TCRAP_Public/091026.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 26, 2009, Vol. 12, No. 211

                            Headlines

A U S T R A L I A

BRIDGESTONE CORP: To Close Australia, New Zealand Factories
CENTRO PROPERTIES: Auditors May Face Possible Class Action Suit
GREAT SOUTHERN: Gov't. Offers Taxation Protection to MIS Investors
PACIFIC BRANDS: Faces More Than AU$40-Mln Loss on Hedging Contract
SUNCORP METWAY: New CEO Announces Senior Management Changes

TIMBERCORP: Gov't. Offers Taxation Protection to MIS Investors


C H I N A

AGRICULTURAL BANK: Plans to Conduct IPO Soon
AGRICULTURAL BANK: Moody's Raises Bank Fin'l Strength Rating to E+
BANK OF CHINA: Moody's Puts D- BFSR on Review for Possible Upgrade
CHINA CONSTRUCTION: Moody's Places D- BFSR Under Review
INDUSTRIAL & COMMERCIAL BANK: Moody's Puts D- BFSR on Review


H O N G  K O N G

CHEYNE CAPITAL: Creditors' Proofs of Debt Due on  November 13
CITIC KA WA: Fitch Affirms Support Rating Floor at 'BB'
FLYLUCRE PACKAGING: Court to Hear Wind-Up Petition on December 9
FAST PACE FAR: Creditors' Meeting Set for November 3
FAST PACE TRADING: Creditors' Meeting Set for November 3

GOLDEN APPLE: Court to Hear Wind-Up Petition on December 16
GOOD TIME: Court to Hear Wind-Up Petition on December 2
GOLDMART LEATHER: Creditors and Contributories to Meet on Nov. 5
GOLD EFFORT: Court to Hear Wind-Up Petition on December 9
GAT ASIA: Creditors' Meeting Set for November 9

GAT ASIA: Ko Tak Wing Appointed as Liquidator
HUGE BEST: Court to Hear Wind-Up Petition on December 2
HANG FUNG: Creditors and Contributories to Meet on November 10
HONG BAO HUA: Lui and Lauren Step Down as Liquidators
HUNG KEE: Court to Hear Wind-Up Petition on November 18

INNOVATIONS WORLDWIDE: Creditors' Meeting Set for November 3
LEHMAN BROTHERS: HKMA Updates on Minibond Cases


I N D I A

AGNICE FIRE: CRISIL Assigns 'BB+' Rating on INR120MM Cash Credit
ALPINE APPARELS: Stretched Liquidity Cues CRISIL 'BB-' Ratings
AVENUES PHARMACEUTICALS: CRISIL Reaffirms 'BB' Ratings
DALMIA LAMINATORS: CRISIL Puts 'BB-' Rating on INR236MM Term Loan
DALMIA TEA: CRISIL Assigns 'B+' Rating on INR88.1 Mln. Term Loan

HOOGHLY ALLOY: CRISIL Rates INR200.0 Million Cash Credit at 'BB+'
LASTRA NIRAJ: CRISIL Assigns 'B' Rating on  INR45.0MM Cash Credit
MAGNUM CLOTHING: Delay in Loan Repayment Cues CRISIL Junk Ratings
NANCY KRAFTS: Low Profitability Prompts CRISIL 'BB' Rating
NATARAJ OIL: CRISIL Assigns 'B+' Ratings on Various Bank Debts

PRIYADARSHINI SPINNING: CRISIL Rates Various Bank Debts at 'D'
RA TEXTILES: CRISIL Reaffirms 'C' Ratings on INR13.5MM Cash Credit
SIRMAXO CHEMICALS: CRISIL Places 'BB-' Rating on INR26MM LT Loan
SREE SHANTHOSH: CRISIL Assigns 'B+' Rating on INR12MM LT Loan
TATA MOTORS: S&P Assigns 'B' Rating on US$375 Mil. Notes

VEETEE FINE: CRISIL Puts 'B-' Ratings on Various Bank Facilities


I N D O N E S I A

ADARO INDONESIA: Fitch Assigns 'BB+' Rating on US$800 Mil. Notes
BANK MANDIRI: Seeks Arrest Order Against Djanjanti Group Owners
CHANDRA ASRI: S&P Assigns Corporate Credit Rating at 'B+'
INDIKA ENERGY: Moody's Affirms Corporate Family Rating at 'B2'
MAJAPAHIT HOLDING: S&P Puts 'BB-' Rating on Proposed Senior Notes

PERUSAHAAN LISTRIK: Moody's Assigns 'Ba2' Senior Unsec. Rating


J A P A N

CAFES 2: Fitch Downgrades Ratings on Various Classes of Notes
FREESCALE SEMICONDUCTOR: Payments Under Yen Revolver Revised
JAPAN AIRLINES: Gov't. to Tap New Turnaround Agency for JAL
L-JAC FIVE: S&P Downgrades Ratings on Various Classes of Notes
MAZDA MOTOR: Sells Record 91,000 Vehicles in China

NIPPONKOA INSURANCE: FSA May Issue Business Improvement Order
NIS GROUP: S&P Raises Counterparty Credit Rating to 'CCC-'
RESONA HOLDINGS: May Sell JPY70-Bln in Preferred Shares


M A L A Y S I A

LITYAN HOLDINGS: Earns MYR611,000 in Third Quarter Ended Sept. 30
NIKKO ELECTRONICS: Appoints M&A Securities as Principal Adviser
POLY TOWER: Subsidiary Defaults on MYR775,738 Loan
RBTR ASSET: SC Obtains Receivership Order Against RBTR


N E W  Z E A L A N D

NAVICO ASIA-PACIFIC: Mulls Closing Auckland Factory


S I N G A P O R E

LEHMAN BROTHERS: MAS Welcomes Deal on Minibond Notes


T A I W A N

AU OPTRONICS: Posts NT$7.3 Billion Net Income in 3rd Qtr


V I E T N A M

VIETNAM JOINT-STOCK: Fitch Affirms Individual Rating 'D/E'


                         - - - - -


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


BRIDGESTONE CORP: To Close Australia, New Zealand Factories
-----------------------------------------------------------
Bridgestone Australia Ltd said Friday it will close its tire
manufacturing facilities in Adelaide, South Australia, and
Christchurch, New Zealand.

"Despite continued efforts to improve cost competitiveness at both
plants, international competitive forces have been making tire
manufacturing in Australia and New Zealand increasingly difficult
to the point where the operations in both countries are no longer
viable," Bridgestone said in a statement.

The closures will affect around 275 employees in Christchurch and
600 in Adelaide.  Bridgestone's distribution, customer service and
retail networks, which employs more tha 1,500 people, will
continue unaffected.

The closures will take effect at the New Zealand manufacturing
plant by the end of 2009 and at the Australian facility no later
than April 30, 2010.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, Japan Times, citing The Associated Press, said
Bridgestone reported a 92 percent plunge in annual profit due to
the sharply declining global demand for tires.  Bridgestone, The
Japan Times said, reported a JPY10.41 billion net profit for the
year ending Dec. 31, down from JPY131.63 billion the previous
year.  Net sales for the year dropped 5 percent to JPY3.23
trillion due in part to the exchange impact of the stronger
Japanese yen and a decline in unit sales.  The company posted an
operating income JPY131.5 billion, down 47 percent while ordinary
income decreased 66 percent to JPY74.4 billion.  According to
Japan Times, the main cause for the poor results was sliding
demand for tires caused by stagnating auto markets around the
world crippled by the U.S. financial crisis and its fallout.

Bridgestone Corporation (TYO:5108) --
http://www.bridgestone.co.jp/-- is a Japan-based manufacturing
company.  The Company has two business segments.  The Tire segment
is engaged in the manufacture and sale of reclaimed material,
tires and tubes for passenger automobiles, trucks, buses,
industrial vehicles, agricultural machinery, aircrafts and
motorcycles, as well as the sale of tire-related products.  This
segment also provides automotive maintenance and repair services.
The Diversified Product segment provides automobile-related parts,
urethane foams, electronic precision parts, industrial material-
related products, construction-related products, sports products,
such as golf balls and golf clubs, bicycles, as well as financial
services.  Headquartered in Tokyo, Bridgestone has 449
subsidiaries and 182 associated companies.


CENTRO PROPERTIES: Auditors May Face Possible Class Action Suit
---------------------------------------------------------------
Bridget Carter at The Australian reports that the corporate
watchdog's case announced last week against Centro Properties
Group directors may trigger a class action targeting the shopping
centre owner's auditor, PricewaterhouseCoopers.

According to the report, Maurice Blackburn senior associate
Martin Hyde said a class action against PwC was under
consideration.  This would add to an existing class action case
against Centro, The Australian notes.

Mediation for the two class actions, seeking more than $1 billion
in compensation for investors and filed by Maurice Blackburn and
Slater & Gordon, was held in July and the case has been further
adjourned until December.

The report notes Mr. Hyde said the ASIC case and the class actions
would run parallel to each other and any evidence or findings that
came from the ASIC hearing could be used in the class action case.

As reported in The Troubled Company Reporter-Asia Pacific on
October 21, 2009, the Australian Securities and Investment
Commission launched civil penalty proceedings in the Federal Court
of Australia against current and former directors and a former
Chief Financial Officer of various entities within the Centro
Properties Group and Centro Retail Group.

Central to ASIC's action is the responsibility of company
directors and chief financial officers to take reasonable steps to
ensure that information contained in financial reports and
disclosed to the market, is accurate, complies with relevant
accounting standards, and is not misleading, the corporate
regulator said in a statement.

ASIC said it is seeking declarations that the directors and an
officer breached their duties owed to entities within Centro.  The
defendants to ASIC's action are:

   * Brian Healey, former Chairman and non-executive director;

   * Andrew Thomas Scott, former Chief Executive Officer (CEO)
     and Managing Director;

   * Samuel Kavourakis, a former non-executive director;

   * James William Hall, a non-executive director;

   * Paul Ashley Cooper, a non-executive director;

   * Peter Graham Goldie, a former non-executive director;

   * Louis Peter Wilkinson, a former non-executive director; and

   * Romano George Nenna, former CFO.

ASIC said it is seeking orders to disqualify the directors and
officer from managing corporations and will ask the Court to
impose pecuniary penalties on them.

ASIC alleged that these directors and officer failed to discharge
their duties with due care and diligence in approving the
financial reports for Centro Properties Ltd, Centro Property Trust
and Centro Retail Trust for the year ended June 30, 2007.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centers.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centers
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                           *     *     *

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


GREAT SOUTHERN: Gov't. Offers Taxation Protection to MIS Investors
------------------------------------------------------------------
The Assistant Treasurer, Senator Nick Sherry, has announced the
Rudd Government will amend the tax law to protect around 19,000
investors in forestry managed investment schemes from an
unintended and adverse tax outcome.

The collapse of Timbercorp and Great Southern is expected to lead
to a number of forestry MIS being wound-up or restructured, which
could cause investors to fail the requirement of having held their
interest in the MIS for four years as a condition of an up-front
tax deduction, Assistant Treasurer Nick Sherry said in a statement
released on October 21.

The Rudd Government will amend this four-year holding period rule
for forestry MIS to ensure that it cannot be failed for reasons
genuinely outside an investor's control.

"Under current law, investors in forestry MIS managed by
Timbercorp and Great Southern may have previous years' deductions
clawed back because they haven't held their interests for four
years," Mr. Sherry said.

"The four-year holding rules were introduced in 2007 as part of a
package to regulate secondary trading of forestry interests."

"Many of the investments in question were made before this holding
requirement was put in place -- at the time they decided to
invest, these investors had no way of knowing that their
deductions were at risk."

"The Rudd Government doesn't consider that to be a desirable
outcome, as it unduly penalizes investors for events outside their
control."

"Accordingly, we will amend the tax law to allow an investor's
deduction to stand where the four-year holding rule is failed due
to events beyond the control of the investor."

"These events include insolvency of the MIS manager, the death of
the investor or where an MIS interest is cancelled, for example
because of trees being destroyed by fire, flood or drought."

The Government will also amend the law to ensure that civil
penalties can still apply to the promoters of forestry MIS
notwithstanding that the investors' deductions are allowed to
stand because of the amendment to the four-year holding rules.

The promoter penalty provisions are an important integrity measure
designed to discourage the implementation of schemes covered by an
Australian Taxation Office product ruling in a way that is
materially different from the product ruling.

"The amendments will ensure the right balance between protecting
certain investors' deductions and discouraging excessively risky
behaviour," the Assistant Treasurer said.

"They ensure that taxpayers are not unfairly affected as a result
of events outside their control, while maintaining robust
integrity provisions."

As the holding period rules apply only to investments in forestry
MIS, investors in other agribusiness MIS are not affected.

The Government will release draft legislation for public comment.

                       About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


PACIFIC BRANDS: Faces More Than AU$40-Mln Loss on Hedging Contract
------------------------------------------------------------------
Blair Speedy at The Australian reports that Pacific Brands Ltd is
facing a possible loss of more than AU$40 million as a result of
the surging Australian dollar.

The report, citing Pacific Brands Chief Financial Officer David
Bortolussi, relates PacBrands was locked in to an exchange rate of
US67c until December 31, and had taken out further hedging at more
than US80c for the fourth quarter.

"Our position for the first three quarters of the financial year I
wouldn't say was favorable versus current rates because we've
hedged at lower rates than current rates, and that's a legacy of
positions taken earlier this year," The Australian quoted
Mr. Bortolussi as saying.  "The hedge book is currently out of the
money for the hedges we have in place at the moment in the order
of the mid-$40 millions," he said.

The report relates Chief executive Sue Morphet said underlying
earnings before interest, tax and amortization were expected to
decline in the first half of the financial year, "primarily as a
result of the full impact of currency volatility in 2008-09 and
the roll-forward of existing contracts put in place when the
Australian dollar was at lower levels".

Ms. Morphet, according to The Australian, warned that annual sales
revenue would be down this year as a result of brand
rationalization, which had deleted about 10% of stock-keeping
units across the portfolio as underperforming lines were slashed.

The report notes Chairman James MacKenzie said the resumption of
dividends, which were suspended earlier this year while the
company refinanced debt and carried out a capital raising, would
be considered by the board at the end of the first half.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2009, Bloomberg News said Pacific Brands obtained a six-
month extension to repay AU$330 million (US$215 million) of debt.
The extended debt is part of the company's AU$550 million debt due
in February 2010, Bloomberg News related.

Bloomberg News said with the extension, the company aims to save
AU$150 million by cutting a total of 1,850 jobs, with 1,200
positions to go from its Australian factories.  The company had
8,126 employees at June 30, according to data compiled by
Bloomberg.

The company also plans to either shut down or sell as going
concerns some of its seven plants subject for elimination.

In addition, Pacific Brands will cull more than 200 brands that
contribute less than 2% of revenue, Bloomberg News disclosed.

