TCRAP_Public/091019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, October 19, 2009, Vol. 12, No. 206

                            Headlines

A U S T R A L I A

SUNCORP METWAY: Sells Hooker Corp. to Founder's Grandson
TOYS "R" US: Retires GBP54 Mil. Loan; Has New GBP112 Mil. Facility


C H I N A

CHINA AOXING: Paritz & Company Raises Going Concern Doubt
CHINA SXAN: Patrizio & Zhao Raises Going Concern Doubt
LEGEND MEDIA: Goldman Parks Raises Going Concern Doubt
SINOBIOPHARMA INC: Earns US$237,167 in First Quarter Ended Aug. 31


H O N G  K O N G

ATLAS KUMSOK: Members' Final Meeting Set for November 17
AURORA OFFICE: Cheng Faat Ting Gary Steps Down as Liquidator
BLOXWORTH ENTERPRISES: Seto Man Fai Appointed as Liquidator
BELBET COMPANY: Creditors' Proofs of Debt Due November 20
BT SHIPPING: Wong Kwok Hong Steps Down as Liquidator

BARUDAN INTERNATIONAL: Creditors' Proofs of Debt Due November 17
BLUESKY BOOKPLUS: Creditors' Meeting Set for October 30
BENSMART LIMITED: Chan Kin Hang Appointed as Liquidator
BOWIN HOLDINGS: Court to Hear Wind-Up Petition on October 28
BROAD CALL: Members' Final Meeting Set for November 21

CITYCELL BATTERY: Danvil Chan Kin Hang Appointed as Liquidator
CHEUNG FUNG: Creditors' Meeting Set for November 9
CAPGEMINI FINANCIAL: Creditors' Proofs of Debt Due November 16
DICKSON CONSTRUCTION: Contributories to Meet on October 27
FEDERATION OF ASIAN: Members' Final Meeting Set for November 16


I N D I A

ASSOCIATED PLASTIC: CRISIL Rates INR150MM Letter of Credit at 'P4'
BALASORE ALLOYS: Fitch Assigns National Long-Term Rating at 'B+'
CADILLAC BUILDWELL: CRISIL Reaffirms 'BB+' Ratings on Bank Debts
GIRIRAJ GINNING: CRISIL Rates INR200MM Cash Credit Limit at 'B'
GULJAG INDUSTRIES: Delays in Loan Repayment Cue CRISIL 'D' Ratings

INDOSOLAR LIMITED: CRISIL Reaffirms 'BB+' Rating on INR4.6BB Loan
KLJ TOWN: CRISIL Reaffirms 'BB+' Rating on INR450MM Cash Credit
KP STEEL: CRISIL Assigns 'BB+' Rating on INR125MM Cash Credit
M.R. DAIRY: CRISIL Assigns 'B+' Rating on INR100 Mln Cash Credit
PRATISHTHA COMMERCIAL: CRISIL Rates INR140MM Cash Credit at 'BB'

ROLEX CYCLES: CRISIL Places 'B+' Rating on INR130MM Cash Credit
SHRI GAUTAM: Weak Financial Risk Profile Cues CRISIL 'C' Rating
SHRINIVASA CATTLE: CRISIL Rates INR150 Mln Cash Credit at 'BB-'
TIRUMALA BALAJI: Fitch Assigns 'BB+' National Long-Term Rating
WOCKHARDT LTD: DBS Files Winding Up Petition in Bombay High Court


I N D O N E S I A

BANK MANDIRI: To Continue Legal Action Over Djajanti Group's Debt
DJAJANTI GROUP: Mandiri to Continue Legal Action Over Group's Debt


J A P A N

CHIYODA AMERICA: Schedules Nov. 10 Plan Confirmation
ELPIDA MEMORY: Posts JPY500MM Operating Profit in Qtr Ended Sept.
JLOC37 LLC: Fitch Downgrades Ratings on Eight Classes of Notes
JAPAN AIRLINES: Suspends Plan to Sell Stake in JALways
JAPAN AIRLINES: To Release Midterm Business Plan a Month Earlier


K O R E A

GENERAL MOTORS: GM Daewoo Repays US$108.6MM Maturing Loans to KDB
HANJIN GROUP: To Face Creditor Initiated Restructuring
LG TELECOM: Moody's Reviews 'Ba1' Corporate Family Rating
SSANGYONG MOTOR: May Hire Stake-Sale Arranger as Early as November


N E W  Z E A L A N D

AIR NEW ZEALAND: Passengers Number Down 1.2% in September 2009
PGG WRIGHTSON: Agria to Buy 13% PGG Stake at NZ$36 Million
PGG WRIGHTSON: Silver Fern Sells 10 Million Shares in PGG


P H I L I P P I N E S

PICOP RESOURCES: Remains Viable & Profitable, New Receiver Says
* PHILIPPINES: Fitch Assigns 'BB' Rating on Int'l Bond Issuances
* PHILIPPINES: Moody's Assigns 'Ba3' Rating on Global Bonds


S I N G A P O R E

ARMADA PACIFIC: Court to Hear Wind-Up Petition on October 30
HIVERN INVESTMENTS: Creditors' First Meeting Set for October 30
JAKATA HOLDINGS: Declared First and Final Dividend
KENG SOON: Creditors' Proofs of Debt Due on November 17
MICROFAB INNOVATION: Creditors' Proofs of Debt Due on November 16

NEW YORK PIZZA: Court to Hear Wind-Up Petition on October 30
SEMBCORP NETWORK: Creditors' Proofs of Debt Due on November 16
SUNGEI WAY: Members' Final Meeting Set for November 16


                         - - - - -


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A U S T R A L I A
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SUNCORP METWAY: Sells Hooker Corp. to Founder's Grandson
--------------------------------------------------------
Suncorp-Metway Ltd said it has sold its Hooker Corporation Limited
to a company led by Leslie Janusz Hooker, the grandson of the
business' founder, Sir Leslie Hooker.

Suncorp will realize approximately $82 million from the sale of
the HCL business, which includes the LJ Hooker real estate
franchise business and the LJ Hooker mortgage broking business.
This is comprised of $67 million cash for 100% of HCL and
approximately $15 million cash from pre-completion dividends.

Suncorp Group Executive for Strategy and Corporate Services
Stuart McDonald said the transaction represented an excellent
outcome for Suncorp shareholders and the LJ Hooker business.

"Suncorp has received numerous approaches for LJ Hooker over the
past few years but this proposal offered an attractive price for
Suncorp shareholders as well as an excellent outcome for the LJ
Hooker business and real estate network," Mr. McDonald said in a
statement.

"We, along with LJ Hooker management and franchisees, are
particularly pleased that a member of the Hooker family is back
leading the company, and are confident the business will continue
to grow and develop under its new ownership."

Mr. Hooker said he planned to further develop the LJ Hooker
business.

"It has long been an ambition of mine to reconnect with the
business my grandfather founded and to be part of its future
development and growth," he said.

"Suncorp is to be commended for expanding the LJ Hooker network
over the past decade, and I thank them for taking care of the
business.

"This expansion will continue under my leadership, especially in
terms of our international representation, given LJ Hooker already
has a growing presence in the Asia Pacific region and my own
extensive business experience in Asia, especially China."

A one-off accounting profit of approximately $50 million before
tax will be reported in Suncorp's financial results for the half
year to 31 December 2009.

Suncorp purchased HCL in 1989 and subsequently sold all company-
owned commercial real estate offices to Knight Frank Australia in
exchange for a 43% stake in Knight Frank Australia.  In June 2000,
Suncorp sold its stake in Knight Frank Australia to its UK parent
company.

                       About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in the business of
banking, insurance, investment and superannuation, focusing on
retail customers and small to medium businesses.  The Company's
banking division provides a range of banking services including
loans, savings and investment accounts, credit cards, foreign
currency services for retail and small- to medium-business
customers.  It includes general insurance group, which offers a
range of covers across Personal, Commercial, Workers Compensation
and CTP insurance.  Wealth Management covers life, super and
managed investments.  It also includes the funds management
activities of the Company.  Suncorp Metway Investment Management
Limited (SMIML) is a wholly owned subsidiary of Suncorp-Metway
Ltd.  It is responsible for wholesale investment management of the
Suncorp Group.  On April 15, 2008, the Company acquired Prophet
Financial Advice Pty Ltd.  On March 20, 2007, it acquired Promina
Group Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Fitch Ratings affirmed and removed from Rating
Watch Evolving Suncorp-Metway Limited's and Suncorp Metway
Insurance Limited's ratings.

These rating actions have been taken:

     -- Individual rating: affirmed at 'B', removed from RWE

     -- Support Rating Floor affirmed at 'BB+'; removed from RWE

At the same time, Fitch placed Suncorp's 'A+' Long- term Issuer
Default Rating on Negative Outlook, and SMIL's Insurer Financial
Strength Rating on Stable Outlook.  The actions follow Suncorp's
announcement that there has been a significant increase in bad
debts, which will affect H109 profits.  With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.


TOYS "R" US: Retires GBP54 Mil. Loan; Has New GBP112 Mil. Facility
------------------------------------------------------------------
Toys "R" Us, Inc. has replaced its European Revolving Credit
Facility, which was scheduled to expire in July 2010, with a new
International Asset Backed Loan Facility that will continue until
October 15, 2012.

Specifically, on October 15, 2009, Toys "R" Us' subsidiaries Toys
"R" Us Europe, LLC, and TRU Australia Holdings, LLC, and certain
of their subsidiaries -- including Toys "R" Us (UK) Limited and
other European and Australian affiliates -- entered into a
Syndicated Facility Agreement with Deutsche Bank AG New York
Branch, as Administrative Agent and Security Agent, Deutsche Bank
AG, London Branch, as Facility Agent, Deutsche Bank AG New York
Branch and Bank of America, N.A., as Co-Collateral Agents, and the
other lenders party thereto, including Goldman Sachs Bank (Europe)
PLC and Citibank, N.A.

In connection with entering into the Credit Facility, Toys Europe
repaid the entire outstanding balance of approximately
GBP54 million under its existing GBP95 million/EUR145 million
multi-currency revolving credit facilities, which were terminated.

The new Credit Facility provides for a three-year GBP112 million
senior secured asset-based revolving credit facility.  Borrowings
under the Credit Facility are subject, among other things, to the
terms of a borrowing base derived from the value of eligible
inventory and eligible accounts receivable of certain of Toys
Europe's and Toys Australia's subsidiaries.

The terms of the Credit Facility include a customary cash dominion
trigger requiring the cash of certain of Toys Europe's and Toys
Australia's subsidiaries to be applied to pay down outstanding
loans if availability falls below certain thresholds.  The Credit
Facility also contains a springing fixed charge coverage ratio of
1.10 to 1.00 based on the EBITDA and fixed charges of Toys Europe,
Toys Australia and their subsidiaries.

Loans under the Credit Facility shall bear interest at a rate
based on LIBOR/EURIBOR plus a margin of 4.00% for the first year
and thereafter 3.75%, 4.00% or 4.25% depending on availability.  A
commitment fee accrues on any unused portion of the commitments at
a rate per annum also based on usage.

Borrowings under the Credit Facility are guaranteed to the extent
legally possible and practicable by Toys Europe, Toys Australia
and certain of their material subsidiaries.  Borrowings are
secured by substantially all assets of Toys Europe, Toys Australia
and the UK and Australian Obligors, as well as by share pledges
over the shares of (and certain assets of) other material
subsidiaries.  The Credit Facility contains covenants that, among
other things, restrict the ability of Toys Europe and Toys
Australia and their subsidiaries to incur certain additional
indebtedness, create or permit liens on assets, repurchase or pay
dividends or make certain other restricted payments on capital
stock, make acquisitions and investments or engage in mergers or
consolidations.  If an event of default shall occur and be
continuing, the commitments under the Credit Facility may be
terminated and the principal amount outstanding thereunder,
together with all accrued unpaid interest and other amounts owed,
may be declared immediately due and payable.

