Pte. Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 9, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

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


MANZARO (S) PTE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore on October 2, 2009, entered an order
to wind up Manzaro (s) Pte Ltd's operations.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee’s office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


METRON TECHNOLOGY: Creditors' Proofs of Debt Due on Nov. 8
----------------------------------------------------------
Creditors of Metron Technology (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by November 8, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

         Teh Kwang Hwee
         c/o 7 Maxwell Road
         MND Complex Annexe B, #05-07
         Singapore 069111


================
S R I  L A N K A
================


SRI LANKA: Fitch Changes Outlook to Stable; Holds 'B+' Rating
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on the Democratic Socialist
Republic of Sri Lanka's Long-term foreign and local currency
Issuer Default Ratings to Stable from Negative.  At the same time,
the agency has affirmed the Long-term foreign and local currency
IDRs and the Country Ceiling at 'B+', and the Short-term IDR at
'B'.

"The revision to Sri Lanka's Outlook reflects positive changes in
sovereign credit fundamentals following the end of the 26-year
civil war, the approval of a US$2.6bn IMF agreement and the return
of private sector capital inflows," says James McCormack, Head of
Asia Sovereigns at Fitch.  "Official foreign exchange reserves
were US$4.3 billion at end-September, which is a record high, and
are expected to exceed US$5bn by year-end, providing a substantial
lift to the sovereign's external financial position," adds
Mr.  McCormack.

In Fitch's view, there is a real opportunity for economic renewal
as part of the post-war transformation of Sri Lanka.  The agency
believes that, with the fighting having ended, it is much more
likely that a durable political consensus can be reached on
constitutional change and other measures to allow for the sharing
of power among different ethnic groups and across different levels
of government.  A more settled political backdrop should, in turn,
allow policymakers to focus more on economic issues, including
construction and development in areas directly affected by the
war, some of which has already begun.  In fact, the economic
'peace dividend' should extend to the entire economy, as the
labour force effectively expands, and costs such as transportation
and insurance decline.  Concurrent foreign-currency inflows from
international donors, investors and the Sri Lankan diaspora are
expected to supplement domestic resources available for investment
spending.  Increased tourism receipts offer additional potential
foreign-currency income, and tourist arrivals have increased
sharply on a year-on-year basis in recent months.

The current IMF programme calls for the fiscal deficit to fall to
7.0% of GDP in 2009 from 7.7% of GDP in 2008.  It is to decline
further by 1pp of GDP in both 2010 and 2011.  Based on historical
fiscal performance and the clear need to increase government
spending as part of reconstruction efforts, Fitch considers the
current fiscal targets to be ambitious, even after taking into
account the anticipated increase in donor funding.

From a ratings perspective, however, the agreed targets with the
IMF are less important than the emergence of a sustainable medium-
term fiscal framework with a credible strategy for raising
government revenue.  Once interest payments on debt are accounted
for, Sri Lankan government revenue is forecast by Fitch to be only
10% of GDP in 2009, among the lowest of all rated sovereigns.  A
presidential commission has been established to report on ways to
increase tax collection, and the government has already begun to
scale back exemptions granted under the Board of Investment Act,
confirming the authorities' commitment to raising the revenue/GDP
ratio.  However, Fitch is concerned that spending will accelerate
more quickly.  Reductions in the deficit are needed to bring
government debt ratios more in line with Sri Lanka's rating peers.
Fitch forecasts Sri Lankan government debt will reach 82.7% of GDP
at end-2009, compared with the 'B' median of 30.4% and the 'BB'
median of 37.3%.


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


* BOND PRICING: For the Week October 5 to October 9, 2009
---------------------------------------------------------

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


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


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


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


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


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


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


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


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


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


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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***