In the six months ended December 2008, Pacific Brands incurred a
loss of AU$149.8 million after writing down the value of its
assets by AU$206 million.

                      About Pacific Brands

Based in Australia, Pacific Brands Limited (ASX:PBG) --
http://www.pacificbrands.com.au/-- is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding, foams,
corporate uniforms, workwear, streetwear, lifestyle apparel and
sporting goods markets.  All products are sold predominantly
throughout the Asia-Pacific region.  The company also markets and
distributes underwear, intimates, footwear and bed linen in the
United Kingdom and Europe.  The company's segments comprise
Underwear & Hosiery, Outerwear & Sport, Home Comfort, Footwear and
Other.  In June 2008, the company sold its New Zealand foams,
flooring and bedding business.


SUNCORP METWAY: New CEO Announces Senior Management Changes
-----------------------------------------------------------
Suncorp Group Chief Executive Patrick Snowball has announced
changes to his senior management team.

Mark Milliner, currently Group Executive, Commercial Insurance,
will assume leadership of the Personal Insurance business.
Anthony Day, a former senior executive of Zurich Insurance and
currently Executive General Manager, Intermediated Distribution,
will be promoted to the role of Group Executive, Commercial
Insurance.

Mr. Snowball said, "Mark and Anthony are seasoned insurance
executives and I am very confident that they will maintain the
momentum of their businesses as we further refine the general
insurance strategy."

Bernadette Inglis will leave the Group.  "I have enjoyed being a
Group Executive with Suncorp and am especially proud of what the
Personal Insurance business has achieved in the past 15 months
under my leadership. The operational foundations have been laid
and it's a strong business, well positioned for the future," Ms.
Inglis said.

Mr. Snowball said, "Bernadette has steered Personal Insurance
through a difficult year while continuing to grow market share and
strengthen the brands.  I would like to thank her for her
contribution to Personal Insurance and Suncorp and wish her well
in the future."

Mr. Snowball said he had also identified a need to recruit a
senior leader with responsibility for the Group's human resources
processes with this role being elevated to Group Executive level.
As a result, Stuart McDonald, currently Group Executive, Strategy,
People and Corporate Services will be leaving Suncorp.

Mr. McDonald said, "After 14 years with Suncorp I'm looking
forward to new challenges and I wish the Group and the team every
success."

Mr. Snowball thanked Mr McDonald for his outstanding service to
Suncorp and its predecessor companies. "Stuart has made a major
contribution to the company in many roles including as a member of
the original integration team in 1997."

Group Executives David Foster (Bank), Geoff Summerhayes (Life),
Jeff Smith (Business Technology) and Roger Bell (Vero New Zealand)
have been confirmed in their roles.

Internal and external searches for the Human Resources role, as
well as for a Chief Financial Officer and Chief Risk Officer, are
well advanced.  A further update on appointments and Group
structures will be made once these searches are finalized.

                       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.


TIMBERCORP: Gov't. Offers Taxation Protection to MIS Investors
--------------------------------------------------------------
The Assistant Treasurer, Senator Nick Sherry, has announced the
Rudd Government will amend the tax law to protect around 19,000
investors in forestry managed investment schemes from an
unintended and adverse tax outcome.

The collapse of Timbercorp and Great Southern is expected to lead
to a number of forestry MIS being wound-up or restructured, which
could cause investors to fail the requirement of having held their
interest in the MIS for four years as a condition of an up-front
tax deduction, Assistant Treasurer Nick Sherry said in a statement
released on October 21.

The Rudd Government will amend this four-year holding period rule
for forestry MIS to ensure that it cannot be failed for reasons
genuinely outside an investor's control.

"Under current law, investors in forestry MIS managed by
Timbercorp and Great Southern may have previous years' deductions
clawed back because they haven't held their interests for four
years," Mr. Sherry said.

"The four-year holding rules were introduced in 2007 as part of a
package to regulate secondary trading of forestry interests."

"Many of the investments in question were made before this holding
requirement was put in place -- at the time they decided to
invest, these investors had no way of knowing that their
deductions were at risk."

"The Rudd Government doesn't consider that to be a desirable
outcome, as it unduly penalizes investors for events outside their
control."

"Accordingly, we will amend the tax law to allow an investor's
deduction to stand where the four-year holding rule is failed due
to events beyond the control of the investor."

"These events include insolvency of the MIS manager, the death of
the investor or where an MIS interest is cancelled, for example
because of trees being destroyed by fire, flood or drought."

The Government will also amend the law to ensure that civil
penalties can still apply to the promoters of forestry MIS
notwithstanding that the investors' deductions are allowed to
stand because of the amendment to the four-year holding rules.

The promoter penalty provisions are an important integrity measure
designed to discourage the implementation of schemes covered by an
Australian Taxation Office product ruling in a way that is
materially different from the product ruling.

"The amendments will ensure the right balance between protecting
certain investors' deductions and discouraging excessively risky
behaviour," the Assistant Treasurer said.

"They ensure that taxpayers are not unfairly affected as a result
of events outside their control, while maintaining robust
integrity provisions."

As the holding period rules apply only to investments in forestry
MIS, investors in other agribusiness MIS are not affected.

The Government will release draft legislation for public comment.

                         About Timbercorp

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

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

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


=========
C H I N A
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AGRICULTURAL BANK: Plans to Conduct IPO Soon
--------------------------------------------
Agricultural Bank of China is planning a public share sale as soon
as possible, Bloomberg News reports citing President Zhang Yun.

"Agricultural Bank of China is actively preparing for an IPO and
will try to achieve an IPO as early as possible," Bloomberg quoted
ABC President Zhang as saying at a financial forum in Shanghai.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2009, Agricultural Bank of China raised CNY50 billion
(US$7.3 billion) through sale of corporate bonds.  The move is
aimed to boost capital and help pave the way for an initial public
offering planned for as early as the second half of this year.

Bloomberg said Agricultural Bank has weaker capital ratios
than its three largest domestic rivals even after getting US$19
billion from the government in October 2008, potentially making it
less attractive to equity investors.

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

                           *     *     *

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


AGRICULTURAL BANK: Moody's Raises Bank Fin'l Strength Rating to E+
------------------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on
four Chinese banks and affirmed the ratings on nine others to
reflect the performance of the banks during the current financial
crisis.

The four banks affected by the multiple rating actions are:
Industrial & Commercial Bank of China, China Construction Bank,
Bank of China, and Agricultural Bank of China.

Specifically, these rating actions were taken:

[1] The Bank Financial Strength Ratings of three banks -- ICBC
    (D-, positive outlook), CCB (D-, positive outlook), and BOC
    (D-, stable outlook) -- were placed on review for possible
    upgrade.

[2] The BFSR of ABC was upgraded from E to E+, and mapped to a
    baseline credit assessment of B1, up from Caa3.  The revised
    rating carries a stable outlook.

The BFSRs of the nine other banks were affirmed.  These banks are
Bank of Communications, China Merchants Bank, China CITIC Bank,
Shanghai Pudong Development Bank, China Everbright Bank, Guangdong
Development Bank, Shenzhen Development Bank, HSBC Bank China, and
Hang Seng Bank China.

Finally, the foreign currency long-term and short-term deposit
ratings of all 13 banks were affirmed.

The rating actions and affirmations follow a comprehensive review
of all the 13 Chinese rated banks after (i) reviews of their
operational and financial profiles, and (ii) the implementation of
a scenario analysis that tested the banks' sensitivity to various
credit loss assumptions.

Yvonne Zhang, a Moody's Vice President and Senior Analyst,
explains the rating actions:

                     Rating Actions On BFSRs

In determining the BFSRs, Moody's assesses the banks' capital
levels after incorporating expected losses on their risky assets,
using scenario analysis.

This application of a forward-looking view on their capital ratios
is in line with Moody's reports, "Calibrating Bank Ratings in the
Context of the Global Financial Crisis" and "Moody's Approach to
Estimating Bank Credit Losses and their Impact on Bank Financial
Strength Ratings", published in February and May respectively this
year.

In Moody's opinion, bank loans originated during the first half of
2009 carry a fair amount of risks due to weakened economic
conditions and loosened underwriting standards.

However, an estimate of credit losses in various scenarios shows
that the rated banks' earnings power, loan loss reserve levels,
and capital adequacy levels are sufficient for their current BFSRs
and outlooks.  In the cases of ICBC, CCB, BOC, and ABC, Moody's
analysis has highlighted their financial strength relative to
their current ratings.

Moody's placed ICBC, CCB, and BOC's BFSR on review for possible
upgrade because since their IPOs, (i) ICBC, CCB, and BOC have
significantly improved their risk management and corporate
governance practices; and (ii) their current earnings power, loss
reserve levels, and capital ratios have been much more robust than
what their current ratings suggest, and they are expected to
remain strong in the foreseeable future.

Moody's upgraded ABC's BFSR from E to E+ to primarily reflect its
strengthened capital position and continued reforms after Central
Huijing Investment Ltd's capital injection and the transfer of
most of the bank's NPLs from its balance sheet to a new fund at
the end of 2008.

Moody's last rating actions were taken on August 10, 2007 for
ICBC; August 9, 2007 for CCB; and October 24, 2008 for ABC, when
Moody's changed the outlooks on their BFSRs to positive from
stable.

Moody's last rating action on BOC was taken on July 26, 2007 when
Moody's upgraded its long-term deposit rating to A1 from A2.

Moody's last rating action on CITICB was taken on November 18,
2008 when Moody's changed the outlook on its foreign currency
long-term deposit rating to negative from stable.

Moody's last rating action on CEB was taken on May 4, 2007 when
Moody's affirmed all CEB's ratings and the outlook.

Moody's last rating action on BoCom was taken on May 4, 2007 when
Moody's raised the long-term foreign currency deposit rating to
Baa1 from Baa2 and the short-term foreign currency deposit rating
to P-2 from P-3.

Moody's last rating action on CMB was taken on June 3, 2008 when
Moody's affirmed the long-term/short-term foreign currency deposit
ratings of Baa3/P-3 and BFSR of D+.

Moody's last rating action on Shanghai Pudong Development Bank was
taken on May 4, 2007 when Moody's affirmed the BFSR of D, the
long-term foreign currency deposit rating of Ba1, and the short-
term foreign currency deposit rating of NP.

Moody's last rating action on GDB was taken on August 9, 2007 when
Moody's upgraded GDB's BFSR from E+ to D- and its long-term
foreign currency deposit rating from Ba3 to Ba2.

Moody's last rating action on SZDB was taken on June 16, 2009 when
Moody's changed the outlook on SZDB's D- BFSR and Ba2 foreign
currency deposit rating to positive from stable.

Moody's last rating action on HBCN was taken on July 26, 2007 when
Moody's upgrade the long-term foreign and domestic currency bank
deposit ratings from A2 to A1.

Moody's last rating action on HACN was taken on October 29, 2007
when Moody's assigned BFSR of D, the long-term foreign and
domestic currency bank deposit ratings of A1 and the long-term
foreign and domestic currency bank deposit ratings of P-1.

All the four banks which were the subjects of the rating actions
are headquartered in Beijing.  As of June, 2009, ICBC reported
assets of RMB 11.4 trillion (approximately US$1.7 trillion), CCB
RMB 9.1 trillion (US$1.3 trillion), and BOC RMB 8.2 trillion
(US$1.2 trillion).  As of December 2008, ABC reported assets of
RMB 7 trillion (US$1 trillion).

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

  -- Bank Financial Strength E+ (upgraded from E)
  -- LT Bank Deposits (Foreign) A1 with stable outlook
  -- ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

  -- Bank Financial Strength D+
  -- LT Bank Deposits (Foreign) Baa3
  -- ST Bank Deposits (Foreign) P-3

China CITIC Bank:

  -- Bank Financial Strength D with stable outlook
  -- LT Bank Deposits (Foreign) Baa2 with negative outlook
  -- ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba2
  -- ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

  -- Bank Financial Strength D- with positive outlook
  -- LT Bank Deposits (Foreign) Ba2 with positive outlook
  -- ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1


BANK OF CHINA: Moody's Puts D- BFSR on Review for Possible Upgrade
------------------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on
four Chinese banks and affirmed the ratings on nine others to
reflect the performance of the banks during the current financial
crisis.

The four banks affected by the multiple rating actions are:
Industrial & Commercial Bank of China, China Construction Bank,
Bank of China, and Agricultural Bank of China.

Specifically, these rating actions were taken:

[1] The Bank Financial Strength Ratings of three banks -- ICBC
    (D-, positive outlook), CCB (D-, positive outlook), and BOC
    (D-, stable outlook) -- were placed on review for possible
    upgrade.

[2] The BFSR of ABC was upgraded from E to E+, and mapped to a
    baseline credit assessment of B1, up from Caa3.  The revised
    rating carries a stable outlook.

The BFSRs of the nine other banks were affirmed.  These banks are
Bank of Communications, China Merchants Bank, China CITIC Bank,
Shanghai Pudong Development Bank, China Everbright Bank, Guangdong
Development Bank, Shenzhen Development Bank, HSBC Bank China, and
Hang Seng Bank China.

Finally, the foreign currency long-term and short-term deposit
ratings of all 13 banks were affirmed.

The rating actions and affirmations follow a comprehensive review
of all the 13 Chinese rated banks after (i) reviews of their
operational and financial profiles, and (ii) the implementation of
a scenario analysis that tested the banks' sensitivity to various
credit loss assumptions.

Yvonne Zhang, a Moody's Vice President and Senior Analyst,
explains the rating actions:

                     Rating Actions On BFSRs

In determining the BFSRs, Moody's assesses the banks' capital
levels after incorporating expected losses on their risky assets,
using scenario analysis.

This application of a forward-looking view on their capital ratios
is in line with Moody's reports, "Calibrating Bank Ratings in the
Context of the Global Financial Crisis" and "Moody's Approach to
Estimating Bank Credit Losses and their Impact on Bank Financial
Strength Ratings", published in February and May respectively this
year.

In Moody's opinion, bank loans originated during the first half of
2009 carry a fair amount of risks due to weakened economic
conditions and loosened underwriting standards.

However, an estimate of credit losses in various scenarios shows
that the rated banks' earnings power, loan loss reserve levels,
and capital adequacy levels are sufficient for their current BFSRs
and outlooks.  In the cases of ICBC, CCB, BOC, and ABC, Moody's
analysis has highlighted their financial strength relative to
their current ratings.

Moody's placed ICBC, CCB, and BOC's BFSR on review for possible
upgrade because since their IPOs, (i) ICBC, CCB, and BOC have
significantly improved their risk management and corporate
governance practices; and (ii) their current earnings power, loss
reserve levels, and capital ratios have been much more robust than
what their current ratings suggest, and they are expected to
remain strong in the foreseeable future.

Moody's upgraded ABC's BFSR from E to E+ to primarily reflect its
strengthened capital position and continued reforms after Central
Huijing Investment Ltd's capital injection and the transfer of
most of the bank's NPLs from its balance sheet to a new fund at
the end of 2008.