"We are very pleased to have refinanced this borrowing facility,
providing the company with additional liquidity to fund its
international seasonal working capital needs," said Clay Creasey,
Chief Financial Officer, Toys "R" Us, Inc.  "This is our third
major refinancing this year, and it is yet another vote of
confidence from our bank group.  These funds, combined with the
existing strong liquidity position of the parent company, will
help ensure the continued growth of our international operations."

Deutsche Bank and Banc of America Securities LLC were joint lead
arrangers and joint bookrunning managers for the transaction.
Other major lending institutions participating in the agreement
were Citibank and Goldman Sachs.

Toys "R" Us (UK), LTD., Toys "R" Us Europe, LLC., and Toys "R" Us
(Australia) PTY LTD., are wholly-owned subsidiaries of Toys "R"
Us, Inc.  They operate the Toys "R" Us and Babies "R" Us stores in
the United Kingdom, Europe and Australia.

A full-text copy of the Credit Facility is available at no charge
at http://ResearchArchives.com/t/s?4714

                         About Toys "R" Us

Toys "R" Us, headquartered in Wayne, New Jersey, is the largest
specialty retailer of toys, with annual revenues of around
US$14 billion.  It operates stores both in the U.S. and
internationally, as well as the Babies "R" Us format.

As of August 1, 2009, the company had US$8.172 billion in total
assets; total current liabilities of US$2.085 billion, long-term
debt of US$5.496 billion, deferred tax liabilities of US$55
million, deferred rent liabilities of US$269 million, and other
non-current liabilities of US$372 million.  As of August 1, 2009,
the company had Toys "R" Us, Inc. stockholders' deficit of US$214
million and noncontrolling interest of US$109 million, and total
stockholders' deficit of US$105 million.

The Company carries a 'B2' probability of default rating from
Moody's, "B" issuer credit ratings from Standard & Poor's, and
"B-" long term issuer default rating from Fitch.


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C H I N A
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CHINA AOXING: Paritz & Company Raises Going Concern Doubt
---------------------------------------------------------
Paritz & Company, P.A., in Hackensack, New Jersey, expressed
substantial doubt about China Aoxing Pharmaceutical Co., Inc.'s
ability to continue as a going concern after auditing the
Company's consolidated financial statements for the years ended
June 30, 2009, and 2008.

The auditing firm reported that at June 30, 2009, the Company's
current liabilities substantially exceeded its tangible current
assets, and that the Company sustained a loss from operations of
US$4,003,065 for the year ended June 30, 2009.  In addition, the
auditing firm said that the Company is in default of the repayment
of note payable-bank of US$6,094,428.

China Aoxing reported a net loss of US$2,695,050 for the year
ended June 30, 2009, compared with net income of US$3,646,859 for
the fiscal year ended June 30, 2008.

Sales during the year ended June 30, 2009, were US$8,941,907, as
compared to sales of US$7,065,015 during the fiscal year ended
June 30, 2008.

Loss from operations was US$4,003,065 in fiscal year 2009 as
compared to the loss of US$3,578,966 in fiscal year 2008, an
increase in US$424,098 or 12%, primarily due to the increase in
bad debt reserve in the amount of US$1,461,789 in fiscal year
2009.

Loss before minority interest and income taxes was US$5,976,109
for fiscal year 2009, compared to income before minority interest
and income taxes of US$3,130,933 in fiscal 2008.  The 2008 income,
however, included a gain of US$8,547,374 attributable to the
change in the value of the Company's outstanding warrants and
derivative liabilities that occurred when the market price of the
Company's  common stock fell sharply.  If the adjustments for
"change in fair value of warrants and derivative liabilities" are
removed from the Company's financial results, the losses before
minority interest and income taxes are approximately equal in
fiscal year 2008 and fiscal year 2009.

The net loss in fiscal year 2009 was partially offset by a
US$3,281,059 income tax credit that the Company recorded during
the year.  This represented management's calculation of the tax
benefit that the Company will realize in the future from its net
operating loss.  Realization of that benefit will depend, however,
on the Company's ability to achieve taxable profits.

At June 30, 2009, the Company's consolidated balance sheet showed
US$56,744,484 in total assets, US$32,105,281 in total liabilities,
and US$24,639,203 total stockholders' equity.

The Company's consolidated balance sheet at June 30, 2009, also
showed strained liquidity with US$6,944,098 in total current
assets available to pay US$20,117,333 in total current
liabilities.

Full-text copies of the Company's consolidated financial
statements for the year ended June 30, 2009, are available for
free at http://researcharchives.com/t/s?4707

                Liquidity and Capital Resources

The Company's working capital deficit at June 30, 2009, was
US$13,173,235.  The Company's cash balance at June 30, 2009, was
US$1,271,922, compared to US$1,565,513 at June 30, 2008.

The Company's operations during the year ended June 30, 2009,
consumed US$642,598 in cash.  This represented an improvement from
the US$980,947 in cash that operations used in the 2008 fiscal
year.

                       About China Aoxing

Based in Jersey City, N.J., China Aoxing Pharmaceutical Co., Inc.
(OTC BB: CAXG) is a specialty pharmaceutical company specializing
in research, development, manufacturing and distribution of a
variety of narcotics and pain-management products.  As of June 30,
2009, the Company had one operating subsidiary: Hebei Aoxing
Pharmaceutical Co., Inc. ("Hebei"), which is organized under the
laws of the People's Republic of China ("PRC").  During the year
ended June 30, 2009, Hebei integrated into itself the business
operations of Shijazhuang Lerentang Pharmaceutical Company, Ltd.
("LRT"), which had been an operating subsidiary acquired by Hebei
in May 2008.

Since 2002, Hebei has been engaged in developing narcotics and
pain management products, building its facilities and obtaining
the requisite licenses from the Chinese Government.  Hebei is
headquartered in Shijiazhuang City, the pharmaceutical capital of
China, outside of Beijing.


CHINA SXAN: Patrizio & Zhao Raises Going Concern Doubt
------------------------------------------------------
Patrizio & Zhao, LLC, in Parsippany, New Jersey, expressed
substantial doubt about China Sxan Biotech, Inc.'s ability to
continue as a going concern after auditing the Company's
consolidated financial statements for the years ended June 30,
2009, and 2008.  The auditing firm reported that the Company has
incurred extensive losses from operations and that management
believes the Company will continue to incur losses.

China Sxan Biotech, Inc. reported a net loss of US$6,652,453 on
sales of US$60,575 for the year ended June 30, 2009, compared with
net income of US$2,809,436 on sales of US$12,587,579 in fiscal
2008.

Early in the 2009 fiscal year, the Company's management determined
that the Company's business, as then structured, was not
sustainable.  As a result, management resolved to temporarily halt
operations and formed an exploratory committee to evaluate the
possibility of utilizing the current production lines and
inventories toward the manufacture and distribution of other frog
related products.

The suspension of operations forced the Company to write-off the
value of its inventory of forest frogs.  The resulting "loss on
damaged inventory" of US$6,461,367 was the primary factor in the
Company's realization of a net loss of US$6,652,453 for the year
ended June 30, 2009, as compared to net income of US$2,809,436 for
the previous year.

At June 30, 2009, the Company's consolidated balance sheet showed
US$7,634,771 in total assets, US$1,640,855 in total liabilities,
and US$5,993,916 in total stockholders' equity.

Full-text copies of the Company's consolidated financial
statements for the year ended June 30, 2009, are available for
free at http://researcharchives.com/t/s?46fd

Based in Tieli City, Heilongjiang Province, P.R. China, China Sxan
Biotech, Inc., formerly American SXAN Biotech Biotech, Inc.,
acquired 100% of the registered capital stock of Tieli
XiaoXingAnling Forest Frog Breeding Co., Ltd. in October 2006.

Tieli XiaoXingAnling was organized in 2003 in the City of Tieli,
which is in the Heilongjiang Province in northeast China.  Tieli
XiaoXingAnling is engaged in the business of breeding forest
frogs, which are also known as snow frogs or winter frogs, since
they are traditionally harvested just prior to their winter
hibernation in order to maximize the frog's fat content.  Tieli
XiaoXingAnling has obtained patents from the government of China
to produce therapeutic wines and tonics from its forest frogs.
Tieli XiaoXingAnling has been marketing its forest frog products
since 2004 under the brand "Xiao Xing'an Mountain."

The desirable portion of the Chinese forest frog, known as
"hasma," is a combination of the frog's ovaries and surrounding
fatty tissues.  Throughout Chinese history, hasma has been used to
treat respiratory problems such as coughing, hemoptysis
(expectoration of blood), and night sweats attributable to
tuberculosis.  Many Chinese residents also believe that forest
frog hasma improves immune function, aids in the treatment of
neurasthenia, and slows aging.

In its first two years of operations, Tieli XiaoXingAnling
concentrated on the breeding of forest frogs and sale of hasma.
In 2006 Tieli XiaoXingAnling began to market products enriched
with forest frog hasma.


LEGEND MEDIA: Goldman Parks Raises Going Concern Doubt
------------------------------------------------------
Goldman Parks Kurland Mohidin LLP, in Encino, Calif., expressed
substantial doubt about Legend Media, Inc.'s ability to continue
as a going concern after auditing the Company's consolidated
financial statements as of and for the year ended June 30, 2009,
and 2008.  The auditing firm pointed to the Company's net loss of
US$6,432,061 for the fiscal year ended June 30, 2009, and working
capital deficit of US$2,989,916 at June 30, 2009.

Legend Media reported a net loss of US$6,432,061 for fiscal 2009,
as compared with a net loss of US$1,549,921 in fiscal 2008.

During the fiscal year ended June 30, 2009, the Company had
revenues of were US$9,990,373 compared to revenues of US$4,726,040
for the fiscal year ended June 30, 2008, an increase of
US$5,264,333. The increase is attributable to the increase in
sales of both airline magazine advertising and radio advertising,
with airline magazine advertising sales driving a majority of the
growth.

Gross profit was US$4,874,375 for the fiscal year ended June 30,
2009, as compared to US$1,936,550 for the fiscal year ended June
30, 2008, an increase of US$2,937,825 or 151.7%.

Operating expenses increased to US$10,315,141 for the year ended
June 30, 2009, as compared to US$2,727,413 for the year ended
June 30, 2008.  The increase is related to (a) increased selling,
general and administrative expenses, (b) increased amortization
expenses, (c) goodwill impairment and (d) losses related to the
termination of contracts.

Goodwill impairment of US$1,061,562 and loss on termination of
contracts of US$692,811 were recorded for the year ended June 30,
2009.  The majority of these expenses are related to the July 2009
decision to terminate the exclusive sales contract for the Beijing
FM 90.5 channel which was acquired July 21, 2008.

As a result of the above, loss from operations increased to
US$5,440,766 for the year ended June 30, 2009, as compared to loss
from operations of US$948,174 for the year ended June 30, 2008.

Net cash used in operating activities was US$2,873,355 in the year
ended June 30, 2009, compared with net cash used in operating
activities of US$267,964 in the year ending June 30, 2008.  The
Company funded its losses through available cash in part from the
issuance of Series A convertible preferred stock.

Cash used in investing activities in the year ended June 30, 2009,
was US$1,769,082 compared with US$465,831 for the comparable
period for the previous year and consisted primarily of a
US$740,010 payment against amounts due for the acquisition of
Legend Media Tianjin Investment Company and a US$749,704 payment
against amounts due for the acquisition of News Radio Limited.

Cash provided by financing activities was US$1,434,066 for the
year ended June 30, 2009, as compared to US$3,923,709 for the year
ended June 30, 2008.