Moody's last rating actions were taken on August 10, 2007 for
ICBC; August 9, 2007 for CCB; and October 24, 2008 for ABC, when
Moody's changed the outlooks on their BFSRs to positive from
stable.

Moody's last rating action on BOC was taken on July 26, 2007 when
Moody's upgraded its long-term deposit rating to A1 from A2.

Moody's last rating action on CITICB was taken on November 18,
2008 when Moody's changed the outlook on its foreign currency
long-term deposit rating to negative from stable.

Moody's last rating action on CEB was taken on May 4, 2007 when
Moody's affirmed all CEB's ratings and the outlook.

Moody's last rating action on BoCom was taken on May 4, 2007 when
Moody's raised the long-term foreign currency deposit rating to
Baa1 from Baa2 and the short-term foreign currency deposit rating
to P-2 from P-3.

Moody's last rating action on CMB was taken on June 3, 2008 when
Moody's affirmed the long-term/short-term foreign currency deposit
ratings of Baa3/P-3 and BFSR of D+.

Moody's last rating action on Shanghai Pudong Development Bank was
taken on May 4, 2007 when Moody's affirmed the BFSR of D, the
long-term foreign currency deposit rating of Ba1, and the short-
term foreign currency deposit rating of NP.

Moody's last rating action on GDB was taken on August 9, 2007 when
Moody's upgraded GDB's BFSR from E+ to D- and its long-term
foreign currency deposit rating from Ba3 to Ba2.

Moody's last rating action on SZDB was taken on June 16, 2009 when
Moody's changed the outlook on SZDB's D- BFSR and Ba2 foreign
currency deposit rating to positive from stable.

Moody's last rating action on HBCN was taken on July 26, 2007 when
Moody's upgrade the long-term foreign and domestic currency bank
deposit ratings from A2 to A1.

Moody's last rating action on HACN was taken on October 29, 2007
when Moody's assigned BFSR of D, the long-term foreign and
domestic currency bank deposit ratings of A1 and the long-term
foreign and domestic currency bank deposit ratings of P-1.

All the four banks which were the subjects of the rating actions
are headquartered in Beijing.  As of June, 2009, ICBC reported
assets of RMB 11.4 trillion (approximately US$1.7 trillion), CCB
RMB 9.1 trillion (US$1.3 trillion), and BOC RMB 8.2 trillion
(US$1.2 trillion).  As of December 2008, ABC reported assets of
RMB 7 trillion (US$1 trillion).

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

  -- Bank Financial Strength E+ (upgraded from E)
  -- LT Bank Deposits (Foreign) A1 with stable outlook
  -- ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

  -- Bank Financial Strength D+
  -- LT Bank Deposits (Foreign) Baa3
  -- ST Bank Deposits (Foreign) P-3

China CITIC Bank:

  -- Bank Financial Strength D with stable outlook
  -- LT Bank Deposits (Foreign) Baa2 with negative outlook
  -- ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba2
  -- ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

  -- Bank Financial Strength D- with positive outlook
  -- LT Bank Deposits (Foreign) Ba2 with positive outlook
  -- ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1


CHINA CONSTRUCTION: Moody's Places D- BFSR Under Review
-------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on
four Chinese banks and affirmed the ratings on nine others to
reflect the performance of the banks during the current financial
crisis.

The four banks affected by the multiple rating actions are:
Industrial & Commercial Bank of China, China Construction Bank,
Bank of China, and Agricultural Bank of China.

Specifically, these rating actions were taken:

[1] The Bank Financial Strength Ratings of three banks -- ICBC
    (D-, positive outlook), CCB (D-, positive outlook), and BOC
    (D-, stable outlook) -- were placed on review for possible
    upgrade.

[2] The BFSR of ABC was upgraded from E to E+, and mapped to a
    baseline credit assessment of B1, up from Caa3.  The revised
    rating carries a stable outlook.

The BFSRs of the nine other banks were affirmed.  These banks are
Bank of Communications, China Merchants Bank, China CITIC Bank,
Shanghai Pudong Development Bank, China Everbright Bank, Guangdong
Development Bank, Shenzhen Development Bank, HSBC Bank China, and
Hang Seng Bank China.

Finally, the foreign currency long-term and short-term deposit
ratings of all 13 banks were affirmed.

The rating actions and affirmations follow a comprehensive review
of all the 13 Chinese rated banks after (i) reviews of their
operational and financial profiles, and (ii) the implementation of
a scenario analysis that tested the banks' sensitivity to various
credit loss assumptions.

Yvonne Zhang, a Moody's Vice President and Senior Analyst,
explains the rating actions:

                     Rating Actions On BFSRs

In determining the BFSRs, Moody's assesses the banks' capital
levels after incorporating expected losses on their risky assets,
using scenario analysis.

This application of a forward-looking view on their capital ratios
is in line with Moody's reports, "Calibrating Bank Ratings in the
Context of the Global Financial Crisis" and "Moody's Approach to
Estimating Bank Credit Losses and their Impact on Bank Financial
Strength Ratings", published in February and May respectively this
year.

In Moody's opinion, bank loans originated during the first half of
2009 carry a fair amount of risks due to weakened economic
conditions and loosened underwriting standards.

However, an estimate of credit losses in various scenarios shows
that the rated banks' earnings power, loan loss reserve levels,
and capital adequacy levels are sufficient for their current BFSRs
and outlooks.  In the cases of ICBC, CCB, BOC, and ABC, Moody's
analysis has highlighted their financial strength relative to
their current ratings.

Moody's placed ICBC, CCB, and BOC's BFSR on review for possible
upgrade because since their IPOs, (i) ICBC, CCB, and BOC have
significantly improved their risk management and corporate
governance practices; and (ii) their current earnings power, loss
reserve levels, and capital ratios have been much more robust than
what their current ratings suggest, and they are expected to
remain strong in the foreseeable future.

Moody's upgraded ABC's BFSR from E to E+ to primarily reflect its
strengthened capital position and continued reforms after Central
Huijing Investment Ltd's capital injection and the transfer of
most of the bank's NPLs from its balance sheet to a new fund at
the end of 2008.

Moody's last rating actions were taken on August 10, 2007 for
ICBC; August 9, 2007 for CCB; and October 24, 2008 for ABC, when
Moody's changed the outlooks on their BFSRs to positive from
stable.

Moody's last rating action on BOC was taken on July 26, 2007 when
Moody's upgraded its long-term deposit rating to A1 from A2.

Moody's last rating action on CITICB was taken on November 18,
2008 when Moody's changed the outlook on its foreign currency
long-term deposit rating to negative from stable.

Moody's last rating action on CEB was taken on May 4, 2007 when
Moody's affirmed all CEB's ratings and the outlook.

Moody's last rating action on BoCom was taken on May 4, 2007 when
Moody's raised the long-term foreign currency deposit rating to
Baa1 from Baa2 and the short-term foreign currency deposit rating
to P-2 from P-3.

Moody's last rating action on CMB was taken on June 3, 2008 when
Moody's affirmed the long-term/short-term foreign currency deposit
ratings of Baa3/P-3 and BFSR of D+.

Moody's last rating action on Shanghai Pudong Development Bank was
taken on May 4, 2007 when Moody's affirmed the BFSR of D, the
long-term foreign currency deposit rating of Ba1, and the short-
term foreign currency deposit rating of NP.

Moody's last rating action on GDB was taken on August 9, 2007 when
Moody's upgraded GDB's BFSR from E+ to D- and its long-term
foreign currency deposit rating from Ba3 to Ba2.

Moody's last rating action on SZDB was taken on June 16, 2009 when
Moody's changed the outlook on SZDB's D- BFSR and Ba2 foreign
currency deposit rating to positive from stable.

Moody's last rating action on HBCN was taken on July 26, 2007 when
Moody's upgrade the long-term foreign and domestic currency bank
deposit ratings from A2 to A1.

Moody's last rating action on HACN was taken on October 29, 2007
when Moody's assigned BFSR of D, the long-term foreign and
domestic currency bank deposit ratings of A1 and the long-term
foreign and domestic currency bank deposit ratings of P-1.

All the four banks which were the subjects of the rating actions
are headquartered in Beijing.  As of June, 2009, ICBC reported
assets of RMB 11.4 trillion (approximately US$1.7 trillion), CCB
RMB 9.1 trillion (US$1.3 trillion), and BOC RMB 8.2 trillion
(US$1.2 trillion).  As of December 2008, ABC reported assets of
RMB 7 trillion (US$1 trillion).

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

  -- Bank Financial Strength E+ (upgraded from E)
  -- LT Bank Deposits (Foreign) A1 with stable outlook
  -- ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

  -- Bank Financial Strength D+
  -- LT Bank Deposits (Foreign) Baa3
  -- ST Bank Deposits (Foreign) P-3

China CITIC Bank:

  -- Bank Financial Strength D with stable outlook
  -- LT Bank Deposits (Foreign) Baa2 with negative outlook
  -- ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba2
  -- ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

  -- Bank Financial Strength D- with positive outlook
  -- LT Bank Deposits (Foreign) Ba2 with positive outlook
  -- ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1


INDUSTRIAL & COMMERCIAL BANK: Moody's Puts D- BFSR on Review
------------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on
four Chinese banks and affirmed the ratings on nine others to
reflect the performance of the banks during the current financial
crisis.

The four banks affected by the multiple rating actions are:
Industrial & Commercial Bank of China, China Construction Bank,
Bank of China, and Agricultural Bank of China.

Specifically, these rating actions were taken:

[1] The Bank Financial Strength Ratings of three banks -- ICBC
    (D-, positive outlook), CCB (D-, positive outlook), and BOC
    (D-, stable outlook) -- were placed on review for possible
    upgrade.

[2] The BFSR of ABC was upgraded from E to E+, and mapped to a
    baseline credit assessment of B1, up from Caa3.  The revised
    rating carries a stable outlook.

The BFSRs of the nine other banks were affirmed.  These banks are
Bank of Communications, China Merchants Bank, China CITIC Bank,
Shanghai Pudong Development Bank, China Everbright Bank, Guangdong
Development Bank, Shenzhen Development Bank, HSBC Bank China, and
Hang Seng Bank China.

Finally, the foreign currency long-term and short-term deposit
ratings of all 13 banks were affirmed.

The rating actions and affirmations follow a comprehensive review
of all the 13 Chinese rated banks after (i) reviews of their
operational and financial profiles, and (ii) the implementation of
a scenario analysis that tested the banks' sensitivity to various
credit loss assumptions.

Yvonne Zhang, a Moody's Vice President and Senior Analyst,
explains the rating actions:

                     Rating Actions On BFSRs

In determining the BFSRs, Moody's assesses the banks' capital
levels after incorporating expected losses on their risky assets,
using scenario analysis.

This application of a forward-looking view on their capital ratios
is in line with Moody's reports, "Calibrating Bank Ratings in the
Context of the Global Financial Crisis" and "Moody's Approach to
Estimating Bank Credit Losses and their Impact on Bank Financial
Strength Ratings", published in February and May respectively this
year.

In Moody's opinion, bank loans originated during the first half of
2009 carry a fair amount of risks due to weakened economic
conditions and loosened underwriting standards.

However, an estimate of credit losses in various scenarios shows
that the rated banks' earnings power, loan loss reserve levels,
and capital adequacy levels are sufficient for their current BFSRs
and outlooks.  In the cases of ICBC, CCB, BOC, and ABC, Moody's
analysis has highlighted their financial strength relative to
their current ratings.

Moody's placed ICBC, CCB, and BOC's BFSR on review for possible
upgrade because since their IPOs, (i) ICBC, CCB, and BOC have
significantly improved their risk management and corporate
governance practices; and (ii) their current earnings power, loss
reserve levels, and capital ratios have been much more robust than
what their current ratings suggest, and they are expected to
remain strong in the foreseeable future.

Moody's upgraded ABC's BFSR from E to E+ to primarily reflect its
strengthened capital position and continued reforms after Central
Huijing Investment Ltd's capital injection and the transfer of
most of the bank's NPLs from its balance sheet to a new fund at
the end of 2008.

Moody's last rating actions were taken on August 10, 2007 for
ICBC; August 9, 2007 for CCB; and October 24, 2008 for ABC, when
Moody's changed the outlooks on their BFSRs to positive from
stable.

Moody's last rating action on BOC was taken on July 26, 2007 when
Moody's upgraded its long-term deposit rating to A1 from A2.

Moody's last rating action on CITICB was taken on November 18,
2008 when Moody's changed the outlook on its foreign currency
long-term deposit rating to negative from stable.

Moody's last rating action on CEB was taken on May 4, 2007 when
Moody's affirmed all CEB's ratings and the outlook.

Moody's last rating action on BoCom was taken on May 4, 2007 when
Moody's raised the long-term foreign currency deposit rating to
Baa1 from Baa2 and the short-term foreign currency deposit rating
to P-2 from P-3.

Moody's last rating action on CMB was taken on June 3, 2008 when
Moody's affirmed the long-term/short-term foreign currency deposit
ratings of Baa3/P-3 and BFSR of D+.

Moody's last rating action on Shanghai Pudong Development Bank was
taken on May 4, 2007 when Moody's affirmed the BFSR of D, the
long-term foreign currency deposit rating of Ba1, and the short-
term foreign currency deposit rating of NP.

Moody's last rating action on GDB was taken on August 9, 2007 when
Moody's upgraded GDB's BFSR from E+ to D- and its long-term
foreign currency deposit rating from Ba3 to Ba2.

Moody's last rating action on SZDB was taken on June 16, 2009 when
Moody's changed the outlook on SZDB's D- BFSR and Ba2 foreign
currency deposit rating to positive from stable.

Moody's last rating action on HBCN was taken on July 26, 2007 when
Moody's upgrade the long-term foreign and domestic currency bank
deposit ratings from A2 to A1.

Moody's last rating action on HACN was taken on October 29, 2007
when Moody's assigned BFSR of D, the long-term foreign and
domestic currency bank deposit ratings of A1 and the long-term
foreign and domestic currency bank deposit ratings of P-1.

All the four banks which were the subjects of the rating actions
are headquartered in Beijing.  As of June, 2009, ICBC reported
assets of RMB 11.4 trillion (approximately US$1.7 trillion), CCB
RMB 9.1 trillion (US$1.3 trillion), and BOC RMB 8.2 trillion
(US$1.2 trillion).  As of December 2008, ABC reported assets of
RMB 7 trillion (US$1 trillion).