The Company says that although the business is expected to develop
and generate an increasing amount of cash, the Company may have to
raise additional funds to finance any continued losses and the
existing commitments.  The Company has outstanding notes payables
of US$431,733 which are due; US$375,733 of which amount is a loan
from a related party, RMK Emerging Growth Fund LP, from which the
Company expects to receive continued support and extension.  As of
June 30, 2009, no demand letters for payment have been received by
the Company.  Further, the Company will have to raise additional
funds to finance further expansion in China.

                        Balance Sheet

At June 30, 2009, the Company's consolidated financial statements
showed US$11,083,168 in total assets, US$6,665,171 in total
liabilities, and US$4,417,997 in total stockholders' equity.

The Company's consolidated balance sheet at June 30, 2009, also
showed strained liquidity with US$3,675,255 in total current
assets available to pay US$6,665,171 in total current liabilities.

Full-text copies of the Company's consolidated financial
statements for the fiscal year ended June 30, 2009, are available
for free at http://researcharchives.com/t/s?470e

Based in Beijing, People's Republic of China, Legend Media, Inc.
(OTC BB: LEGE) -- http://legendmedia.com/-- formerly known as
Noble Quests, Inc., was organized as a Nevada corporation on
March 16, 1998.  Legend Media, Inc., is an advertising company
focused on selling advertising in China through major radio
channels and airline magazines.  The Company owns an exclusive
sales contract for Xinhua Airline Magazine, the air magazine for
Hainan Airline Group, which reaches a potential audience
approaching 20 million passengers per year.  The Company also owns
sales contracts for the radio channels FM 92.5 in Tianjin and FM
95.5 in Xi'an.


SINOBIOPHARMA INC: Earns US$237,167 in First Quarter Ended Aug. 31
------------------------------------------------------------------
Sinobiopharma, Inc., reported net income of US$237,167 on sales of
US$1,293,764 for the first quarter of ended August 31, 2009,
compared to net income of US$147,863 on sales of US$931,203 in the
same period last year.

At August 31, 2009, the Company's consolidated balance sheet
showed total assets of US$6,734,756, total liabilities of
US$5,336,234, and total stockholders' equity of US$1,398,522.

The Company's consolidated balance sheeet at August 31, 2009, also
showed strained liquidity with US$2,714,852 in total current
assets available to pay US$5,336,234 in total current liabilities.

On Sept. 14, 2009, Schumacher & Associates, Inc., in Denver,
Colorado, expressed substantial doubt about Sinobiopharma, Inc.'s
ability to continue as a going concern after auditing the
Company's consolidated financial statements as of and for the
fiscal years ended May 31, 2009, and 2008.  The auditing firm
pointed to the Company's losses since its inception and negative
working capital.

For the first quarter ended August 31, 2009, the Company had net
income of US$237,167, but cumulative losses since commencement of
operations have amounted to US$7,474,111.  The Company also has
negative working capital as of August 31, 2009.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

Full-text copies of the Company's consolidated financial
statements for the three months ended August 31, 2009, are
available for free at http://researcharchives.com/t/s?470f

Based in Nantong City, Jiangsu Province, China, Sinobiopharma,
Inc., through its operating subsidiary Dong Ying China, is engaged
in the research, development, manufacture and marketing of
biopharmaceutical products in China.  The company has developed
new methods for synthesis of active pharmaceutical ingredient
("API") and innovative drug delivery (new formulation) that
dramatically reduces the time and cost of drug development.  The
Company's current therapeutic focus is on anesthesia-assisted
agents and cardiovascular drugs.  The Company's R&D focus is new,
innovative methods of synthesizing compounds more rapidly at lower
cost, and/or improved drug formulation with enhanced usability.


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H O N G  K O N G
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ATLAS KUMSOK: Members' Final Meeting Set for November 17
--------------------------------------------------------
Members of Atlas Kumsok Company Limited will hold their final
meeting on November 17, 2009, at 10:00 a.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East in Hong Kong.

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


AURORA OFFICE: Cheng Faat Ting Gary Steps Down as Liquidator
------------------------------------------------------------
Cheng Faat Ting Gary stepped down as liquidator of Aurora Office
Furniture Limited.


BLOXWORTH ENTERPRISES: Seto Man Fai Appointed as Liquidator
-----------------------------------------------------------
Seto Man Fai on October 3, 2009, was appointed as liquidator of
Bloxworth Enterprises (HK) Limited.

The liquidator may be reached at:

         Seto Man Fai
         Two Grand Tower, Room 201, 2/F
         625 Nathan Road
         Mongkok, Kowloon


BELBET COMPANY: Creditors' Proofs of Debt Due November 20
---------------------------------------------------------
Belbet Company Limited, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by November 20, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 7, 2009.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


BT SHIPPING: Wong Kwok Hong Steps Down as Liquidator
----------------------------------------------------
Wong Kwok Hong stepped down as liquidator of B.T. Shipping &
Enterprises Limited.


BARUDAN INTERNATIONAL: Creditors' Proofs of Debt Due November 17
----------------------------------------------------------------
Barudan International China Limited, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by November 17, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 9, 2009.

The company's liquidator is:

         Steven Lim Lee Ting
         St. George's Road, Block 13
         #20-260, Singapore 320013


BLUESKY BOOKPLUS: Creditors' Meeting Set for October 30
-------------------------------------------------------
Creditors of Bluesky Bookplus Manufacturing Limited will hold
their meeting on October 30, 2009, at 3:00 p.m., for the purpose
of considering the position of the company's liability and debts
restructuring.

The meeting will be held at the Garden Rooms, 2/F., (Combination
of Peony & Narcissus Room) 69 Mody Rd., Tsimshatsui East, Kln,
H.K.


BENSMART LIMITED: Chan Kin Hang Appointed as Liquidator
-------------------------------------------------------
Danvil Chan Kin Hang on October 5, 2009, was appointed as
liquidator of Bensmart Limited.

The liquidator may be reached at:

         Danvil Chan Kin Hang
         Ginza Square, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


BOWIN HOLDINGS: Court to Hear Wind-Up Petition on October 28
------------------------------------------------------------
A petition to wind up the operations of Bowin Holdings Limited
will be heard before the High Court of Hong Kong on October 28,
2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Benson Li & Co.
         Two Chinachem Plaze
         Unit B, 6th Floor
         135 Des Voeux Road
         Central, Hong Kong


BROAD CALL: Members' Final Meeting Set for November 21
------------------------------------------------------
Members of Broad Call Limited will hold their final meeting on
November 21, 2009, at 10:00 a.m., at the 9G, 9th Floor of Joyful
Building, 18 Belcher's Street, Kennedy Town in Hong Kong.

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


CITYCELL BATTERY: Danvil Chan Kin Hang Appointed as Liquidator
--------------------------------------------------------------
Danvil Chan Kin Hang on October 9, 2009, was appointed as
liquidator of Citycell Battery Limited.

The liquidator may be reached at:

         Danvil Chan Kin Hang
         Ginza Square, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


CHEUNG FUNG: Creditors' Meeting Set for November 9
--------------------------------------------------
Creditors of Cheung Fung Technology Limited will hold their
meeting on November 9, 2009, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 255A and 283 of the
Companies Ordinance.

The meeting will be held at the 6th Floor, Nexxus Building, 41
Connaught Road Central, Hong Kong.


CAPGEMINI FINANCIAL: Creditors' Proofs of Debt Due November 16
--------------------------------------------------------------
Capgemini Financial Services Hong Kong Limited, which is in
creditors' voluntary liquidation, requires its creditors to file
their proofs of debt by November 16, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Luk Wing Hay
         Lai Kim Man
         Surson Commercial Building, 9/F
         140-142 Austin Road
         Tsimshatsui, Kowloon


DICKSON CONSTRUCTION: Contributories to Meet on October 27
----------------------------------------------------------
Contributories of Dickson Construction Company Limited will
hold their meeting on October 27, 2009, at 10:00 a.m., at the
62/F, One Island East, 18 Westlands Road, Island East, Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FEDERATION OF ASIAN: Members' Final Meeting Set for November 16
---------------------------------------------------------------
Members of Federation of Asian Bishops' Conferences (Hong Kong)
Limited will hold their final meeting on November 16, 2009, at
Room 2510, 25/F., Hopewell Centre, 183 Queen's Road East, in
Wanchai, Hong Kong.

At the meeting, Maurice Teo Geok Tien, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


ASSOCIATED PLASTIC: CRISIL Rates INR150MM Letter of Credit at 'P4'
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the letter of credit
facility of Associated Plastic Industries.

   Facilities                            Ratings
   ----------                            -------
   INR150.0 Million Letter of Credit     P4 (Assigned)

The rating reflects API's weak financial risk profile and small
scale of operations.  The rating also factors in the recent delays
in servicing of unrated term loans by the firm.  The impact of
these weaknesses is mitigated by the benefits the firm derives
from its promoters' industry experience, and its established
client relationships.

Set up in 1975 by Mr. Haribhai Valia, API imports plastic raw
materials and scrap, such as plastic mix, sweeping granules, and
virgin plastic, and sells it in the local market. The firm trades
in virgin plastic scraps, including high-density polyethylene,
linear low-density polyethylene, polyphenylene ether, and
polyvinyl chloride. Its plastic products are used for
manufacturing packaging bags, containers, bottles, and pipes.

API reported a profit after tax (PAT) of INR5.8 million on net
sales of INR427.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.1 million on net sales
of INR224.0 million for 2007-08.


BALASORE ALLOYS: Fitch Assigns National Long-Term Rating at 'B+'
----------------------------------------------------------------
Fitch Ratings has assigned India's Balasore Alloys Limited a
National Long-term rating of 'B+(ind)'.  The Outlook is Stable.
Fitch has also assigned a National Long-term rating of 'B+(ind)'
to its term loans aggregating INR1,137.9m and cash credit limits
aggregating INR490.4m.  At the same time, Fitch has assigned a
National Short-term rating of 'F4(ind)' to the non-fund based
limits aggregating INR352.5m.

The ratings reflect BAL's post restructuring profile, following
the completion of a financial restructuring recently.  Even though
BAL's restructuring will ease the liquidity pressure for the
company, Fitch has treated the restructuring as coercive in
nature, which is in line with the agency's criteria on treatment
of such restructurings (for additional context, please see Fitch's
comment titled "India: Impact of Restructurings on Corporate
Ratings" dated 29 May 2009).  Fitch notes that the restructuring
has not resulted in significant impairment of the contractual
terms for the creditors, since the revised terms only envisage an
extension in maturity profile while other loan terms are kept
unchanged.

The ratings are constrained by the drop in BAL's EBITDA margins to
13.7% in FY09 (FY08:20%) on account of a high foreign exchange
loss of INR601.1m.  This is brought on by the company's forex
policy and high inventory write-offs, despite that sales
realizations have increased in FY09.  Another rating constraint is
BAL's use of working capital facilities to finance long-term
assets.

On the other hand, the ratings benefit from BAL's immunity to raw
material price volatility to an extent given its access to captive
mines of chrome ore fines at Sukinda Valley and allotment of
second lease area at Sukinda Valley for extraction of chrome ore
lumps.  Furthermore, BAL has also been allotted quartz mine close
to its plant site and manganese ore mines at Madhya Pradesh and
Orissa.  The ratings also factor in BAL's diversified customer
base in both domestic and international markets, resulting in
capacity utilization of 85%-90% in last four years.

BAL registered annualized revenues of INR6,387.3m in FY09
(FY08:INR4246.8m), but total debt has increased to INR1,912.1m in
FY09 (FY08:INR1569.2m) -- a large part of which was short-term
debt.  BAL's leverage (Total Adjusted Net Debt\Operating EBIDTA)
has increased to 2.2x in FY09 (FY08:1.4x), while interest cover
has declined to 1.97x in FY09 (FY08:3.4x) because of a drop in
EBITDA from the previous year.

Maintenance of EBITDA margins and a Net Debt/EBITDA of below 3.6x
on a sustained basis could act as a positive trigger.  Conversely,
any debt led capital expenditure which brings Net Debt/EBITDA
above 6.8x on a sustained basis could be a negative trigger.

BAL promoted by the ISPAT group in 1984 has five furnaces with a
capacity of 57.5 MVA to produce 100000 MT of bulk ferro alloys per
year, but the company only manufactures ferro chrome at present.
BAL also has a briquetting plant with a capacity of 300,000 MT p.a
and two chrome ore beneficiation plants at its mine site and plant
site.


CADILLAC BUILDWELL: CRISIL Reaffirms 'BB+' Ratings on Bank Debts
----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB+/Stable/P4+' to the bank
facilities of Cadillac Buildwell Pvt Ltd (Cadillac Buildwell; part
of the KLJ Town Planners group).

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR48.4 Million Bank Guarantee       P4+ (Reaffirmed)

Although the group has deferred a majority of its planned projects
because of the recent industry slowdown, which will reduce its
funding requirement and have a favorable impact on its financial
risk profile, the ratings continue to be constrained by the
group's limited track record in executing realty projects
independently.  The ratings also factor in the group's
geographical concentration in revenue profile and exposure to
cyclicality inherent in the Indian real estate industry.  The
impact of these weaknesses is mitigated by the group's
conservative financial policy, and comfortable financial
flexibility driven by funding support from the promoters' chemical
business, and the benefits the group derives from its joint
venture (JV) with Business Park & Town Planner (BPTP).

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Cadillac Buildwell Pvt Ltd
(Cadillac Buildwell), KLJ Town Planners Pvt Ltd (KLJTP), Prithvi
Sound Products Company Pvt Ltd (Prithvi Sound), and other
associate entities in the real estate business.  This is because
these entities (collectively referred to as the KLJ Town Planners
group) are in the same line of business, and have common
promoters, and strong business linkages and inter-company
transactions.  CRISIL has factored in a funding support of up to
INR600 million from the group chemicals business to the real
estate business over the next three years, against the earlier
expected support of INR1.50 billion, following the deferment of
most real estate projects.  CRISIL has not combined the group's
chemical business, as it is unrelated to the real estate business,
and the KLJ group management has a policy of not leveraging the
chemicals business beyond a limit to fund the real estate
business; the quantum of funding support that the group receives
from the chemicals business will constitute a key rating
monitorable.

Outlook: Stable

CRISIL believes that the funding for the KLJ Town Planners group's
initial real estate projects is relatively comfortable,
notwithstanding the slowdown in the real estate sector; the
business will continue to receive support from the promoters'
chemicals business.  However, the group's limited experience in
undertaking large real estate projects independently exposes it to
substantial project completion risks.  The outlook may be revised
to 'Positive' if the group achieves key milestones in ongoing
projects on time, while continuing to phase its new projects
judiciously.  Conversely, the outlook may be revised to 'Negative'
in the event of significant delays in completing milestones in
ongoing projects, or substantial increase in leverage on proposed
projects that have been deferred.

                          About the Group

The KLJ Town Planners group, founded by Mr. K L Jain, began
operations in real estate projects in 2004, through a JV with
BPTP. The group has completed three projects with BPTP in the last
four years in New Delhi and the National Capital Region (NCR), and
one project in Prithvi Sound. KLJTP undertakes the group's
marketing as well as all construction activities. Cadillac
Buildwell is working as a licensing company of the group, while
all other group entities, except these three, are primarily land-
owning companies and will not undertake development activity.

For 2008-09 (refers to financial year, April 1 to March 31), the
KLJ Town Planners group is estimated to report a profit after tax
(PAT) of about INR34 million on net sales of about INR119 million,
against a PAT of about INR78 million on net sales of about INR507
million for 2007-08.


GIRIRAJ GINNING: CRISIL Rates INR200MM Cash Credit Limit at 'B'
---------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the cash credit
facility of Giriraj Ginning and Pressing Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR200.0 Million Cash Credit Limit      B/Stable (Assigned)

The rating reflects GGPPL's weak financial risk profile, and
exposure to risks relating to unfavorable regulations and
dependence on monsoon leading to volatility in cotton prices.
These weaknesses are mitigated by the benefits that GGPPL derives
from its promoters' experience in the cotton industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GGPPL and Swastik Trading Company
(Swastik).  This is because the two entities are in the same line
of business—cotton ginning and pressing. GGPPL undertakes job work
for Swastik, and 40% of Swastik's sales are to Giriraj. GGPPL and
Swastik also have a common management, and GGPPL is likely to
support Swastik in meeting financial exigencies.

Outlook: Stable

CRISIL believes that GGPPL's financial risk profile will remain
stable over the medium term, owing to the promoters' experience in
the industry and company's established relationships with farmers.
The outlook may be revised to 'Positive' if more than expected
increase in cash accruals leads to a reduction in gearing levels
for GGPPL.  Conversely, the outlook may be revised to 'Negative'
if the company's capital structure deteriorates further putting
pressure on company's debt protection measures.

                       About Giriraj Ginning

Incorporated in 1999, GGPPL, which is based at Hadatmala near
Rajkot (Gujarat), is engaged in cotton ginning and pressing; it
also trades in raw cotton and cotton bales.  Its promoters have
been in the cotton trading business since 1994.

GGPPL reported a profit after tax (PAT) of INR2.9 million on net
sales of INR1195.9 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a net loss of INR1.1 million on
net sales of INR171.9 million for 2007-08.


GULJAG INDUSTRIES: Delays in Loan Repayment Cue CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Guljag Industries Ltd.  The ratings reflect delays by Guljag in
repayment of term loan obligations owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR140.0 Million Cash Credit Limit     D (Assigned)
   INR40.0 Million Term Loan              D (Assigned)
   INR260.0 Million Letter of Credit/     P5 (Assigned)
                     Bank Guarantee

Set up by Mr. Shyam Sunder Dhoot in 1981, Guljag trades in
chemicals (mainly caustic soda and soda ash); it also manufactures
sulphuric acid and its derivatives at its plant in Jodhpur.
Guljag commissioned a power plant with a capacity of around 1 mega
watt in 2007-08 (refers to financial year, April 1 to March 31).
The company reported a profit after tax (PAT) of INR22 million on
net sales of INR1340 million for 2008-09, as against a PAT of
INR19 million on net sales of INR1200 million for 2007-08.


INDOSOLAR LIMITED: CRISIL Reaffirms 'BB+' Rating on INR4.6BB Loan
-----------------------------------------------------------------
CRISIL has reclassified its rating on the short-term bank
facilities of Indosolar Ltd, formerly known as Phoenix Solar India
Ltd, as 'P4+' from the earlier 'P4', and has reaffirmed its rating
on the company's long-term debt at 'BB+/Stable'.

   Facilities                             Ratings
   ----------                             -------
   INR4.60 Billion Term Loan              BB+/Stable (Reaffirmed)
   INR750 Million Packing Credit Limits*  P4+ (Reclassified from
                                               'P4')

   * Interchangeable between foreign letter of credit, pre-
     shipment credit in foreign currency, foreign bill purchase,
     foreign currency bill purchase, foreign bill discount.

The ratings continue to reflect CRISIL's expectations that
Indosolar's newly set up 80-megawatt (MW)-capacity photovoltaic
(PV) cell manufacturing unit is likely to take longer than the
expected time to attain break-even, given the current downturn in
the global PV business; this will lead to delays in any
significant improvement in the company's capital structure.  The
impact of these rating weaknesses is mitigated by the extensive
experience of Indosolar's promoters in running technology-
intensive ventures, the company's use of the proven and well-
established crystalline wafer technology, and the healthy long-
term prospects for the solar industry.

Outlook: Stable

CRISIL believes that Indosolar's business risk profile will
continue to be supported by its promoters' strong entrepreneurial
background, and the company's technological collaboration with the
Germany-based Schmid group for its PV cells manufacturing project.
CRISIL expects the operations at the recently set up 80-MW plant
to stabilize, and the construction of the second unit to progress,
on schedule.  The outlook could be revised to 'Positive' if
Indosolar generates better-than-expected revenues and
profitability, and improves its capacity utilization and capital
structure.  Conversely, the outlook could be revised to 'Negative'
if Indosolar's profitability is affected by a prolonged downturn
in the PV industry or if the company encounters delays in
stabilizing operations at its plant.

                          About Indosolar

Indosolar was incorporated in February 2006 by Mr. B K Gupta and
his son, Mr. H R Gupta; the name was changed in 2008.  The company
has successfully commissioned its 80-MW plant for manufacturing PV
cells and is setting up an additional capacity of 80 MW at a total
cost of around INR7 billion.  The company also has plans to scale
up its capacity to add another production line, which will
increase its capacity to 360 MW per annum by June 2011. The cost
of the entire project is estimated at around INR15.50 billion, to
be funded in a debt-to-equity ratio of 2.2:1. The company plans to
start manufacturing PV cells by using the crystalline wafer
technology, and is sourcing its production lines from the Schmid
group.


KLJ TOWN: CRISIL Reaffirms 'BB+' Rating on INR450MM Cash Credit
---------------------------------------------------------------
CRISIL has reclassified its short-term rating on the bank
facilities of KLJ Town Planners Pvt Ltd (KLJTP; part of the KLJ
Town Planners group) as 'P4+', from the earlier 'P4'; the long-
term rating has been reaffirmed.

   Facilities                            Ratings
   ----------                            -------
   INR450 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR220 Million Letter of Credit/   P4+ (Reclassified from 'P4')
                  Bank Guarantee

Although the group has deferred a majority of its planned projects
because of the recent industry slowdown, which will reduce its
funding requirement and have a favorable impact on its financial
risk profile, the ratings continue to be constrained by the
group's limited track record in executing realty projects
independently.  The ratings also factor in the group's
geographical concentration in revenue profile and exposure to
cyclicality inherent in the Indian real estate industry. The
impact of these weaknesses is mitigated by the group's
conservative financial policy, and comfortable financial
flexibility driven by funding support from the promoters' chemical
business, and the benefits the group derives from its joint
venture (JV) with Business Park & Town Planner (BPTP).

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of KLJTP, Cadillac Buildwell Pvt Ltd
(Cadillac Buildwell), Prithvi Sound Products Company Pvt Ltd
(Prithvi Sound), and other associate entities in the real estate
business. This is because these entities (collectively referred to
as the KLJ Town Planners group) are in the same line of business,
and have common promoters, and strong business linkages and inter-
company transactions.  CRISIL has factored in a funding support of
up to INR600 million from the group chemicals business to the real
estate business over the next three years, against the earlier
expected support of INR1.50 billion, following the deferment of
most real estate projects.  CRISIL has not combined the group's
chemical business, as it is unrelated to the real estate business,
and the KLJ group management has a policy of not leveraging the
chemicals business beyond a limit to fund the real estate
business; the quantum of funding support that the group receives
from the chemicals business will constitute a key rating
monitorable.

Outlook: Stable

CRISIL believes that the funding for the KLJ Town Planners group's
initial real estate projects is relatively comfortable,
notwithstanding the slowdown in the real estate sector; the
business will continue to receive support from the promoters'
chemicals business.  However, the group's limited experience in
undertaking large real estate projects independently exposes it to
substantial project completion risks.  The outlook may be revised
to 'Positive' if the group achieves key milestones in ongoing
projects on time, while continuing to phase its new projects
judiciously.  Conversely, the outlook may be revised to 'Negative'
in the event of significant delays in completing milestones in
ongoing projects, or substantial increase in leverage on proposed
projects that have been deferred.

                          About the Group

The KLJ Town Planners group, founded by Mr. K L Jain, began
operations in real estate projects in 2004, through a JV with
BPTP. The group has completed three projects with BPTP in the last
four years in New Delhi and the National Capital Region (NCR), and
one project in Prithvi Sound.  KLJTP undertakes the group's
marketing as well as all construction activities. Cadillac
Buildwell is working as a licensing company of the group, while
all other group entities, except these three, are primarily land-
owning companies and will not undertake development activity.