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with stable outlook

  -- ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

  -- Bank Financial Strength E+ (upgraded from E)
  -- LT Bank Deposits (Foreign) A1 with stable outlook
  -- ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

  -- Bank Financial Strength D+
  -- LT Bank Deposits (Foreign) Baa3
  -- ST Bank Deposits (Foreign) P-3

China CITIC Bank:

  -- Bank Financial Strength D with stable outlook
  -- LT Bank Deposits (Foreign) Baa2 with negative outlook
  -- ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba2
  -- ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

  -- Bank Financial Strength D- with positive outlook
  -- LT Bank Deposits (Foreign) Ba2 with positive outlook
  -- ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1


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


CHEYNE CAPITAL: Creditors' Proofs of Debt Due on  November 13
-------------------------------------------------------------
Creditors of Cheyne Capital Management (HK) Limited are required
to file their proofs of debt by November 13, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on October 14, 2009.

The company's liquidators are:

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


CITIC KA WA: Fitch Affirms Support Rating Floor at 'BB'
-------------------------------------------------------
Fitch Ratings has affirmed the Long-term and Short-term Issuer
Default Ratings of CITIC Ka Wah Bank at 'BBB+' and 'F2',
respectively.  Additionally, Fitch has also affirmed the bank's
Individual ratings at 'C', Support rating at '3', and Support
Rating Floor at 'BB'.  The Outlook is Stable.

CKWB's ratings reflect its sound capitalization and good long-term
business prospects.  In October 2009, the bank's ultimate
controlling parent, the CITIC Group (a major Chinese conglomerate)
will transfer its 70% stake in CITIC International Financial
Holdings Limited, CKWB's holding company, to its majority-owned
mainland bank, China CITIC Bank (Individual rating: 'C/D').  The
remaining 30% of CIFH is held by Spain's Banco Bilbao Vizcaya
Argentaria (BBVA, 'AA-'/Positive), rendering BBVA a strategic
partner of the CITIC Group in managing the bank.  Overall, these
developments will enable CKWB to better coordinate strategy and
resources with its parents, improve its capability to meet
customers' cross-border financing and banking needs, particularly
in and out of China, and enhance its overall risk management
capabilities.

In the second half of 2008, CKWB tightened lending standards as
the operating environment deteriorated, which, coupled with a fall
in credit demand, led to a 6% decline in loans in the 12 months
leading to end-H109.  Demand for offshore financing from mainland
corporates fell amid a surge in domestic credit in H109.
Meanwhile, CKWB's impaired loans ratio edged up to 2.5% at end-
H109 from 1.2% at end-2007.  Nevertheless, management guidance
indicates that credit trends are stabilizing in H209.

In the aftermath of the global financial crisis, the bank's
profitability was depressed by full write-downs on investments in
three SIVs in 2007 and 2008, and then a deterioration in the HK
operating environment in H208 leading to narrower net interest
margins, lower fee income from wealth management product sales,
and elevated credit costs.  The bank's operating ROAA, excluding
SIV-related write-downs, fell to 0.8% in H109 and 2008, versus
1.4% in 2007.  It is likely that profitability will remain
constrained by ongoing low margins and sustained credit costs.
CKWB improved its capital position in H109 following a HKD1.7bn
capital injection from its parent.  The bank's Tier-1 CAR rose to
12.1% at end-H109 (end-2007: 10.1%), while its equity/assets ratio
improved to 10.1% (end-2007: 8.7%).  However, CKWB's
capitalization may fall somewhat in future years as the bank
expands across the region as the international arm of China CITIC
bank.

Established in 1922, CKWB is a medium-sized bank with 27 branches
in Hong Kong, and a presence in Macau, Mainland China and the
United States.


FLYLUCRE PACKAGING: Court to Hear Wind-Up Petition on December 9
----------------------------------------------------------------
A petition to wind up the operations of Flylucre Packaging Company
Limited will be heard before the High Court of Hong Kong on
December 9, 2009, at 9:30 a.m.

The Petitioner's solicitor is:

         Lee Chan Cheng
         Fung House, 16th Floor
         19-20 Connaught Road
         Central, Hong Kong


FAST PACE FAR: Creditors' Meeting Set for November 3
----------------------------------------------------
Creditors of Fast Pace Far East Limited will hold their meeting on
November 3, 2009, at 2:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at the Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, in Wanchai, Hong Kong.


FAST PACE TRADING: Creditors' Meeting Set for November 3
--------------------------------------------------------
Creditors of Fast Pace Trading (Hong Kong) Limited will hold their
meeting on November 3, 2009, at 4:30 p.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251, 255A and 283 of
the Companies Ordinance.

The meeting will be held at the Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, in Wanchai, Hong Kong.


GOLDEN APPLE: Court to Hear Wind-Up Petition on December 16
-----------------------------------------------------------
A petition to wind up the operations of Golden Apple Biometrics
Company Limited will be heard before the High Court of Hong Kong
on December 16, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Griffiths Chow & Chan
         South China Building, 6th Floor
         No. 1 Wyndham Street
         Central, Hong Kong


GOOD TIME: Court to Hear Wind-Up Petition on December 2
-------------------------------------------------------
A petition to wind up the operations of Good Time Finance Limited
will be heard before the High Court of Hong Kong on December 2,
2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Ho Tse Wai & Partners
         Takshing House, Rooms 901-2, 9th Floor
         20 Des Voeux Road
         Central, Hong Kong


GOLDMART LEATHER: Creditors and Contributories to Meet on Nov. 5
----------------------------------------------------------------
Contributories and creditors of Goldmart Leather and Hide Limited
will hold their First meeting on November 5, 2009, at 9:30 a.m.,
and 10:00 a.m., respectively, at the John Lees Associates, 20/F
Henley Building, 5 Queen's Road, in Central, Hong Kong.

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


GOLD EFFORT: Court to Hear Wind-Up Petition on December 9
---------------------------------------------------------
A petition to wind up the operations of Gold Effort Electric Motor
Manufacturing Limited will be heard before the High Court of
Hong Kong on December 9, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Wilkinson & Grist
         Prince's Building, 6th Floor
         Chater Road
         Central, Hong Kong


GAT ASIA: Creditors' Meeting Set for November 9
-----------------------------------------------
Creditors of Gat Asia Limited will hold their meeting on
November 9, 2009, at 11:00 a.m., for the purposes provided for in
Sections 228A(8), 241, 242, 243, 244, and 255A of the Companies
Ordinance.

The meeting will be held at Room 1302, 13/F., CRE Building, 303
Hennessy Road, in Wanchai, Hong Kong.


GAT ASIA: Ko Tak Wing Appointed as Liquidator
---------------------------------------------
Ko Tak Wing on October 19, 2009, was appointed as liquidator of
Gat Asia Limited.

The liquidator may be reached at:

         CRE Building, Room 1302, 13/F
         303 Hennessy Road
         Wanchai, Hong Kong


HUGE BEST: Court to Hear Wind-Up Petition on December 2
-------------------------------------------------------
A petition to wind up the operations of Huge Best International
Limited will be heard before the High Court of Hong Kong on
December 2, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         King & Wood
         Hutchison House, 9th Floor
         Central, Hong Kong


HANG FUNG: Creditors and Contributories to Meet on November 10
--------------------------------------------------------------
Creditors and contributories of Hang Fung Jewellery Company
Limited will hold their First meeting on November 10, 2009, at
10:00 a.m., and 12:30 p.m., respectively, at the Auditorium, 3/F.,
Hong Kong International Trade & Exhibition Centre, 1 Trademart
Drive, Kowloon Bay, in Kowloon, Hong Kong.

At the meeting, Darachh E. Haughey, Edmond Wah Bon Ching and Yeung
Lui Ming (Edmund) the company's liquidators, will give a
report on the company's wind-up proceedings and property disposal.


HONG BAO HUA: Lui and Lauren Step Down as Liquidators
-----------------------------------------------------
Kennic Lai Hang Lui and Lau Wu Kwai King Lauren stepped down as
liquidators of Hong Bao Hua Fashion Pty. Limited on October 8,
2009.


HUNG KEE: Court to Hear Wind-Up Petition on November 18
-------------------------------------------------------
A petition to wind up the operations of Hung Kee Cleaning
Environment Recycle Limited will be heard before the High Court of
Hong Kong on November 18, 2009, at 9:30 a.m.


INNOVATIONS WORLDWIDE: Creditors' Meeting Set for November 3
------------------------------------------------------------
Creditors of Innovations Worldwide Limited will hold their meeting
on November 3, 2009, at 10:30 a.m., for the purposes provided for
in Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at the Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, in Wanchai, Hong Kong.


LEHMAN BROTHERS: HKMA Updates on Minibond Cases
-----------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that there are
currently 520 Lehman- Brothers-related non-minibond cases under
disciplinary consideration.  These are cases which have gone
through detailed investigation by the HKMA.

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

The HKMA has, up to September 30, 2009, received 21,712 complaints
concerning Lehman-Brothers-related products, of which 7,779 relate
to non-minibond products.  Of the Lehman-Brothers- related non-
minibond complaints, 7,689 cases have gone through the preliminary
assessment process and, as a result, the HKMA is currently
investigating 3,051 cases and seeking further information on 2,340
cases.  A total of 1,778 Lehman-Brothers- related non-minibond
complaints have been closed as there was no sufficient prima facie
evidence found after the preliminary assessment process or no
sufficient grounds and evidence found after detailed
investigations.  Of the minibond complaints, 13,009 cases are
eligible for the Lehman-Brothers Minibonds Repurchase Scheme or
the voluntary offer made by the distributing banks to customers
with whom they had reached settlements before the Scheme was
introduced.  Eight hundred and seventy-two minibond complaints
involving customers who are not eligible for, or have indicated
that they do not accept, the repurchase offer under the Scheme or
whose cases require clarification from the banks will continue to
be handled by the HKMA if the complaints cannot be resolved by the
enhanced complaint handling system introduced by the distributing
banks as agreed by the regulators.

Since August 7, 2009, 16 minibond distributing banks have begun
the issue of repurchase offer letters to eligible customers (about
25,000 customers) under the Scheme.  Up to September 30, 2009,
23,130 customers have responded to the repurchase offers, of whom
22,909 customers or 99.0% have accepted the offers.  About 80% of
these customers have already received payment from the banks
concerned while the remaining payments will be settled soon (in
any case no later than 30 days after having received the duly
completed acceptance forms from these customers).

"The repurchase offer is open for 60 days from the date of the
offer letter.  Depending on the date of individual offer letters,
the offer period will start to expire from 6 October 2009.
Nevertheless, eligible customers should consider carefully
the terms of the offer and his or her personal circumstances
before deciding whether to accept the offer from the distributing
banks," added the HKMA spokesperson.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


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


AGNICE FIRE: CRISIL Assigns 'BB+' Rating on INR120MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Agnice Fire Protection Limited.

   Facilities                         Ratings
   ----------                         -------
   INR120.00 Million Cash Credit      BB+/Stable (Assigned)
   INR200.00 Million Bank Guarantee   P4+ (Assigned)
   INR60.00 Million Letter of Credit  P4+ (Assigned)

The ratings reflect AFPL's exposure to risks relating to the
tender-based nature of its business, working capital intensive
operations owing to long gestation period for stabilization of
fire protection system projects.  These weaknesses are, however,
partially offset by the benefits that the company derives from its
promoters' experience in the fire protection systems business.

Outlook: Stable

CRISIL believes that AFPL will maintain a healthy credit risk
profile, on the back of comfortable operating efficiency and
strong relationships with vendors and customers.  The outlook may
be revised to 'Positive' if the company enhances its margins by
diversifying its revenue profile across product verticals in fire
protection systems and diversification across geographies and
scaling up its operations.  Conversely, the outlook may be revised
to 'Negative' if AFPL undertakes large debt-funded capital
expenditure, or if its cash flows are impacted by deterioration in
its receivables position.

                         About Agnice Fire

Incorporated in 1995 by Mr. R Govindarajan and Mr. Ameer Ahmed,
AFPL undertakes engineering, procurement, and construction (EPC)
of fire protection systems on turnkey basis from concept
to commissioning.  AFPL has been in the business of fire
protection EPC turnkey business over the last 13 years and is
among the few players providing end-to-end solutions in fire
protection systems.  The promoters have 25 years' experience in
the similar lines of business.  AFPL reported a provisional profit
after tax (PAT) of INR30 million on net sales of INR610 million
for 2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR50 million on net sales of INR460 million for
2007-08.


ALPINE APPARELS: Stretched Liquidity Cues CRISIL 'BB-' Ratings
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Alpine Apparels Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR24.5 Million Term Loan          BB-/Stable (Assigned)
   INR108 Million Packing Credit      P4+ (Assigned)
   INR77.9 Million Bills Discounting  P4+ (Assigned)
   INR20 Million Letter of Credit     P4+ (Assigned)

The ratings reflect AAPL's weak financial risk profile and
stretched liquidity position, primarily due to its working
capital-intensive operations.  The impact of these rating
weaknesses is mitigated by the company's diversification in the
customer and product profiles.

Outlook: Stable

CRISIL expects AAPL to maintain its business risk profile on the
back of its focus on expanding its product range, client base, and
on maintaining client relationships.  The company's financial risk
profile, however, is likely to remain weak.  The outlook may be
revised to 'Positive' in case of improvement in the company's
capital structure, or a significant and sustainable increase in
its operating margins.  Conversely, the outlook may be revised to
'Negative' in case of decline in the company's cash accruals, or
if the company undertakes a large, debt-funded capital expenditure
(capex) programme, which affects its capital structure.

                       About Alpine Apparels

Incorporated in 1986 by Mr. Sanjay Leekha, AAPL manufactures
leather gloves, wallets, bags, caps/hats, belts, flip flops,
footwear, and other related products; it has a production capacity
of about 490,000 pieces per annum.  Its facility in Faridabad is
spread over 100,000 square feet and is equipped with the latest
cutting, sewing and finishing machines.  The company has a direct
relationship with more than 100 customers, including large fashion
and retail brands Next, Debenhams, Marks & Spenser, Espirit, Mexx,
in Europe and the UK, and Wilsons Leather, Liz Claiborne, Target,
DKNY, and Armani Exchange in the US. AAPL's exports to the US and
Europe contribute about 90 per cent to its total revenue.

AAPL reported a profit after tax of INR4.4 million on net sales of
INR559 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR0.1 million on net sales of
INR354 million in 2007-08.


AVENUES PHARMACEUTICALS: CRISIL Reaffirms 'BB' Ratings
------------------------------------------------------
CRISIL's rating on the bank facilities of Avenues Pharmaceutical
Associates continues to reflect Avenues Pharma's moderate
financial risk profile marked by moderate debt protection
measures, and limited financial flexibility because of high bank
limit utilization.  The impact of these weaknesses is mitigated by
the firm's established market presence and the benefits that it
derives from the vast experience of its promoters, and its  robust
technological and logistics infrastructure.

   Facilities                              Ratings
   ----------                              -------
   INR145.0 Million Cash Credit            BB/ Stable (Reaffirmed)
   INR10.0 Million Standby Line of Credit  BB/ Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Avenues Pharma will maintain its business
risk profile on the back of established relationships with key
customers and suppliers, and the steady growth in demand
for pharmaceutical products.  The outlook may be revised to
'Positive' if the firm's gearing, operating margins, and debt
protection measures, improve significantly. Conversely, the
outlook may be revised to 'Negative' if Avenues Pharma undertakes
large debt-funded capital expenditure program, or reports sharp
deterioration in operating margins or debt protection measures.

Summary Update

Avenues Pharma has maintained its business risk profile. However,
its gearing continued to be above 2 times as on March 31, 2009;
short-term bank borrowings account for the entire debt.  The bank
limit utilization was high, at above 80 per cent, during January
2009 and September 2009.  The debt protection metrics remained
under pressure because of slender profitability, coupled with a
high gearing.

For 2008-09, Avenues Pharma reported net sales of INR821.1
million, against INR739.1 million in the previous year.

                      About Avenues Pharma
Set up in 1978 by Mr. K G Subbaraj as a partnership firm, Avenues
Pharma is engaged in the distribution of pharmaceutical products.
The entity is a stockist for GlaxoSmithkline, MSD, Astrazeneca,
Allergan India Pvt Ltd, Ranbaxy Laboratories Ltd, Pfizer Ltd,
Sanofi Aventis, Sanofi Pasteur, Galderma, Wyeth and Johnson &
Johnson Ltd, among others.  The firm is also a super stockist for
Bio-med Ltd, and consignee agent for Albert David Ltd


DALMIA LAMINATORS: CRISIL Puts 'BB-' Rating on INR236MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the bank
facilities of Dalmia Laminators Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR87.5 Million Cash Credit    BB-/Stable (Assigned)
   INR126 Million Term Loan       BB-/Stable (Assigned)
   INR86.5 Million Proposed Long  BB-/Stable (Assigned)
         Term Bank Loan Facility

The ratings reflect DLL's weak financial risk profile, and
exposure to risks relating to intense competition in the packaging
industry.  These weaknesses are, however, partially offset by the
company's moderate business risk profile, marked by an established
customer base.

Outlook: Stable

CRISIL believes that DLL will maintain a stable business risk
profile, supported by the promoters' experience, and the growth
prospects for the packaging industry.  The outlook may be revised
to 'Positive' if DLL's financial risk profile improves
substantially, led by capital infusions, and growth in topline and
operating margins.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates on
account of large debt-funded capital expenditure or acquisitions.

                      About Dalmia Laminators

Set up in 1972 as a partnership firm by Mr. G G Dalmia, DLL
converted to a public limited company in 1986. DLL manufactures
high-density polyethylene (HDPE) and polypropylene (PP)
bags, and laminated jute bags.  The company has manufacturing
facilities at Thiruvellore (Tamil Nadu) and Kakinada (Andhra
Pradesh); Thiruvellore unit has 104 looms for manufacturing
bags and Kakinada unit only undertakes finishing activity.

DLL reported a profit after tax (PAT) of INR 5.5 million on net
sales of INR 327 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a net loss of INR 6.1
million on net sales of INR 287 million for 2007-08.


DALMIA TEA: CRISIL Assigns 'B+' Rating on INR88.1 Mln. Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the bank
facilities of Dalmia Tea Plantations and Industries Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR54 Million Cash Credit      B+/Stable (Assigned)
   INR88.1 Million Term Loan      B+/Stable (Assigned)
   INR83.9 Million Proposed Long  B+/Stable (Assigned)
         Term Bank Loan Facility

The ratings reflect DTPIL's weak financial profile, exposure to
risks relating to small scale of operations and limited growth
prospects for the tea industry on account of seasonal nature
of the industry.  These weaknesses are, however, partially offset
by benefits that DTPIL derives from its promoters' experience in
the tea industry.

Outlook: Stable

CRISIL believes that DTPIL will maintain a stable business risk
profile, supported by the promoters' experience in the tea
industry.  However, the credit profile of the company is expected
to remain constrained by its weak financial profile.  The outlook
may be revised to 'Positive' if there is substantial improvement
in DTPIL's financial risk profile, supported by capital infusions,
and growth in topline and operating margins following
stabilization of new capacities.  Conversely, the outlook may be
revised to 'Negative' if DTPIL's financial risk profile
deteriorates on account of large debt-funded capital expenditure
or acquisitions.

                         About Dalmia Tea

Incorporated in 1997, DTPIL (formerly, MM Industries Ltd),
produces black CTC (crush, tear, curl) tea in West Bengal.  The
company has capacity to produce 3 million kilograms (kg) of CTC
tea per annum.  In November 2007, in order to integrate its
facilities, DTPIL acquired Merry View Tea Estate at Terai (West
Bengal); spread over 1200 acres, the estate has capacity to
produce 2.5 million kg of green leaf tea per annum. DTPIL proposes
to set up an additional production facility with capacity to
produce 3 million kg black tea per annum over the medium term.

DTPIL reported a profit after tax (PAT) of INR 7 million on net
sales of INR 272 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR 2.8 million
on net sales of INR 184 million for 2007-08.


HOOGHLY ALLOY: CRISIL Rates INR200.0 Million Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Hooghly Alloy & Steels Co. Pvt. Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR200.0 Million Cash Credit      BB+/Stable (Assigned)

The ratings reflect the benefits that HASCPL derives from its
promoters' experience in the steel industry, and established
relationships with customers.   These strengths are, however,
partially offset by the company's modest scale of operations
coupled with limited vertical integration vis-a-vis other
integrated players and susceptibility of earnings to cyclicality
in steel prices.

Outlook: Stable

CRISIL believes that HASCPL will maintain a stable business risk
profile over the medium term, supported by the experience of its
promoters in the steel industry.  The outlook may be revised to
'Positive' if the company's revenues and profitability increase
substantially.  Conversely, the outlook may be revised to
'Negative' if low capacity utilization leads to deterioration in
operating margins for the company, or if it takes on large debt to
fund capital expenditure.

                        About Hooghly Alloy

Set up in 2006 by the Agarwal family, HASCPL manufactures steel
ingots and structurals.  It has its production facilities at
Hooghly (West Bengal).  The entire shareholding is held by
promoters and family and friends.  Mr. Prem Kumar Agarwal is the
Managing Director.  HASCPL has an ingots production capacity of
39,000 tonnes per annum (tpa), and a rolling capacity of
60,000 tpa. The company has a MoU with SAIL for supply of raw
materials like billets, blooms and DSP Slabs and is registered
with Simplex Infrastructures Limited, Tantia Construction
Limited and Indian Oil Corporation Limited for supply of structure
steels.

HASCPL reported a profit after tax (PAT) of INR10.5 million on net
sales of INR1113 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.3 million on net
sales of INR543.5 million for 2007-08.


LASTRA NIRAJ: CRISIL Assigns 'B' Rating on  INR45.0MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Lastra Niraj Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR45.0 Million Cash Credit         B/Stable (Assigned)
   INR60.0 Million Letter of Credit/   P4 (Assigned)
                   Bank Guarantee

The ratings reflect Lastra Niraj's weak financial risk profile and
exposure to competition from Chinese products.  The impact of
these rating weaknesses is mitigated by the strategic alliance
with TechNova Imaging Systems Private limited which has a strong
market presence in the printing consumables industry.

Outlook: Stable

CRISIL believes that Lastra Niraj will maintain its stable credit
risk profile over the medium term on the back of the Technova
group's strong market presence and its promoter's vast experience
in the printing consumables industry.  The outlook may be revised
to 'Positive' if there is a significant and sustainable increase
in the company's revenues and cash accruals, and consequently an
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if Lastra Niraj undertakes a
large, debt-funded capital expenditure (capex) program, or if its
profitability declines steeply, leading to deterioration in its
financial risk profile.

                         About Lastra Niraj

Set up in 1980, Lastra Niraj manufactures analog plates, which
find application in the printing industry.  The company has a
strategic alliance with TechNova Imaging Systems Pvt. Ltd.
(TechNova), promoted by Mr. Pranav Parikh. TechNova is part of the
Parikh group of companies, which has interests in the logistics
business.  Lastra Niraj reported a profit after tax (PAT) of
INR0.99 million on net sales of INR 499.5 million for 2007-08,
against a PAT of INR14.1 million on net sales of INR491.8 million
for 2006-07.


MAGNUM CLOTHING: Delay in Loan Repayment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Magnum Clothing Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR10.20 Million Long Term Loan         D (Assigned)
   INR80.00 Million Packing Credit         P5 (Assigned)
   INR155.00 Million Bill Purchase-        P5 (Assigned)
             Discounting Facility*
   INR30.00 Million Letter of Credit       P5 (Assigned)
   INR5.00 Million Post Shipment Credit**  P5 (Assigned)

   *Includes Bill Negotiation facility of INR15.00 Million
   **Advance against Duty Drawback

The ratings reflect delay by Magnum Clothing in repayment of term
loan obligations owing to weak liquidity.

Set up in 1987 by Mr. Chandra Prakash Singhee, Magnum Clothing
manufactures garments for women and children. Based at Chennai,
the company has an annual capacity of around 4 million pieces.
About 75% of Magnum Clothing's sales are to a UK-based entity,
Udare Ltd, which acts as a marketing agent for Magnum Clothing.

Magnum Clothing reported a loss of INR38.4 million on net sales of
INR455.9 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a profit after tax (PAT) of INR2.0 million
on net sales of INR490.4 million for 2007-08.


NANCY KRAFTS: Low Profitability Prompts CRISIL 'BB' Rating
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the various
bank facilities of Nancy Krafts Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR7.9 Million Term Loan               BB/ Stable (Assigned)
   INR120.0 Million Packing Credit        P4+ (Assigned)
   INR60.0 Million Post Shipment Credit*  P4+ (Assigned)
   INR42.1 Million Letter of Credit       P4+ (Assigned)

   *INR34.0 Million interchangeable with Packing Credit

The ratings reflect NKPL's weak financial risk profile marked by
low profitability, high working capital intensity and weak debt
protection measures, and exposure to risks relating to small scale
of operations in the garments industry.  These strengths are,
however, partially offset by the benefits it derives from the
experience of its promoters in the garments industry, and
established relationships with customers.

Outlook: Stable

CRISIL believes that NKPL will maintain a stable business risk
profile over the medium term backed by established relationships
with customers, and diversified product base.  However, its
financial risk profile may remain weak over the medium term, owing
to low margins and large working capital requirements.  The
outlook may be revised to 'Positive' if improved profitability
leads to stronger debt protection measures or its working capital
cycle improves substantially; or to 'Negative' if the company
undertakes large, debt-funded capital expenditure.

                         About Nancy Krafts

NKPL, incorporated in 1981, manufactures ready-made garments,
especially for women and children.  Its manufacturing unit in New
Delhi has a capacity to manufacture around 10,000 pieces of
garments a day.  It supplies to customers in Latin America,
Mexico, Spain, USA, and Europe.  NKPL is expected to report a
profit after tax (PAT) of INR2.2 million on net sales of
INR458.7 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a losses of INR1.4 million on net sales of
INR415.6 million for 2007-08.


NATARAJ OIL: CRISIL Assigns 'B+' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of Nataraj Oil Mills Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR70.00 Million Cash Credit*        B+/Stable (Assigned)
   INR19.90 Million Long Term Loan**    B+/Stable (Assigned)

   * Includes proposed Cash Credit of INR 30.00 Million
   **Includes Proposed Long Term Loan of INR 16.30 Million

The rating reflects Nataraj Oil's below-average financial risk
profile, and its exposure to risks relating to intense competition
in the sesame oil industry, and to fluctuations in the
availability and prices of sesame seeds.  These weaknesses are
partially offset by the benefits that the company derives from its
promoters' experience in the sesame oil processing business.

Outlook: Stable

CRISIL believes that Nataraj Oil will maintain a stable credit
risk profile over the medium term, on the back of its strong track
record in the sesame oil business.  The outlook could be revised
to 'Positive' in case of an improvement in the company's scale of
operations, resulting in more-than-expected cash accruals, or a
significant and sustainable increase in its operating margin and
debt protection measures, and/or further equity infusions,
resulting in an improvement in its financial risk profile.
Conversely, the outlook could be revised to 'Negative' if Nataraj
Oil takes on substantial debt, resulting in deterioration in its
capital structure, or if its margins decline sharply.

                     About Nataraj Oil

Set up in 1987 by Mr. K S R Natarajan, Nataraj Oil undertakes
extraction of sesame oil from sesame seeds.  Based at Madurai,
Tamil Nadu, the company has a distribution network of around
200 stockists across Tamil Nadu, Karnataka, and Kerala.  The
company has capacity to process around 15 metric tonnes of sesame
seeds per day. In April 2009, one of the promoter group companies,
Anjali Foods Pvt Ltd (Anjali Foods), was merged with Nataraj Oil.
Anjali Foods undertakes processing of pickles.

Nataraj Oil reported a profit after tax (PAT) of INR10.3 million
on net sales of INR293.2 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR1.7 million on net
sales of INR205.3 million for 2007-08.


PRIYADARSHINI SPINNING: CRISIL Rates Various Bank Debts at 'D'
--------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
Priyadarshini Spinning Mills Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR390.00 Million of Cash Credit*    D (Assigned)
   INR619.30 Million of Term Loan       D (Assigned)
   INR120.00 Million of Letter of       P5 (Assigned)
          Credit & Bank Guarantee

   * Includes Sub limit of Export Packing Credit (EPC) of
     INR 121 Million

The rating reflects delays by Priyadarshini in repayment of term
loan installments and interest on account of weak liquidity.  The
rating also takes into account the weak financial profile marked
by weak debt protection measures and the long standing experience
of promoters in the textile business.

                    About Priyadarshini Spinning

Incorporated in 1981, by Mr. Cherukuri Kausalendra Rao,
Priyadarshini manufactures synthetic blended yarn and cotton yarn.
The company has a capacity of 82000 spindles; Unit 1 with a
capacity of 51000 spindles for synthetic blended yarn at
Sadasivpet, Medak district and Unit 2 with a capacity of 31000
spindles for cotton yarn at Dodavarapaddu, Prakasam district.  It
manufactures yarn with count size ranging from 20s to 100s.  The
company has diversified operations with a dyeing facility and
fabric manufacturing unit with a capacity of 250 woven shirts per
day at its plant at Pashamylaram, Medak.

For 2008-09 (refers to financial year, April 1 to March 31),
Priyadarshini posted a loss of INR29.7 million on net sales of
INR1801 million, as against a reported loss of INR 24.6 million on
net sales of INR 1948 million for 2007-08.


RA TEXTILES: CRISIL Reaffirms 'C' Ratings on INR13.5MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on RA Textiles Process (P) Ltd's bank facilities
continue to reflect RA Textiles' stretched liquidity position,
reflected in the frequent over drawings in its working capital
limits, and delays in repayment of term loan obligations.