For 2008-09 (refers to financial year, April 1 to March 31), the
KLJ Town Planners group is estimated to report a profit after tax
(PAT) of about INR34 million on net sales of about INR119 million,
against a PAT of about INR78 million on net sales of about INR507
million for 2007-08.


KP STEEL: CRISIL Assigns 'BB+' Rating on INR125MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of KP Steel Products Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR125 Million Cash Credit       BB+/Stable (Assigned)
   INR50 Million Letter of Credit   P4+ (Assigned)
   INR6 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect KPSPL's low margins because of its limited
competitiveness on account of lack of tax benefits, the
susceptibility of its margins to volatility in steel prices, and
the fragmented nature of the steel long products industry.  The
impact of these weaknesses is mitigated by the promoters'
extensive experience in the steel manufacturing industry, and
KPSPL's low gearing.

Outlook: Stable

CRISIL expects KPSPL's operations to remain small over the medium
term. However, the company's financial risk profile is expected to
remain stable on the back of its integrated operations and
comfortable capital structure. The outlook may be revised to
'Positive' in case of higher-than-expected accruals, resulting in
a substantial improvement in the company's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
company undertakes larger-than-expected debt-funded capital
expenditure, resulting in deterioration in its capital structure.

                           About KP Steel

KPSPL was incorporated in 1992 by Mr. S K Goel and his sons, Mr.
Kamal Goel and Mr. Pankaj Goel. The company manufactures thermo-
mechanically treated (TMT) bars, rounds, and angles at its
facility in Muzaffarnagar (Uttar Pradesh), and has a capacity of
42,000 tonnes per annum (tpa). It also has ingot manufacturing
capacity of 34,000 tpa. The company markets its products under the
Amba Sariya brand. Its clientele largely comprises distributors in
Uttar Pradesh and New Delhi. It also sells directly to builders
and government bodies.

For 2007-08 (refers to financial year, April 1 to March 31), KPSPL
reported a profit after tax (PAT) of INR5.2 million on net sales
of INR1 billion, as against a PAT of INR4.1 million on net sales
of INR675 million in the previous year.


M.R. DAIRY: CRISIL Assigns 'B+' Rating on INR100 Mln Cash Credit
----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
facility of M.R. Dairy Products Pvt. Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       B+/Stable (Assigned)

The rating reflects MR Dairy's weak financial risk profile, and
exposure to risks relating to geographic concentration in
revenues, and to the working-capital-intensive nature of its
operations.  These weaknesses are, however, partially offset by
the benefits that the company derives from its promoters'
experience in trading of dairy products.

Outlook: Stable

CRISIL believes that MR Dairy will maintain a stable credit risk
profile, supported by an established regional presence, and strong
relationships with vendors and customers.  The outlook may be
revised to 'Positive' if the company diversifies its revenue
profile and scales up its operations, while improving its margins.
Conversely, the outlook may be revised to 'Negative' if the
company's capital structure deteriorates considerably on account
of large debt-funded capital expenditure, or due to pressure on
margins.

                         About M.R. Dairy

Set up in 1997 by Mr. Mani Mohan Dey, MR Dairy trades primarily in
skimmed milk powder in West Bengal. The promoters have been in the
trading business of Skimmed milk powder and other dairy products
since early 1950's. MR Dairy reported a provisional profit after
tax (PAT) of INR3 million on net sales of INR723million for
2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR2 million on net sales of INR585 million
for 2007-08.


PRATISHTHA COMMERCIAL: CRISIL Rates INR140MM Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned ratings of 'BB/Stable' to the cash credit
facility of Pratishtha Commercial Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR140.0 Million Cash Credit      BB/Stable (Assigned)

The ratings reflect PCPL's weak financial risk profile, and
exposure to risks relating to trading operations.  However, these
weaknesses are partially offset by PCPL's strong track record in
the cattle-feed trading industry, stable operating margins, and
the benefits it derives from established relationships with
customers.

Outlook: Stable

CRISIL believes that PCPL will maintain healthy growth in revenues
over the medium term, backed by increasing demand from cattle feed
manufacturers and stable relationships with customers.  The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, led by increase in operating margins, and
large equity infusions.  Conversely, the outlook may be revised to
'Negative' if PCPL's liquidity weakens owing to deterioration in
debtor profile, or if its margins reduce substantially.

                    About Pratishtha Commercial

Pratishtha Commercial Private Limited, incorporated in 1997 is
engaged in the trading of commodities like Soya Doc and Maize.  It
is one of the largest soya doc traders in the Eastern Region.  The
company procures soya doc from leading solvent extractors like
Ruchi Soya, Sanwaria etc and sells these products to leading
cattle feed manufacturers like Godrej Agrovert, Shalimar Pellets,
Japfa etc. Its day to day operations are managed by Mr. Manoj
Poddar and Mr. Suresh Poddar.

PCPL reported a profit after tax (PAT) of INR 2 million on net
sales of INR 1.35 billion for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR 1.2 million on net
sales of INR 873 million for 2007-08.


ROLEX CYCLES: CRISIL Places 'B+' Rating on INR130MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Rolex Cycles Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR130.0 Million Cash Credit        B+/Stable(Assigned)
   INR20.0 Million Letter of Credit    P4(Assigned)

The ratings reflect RCPL's weak financial risk profile, and
exposure to risks relating to product concentration in revenue
profile, and small scale of operations in the cycle hubs industry.
These weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the cycle hubs
business, and established customer base.

Outlook: Stable

CRISIL believes that RCPL will maintain a stable business risk
profile over the medium term, on the back of an established
customer base.  However, the company's financial risk profile is
expected to remain weak over the medium term, due to its large
working capital requirements, and low net worth.  The outlook may
be revised to 'Positive' if RCPL's financial risk profile
improves, driven by equity infusion by promoters. Conversely, the
outlook may be revised to 'Negative' if sharp fluctuations in raw
material prices, lead to low profitability, and deterioration in
the company's financial risk profile.

                        About Rolex Cycles

Set up in 1954 as a partnership firm, RCPL manufactures hubs used
as component in cycles; its plant at Ludhiana is currently
utilized at 80% of its capacity. RCPL was converted into a private
limited company in 1999, and it has a marketing network in Punjab,
Maharashtra, New Delhi, Rajasthan, Bihar, and Uttar Pradesh.

RCPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR561 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.8 million on net
sales of INR372 million for 2007-08.


SHRI GAUTAM: Weak Financial Risk Profile Cues CRISIL 'C' Rating
---------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Shri Gautam Ship Breaking Industries Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR40.0 Million Cash Credit Limit     C (Assigned)
   INR260.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect SGSBIPL's weak financial risk profile, marked
by losses, and exposure to risks relating to cyclicality in the
shipping industry, fluctuations in steel scrap prices, and to
unfavorable government regulations.  These weaknesses are,
however, partially offset by the benefits that the company derives
from the healthy growth prospects for the ship-breaking industry.

Set up in 1983, SGSBIPL undertakes ship-breaking activities in
Alang (Gujarat) which is Asia's leading centre for the ship-
breaking and recycling industry. The company purchases old ships,
breaks them into steel plates and supplies the same to rolling
mills located in Gujarat.

SGSBIPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR163.2 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.1 million on net
sales of INR136.4 million for 2006-07.


SHRINIVASA CATTLE: CRISIL Rates INR150 Mln Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Shrinivasa Cattle Feeds Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Cash Credit *       BB-/Stable (Assigned)

   *Interchangeable with letter of credit facility for maximum
    INR20.0 million.

The rating reflects SCFPL's moderate financial risk profile marked
by large working capital requirements and small scale of
operations; and exposure to volatility in raw material prices,
intense competition in the edible oil and de-oiled cakes (DOC)
industry, and adverse changes in regulations.  The impact of these
weaknesses is mitigated by the recent strong growth in SCFPL's
operating income, greater access to raw materials, and the
benefits that the company derives from its promoters' industry
experience.

Outlook: Stable

CRISIL believes that SCFPL will maintain its financial risk
profile, as the company has no capital expenditure (capex) plans
for the near term. However, the company's scale of operations is
expected to remain small. The outlook may be revised to 'Positive'
if there is a substantial increase in the company's scale of
operations or improvement in its financial risk profile, most
likely by way of increase in net worth through fresh equity
infusion. Conversely, the outlook could be revised to 'Negative'
if the company undertakes higher-than-expected debt-funded capex
programme.

                     About Shrinivasa Cattle

Promoted by Mr. Shriram Medewar and Mr. Deelip Chakkarwar, SCFPL
in engaged in solvent extraction of soyabean oil and manufacturing
of soya DOCs.  The company is also engaged in solvent extraction
of mustard and sunflower cakes and trading of DOCs. SCFPL's
production facility in Nanded (Maharashtra) has seed crushing
capacity of 150 tonnes per day (tpd) and a refining capacity of
50 tpd.  Currently, Mr. Shriram Medewar's son, Mr. Sunil Medewar,
and Mr. Deelip Chakkarwar's son, Mr. Rohan Chakkarwar, manage the
company.

SCFPL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR971 million for 2007-08 (refers to financial year,
April 1 to March 31), against a PAT of INR8.6 million on net sales
of INR704 million for 2006-07.


TIRUMALA BALAJI: Fitch Assigns 'BB+' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned Tirumala Balaji Alloys Pvt. Ltd. a
National Long-term rating of 'BB+(ind)'.  The Outlook is Stable.
The agency has also assigned a rating of 'BB+(ind)' to its cash
credit limits aggregating INR40m.  At the same time, Fitch has
assigned a National Short-term rating of 'F4(ind)' to its non-fund
based limits aggregating INR15m.

The ratings reflect the relatively low operational risk of the
company due to its business in the conversion of ferro chrome for
Tata Steel Ltd ('AA (ind)'/'F1+(ind)'/'Negative'), and the
consequent low inventory and receivable risks.  The ratings also
factor in TBAPL's capital structure with a low external debt of
INR57.8m as at FYE09, absence of capital expenditure plans that
can increase debt levels, and comfortable debt protection
measures.  The ratings further benefit from the demonstrated track
record of support from the promoters as reflected by the extension
of preference share maturity date to beyond 2010 and the deferment
of preference dividends to support TBAPL's cash flows.

TBAPL's ratings are constrained by its small scale of operations
and the inherent volatility in earnings due to the cyclical nature
of the steel industry.  TBAPL is also exposed to concentration
risks given its single product range and its reliance on Tata
Steel.  While the conversion job for Tata Steel reduces TBAPL's
exposure to volatility in raw material prices, its exposure to
volatility in ferro chrome prices remain as the conversion charges
by Tata are linked to these prices.  EBITDA margins fell in FY09
to 11.7% from 14.1% in FY08, in line with the decline in ferro
chrome prices.

Negative rating trigger would be a sustained decline in EBITDA,
resulting in Net debt/EBITDA above 2.75x.

Incorporated in 2004, TBAPL started its operations in FY06.  The
company has 2 submerged arc furnaces of9 MVA each with an
installed capacity of 28000MT per annum. to produce high carbon
ferro chrome and other ferro alloys.  85% of its capacity is used
for Tata Steel and the rest for open market sales.  TBAPL is
backed by the promoters of the Monnet Ispat group and Bhaskar
Shrachi group, with each holding 50% stake.


WOCKHARDT LTD: DBS Files Winding Up Petition in Bombay High Court
-----------------------------------------------------------------
Singapore's DBS Bank Ltd has filed a winding up petition against
Wockhardt Ltd in the Bombay High Court, The Economic Times
reports.  DBS had filed the petition requesting the court to
liquidate Wockhardt and distribute its proceeds to its various
lenders, the report says.

The winding up petition, according to ET, follows the legal
notices that the DBS had sent to the pharmaceutical company last
month.