   Facilities                              Ratings
   ----------                              -------
   INR13.50 Million Cash Credit Limits     C (Reaffirmed)
   INR33.00 Million Packing Credit Limits  P4 (Reaffirmed)
   INR20.00 Million FDBP/FBEP* Limits      P4 (Reaffirmed)
   INR0.50 Million Discount Bill Purchase  P4 (Reaffirmed)
                             Limits
   INR5.00 Million Bank Guarantee Limits  P4 (Reaffirmed)

   * Foreign Documentary Bills for Purchase/ Foreign Bills
     Exchange Purchased

                         About RA Textiles

RA Textiles, formed in 2002, manufactures hosiery garments for
men, women, and children.  It also sells fabric.  The company
exports around 65 per cent of its goods to the US and Europe.
In the domestic market, the company supplies to export houses
located mainly in Tirupur (Tamil Nadu).  It has an integrated
manufacturing facility, with stitching, printing, and
embroidery capabilities.

For 2008-09 (refers to financial year, April 1 to March 31), RA
Textiles posted a profit after tax (PAT) of INR3.04 million on net
sales of INR123 million, against a PAT of INR4.06 million on net
sales of INR100.5 million in the previous year.


SIRMAXO CHEMICALS: CRISIL Places 'BB-' Rating on INR26MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Sirmaxo Chemicals Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR45.0 Million Cash Credit          BB-/Stable (Assigned)
   INR26.0 Million Long Term Loan       BB-/Stable (Assigned)
   INR91.0 Million Proposed Long Term   BB-/Stable (Assigned)
                    Bank Loan Facility
   INR20.0 Million Letter of Credit     P4+ (Assigned)
   INR18.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect SCPL's small scale of operations, moderate
financial risk profile marked by low net worth and high gearing,
and exposure to risks relating to concentration in its revenue
profile.  These weaknesses are, however, partially offset by
SCPL's established presence in the antiseptic and disinfectants
segment.

Outlook: Stable

CRISIL believes that SCPL will maintain a stable credit risk
profile backed by its established presence in the antiseptic and
disinfectants manufacturing business.  The outlook may be revised
to 'Positive' if the company's net worth and capital structure
improve substantially owing to fresh equity infusions. Conversely,
the outlook may be revised to  'Negative' if any large debt-funded
capex or decline in profitability leads to significant
deterioration in SCPL's debt protection measures.

                        About Sirmaxo Chemicals

Established in 1978 as a partnership firm, SCPL was converted into
a private limited company in 2006.  The company manufactures
antiseptic and disinfectant solutions, based primarily on
chlorhexidine and povidone-iodine.  The company's production
facility at Tarapur (Maharashtra) has capacity to produce 4
million litres per annum. SCPL reported a profit after tax (PAT)
of INR6.7 million on net sales of INR109 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR4.3 million on net sales of INR81 million for 2006-07.


SREE SHANTHOSH: CRISIL Assigns 'B+' Rating on INR12MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Sree Shanthosh Steels Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR12.00 Million Long term Loan      B+/Stable (Assigned)
   INR170.00 Million Cash Credit*       B+/Stable (Assigned)
   INR80.00 Million Letter of Credit^   P4 (Assigned)

   * Interchangeable with Working Capital Demand Loan up to
     INR145.00 million
   ^Interchangeable with Bank Guarantee up to INR10.00 million

The ratings reflect SSSPL's weak financial risk profile, and its
exposure to risks related to limited scale of operations, intense
competition, and fragmented nature of the iron and steel trading
industry.  The impact of these weaknesses is mitigated by the
extensive industry experience of the promoters and the company's
wide product range in the iron and steel trading business.

Outlook: Stable

CRISIL believes that SSSPL will maintain its stable credit risk
profile on the back of its established business position and its
promoters' industry experience.  The outlook may be revised to
'Positive' if the company's capital structure and profitability
improve considerably from current levels. Conversely, the outlook
may be revised to 'Negative' if the company's revenue growth slows
down, if its margins decline, or if it undertakes large,
debt-funded capital expenditure.

                       About Sree Shanthosh

SSSPL was incorporated in 2006 as a private limited company by Mr.
P K Siva Kumar and Mr. P K Narayanan, upon conversion of their
partnership firm.  The promoter's family has been engaged
in the trading of iron and steel for more than seven decades.
SSSPL trades in iron and steel products such as hot-rolled coils
and cold-rolled coils and sheets, mild-steel plates, angles,
channels, and flats. SSSPL is an authorised dealer of Steel
Authority of India Ltd, Rashtriya Ispat Nigam Ltd, and Jindal
Steel & Power Ltd, in Chennai (Tamil Nadu) for their long and flat
steel products.

SSSPL reported a profit after tax (PAT) of INR6 million on net
sales of INR1.4 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net
sales of INR1 billion for 2007-08.


TATA MOTORS: S&P Assigns 'B' Rating on US$375 Mil. Notes
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' rating to the US$375 million 5-year 4% convertible notes
issued by Tata Motors Ltd. (B/Negative/--) on Oct. 15, 2009.

The proceeds from the issuance are likely to be primarily used for
refinancing the outstanding debt (about US$700 million) incurred
for the acquisition of the Jaguar Land Rover (JLR) business.  The
notes represent the direct, unsecured and unsubordinated
obligation of the company.


VEETEE FINE: CRISIL Puts 'B-' Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the bank
facilities of Veetee Fine Foods Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR355.0 Million Cash Credit Limit    B-/Stable (Assigned)
   INR320.0 Million Term Loan            B-/Stable (Assigned)
   INR1325.0 Million Pre Shipment        P4 (Assigned)
         Credit/ Post Shipment Credit

The ratings reflect VFFL's weak financial risk profile, small
scale of operations, large working capital requirements, and
exposure to risks related to its dependence on the monsoon
for raw material availability and to unfavorable changes in
regulatory policies.  These weaknesses are partially offset by the
benefits that the company derives from the healthy growth
prospects for the rice industry.

Outlook: Stable

CRISIL believes that VFFL will maintain a stable business risk
profile over the medium term, supported by its promoters' industry
experience, and its healthy relationships with its customers and
suppliers.  The company's financial risk profile is expected to
remain weak over the medium term because of the working capital-
intensive nature of its operations.  The outlook may be revised to
'Positive' if VFFL's profitability and financial risk profile
improve. Conversely, the outlook may be revised to 'Negative' if a
steep decline in VFFL's profitability leads to further
deterioration in its financial risk profile.

                         About Veetee Fine

Incorporated in 1992 under the Veetee group as a wholly owned
subsidiary of Veetee India Holding Corp, VFFL produces raw and
parboiled white and brown rice, and caters to both the
export and domestic markets.  The company entered the ready-to-eat
(RTE) packaged food segment in 2006-07 (refers to financial year,
April 1 to March 31).  VFFL's plant at Sonepat (Haryana) has an
integrated facility for milling and sorting rice with a capacity
of 10 tonnes per hour (tph); it has capacity of 2.4 million
pouches per annum in the RTE segment. The company is in
the process of installing a 20-tph sela plant (used for parboiling
rice), which is expected to commence operations in 2009-10.

VFFL is expected to report a profit after tax (PAT) of INR26
million on net sales of INR3.2 billion for 2008-09, against a PAT
of INR12 million on net sales of INR2.3 billion for 2007-08.


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


ADARO INDONESIA: Fitch Assigns 'BB+' Rating on US$800 Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a final issue rating of 'BB+' to the
US$800m senior notes due October 22, 2019, issued by PT Adaro
Indonesia and guaranteed by its parent, PT Adaro Energy Tbk.

The rating action follows the completion of the notes issue and
receipt of documents conforming to the information previously
received.  The final rating is the same as the expected ratings
assigned on October 1, 2009.

Adaro's foreign currency and local currency Issuer Default Ratings
are 'BB+' with a Stable Outlook.  The ratings are supported by its
large, low-cost operations, strong track record of growth,
longstanding relationships with its leading customers and robust
financials.

Adaro is Indonesia's second-largest thermal coal producer and
operates under a 30-year first generation coal contract of work
that is valid until 2022.  It reported revenues and EBITDAR of
US$1,092 million and US$418 million, respectively for the six
months ended June 30, 2009.


BANK MANDIRI: Seeks Arrest Order Against Djanjanti Group Owners
---------------------------------------------------------------
Jakarta Globe reports that PT Bank Mandiri has asked the Central
Jakarta District Court to order the arrest the founders and owners
of Djanjanti Group citing lack of good-faith efforts to settle
their debts to the bank.

According to the report, Mandiri asked the court to order the
arrests of Burhan Uray and Soejono Varinata.

As reported in the Troubled Company Reporter-Asia Pacific on
October 19, 2009, Bank Mandiri 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," Jakarta 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."

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, 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 Globe, 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-'.


CHANDRA ASRI: S&P Assigns Corporate Credit Rating at 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
corporate credit rating to Indonesia-based PT Chandra Asri.  The
outlook is stable.

"The rating on Chandra Asri reflects the company's cyclical
commodity chemicals business, exposure to rising feedstock costs,
and limited product and operational diversity," said Standard &
Poor's credit analyst Allan Redimerio.  These risks are partially
offset by the company's entrenched market position in Indonesia,
favorable domestic demand, cost advantages from its domestic
vertically integrated facilities, and moderate leverage.

Chandra Asri is exposed to the cyclical commodity chemicals
sector, which is intensely competitive, with little scope for
differentiation.  In addition, S&P also believe that Chandra
Asri's operations are exposed to potentially significant cash flow
disruptions given that its petrochemical plants are concentrated
in two locations, and its largest customer, PT Tri Polyta
Indonesia Tbk, accounts for approximately 20% of its total
revenue, said Mr. Redimerio.

These weaknesses are partially offset by Chandra Asri's strong
market position as the largest petrochemical company in Indonesia,
reinforced by a favorable domestic demand outlook and a
competitive cost structure.  Indonesia is Southeast Asia's largest
net importer of ethylene and propylene monomers.  Chandra Asri's
domestic vertically integrated facilities also provide it with
some cost advantages over its peers.  The company has direct
pipelines to its ethylene and propylene customers and thus saves
on transportation costs.

The stable outlook on the rating reflects S&P's expectation that
Chandra Asri will maintain its leading market position and
competitive cost advantage in Indonesia.  In addition, its
adequate cash flow measures could mitigate potential margin
compression from increasing competition, arising from new capacity
coming onstream, and the volatile price movements of its products.
The outlook is also based on S&P's expectation that the company's
liquidity will improve in the near term, as a result of higher
demand and product prices, to a level adequate for financing
future capital expenditures and obligations.


INDIKA ENERGY: Moody's Affirms Corporate Family Rating at 'B2'
--------------------------------------------------------------
Moody's Investors Service has affirmed PT Indika Energy Tbk
corporate family rating and its senior secured rating at B2 and
changed the outlook to positive from stable.  At the same time,
Moody's has assigned a provisional B2 rating to the proposed
US$230 million, 7-year senior notes issued by Indo Integrated
Energy II B.V and unconditionally guaranteed by Indika and PT
Indika Inti Corpindo.

"The change in outlook reflects Indika's solid operating
performance and improving financial metrics, primarily driven by
the company's dividend from Kideco, which has allowed the company
to reduce leverage to 3.9x on a pro-forma basis for 2009," says
Laura Acres, a Moody's Vice President and Senior Credit Officer.
Adding, "Moody's anticipates that this ratio will improve to 3.5x
for FY 2010."

"The proposed bond issue will further strengthen Indika's already
strong liquidity profile and debt maturity profile.  Moody's
recognizes that the company plans to use its abundant cash
position to fund its expansion for existing businesses as well as
support its acquisition led growth strategy, allowing it to look
for opportunities which will provide synergies with existing
business," says Acres, also Moody's Lead Analyst for Indika.

Indika's ratings are underpinned by its strong liquidity profile
and the recurring cash dividend stream from its 46% interest in
Kideco.  Kideco is the third largest coal producer in Indonesia
and has maintained a very strong financial profile.  Indika's
recent acquisition of Petrosea, a mining services company, will
help to reduce exposure to commodity cyclicality given that most
of its revenues are contractual and are premised on expectations
of continued growth in Indonesian coal output.

However, the ratings also reflect Indika's high degree of reliance
on dividend income from Kideco to service debt, as well as the
inherent volatility in that dividend flow due to coal price
movements.  Concerns also exist about cash flow volatility of
Indika's EPC tender business, execution risk of its expansion
plans, and uncertainty pertaining to the regulatory environment
for the coal mining industry in Indonesia.

The positive outlook reflects Indika's improving financial metrics
and the broadening scope of its operating profile following the
acquisition of Petrosea.

The rating could experience upward rating pressure over the next
12 months if Indika successfully demonstrates the integration of
Petrosea into the wider energy business.  Overall integration is
likely to be evidenced in improving financial leverage, as
measured by total debt/EBITDA (including dividends from
associates) falling below 4.0x; and EBIT/interest increasing above
3.0x on a consistent basis.

Downward rating action is unlikely given the positive outlook,
however negative pressure could emerge as a result of: 1) a
reduced dividend flow from Kideco; 2) an inability by Tripatra
(100% owned subsidiary) or Petrosea to win tenders and contracts
as forecast; and 3) any deterioration in the relationship between
Samtan (49% shareholder in Kideco) and Indika; 4) any evidence of
cash leakage; and 5) political and economic instability re-
emerging in Indonesia resulting in a loss of orders at either
Tripatra or Kideco.  Specific indicators Moody's would look for
include: total debt/EBITDA (including dividends from associates)
remaining above 5-5.5x and EBIT/interest falling below 1.5x.

Furthermore, Moody's is cognizant of the high level of event risk
that Indika presents given its sizeable cash holding and appetite
for acquisition led growth.  However, this risk can be partially
mitigated by the conservative stance previously adopted by
management which Moody's anticipates will continue to be applied.

Indika's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Indika's core industry and Indika's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

The last rating action was taken on February 27, 2009, when
Moody's affirmed Indika's ratings at B2 following the announcement
of the proposed acquisition of Petrosea.

Indika is a listed integrated energy group based in Indonesia.
Its principal investment is its 46% shareholding in Kideco,
Indonesia's third largest domestic coal producer.  In addition,
Indika is involved in EPC and O&M businesses through its wholly
owned subsidiary Tripatra; more recently Indika completed its
acquisition of a 98.6% stake in Petrosea, Indonesia's fifth
largest mining services contractor.


MAJAPAHIT HOLDING: S&P Puts 'BB-' Rating on Proposed Senior Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue rating
to the proposed senior unsecured notes to be issued by Majapahit
Holding B.V., a wholly owned subsidiary of PT Perusahaan Listrik
Negara (Persero) (foreign currency BB-/Stable/--, local currency
BB/Stable/--).

The notes are irrevocably and unconditionally guaranteed by PLN.
The issue rating is subject to finalization of documentation.
Proceeds from the issue would be used to partially fund capital
expenditure requirements in connection with transmission and
distribution construction projects and for general corporate
purposes.


PERUSAHAAN LISTRIK: Moody's Assigns 'Ba2' Senior Unsec. Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to PT Perusahaan Listrik Negara's proposed bond issuance.
At the same time, Moody's has affirmed PLN's Ba2 corporate family
rating.  The outlook for the ratings is stable, which is in line
with the sovereign outlook.

The proceeds from the bond issuance will be used to partially fund
the capital expenditure requirements in connection with
transmission and distribution construction projects and for
general corporate purposes.

"In light of PLN's 100% ownership by the Ministry of State-Owned
Enterprises, strategic importance as Indonesia's only vertically-
integrated electricity utility, as well as the government
subsidies to ensure its financial viability and operational
soundness, Moody's considers PLN's rating to be closely linked to
the government's credit quality," says Jennifer Wong, a Moody's
AVP/Analyst.

Given the close link between PLN's rating and the sovereign
rating, an upgrade in the latter would lead to a rating upgrade of
PLN.

Similarly, a downgrade in the sovereign rating would also trigger
a rating downgrade for PLN.  Furthermore, a partial privatization
of PLN or any government plan to cease subsidy support -- a
scenario that Moody's considers unlikely in the near to medium
term -- would have a negative impact on the rating.

The last rating action on PLN was on 16 September, 2009, when
Moody's upgraded its corporate family rating and senior unsecured
rating to Ba2 from Ba3, in line with the sovereign upgrade.

PT Perusahaan Listrik Negara is an Indonesian state-owned
vertically-integrated electricity utility with a generation
capacity of over 25,000MW.  It is a monopoly operator of
transmission and distribution networks and is the country's
largest electricity producer.  The government, as represented by
the MSOE has complete ownership.


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


CAFES 2: Fitch Downgrades Ratings on Various Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded Cafes 2 Trust's Classes C and D trust
beneficiary interests due August 2013, affirmed Classes A, B, E
and X and removed classes A to E TBIs from Rating Watch Negative.
This follows the implementation of the agency's recently published
criteria for Japanese CMBS surveillance.  Full details of the
rating actions are:

  -- JPY5.12 billion* Class A TBIs affirmed at 'AAA'; off RWN;
      Outlook Stable;

  -- JPY1.5 billion* Class B TBIs affirmed at 'AA'; off RWN;
     Outlook Stable;


  -- JPY1.45 billion* Class C TBIs downgraded to 'BBB' from 'A';
     off RWN; Outlook Negative;

  -- JPY0.96 billion* Class D TBIs downgraded to 'BB' from 'BBB-';
     off RWN; Outlook Negative;

  -- JPY0.16 billion* Class E TBIs affirmed at 'BB'; off RWN;
     Outlook Negative; and

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

  * as of October 21, 2009

Two loans which defaulted on their maturity dates, one in May 2009
and the other one in July 2009, have been fully recovered
recently, and the transaction is currently secured by three loans
collateralized by three properties and by the recovered principal
of the two defaulted loans.

Fitch has downgraded Classes C and D to reflect revisions to the
valuations of the underlying collateral properties.  The actual
cash flows of the underlying collateral properties are in line
with Fitch's initial expectations.  However, the agency has
revised the cash flow expectation downwards for one of the three
underlying properties given its operating performance to date.  It
has also revised the cap rates of all the underlying properties,
taking into consideration the remaining period to maturity of each
loan, and Japan's currently stressed commercial real estate
market.  As a result for the purpose of this review, Fitch adopted
values of the underlying properties that are on average 24% lower
than those used for the initial analysis, in line with recently
published surveillance criteria.

Additionally, Fitch has taken into account the tenant
concentration risk of the remaining properties and default risk of
the tenants.  Classes A and B TBIs have been affirmed even while
assuming such stressed situations, since their credit enhancement
levels will substantially improve on the back of repayment of the
two defaulted loans.

Fitch has resolved the RWN status on all classes since the
likelihood of additional negative rating action has fallen given
the conservative property revaluations adopted in combination with
the status of each loans at this time.  The Negative Outlooks
assigned to Classes C to E TBIs reflect the agency's general
concerns about the current real estate market including the lease
market of retail properties, and the real estate finance
environment.

The TBIs were issued in October 2006, and the transaction was
initially a securitization of nine loans backed by 29 properties.
To date, six loans including two defaulted loans have been
recovered in full.

The rating on the interest only Class X TBIs addresses only the
likelihood of receiving dividend 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.


FREESCALE SEMICONDUCTOR: Payments Under Yen Revolver Revised
------------------------------------------------------------
Freescale Semiconductor Inc. disclosed that in the third quarter
of 2009, it entered into an amended arrangement for the balance
under an existing Japanese yen-denominated revolving loan
agreement.

During the third quarter of 2006, one of Freescale's foreign
subsidiaries requested and received a draw from the Japanese
yen-denominated revolving loan agreement to repay an intercompany
loan.  In the fourth quarter of 2008, the foreign subsidiary drew
down an additional US$37 million under the revolving loan,
increasing the total amount outstanding to US$92 million at
December 31, 2008.

Under the Q3 2009 Amended Arrangement for the revolving loan
balance, Freescale will make quarterly payments of roughly
US$15 million beginning in the third quarter of 2009 and
concluding in the fourth quarter of 2010.  The land and buildings
located at Freescale's Sendai, Japan manufacturing facility are
pledged as collateral on the revolving loan until the fourth
quarter of 2010 when the loan is fully repaid.  In addition,
Freescale's land and buildings at the Sendai design center are
pledged as collateral until the fourth quarter of 2009.

As of October 2, 2009, US$77 million was outstanding under the
loan.

Freescale narrowed its net loss to US$408,000,000 for the three
months ended October 2, 2009, from a net loss of US$3,497,000,000
for the three months ended September 26, 2008.  Freescale booked
net sales of US$893,000,000 for the three months ended October 2,
2009, from net sales of US$1,409,000,000 for the three months
ended September 26, 2008.

Freescale posted net income of US$867,000,000 for the nine months
ended October 2, 2009, from a net loss of US$3,926,000,000 for the
nine months ended September 26, 2008.  Freescale recorded net
sales of US$2,557,000,000 for the nine months ended October 2,
2009, from net sales of US$4,286,000,000 for the nine months ended
September 26, 2008.

As of October 2, 2009, Freescale had total assets of
US$5,403,000,000 against total liabilities of US$9,161,000,000,
resulting in stockholders' deficit of US$3,758,000,000.

Freescale recorded US$12 million in charges in the first nine
months of 2009 related to its Japanese subsidiary's pension plan.
The charges are related to certain termination benefits and
settlement costs in connection with the Company's plan to
discontinue its manufacturing operations in Sendai, Japan, in 2011
and other previously executed severance actions in Japan.

                  About Freescale Semiconductor

Freescale Semiconductor -- http://www.freescale.com/-- is a
global leader in the design and manufacture of embedded
semiconductors for the automotive, consumer, industrial,
networking and wireless markets. The privately held company is
based in Austin, Texas, and has design, research and development,
manufacturing or sales operations around the world.

As of October 2, 2009, Freescale's corporate credit ratings from
Standard & Poor's, Moody's and Fitch were B-, Caa1 and CCC,
respectively.


JAPAN AIRLINES: Gov't. to Tap New Turnaround Agency for JAL
-----------------------------------------------------------
The Japanese government will put the state-backed Enterprise
Turnaround Initiative Corp. (ETIC) in charge of revamping Japan
Airlines Corp., Bloomberg News reports citing the Nikkei
newspaper.

According to Bloomberg, the paper said the government will call
for JAL to reduce its debt under government control and craft a
reconstruction plan to bring fundamental changes to the airline.
The government is also considering an infusion of public funds to
shore up the company's capital while laying out measures for
reducing its pension liabilities, Bloomberg relates.  The paper,
as cited by Bloomberg, said Prime Minister Yukio Hatoyama will
discuss the plan with other cabinet members and an announcement is
expected by the end of this week, the paper said.

ETIC, which began operations this month, aims to help rebuild
struggling companies that have excellent resources, and designs to
ensure transparency in negotiating debt-relief measures among
creditors.  The entity has JPY1.6 trillion (US$17.4 billion) in
funds available and can possibly invest in JAL.

                         Workforce Reduction

Meanwhile, Bloomberg, citing Kyodo News, reports that Japan
Airlines has decided to slash its group workforce by 13,000 by the
end of March 2015, 4,000 more than its initial plan.

According to Bloomberg, Kyodo said JAL plans to reduce the
workforce of the company and its consolidated subsidiaries to
about 35,000, and cut the number of subsidiaries to around 50 from
120 as of the end of March this year.

Kyodo, as cited by Bloomberg, said most of the planned 13,000 job
cuts will take place at Japan Airlines International Co., the unit
that operates JAL flights.  The additional 4,000 job cuts will
involve the sale of part of an equity stake in JAL Hotels Co., and
consolidation of overseas subsidiaries of JALPAK Co., a travel
agency, Bloomberg adds.

                        Pension Payments Cut

Japan's government is considering legislation to force Japan
Airlines to cut its corporate pension payments, Bloombeg News
reports.

Citing the Yomiuri Newspaper, Bloomberg relates that lowering the
pensions, which are higher than other Japanese companies, will
pave the way for the government to inject public funds into the
airline and for banks to waive its debt.

Bloomberg notes Yomiuri said the government aims to submit a bill
to a parliament session which starts Oct. 26, 2009.

                       About Japan Airlines

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
October 20, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, by two notches to 'B-' from 'B+' and its senior
unsecured rating by one notch to 'B' from 'B+'.  The ratings
remain on CreditWatch with negative implications, where they were
placed on Sept. 18, 2009.

The rating actions reflect S&P's view that there is an increased
likelihood that the restructuring plan, overseen by the new
Democratic Party of Japan-led government, will include debt burden
reductions in the form of debt-for-equity swaps, debt forgiveness,
or legal protection, which negatively affect ratings according to
Standard & Poor's ratings definitions.


L-JAC FIVE: S&P Downgrades Ratings on Various Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
A to D-2 and classes E-1 to J-1 issued under the L-JAC Five Trust
Beneficial Interest transaction and removed the ratings from
CreditWatch with negative implications.  The ratings on classes A
and B were placed on CreditWatch with negative implications on
Oct. 5, 2009, and those on classes C to D-2 and classes E-1 to J-1
on July 6, 2009.  At the same time, S&P affirmed the ratings on
classes D-3 and X.

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

Three of the transaction's underlying nonrecourse loans
(representing a combined 10.2% or so of the total initial issuance
amount of the trust certificates) are due to mature by the end of
August 2010 and are "loans considered to be in default," as stated
in the aforementioned report.  In addition, another two underlying
loans (representing a combined 28.2% or so of the total initial
issuance amount of the trust certificates) have defaulted, and
collection procedures are under way, in accordance with the
transaction agreement.

Standard & Poor's downgraded classes A to D-2 and classes E-1 to
J-1 because: (1) the three "loans considered to be in default" are
backed by regional retail properties.  Based on information
obtained from a variety of sources, including from the loans'
asset manager, S&P view the recovery prospects for the related
collateral properties with considerable uncertainty, based on the
possibility that the loans may indeed not be repaid; and (2) with
regard to one of the two loans that has already defaulted, S&P has
lowered its assumptions with respect to the recovery amount from
the related collateral property to reflect various pieces of
information, including those in the servicer's collection plan.
Moreover, there appears to be uncertainty over the recovery
prospects for the other defaulted loans.

Although S&P affirmed the ratings on classes D3 and X, S&P is
considering amending the rating methodology for interest-only
certificates, which include class X of this transaction.  If the
proposal is adopted, it could affect the rating on class X.

L-JAC Five is a multi-borrower CMBS transaction.  The trust
certificates were originally backed by loans extended to 13
obligors.  The loans were originally backed by 81 real estate
properties and real estate beneficial interests.  The transaction
was arranged by Lehman Brothers Japan Inc., and the transaction
servicer is Premier Asset Management Co.

             Ratings Lowered, Off Creditwatch Negative

                L-JAC Five Trust Beneficial Interest
         Floating-rate trust certificates due August 2015

Class  To   From           Initial issue amount     Coupon type
-----  --   ----           --------------------     -----------
A      AA+  AAA/Watch Neg  JPY41.5 bil.             Floating Rate
B      A+   AA/Watch Neg   JPY7.2 bil.              Floating Rate
C      BB-  A/Watch Neg    JPY6.1 bil.              Floating Rate
D-1    B    BBB/Watch Neg  JPY1.7 bil.              Floating Rate
D-2    B-   BB+/Watch Neg  JPY1.75 bil.             Floating Rate
E-1    B-   BBB-/Watch Neg JPY0.5 bil.              Floating Rate
E-2    CCC  BB-/Watch Neg  JPY0.8 bil.              Floating Rate
F-1    B-   BB+/Watch Neg  JPY0.5 bil.              Floating Rate
F-2    CCC  B+/Watch Neg   JPY0.58 bil.             Floating Rate
G-1    B-   BB/Watch Neg   JPY0.5 bil.              Floating Rate
G-2    CCC  B-/Watch Neg   JPY0.4 bil.              Floating Rate
H-1    B-   BB-/Watch Neg  JPY0.53 bil.             Floating Rate
I-1    CCC  B+/Watch Neg   JPY0.56 bil.             Floating Rate
J-1    CCC  B/Watch Neg    JPY0.37 bil.             Floating Rate

                         Ratings Affirmed

               L-JAC Five Trust Beneficial Interest

    Class   Rating   Initial issue amount      Coupon type
    -----   ------   --------------------      -----------
    D-3     BBB      JPY0.64 bil.              Floating Rate
    X*      AAA      JPY63.63 bil.  (Initial notional principal)

                        * Interest-only


MAZDA MOTOR: Sells Record 91,000 Vehicles in China
--------------------------------------------------
Bloomberg News reports that Mazda Motor Corp. sold a record number
of vehicles in China during the fiscal first half as government
stimulus measures boosted demand.

According to the report, Chief Executive Officer Takashi
Yamanouchi said the company sold 91,000 vehicles in China in the
six months through September.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'BB' long-term corporate
credit rating on Mazda Motor Corp., reflecting increased pressure
on the company's profitability and cash flow amid ongoing
turbulence in global auto markets.  At the same time, Standard &
Poor's affirmed its long-term corporate credit and 'BB+' senior
unsecured debt ratings on Mazda.


NIPPONKOA INSURANCE: FSA May Issue Business Improvement Order
-------------------------------------------------------------
The Financial Services Agency will likely issue a business
improvement order to Nipponkoa Insurance Co. for a series of undue
delays in the payment of insurance claims, Kyodo News reports
citing sources familiar with the matter.

Kyodo notes sources said the FSA will require the property and
casualty insurer to upgrade its management system for insurance
payments.