ET had reported on September 16 that some foreign banks, opposing
Wockhardt's corporate debt restructuring (CDR) terms, had sent
legal notices to the company.  They gave Wockhardt 21 days to
respond, failing which they would file a winding-up petition, the
report notes.

The report says the winding petition came up for hearing on
Thursday last week but was adjourned to November 7, when the court
resumes post the Diwali vacation.

India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L. In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     programme downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


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


BANK MANDIRI: To Continue Legal Action Over Djajanti Group's Debt
-----------------------------------------------------------------
The Jakarta Globe reports that PT Bank Mandiri said it had pulled
out of mediation and would resume legal action against the ailing
Djajanti Group to settle bad debts worth US$120.3 million.

"Bank Mandiri will take firm action against bad debtors as we try
to recover the bank's funds," the Globe quoted Abdul Rachman,
Mandiri's director of special asset management, as saying.
"Mandiri wants the case to be processed directly in court without
any delays."

The report notes the bank said that as of September, Djajanti
Group owed Mandiri US$120 million, including US$19.1 million owed
by a bankrupt affiliated company, PT Biak Mina Jaya.

In August, the Globe recalls, Mandiri took legal action at the
Central Jakarta District Court against Djajanti Group founder
Burhan Uray and key Biak Mina Jaya shareholder Sujono, who
personally guaranteed the debts.  According to the report, both
parties started mediation in September, but Mandiri said Djajanti
has not been negotiating in good faith.

Indonesia-based Djajanti Group is a diversified company in the
forestry, fishing and cement sectors.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service lowered Bank
Mandiri's global local currency deposit ratings to Baa3 from Baa2.
The revised rating carries a stable outlook.  The foreign currency
long-term deposit rating was raised to Ba3 from B1.  The revised
rating carries a stable outlook.  All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit of
Not Prime and BFSR of 'D-'.

The TCR-AP reported on September 2, 2009, that Fitch Ratings
affirmed PT Bank Mandiri (Persero) Tbk's Long-term foreign and
local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, Short-term rating at 'B', National Long-term rating at
'AA+(idn)', Individual at 'C/D', Support rating at '3' and Support
Rating Floor at 'BB-'.


DJAJANTI GROUP: Mandiri to Continue Legal Action Over Group's Debt
------------------------------------------------------------------
The Jakarta Globe reports that PT Bank Mandiri said it had pulled
out of mediation and would resume legal action against the ailing
Djajanti Group to settle bad debts worth US$120.3 million.

"Bank Mandiri will take firm action against bad debtors as we try
to recover the bank's funds," the Globe quoted Abdul Rachman,
Mandiri's director of special asset management, as saying.
"Mandiri wants the case to be processed directly in court without
any delays."

The report notes the bank said that as of September, Djajanti
Group owed Mandiri US$120 million, including US$19.1 million owed
by a bankrupt affiliated company, PT Biak Mina Jaya.

In August, the Globe recalls, Mandiri took legal action at the
Central Jakarta District Court against Djajanti Group founder
Burhan Uray and key Biak Mina Jaya shareholder Sujono, who
personally guaranteed the debts.  According to the report, both
parties started mediation in September, but Mandiri said Djajanti
has not been negotiating in good faith.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

Indonesia-based Djajanti Group is a diversified company in the
forestry, fishing and cement sectors.


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


CHIYODA AMERICA: Schedules Nov. 10 Plan Confirmation
----------------------------------------------------
Chiyoda America Inc., a subsidiary of Japan's Chiyoda Gravure
Corp., is scheduled to present its reorganization plan for
confirmation by the U.S. Bankruptcy Court on Nov. 10, Bill
Rochelle at Bloomberg News reported.

The Plan offers to pay unsecured creditors in full over time so
the parent may retain ownership.  The Plan calls for the parent's
secured claim to be reduced to US$3 million, with the deficiency
of US$14.2 million becoming an unsecured claim.  Third-party
unsecured creditors are slated to be paid in full over four years,
if they vote for the plan.

Chiyoda makes gravure printed products for manufacturers of
kitchen countertops and laminated flooring.

New York City-based Chiyoda America, Inc., fka Cosmopolitan
Graphics Corporation and Advanced Printing, filed for Chapter 11
on Aug. 19, 2009 (Bankr. S.D.N.Y. Case No. 09-15059).  Michael Z.
Brownstein, Esq., at Blank Rome LLP, represents the Debtor in its
restructuring effort.  In its petition, the Debtor listed assets
and debts both ranging from US$10,000,001 to US$50,000,000.  The
assets were shown on the books for US$21.3 million while debt
totaled US$44.5 million.


ELPIDA MEMORY: Posts JPY500MM Operating Profit in Qtr Ended Sept.
-----------------------------------------------------------------
Bloomberg News reports that Elpida Memory Inc. posted its first
operating profit in eight quarters because of rising prices for
the semiconductors.

Citing Elpida in its preliminary earnings statement, Bloomberg
discloses that the company reported an operating profit of
JPY500 million (US$5.6 million) in the three months ended
Sept. 30.  The report notes Elpida posted a JPY24.5 billion loss a
year earlier.

According to Bloomberg, Elpida said the company's net loss
narrowed to JPY8 billion in the second quarter, from JPY31.9
billion  a year earlier, while sales fell 16 percent to 96
billion.  The company will report final earnings on Nov. 5,
Bloomberg says.

"The results inspire confidence that profits will continue through
the October-December period and possibly beyond," Bloomberg quoted
Yuichi Ishida, an analyst at Mizuho Financial Group Inc. in Tokyo,
as saying.  Bloomberg says Mr. Ishida has a "neutral plus" rating
on Elpida’s stock.

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

                           *     *     *

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

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


JLOC37 LLC: Fitch Downgrades Ratings on Eight Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded eight classes of JLOC37, LLC notes
due January 2015, affirmed the Class X notes, and removed the
classes A1 to D2 notes from Rating Watch Negative, following the
implementation of the recently published criteria for Japanese
CMBS surveillance.  Full details of the rating actions are:

  -- JPY31,370.8 million* Class A1 Notes downgraded to 'A-' from
     'AAA'; off RWN; Outlook Negative;

  -- EUR7.06 million* Class A2 Notes downgraded to 'A-' from
    'AAA'; off RWN; Outlook Negative;

  -- JPY5,257.5 million* Class B1 Notes downgraded to 'BB' from
     'AA'; off RWN; Outlook Negative;

  -- EUR3.23 million* Class B2 Notes downgraded to 'BB' from 'AA';
     off RWN; Outlook Negative;

  -- JPY4,658.5 million* Class C1 Notes downgraded to 'B' from
     'A'; off RWN; Outlook Negative;

  -- EUR5.62 million* Class C2 Notes downgraded to 'B' from 'A';
     off RWN; Outlook Negative;

  -- JPY5,324 million* Class D1 Notes downgraded to 'CC' from
     'B-'; off RWN; assigned a Recovery Rating of 'RR6';

  -- EUR1.30 million* Class D2 Notes downgraded to 'CC' from 'B-';
     off RWN; assigned a Recovery Rating of 'RR6'; and

  -- Interest-only Class X Notes affirmed at 'AAA'; Outlook
     Stable.

  * as of October 15, 2009

Fitch has downgraded classes A1 to D2 reflecting the agency's view
over the potential recovery amount from the underlying loans.

Fitch has revised the cash flow expectations downwards for 16 of
the 40 underlying properties, reflecting their actual performance
to date and recent market conditions.  The agency also revised the
cap rates of all the underlying properties, taking into
consideration the remaining period to maturity of each loan and
the current stressed commercial real estate market in Japan.  As a
result, Fitch adopted values of the underlying properties that are
on average 29.2% lower than those used for the initial analysis,
in line with the recently published surveillance criteria for the
purpose of this review.

In addition, Fitch estimated the recovery amount of each class by
assuming various scenarios for the pay down of performing loans in
relation to the workout timing of defaulted (and/or likely to
default) loans.  These estimates took into account the waterfall
under which principal payments at or prior to loan maturity are
applied on a pro rata basis.

Fitch has also revised its view relating to the length of
collection time that may be needed to complete special servicing
of defaulted loans.  This is in light of the actual length of time
loans currently spend in special servicing, where the term to CMBS
legal final maturity is relatively long.

Fitch has resolved the RWN status on all classes since the
likelihood of additional rating action has fallen given the
conservative property revaluations adopted in combination with the
status of each loan at this time.  However, the agency has
assigned Negative Outlooks to classes A1 to D2, since the late
recovery timing of some defaulted loans may negatively affect the
credit of these classes of notes over the course of the next 18 to
24 months.

At closing, the notes were ultimately secured by 10 loans
collateralized by 61 real estate and property trust beneficial
interests in the respective trusts.  Three loans have been fully
repaid and the transaction is currently secured by seven loans
backed by a total of 40 real estate properties.  Four of the seven
remaining loans have defaulted.

The rating on the interest only Class X notes addresses only the
likelihood of receiving interest payments while principal on the
related underlying assets remains outstanding.

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


JAPAN AIRLINES: Suspends Plan to Sell Stake in JALways
------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that Japan
Airlines Corp. will suspend a plan to sell stakes in JALways Co.,
a unit operating resort-bound flight operations, after a
recommendation from a government-appointed panel.

According to Bloomberg, Nikkei said the company had considered
selling stakes in JALways, which flies to destinations in Hawaii,
Australia and Thailand, to JTB Corp. and other Japanese travel
agencies.

Bloomberg relates Nikkei said the panel overseeing JAL's
restructuring recommended the airline focus on routes used heavily
by business travelers and should operate JALways through alliances
with low-cost carriers in Asia.

Nikkei, as cited by Bloomberg, said JAL will also reconsider a
plan to sell baggage handling unit JAL Ground Service Co.

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

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

                           *     *     *

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

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


JAPAN AIRLINES: To Release Midterm Business Plan a Month Earlier
----------------------------------------------------------------
Japan Airlines Corp. will release a midterm business plan a month
earlier than envisaged, Bloomberg News reports, citing a person
familiar with the situation.

According to the report, the person said the airline intends to
unveil the plan by the end of October.  The carrier may pay "tens
of billions" of yen to settle pension obligations with retirees,
the person added.

Citing the Mainichi newspaper, Bloomberg relates the state panel
overseeing the company’s turnaround has asked banks for a JPY200
billion (US$2.2 billion) bridge loan to pay for restructuring and
proposed that the government inject funds into the airline.

The person, as cited by Bloomberg, said a government-appointed
restructuring panel is seeking forgiveness of loans and debt-for-
equity swaps, as well as new financing with creditor banks.

Sze Hunn Yap, a spokeswoman for JAL, couldn’t immediately comment
on the plan, Bloomberg states.

                          Restructuring Plan

As reported in the Troubled Company Reporter-Asia Pacific on
September 29, 2009, Japan Today said that a team of government-
appointed corporate turnaround experts was set up on September 25
to create a restructuring plan for struggling Japan Airlines.

The move effectively gives JAL two more months to review options
after transport minister Seiji Maehara questioned the feasibility
of its original plan.

The team, which will make a recommendation to the transport
minister by late October or early November, will be led by
Shinjiro Takagi, who served as chairman of the decision-making
panel of the now-defunct Industrial Revitalization Corp. of Japan,
the body which assisted heavily indebted but otherwise viable
firms from 2003 to 2007.

The team will take charge of due diligence on JAL's assets and
will scrutinize its business improvement plan to offer advice for
the future direction of the airline, 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.


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


GENERAL MOTORS: GM Daewoo Repays US$108.6MM Maturing Loans to KDB
-----------------------------------------------------------------
GM Daewoo Auto & Technology Co., the South Korean unit of General
Motors Co., repaid a portion of loans it received from its main
creditor Korea Development Bank on Friday, Yonhap News Agency
reports, citing a company official.

According to Yonhap, the official said GM Daewoo paid back
KRW125.8 billion (US$108.6 million) in maturing loans to KDB.

JoongAngDaily, meanwhile, reports that the Korea Development Bank
maintained its earlier position that it will not pump more money
into GM Daewoo at this time, dashing the company's hopes that the
organization would participate in a capital infusion.

"Korea Development Bank as well as other shareholders such as
Suzuki and Shanghai Automotive Industry will not participate in
the GM Daewoo paid-in capital increase," a KDB official,
requesting anonymity, told JoongAngDaily.

JoongAngDaily says that another official added that as long as GM
Daewoo fails to institute a foundation for sustainable growth, KDB
will continue to collect loans when they mature. "There are no
reasons for us to rush" into another round of financing, the
official added.

General Motors CEO Fritz Henderson reiterated on Thursday that the
company would join a rights offering by its struggling South
Korean unit, but gave no hint whether GM would put in as much as
the unit's biggest creditor wants, Reuters relates.

Reuters notes Mr. Henderson, speaking to reporters at a GM Daewoo
plant on the outskirts of Seoul, said he had "very positive" talks
with the KDB.

"GM has resources around the world. Resources can be used not only
from the U.S., including operations here in Korea. We are able to
provide support, if necessary," Mr. Henderson was quoted by
Reuters as saying when asked if GM would support a rights offer.

GM Daewoo last month said it would raise KRW491.2 billion
(US$424.1 million) by selling new shares to existing shareholders.

                       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).


HANJIN GROUP: To Face Creditor Initiated Restructuring
------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that Hanjin Group will face
a creditor-initiated restructuring after failing a credit
assessment as a result of poor corporate performance.

According to the report, the main creditor Korea Development Bank
said it will sign a memorandum of understanding with the
conglomerate aimed at strengthening its financial health.

"We have decided to sign a restructuring pact with Hanjin to turn
it around.  The group failed our evaluation for the second time.
It would be unfair for six other business groups that already
signed the MOU with us in May if we did not apply the same
standard to Hanjin," the Times quoted a KDB official as saying.

The report recalls that in May this year 14 cash-strapped
conglomerates out of 45 were evaluated as financially inadequate
by their main creditor banks.  Of the 14, the Times relates, nine
business groups signed with main creditors to dispose key units
and take other drastic steps for their financial structure in
return for fresh loans.

The Hanjin Group is a South Korean conglomerate.  The group is a
holding company that includes a shipping company, Hanjin Shipping
(including Hanjin Logistics), and Korean Air (KAL), which was
acquired in 1969.


LG TELECOM: Moody's Reviews 'Ba1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has placed LG Telecom, Ltd's Ba1 foreign
currency corporate family rating under review for possible
upgrade.

The review follows LGT's announcement that it plans to merge with
affiliated companies LG Dacom Corporation and LG Powercom
Corporation to form a fully integrated single telecommunications
company.

"While LGT will remain a distant third player in virtually all
market segments, apart from VoIP, the transaction -- once
completed -- will benefit the company in terms of its operating
profile as an integrated service provider," says Laura Acres, a
Moody's Vice President.

"Moody's also notes that the merger will result in a mildly weaker
financial profile for LGT, particularly if the minority
shareholders of LG Dacom and LG Powercom opt for cash rather than
shares in the merged entity," says Acres, adding, "However, the
pro-forma key credit metrics of LGT post merger will remain strong
for the current rating level."

Furthermore, Moody's expects the post-merged entity to be more
strategically important within the wider LG Group, which has
ability to provide support, in case of need.

The review will focus on 1) the operational and synergistic
benefits that will accrue as a result of the merger; 2) the
financial and liquidity profile of the post-merged entity; 3) the
competitive dynamics of the Korean telco sector, given the
emergence of two fully integrated operators; and 4) the
positioning of the merged entity in the wider LG Corp group, and
an assessment of the willingness and ability of LG Corp to provide
financial support to LGT, and the extent to which this could have
notching implications for LGT's ratings.

The merger remains subject to the respective shareholder approvals
of the three companies, as well as regulatory approval from the
Korea Telecommunications Corporation.

The last rating action with regard to LGT was taken on 23 March
2007, when the company was upgraded to Ba1 from Ba2 with a stable
outlook, reflecting a strengthening of its operating and financial
profile.

LGT is the third largest mobile telecom operator in South Korea
with 8.6 million subscribers (as of 30 September 2009) and a
market share of approximately 18.0%.  It provides CDMA-based
personal communication services, including mobile telephony,
wireless data, mobile banking and international roaming services.
LGT, which is listed on the KOSPI, was formed in July 1996 by LG
Corp (37.4% shareholder).


SSANGYONG MOTOR: May Hire Stake-Sale Arranger as Early as November
------------------------------------------------------------------
Seonjin Cha at Bloomberg News reports that Ssangyong Motor Co. may
hire a stake-sale arranger as early as November if the court
approves the company’s turnaround plan.

Bloomberg relates Ssangyong’s court-appointed manager Lee Yoo Il
told reporters in Incheon, South Korea, on Oct. 16, that "We’re
talking to various strategic and financial investors.  Once the
court approves the recovery plan next month, we’ll speed up the
processes to find potential buyers."

According to Bloomberg, Mr. Lee declined to identify any
investors, saying talks are in "very initial" stages.  An auction
for a controlling stake in Ssangyong may begin within the first
half of 2010, he said.

South Korea’s Central District Court will convene a meeting on
Nov. 6 to decide whether to approve the Pyeongtaek-based company’s
turnaround plan, Bloomberg says.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  On
Feb. 6, 2009, the TCR-AP reported that the Seoul Central District
Court accepted Ssangyong's application to rehabilitate under court
protection.  The court named former Hyundai Motor Co. executive
Lee Yoo-il and Ssangyong executive Park Young-tae to run the
automaker.

Ssangyong Motor on Sep. 15, 2009 filed revival plans to the Seoul
Central District Court.


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


AIR NEW ZEALAND: Passengers Number Down 1.2% in September 2009
--------------------------------------------------------------
Air New Zealand Ltd said it carried 1,184,000 passengers in last
month, down 1.2% in September 2008.  Demand (RPKs) was down 6.8%
and capacity (ASKs) was reduced by 11.9% increasing the Group load
factor by 4.5 percentage points.

Short haul passenger numbers increased by 0.5% compared to
September last year.  In the Domestic market demand was up 3.8% on
last year and the load factor rose to 76.8% as capacity was
reduced by 2.3%. Tasman / Pacific capacity was reduced by 13.1%
primarily through downsizing to smaller aircraft and the
withdrawal of Trans Tasman flights from Hamilton and Dunedin.
This resulted in the load factor increasing by 8.6 percentage
points to 80.2%.

Long haul passenger numbers decreased by 10.7% on last year.
Capacity on the Asia / Japan / UK routes was reduced by 18.1%
which increased loads 2.3 percentage points to 81.9%.  Load
factors on North America / UK routes increased by 2.8 percentage
points on 7.3% less demand and 10.2% less capacity.

Group-wide yields for the financial year to date were down 10.3%
on the same period last year.  For the year to date, short haul
yields were down 11.6% and long haul yields were down by 12.3%.
Removing the impact of foreign exchange, Group-wide yields were
down 13.2%.

Blended Winglets

Air New Zealand's new blended winglets, which are being fitted to
its fleet of Boeing 767-300ER aircraft, are delivering 19% higher
fuel savings than forecast.

The airline's original expectations were that more than six
million liter of fuel would be saved annually with the
installation of new performance-enhancing blended winglets on its
fleet of five Boeing 767 aircraft.

           Eagle Air to Suspend Oamaru-Christchurch Route

Air New Zealand said its subsidiary Eagle Air is suspending its
services between Oamaru and Christchurch.

Despite working closely with the Waitaki District Council and
other key stakeholders to try and strengthen demand the Oamaru-
Christchurch service had been suffering from poor load factors and
equally poor yields for more than 12 months.

                       About Air New Zealand

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

                           *     *     *

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


PGG WRIGHTSON: Agria to Buy 13% PGG Stake at NZ$36 Million
----------------------------------------------------------
PGG Wrightson Ltd and Agria Corporation disclosed the signing of
an agreement that provides for Agria to make an investment in PGG
Wrightson and for the formation of a strategic partnership between
PGG Wrightson and Agria.

PGG Wrightson and Agria have entered into a strategic partnership
and have jointly undertaken to work to create value for both
companies through the advancement of agricultural technology and
the development of new markets.  The scope of co-operation
includes:

   -- Joint development and international commercialization of
      seed cultivars to which Agria, PGG Wrightson and their
      development partners have access;

   -- development of livestock demand in China and export of
      livestock to meet that demand, from New Zealand, Australia,
      South America and other markets; and the establishment of
      live stock trading systems in China using PGG Wrightson's
      technical expertise, particularly through the establishment
      of an auction system;

   -- jointly examine the development of a rural services
      business in China, where there is currently no mature
      provider of rural services; and

   -- examine additional funding lines for growth through third
      party sources for PGG Wrightson Finance.

                       Subscription Agreement

Preliminary agreement has been reached for Agria to invest in PGG
Wrightson through the placement of new equity representing 13% of
PGG Wrightson's share capital, at 88 cents per share, at a value
of NZ$36 million.  Both parties' aspiration is to become a
significant shareholder in PGG Wrightson over time.

The PGG Wrightson Board is considering options for an equity
raising such as a rights issue.  While the timetable cannot be
certain at this point, it is believed that an announcement on the
terms of any equity raising could be made by early November.

The investment by Agria in PGG Wrightson under the Subscription
Agreement is conditional on:

   * Approval having been received from New Zealand's Overseas
     Investment Office;

   * PGG Wrightson entering into an underwriting agreement in
     relation to any proposed equity raising;

   * PGG Wrightson not entering into any other material
     transaction prior to completion of the equity raising
     without Agria's approval (which shall not be unreasonably
     withheld);

   * PGG Wrightson not undertaking any intervening equity issue
     or distribution (or equivalent); and

   * Agria being satisfied (acting reasonably) that sufficient
     funds will be raised from any proposed equity raising and
     other sources to enable PGG Wrightson to fully repay the
     NZ$200 million Amortising Debt Facility by March 31, 2010.

The Troubled Company Reporter-Asia Pacific reported on August 31,
2009, that PGG Wrightson posted a net loss of NZ$66.44 milion for
the year ended June 30, 2009, compared with a net income of
NZ$73.2 million in the previous year.  Its net operating earnings
after tax was NZ$30 million for the year ending June 30, 2009.

The operating performance was affected by a range of non-trading
items which meant the company reported an accounting loss.  Of
these, the most directly comparable result on which to assess
performance is the net operating profit after tax (excluding the
one-off and non-trading items) figure of NZ$30 million, down
NZ$2.9 million or 8.8% from last year.

In June 2009, the Company notified its banking syndicate of a
potential breach of its financial covenants as at June 30 due to
adverse trading conditions expected from the last four months of
the financial year.  A waiver of financial covenants was received
from both the banking syndicate and South Canterbury Finance,
before the finalization of the Company's results for the 2009
financial year.

As the waiver was not received prior to June 30, 2009,
notwithstanding the banking syndicate waived its financial
covenant requirements prior to the relevant test date, under IFRS
the Company is required to record all term debt as current as at
June 30, 2009.  Following completion of the renegotiated banking
package, debt maturing more than 12 months from June 30, 2009,
(now approximately NZ$197.9 million) would be reclassified as term
debt.

Upon receiving the bank waiver, the Company also commenced
negotiations with its banking syndicate of various amendments to
its existing banking facilities.  The Company has subsequently
renegotiated a revised banking package with its banking syndicate
with the following terms:

   * A term debt facility of NZ$197.9 million that matures on
     August 31, 2012 (previously NZ$275 million expiring
     on September 30, 2011)

   * An amortizing debt facility of NZ$200 million due to be
     fully repaid by March 31, 2010 (previously NZ$125 million
     expiring on December 31, 2010)

   * A working capital facility of NZ$75 million that matures
     on August 31, 2011, with the limit and term reviewed
     annually (previously NZ$75 million expiring April 30, 2010)

   * Overdraft and guarantee facilities of approximately
     NZ$40 million.