According to the news agency, the imminent order follows
Nipponkoa's in-house examination of large-sum automobile insurance
contracts worth more than JPY5 million, in which it found that
more than 40 cases of payment were not made until fiscal 2009 when
they could have been made in fiscal 2008.  Nipponkoa said delayed
payments totaled more than JPY700 million, Kyodo relates.

Meanwhile, a report posted at tradingmarkets.com says a group of
retail investors in Nipponkoa Insurance is seeking to remove four
of the firm's directors, including President Makoto Hyodo.

tradingmarkets.com relates former Nipponkoa Chairman Ken Matsuzawa
is among the individual shareholders who submitted a proposal
calling for their ouster.  According to tradingmarkets.com, the
motion will be presented at the firm's extraordinary stockholders
meeting in December, convened to vote on a planned merger with
Sompo Japan Insurance Inc.

Nipponkoa Insurance Company, Limited (TYO:8754) -- is a Japan-
based insurance company.  The Company, along with its subsidiaries
and associated companies, operates in two business segments.  The
Non-Life Insurance segment is engaged in the non-life insurance
and related businesses, including the survey of damage, the asset
management-related business such as the consumer loan business, as
well as the general affairs and office work consignment-related
business, encompassing the management of office buildings, the
provision of cleaning services for office buildings, the operation
of electronic computers, the provision of manpower dispatching
services, the management and operation of training facilities, the
research business, among others.  The Life Insurance segment,
through one of its subsidiaries, is engaged in the life insurance
business.


NIS GROUP: S&P Raises Counterparty Credit Rating to 'CCC-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on NIS Group Co. Ltd. to 'CCC-' from
'SD' (selective default).  The outlook on the long-term
counterparty credit rating is negative.

This rating action follows the downgrade of NIS Group to 'SD',
reflecting the company's distressed repurchase of its domestic and
U.S.-dollar denominated bonds.  At the same time, Standard &
Poor's affirmed its 'D' rating on the U.S.-dollar bonds issued by
NIS Group.

Under Standard & Poor's ratings criteria, when a repurchase
involves multiple transactions, upon the completion of the first
repurchase the issuer is no longer considered to be in selective
default.  From this point on, a further repurchase of the bonds
should not, in and of itself, lead to a change in S&P's long-term
counterparty credit rating on NIS Group.  However, the U.S. dollar
bonds that remain subject to repurchase will retain their 'D'
rating until the termination of the restructuring.

The 'CCC-' rating reflects S&P's view that NIS Group's business
and liquidity prospects are still uncertain despite the benefits
derived from deleveraging through the repurchases.  Standard &
Poor's may consider lowering its ratings on the company if
liquidity and bankruptcy risks emerge.  Conversely, S&P may raise
the ratings or revise the outlook upward if the group's
profitability improves and stable financing sources are secured.


RESONA HOLDINGS: May Sell JPY70-Bln in Preferred Shares
-------------------------------------------------------
Bloomberg News, citing the Nikkei Newspaper, reports that Nippon
Life Insurance Co. plans to buy about JPY50 billion (US$549
million) of preferred shares to be issued by Resona Holdings Inc.
to strengthen their business relationship.

Bloomberg relates the paper said Resona plans to issue a total of
about JPY70 billion in preferred shares this month and use the
proceeds to pay back public fund injections.

The newspaper, according to Bloomberg, said Resona's group capital
ratio was 14.13% as of June 30, relatively high among the major
banking groups but aims to boost its capital strength because
international regulations may ask impose stricter capital adequacy
requirements.

The Troubled Company Reporter-Asia Pacific, citing Japan Today,
reported on March 4, 2009, that Resona Holdings said it will repay
perpetual subordinated loans worth JPY45 billion to the government
by March 31.  Japan Today said the repayments will reduce Resona's
outstanding balance of such funds to JPY2,085.2 billion.

The bank, effectively nationalized after it nearly collapsed under
a mountain of bad loans, received JPY3 trillion ($30 billion) of
taxpayer money in its 2003 bailout and earlier recapitalizations
of Japanese banks, according to Reuters.

                      About Resona Holdings

Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/--
is a holding company.  Through its subsidiaries and associated
companies, the Company is engaged in general banking, trust
operation, credit card and financial services.  The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies.  It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.


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


LITYAN HOLDINGS: Earns MYR611,000 in Third Quarter Ended Sept. 30
-----------------------------------------------------------------
Lityan Holdings Berhad reported net income of MYR611,000 on
revenues of MYR14.68 million for third quarter ended September 30,
2009, compared to a net loss of MYR2.84 million on revenues of
MYR21.53 million in the same period last year.

At September 30, 2009, the Company's consolidated balance sheet
showed total assets of MYR49.50 million, total liabilities of
MYR151.74 million, resulting in a total stockholders' deficit of
MYR104.99 million.

The Company's consolidated balance sheeet at September 30, 2009,
also showed strained liquidity with MYR42.02 million in total
current assets available to pay MYR151.71 in total current
liabilities.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

The company applied on October 13, 2009 to Bursa Malaysia for the
upliftment of the PN17 status.


NIKKO ELECTRONICS: Appoints M&A Securities as Principal Adviser
---------------------------------------------------------------
Nikko Electronics Bhd, currently in provisional liquidation,
appointed M&A Securities Sdn Bhd the company's new Principal
Adviser for the Proposed Restructuring Scheme.  M&A will replace
MIMB Investment Bank Berhad.

M&A intends to re-submit the Proposed Restructuring Scheme to the
Securities Commission.

Nikko Electronics Berhad manufactures and sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                           *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko suspended its business activities to prevent
incurring further losses.


POLY TOWER: Subsidiary Defaults on MYR775,738 Loan
--------------------------------------------------
Poly Tower Ventures Berhad said that its subsidiary, Kinsplastic
Sdn Bhd, has defaulted in paying the outstanding sum and interest
of MYR775,738.67 under the various banking facilities granted by
RHB Bank Berhad.

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
Company.  The Company's segments include investment holding and
property investment, manufacturing, and trading.  The Company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The Company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.

Poly Tower Ventures Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and is unable to provide a solvency declaration.


RBTR ASSET: SC Obtains Receivership Order Against RBTR
------------------------------------------------------
The Securities Commission Malaysia said it obtained a Court order
from the High Court of Kuala Lumpur on October 20, 2009, for the
appointment of BDO Binder Malaysia as a receiver over the affairs,
assets and properties of RBTR Asset Management as well as the
assets and properties held by it on behalf of its clients.  BDO
has commenced its duties at the offices of RBTR.   RBTR holds a
Capital Market Services License to carry out fund management
activities.

The appointment of a receiver was sought by the SC following an
audit exercise conducted on RBTR which raised various concerns on
the protection of its clients' assets.  This was also confirmed by
complaints received from RBTR's clients, citing their inability to
redeem their investments made through RBTR.

The SC had in August this year launched an investigation into the
affairs of RBTR as well as the activities of Locke Capital
Investment (BVI) Ltd and Locke Guaranty Trust (NZ) Ltd, who have
allegedly held themselves out as a fund manager in Malaysia in
association with RBTR.  The SC had also directed RBTR to cease
soliciting new funds from the public, either directly or through
its representatives, until further notice.

The ex-parte Order, which was granted by High Court Judge Yang
Arif Dr Hamid Sultan Bin Abu Baker J. allows the receiver to,
among others, take into possession all documents of RBTR,
reconcile and assess the accuracy of RBTR's investors' monies,
operate the accounts of RBTR and to deal with the clients of RBTR
with respect to investments made by RBTR.  This is to safeguard
assets belonging to clients which are under the management of RBTR
and to enable the receivers to identify the total assets which are
currently held by RBTR on behalf of their clients.

The matter will be heard "inter partes" on October 29, 2009.

RBTR Asset Management Bhd -- http://www.rbtramb.com/rbtramb/-- is
a professional Asset Fund Manager.  It is regulated by the
Securities Commission Malaysia under the Capital Markets &
Services Act 2007 and is subject to other statutory authorities
and financial regulations.


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


NAVICO ASIA-PACIFIC: Mulls Closing Auckland Factory
---------------------------------------------------
Norwegian-owned Navico is considering closing its factory on
Auckland's North Shore, according to The New Zealand Press
Association.

John Scott, Navico Asia-Pacific's chief operating officer, and
Stuart MacPherson, Navico's North Shore operations manager, said
closure was being discussed, NZPA relates.

According to the report, Mr. Scott said Navico was proposing to
stop all manufacturing in New Zealand in December, with the timing
dependent on feedback and market demand.

Mr. Scott, as cited by NZPA, said the proposal affected 60 to 70
people at the Northcote factory, with a further 15 to 20 of the
professional team moving to the company's Albany-based research
and development and engineering business.  The report notes the
Albany operation will be untouched.

The report says factors affecting the manufacturing operation
include the success of Navico manufacturing operations in Mexico,
a downturn in boat sales and high labour costs in New Zealand.

Navico develops, manufactures and distributes marine electronics
for the recreational market.


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


LEHMAN BROTHERS: MAS Welcomes Deal on Minibond Notes
----------------------------------------------------
The Monetary Authority of Singapore (MAS) welcomes the
announcement by the three partners of PricewaterhouseCoopers LLP
appointed as receivers for the Minibond notes, and HSBC
Institutional Trust Services (Singapore) Limited, the trustee for
the notes, that they have reached a settlement agreement with
Lehman Brothers Special Financing Inc., the swap counterparty for
the notes.  This is an important development which resolves the
legal complexities that had prevented the earlier unwinding of the
notes and gives noteholders greater certainty that they will be
able to receive the remaining value of their notes.

The obligations of the trustee and the receivers in this situation
are to act in the interest of noteholders.  The trustee and
receivers have kept MAS informed during the settlement
negotiations.  MAS understands that they have considered the
matter thoroughly and are both satisfied that the settlement and
liquidation of the underlying collateral are in the best interest
of noteholders.

The settlement with LBSF does not affect any claims investors are
making against the financial institutions from which they bought
the notes.  Investors who accepted partial settlement offers as
part of the dispute resolution process by the FI or the Financial
Industry Disputes Resolution Centre would have retained a portion
of the notes, and will get to keep the residual value arising from
those notes.  Investors who accepted full settlement offers would
have received 100% of their principal investment amount.  These
investors will not receive any residual value as they would have
transferred the notes to the FI.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


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


AU OPTRONICS: Posts NT$7.3 Billion Net Income in 3rd Qtr
--------------------------------------------------------
AU Optronics Corp. disclosed its unaudited results for the third
quarter ended September 30, 2009.

The Company posted the third-quarter consolidated revenue of
NT$111.2 billion (US$3.5 billion), net profit of NT$7.4 billion
(US$ 232 million), and net profit attributable to equity holders
of the parent company NT$7.3 billion (US$228 million).  This
represents an EPS of NT$ 0.84 per common share (US$ 0.26 per ADR
unit).

For the first nine months of 2009, AUO reported consolidated
revenues of NT$244.5 billion (US$7.6 billion), net loss of NT$19.4
billion (US$606 million), and EPS of -NT$2.26 per common share
(-US$0.71 per ADR)

In the third quarter of 2009, AUO's shipment of large-sized panels
hit a record high of 26.7 million units, up 19.2% quarter-over-
quarter.  In terms of small- and medium-sized panels, AUO's
shipments reached 64.8 million units, up 6.5% quarter-over-
quarter.  For the first nine months of 2009, AUO large-sized
panels totaled 62.3 million units and small- and medium-sized
panels grew substantially to 168.6 million units.

"Benefiting from better market demand and higher panel prices, our
operating results improved significantly from the previous
quarter. Our gross margin and operating margins for the quarter
improved substantially to 11.7% and 6.8%, respectively. EBITDA (*)
margin for the quarter also rose to 27.9%, while the Inventory
Turnover Days stay healthy at 35 days," said Mr. Andy Yang, Chief
Financial Officer of AUO.

"We are glad that AUO has added its G8.5 capacity on time, and as
a result we could increase our shipment of the large-sized TV
panels remarkably.  It proves that AUO has made the right
investments in the right timing, enabling us to seize the growing
market opportunities.  This helped us to grow our market shares in
China and emerging markets," Mr. Yang added.

                        About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings downgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'B+' from 'BB-', and its National Long-term Rating to 'BBB-(twn)'
from 'BBB(twn)'.  The Outlook remains Negative.  The rating
actions reflect the agency's view that the company's projected
credit metrics for 2009 will not be comparable to its peers in the
'BB' category.


=============
V I E T N A M
=============


VIETNAM JOINT-STOCK: Fitch Affirms Individual Rating 'D/E'
----------------------------------------------------------
Fitch Ratings has affirmed Vietnam Joint-Stock Commercial Bank for
Industry and Trade's (Vietinbank) Individual Rating at 'D/E' and
Support rating at '4'.

"Vietinbank's Individual rating has upward potential if the bank's
improvements in loans quality, capitalization and
commercialization continue.  However, Fitch's concerns on loans
quality combined with strong loans growth on the back of the
government's interest subsidy program offset the positives," says
Sabine Bauer, Director in Fitch's Financial Institutions team.

Vietinbank's Individual Rating reflects its adequate capital,
reasonable profitability and strong franchise (as one of four
major state-owned banks).  It also considers Vietinbank's low
reserve levels and expected loans deterioration as the outlook for
Vietnam's trade-dependent economy remains challenging.  That said
the bank's 17% per annum loans growth in 2008-2005 remained behind
the sector's 34%.

At end-H109, government-subsidized loans amounted to 34% of
Vietinbank's total loans (on which borrowers typically pay 6%
interest instead of 10% interest).  Fitch is concerned that recent
strong loans growth (28% non-annualized in 9M09 for the sector)
may spur inflation and lead to higher interest rates that could
challenge borrowers' ability to service/repay these currently
cheap loans, particularly if this coincides with the withdrawal of
the subsidy (currently set for end-2011).  Vietinbank's classified
loans under Vietnamese Accounting Standards stood at 1.9% at end-
H109 (end-2007: 2.5%).  NPLs, under IFRS, were considerably higher
(2008: 5.8%) though the figure has declined substantially over
recent years.

While Vietinbank's loans/deposit ratio is somewhat high at 100%,
liquidity should remain sound given strong local confidence in the
bank.  Its reliance on short-term funds has increased and Fitch
expects this trend to continue in H209 as longer loan maturities
are encouraged under the interest subsidy scheme, and as
availability for long-term deposits/debt remains limited.

Vietinbank's capitalization is better than its peers'.  At end-
H109 the total capital ratio stood at 10% (2008: 12.0%).  It would
increase to about 11% if adjusted for the portion of capital
raised from its late-2008/early-2009 share issue - VND1.2trn -
which Vietinbank expects to retain.

Vietinbank, listed and 11% publicly-owned since end-2008, is
Vietnam's third-largest bank with 9% of system assets at end-H109.
It has 850 offices and 16,800 staff.


                         *********

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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