In addition, South Canterbury Finance has agreed to extend its
debt until February 28, 2013.

                            About Agria

Agria (NYSE: GRO) -- http://www.agriacorp.com/-- is a China-based
agricultural solutions provider listed on the New York Stock
Exchange and engaged in research and development, production and
sale of upstream agricultural products.

                        About PGG Wrightson

Based in New Zealand, PGG Wrightson Limited (NZE:PGW) --
http://www.pggwrightson.co.nz-- is engaged in the provision of
rural services.  The Company's segments comprise: rural services,
including rural merchandise, irrigation and pumping services, wool
procurement, warehousing, marketing and export, and livestock
marketing and supply; technology services including farm
consultancy and supply of seeds, grains and feed supplements;
financial services including farm finance, fund management, real
estate and insurance services, and corporate services including
other unallocated items.  PGG Wrightson Limited operates
predominantly in New Zealand with some operations in Australia and
Uruguay.


PGG WRIGHTSON: Silver Fern Sells 10 Million Shares in PGG
---------------------------------------------------------
The New Zealand Press Association reports that Silver Fern Farms
Limited said it has sold 10 million shares in PGG Wrightson on the
market in a range between 73c at 79c a share.

NZPA says Silver Fern Farms gave notice of an intention to sell
some or all of its shares in PGG Wrightson a month ago.

According to the report, the notice was given under a settlement
agreement between the two companies after a failed merger.

Under that settlement, says NZPA, PGG Wrightson issued Silver Fern
Farms 10 million ordinary shares ranking equally with existing
shares.

PGG Wrightson last year defaulted on a plan to buy 50 percent of
Silver Fern Farms for $220 million, NZPA notes.

The Troubled Company Reporter-Asia Pacific reported on August 31,
2009, that PGG Wrightson posted a net loss of NZ$66.44 milion for
the year ended June 30, 2009, compared with a net income of
NZ$73.2 million in the previous year.  Its net operating earnings
after tax was NZ$30 million for the year ending June 30, 2009.

The operating performance was affected by a range of non-trading
items which meant the company reported an accounting loss.  Of
these, the most directly comparable result on which to assess
performance is the net operating profit after tax (excluding the
one-off and non-trading items) figure of NZ$30 million, down
NZ$2.9 million or 8.8% from last year.

In June 2009, the Company notified its banking syndicate of a
potential breach of its financial covenants as at June 30 due to
adverse trading conditions expected from the last four months of
the financial year.  A waiver of financial covenants was received
from both the banking syndicate and South Canterbury Finance,
before the finalization of the Company's results for the 2009
financial year.

As the waiver was not received prior to June 30, 2009,
notwithstanding the banking syndicate waived its financial
covenant requirements prior to the relevant test date, under IFRS
the Company is required to record all term debt as current as at
June 30, 2009.  Following completion of the renegotiated banking
package, debt maturing more than 12 months from June 30, 2009,
(now approximately NZ$197.9 million) would be reclassified as term
debt.

Upon receiving the bank waiver, the Company also commenced
negotiations with its banking syndicate of various amendments to
its existing banking facilities.  The Company has subsequently
renegotiated a revised banking package with its banking syndicate
with the following terms:

   * A term debt facility of NZ$197.9 million that matures on
     August 31, 2012 (previously NZ$275 million expiring
     on September 30, 2011)

   * An amortizing debt facility of NZ$200 million due to be
     fully repaid by March 31, 2010 (previously NZ$125 million
     expiring on December 31, 2010)

   * A working capital facility of NZ$75 million that matures
     on August 31, 2011, with the limit and term reviewed
     annually (previously NZ$75 million expiring April 30, 2010)

   * Overdraft and guarantee facilities of approximately
     NZ$40 million.

In addition, South Canterbury Finance has agreed to extend its
debt until February 28, 2013.

                        About Silvern Ferns

Based in Dunedin, New Zealand, Silver Fern Farms Limited --
http://www.silverfernfarms.co.nz/-- is a meat-marketing and
processing company, exporting sheep meat, beef, venison and
associated products to about 60 countries.  The company employs
more than 6,000 staff.

                        About PGG Wrightson

Based in New Zealand, PGG Wrightson Limited (NZE:PGW) --
http://www.pggwrightson.co.nz-- is engaged in the provision of
rural services.  The Company's segments comprise: rural services,
including rural merchandise, irrigation and pumping services, wool
procurement, warehousing, marketing and export, and livestock
marketing and supply; technology services including farm
consultancy and supply of seeds, grains and feed supplements;
financial services including farm finance, fund management, real
estate and insurance services, and corporate services including
other unallocated items.  PGG Wrightson Limited operates
predominantly in New Zealand with some operations in Australia and
Uruguay.


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


PICOP RESOURCES: Remains Viable & Profitable, New Receiver Says
---------------------------------------------------------------
PICOP Resources Inc. and affiliate New Paper Industries Corp.
could settle all debts, including the PHP2-billion obligation to
LandBank of the Philippines, in five years, The Manila Standard
Today reports citing the companies' new receiver

In a rehabilitation plan obtained by the Standard, rehabilitation
receiver Francisco J. Buencamino said a PHP3.26-billion cash flow
projection could cover Picop's debts and settle all credit claims.

According to the report, Mr. Buencamino said the firm, however,
would need about 450,000 cubic meters of raw materials a year to
produce newsprint and linerboards. Picop would still be viable and
profitable if it could continue to source its raw materials from
the residual forest and its own plantations, Mr. Buencamino said.

PICOP Resources Inc. was incorporated in 1952 as Bislig
Industries Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.
The company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the company
changed hands three more times.  At present, the company is
under the control of TP Holdings, Inc.

The company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc.  NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof.  In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock.  This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock.  Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on June 17,
2008, Land Bank of the Philippines filed a petition for corporate
rehabilitation of Picop Resources Inc. and its unit, New Paper
Industries Corp., after the company failed to pay over
PHP1 billion in debt.

Picop corporate information officer Hazel Que said the company
favored the filing of rehabilitation to ensure the continued
operations of the company, according to Manila Standard.


* PHILIPPINES: Fitch Assigns 'BB' Rating on Int'l Bond Issuances
----------------------------------------------------------------
Fitch Ratings has assigned the Republic of the Philippines'
upcoming US$-denominated international bond issue, which matures
in 2034, a 'BB' rating.  The rating is in line with the
Philippines' Long-term foreign currency Issuer Default Rating of
'BB', which has a Stable Outlook.

Fitch notes the ratings of the Philippines are supported by a
relatively strong Balance of Payments position compared to
similarly-rated sovereigns.  For 2009, the agency forecasts a
current account surplus for the Philippines equivalent to 3.4% of
GDP, as remittance inflows remain robust.  Since the current
account surplus is projected to exceed this year's external
amortization payments, the Philippines' gross external financing
requirement (amortization payments minus the current account
balance) is negative, which is unusual among 'BB' sovereigns.

Philippine public finances are a comparative rating weakness, as
government debt levels are well above 'BB' medians.  Fitch
forecasts a 2009 National Government deficit (excluding
privatization receipts from revenue) of PHP331bn, equivalent to
4.2% of GDP, up from 1.3% of GDP in 2008.  The forecast 'BB'
median deficit in 2009 is 3.5% of GDP.

With the forecast rise in the fiscal imbalance, Philippine
government debt is projected to increase, though modestly, to
58.6% of GDP at end-2009 from 56.3% of GDP at end-2008.  The
forecast 'BB' median government debt level in 2009 is considerably
lower, at 37.3% of GDP.


* PHILIPPINES: Moody's Assigns 'Ba3' Rating on Global Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a foreign currency rating
of Ba3 with a stable outlook to the re-opening of the Philippines'
global bond issuance program.

The issuer rating was last upgraded in July 2009 to Ba3 from B1,
as the country's external payments position and banking system
proved to be relatively resilient to the global financial turmoil.

"The authorities appear to have taken timely and appropriate steps
to limit the damage to the economy from the global crisis," says
Tom Byrne, a Moody's Singapore-based Senior Vice President and
Regional Credit Officer.

"Although revenues have come under more-than-expected pressure
--against the backdrop of a notable slowdown in GDP growth -- the
medium-term prospects of the economy and the government's fiscal
framework are not expected to experience deep damage," says Byrne,
adding," this is provided that the authorities can reinstate a
credible fiscal consolidation program."

He also notes that "incrementally higher fiscal borrowings would
not significantly worsen overall debt finance-ability or debt
affordability," adding, "reasonable shifts in the government's
borrowing plans are unlikely to result in a 'crowding out' of
private credit or raise inflationary pressures."

Moreover, stable exchange rates and adequate onshore liquidity
alongside low inflation -- which is expected to remain well within
Bangko Sentral's target range -- also provide further support to
the government's reasonable debt dynamics and its strong debt
management capabilities, says Byrne.

The last rating action on Philippines was taken on July 23, 2009,
when Moody's upgraded the sovereign bond rating to Ba3, from B1.


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


ARMADA PACIFIC: Court to Hear Wind-Up Petition on October 30
------------------------------------------------------------
A petition to wind up the operations of Armada Pacific Bulk
Carriers (Singapore) Pte. Ltd. will be heard before the High Court
of Singapore on Oct. 30, 2009, at 10:00 a.m.

Armada (Singapore) Pte Ltd filed the petition against the company
on October 8, 2009.

The Petitioner's solicitors are:

         Shook Lin & Bok LLP
         AIA Tower
         1 Robinson Road #18-00,
         Singapore 048542


HIVERN INVESTMENTS: Creditors' First Meeting Set for October 30
---------------------------------------------------------------
Hivern Investments Pte Ltd, which is under judicial management,
will hold their first meeting for its creditors on October 30,
2009, at 2:30 p.m.

The company's judicial manager is:

         Wong Joo Wan
         KPMG Advisory Services Pte. Ltd.
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


JAKATA HOLDINGS: Declared First and Final Dividend
---------------------------------------------------
Jakata Holdings Pte Ltd. declared the first and final dividend on
October 19, 2009.

The company paid 12.8% to the received claims.

The company's liquidators are Chee Yoh Chuang and Chuang
Lim Lee Meng.


KENG SOON: Creditors' Proofs of Debt Due on November 17
-------------------------------------------------------
Keng Soon Motor Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
November 17, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wee Hui Pheng
         The Adelphi
         1 Coleman Street #06-10
         Singapore 179803


MICROFAB INNOVATION: Creditors' Proofs of Debt Due on November 16
-----------------------------------------------------------------
Microfab Innovation Pte. Ltd, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by
November 16, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

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


NEW YORK PIZZA: Court to Hear Wind-Up Petition on October 30
------------------------------------------------------------
A petition to wind up the operations of New York Pizza Pte Ltd
will be heard before the High Court of Singapore on Oct. 30, 2009,
at 10:00 a.m.

Box-Pak (Johore) Sdn Bhd filed the petition against the company on
October 8, 2009.

The company's solicitors are:

          Seah Ong & Partners
          20 Malacca Street
          #05-00 Malacca Centre
          Singapore 048979


SEMBCORP NETWORK: Creditors' Proofs of Debt Due on November 16
--------------------------------------------------------------
Sembcorp Network Pte. Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
November 16, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


SUNGEI WAY: Members' Final Meeting Set for November 16
------------------------------------------------------
Members of Sungei Way Enterprise (1988) Singapore Pte Ltd will
hold their final general meeting on November 16, 2009, at
11:00 a.m., at 1 North Bridge Road #13-03 High Street Centre,
Singapore 179094.

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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