TCRAP_Public/091027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, October 27, 2009, Vol. 12, No. 212

                            Headlines

A U S T R A L I A

ABC LEARNING: Former Directors, Auditors Face AU$1-Bln Claim
AZZURA MARINE: In Liquidation; Employees to Claim Entitlements
BABCOCK & BROWN INFRA: Warns of Legal Action Against EPS Holders
GREAT SOUTHERN: Receivers to Wind Up More Schemes
KM GROUP: Placed in Receivership; Deloitte Appointed

STORM FINANCIAL: Under ASIC Probe on Operating Unregistered MIS


C H I N A

CHINA CONSTRUCTION: Posts CNY30.3 Billion Third-Quarter Profit


H O N G  K O N G

3D-GOLD JEWELLERY: S&P Affirms & Withdraws 'D' Ratings
ALL NATIONS: Court to Hear Wind-Up Petition on December 9
AMA CONSULTANTS: Members' Final Meeting Set for November 25
ANDIGILOG INTERNATIONAL: Lui and Chun Step Down as Liquidators
ANTIOCH INSTITUTE: Inability to Pay Debts Prompts Wind-Up

BARSIDE INVESTMENT: Members' Final Meeting Set for November 27
BLUM STRATEGIC: Creditors' Proofs of Debt Due on November 6
CITIC PACIFIC: S&P Puts 'BB+' Rating on CreditWatch Positive
FITNESS CENTRE: Creditors' Proofs of Debt Due November 13
MEGO TOYS: Court to Hear Wind-Up Petition on December 16

OASIS HK AIRLINES: Creditors' Proofs of Debt Due November 30
STANDARD ACCIDENT: Members' Final Meeting Set for November 26


I N D I A

AIR INDIA: Seeks INR5,000cr Equity Investment from Indian Gov't.
ALLIED POLES: ICRA Rates INR40 Mln Long Term Loan at 'LBB+'
COROMANDEL AGRO: ICRA Puts 'LBB+' Rating on INR114MM LT Loans
ING VYSYA: Fitch Affirms Individual Rating at 'D'
PEARL POLYMERS: Fitch Assigns National Long-Term Rating at 'BB+'

SURAT MAHILA: RBI Cancels License Due to Insolvency
TATA MOTORS: Second Qtr Net Profit Up 110.1% to INR729.14cr
TULSYAN NEC: ICRA Assigns 'LBB' Rating on INR680MM Bank Facilities
UNION CHAINS: ICRA Assigns 'LBB+' Rating on INR180MM LT Facilities


I N D O N E S I A

BANK CIMB: S&P Changes Outlook to Positive
BANK DANAMON: S&P Revises Ratings Outlook to Positive
BANK INTERNASIONAL: S&P Changes Ratings Outlook to Positive
BANK MANDIRI: S&P Changes Outlook to Positive
EXCELCOMINDO PRATAMA: Fitch Puts 'BB' Rating on Positive Watch

PAKUWON JATI: Moody's Cuts Ratings on US$110 Mil. Notes to 'Ca'
PERUSAHAAN LISTRIK: Posts IDR6.2-Tril. First-Half Net Profit
INDONESIA: Fitch Says Mining Law Won't Immediately Affect Ratings


J A P A N

MITSUI O.S.K.: Sees More Losses Ahead for Container Unit

K O R E A

GENERAL MOTORS: Korean Unit Raises US$412MM in Equity Rights Issue


M A L A Y S I A

RHB BANK: Fitch Affirms Individual Rating at 'C/D'


N E W  Z E A L A N D

CEA GROUP: Receivers Put 20 South Island Bars On the Market
SOL SQUARE: Six Bars in Christchurch Up for Sale


S I N G A P O R E

AZEGO TECHNOLOGY: To Declare Dividend on November 16
AFFINITY PRECISION (S): Court Enters Wind-Up Order
BTB MANAGEMENT: Court to Hear Wind-Up Petition on  November 6
CHINA PLANT NUTRITION: Court Enters Wind-Up Order
FEDERAL AMC: Creditors' Proofs of Debt Due on December 4

FLEXTRONICS INT'L: Bank Debt Trades at 6% Off in Secondary Market
FUNPOLIS ASIA: Creditors Get 2.8150% Recovery on Claims
GOLDEN CASTLE: Members' Final Meeting Set for November 20
GETECH INDUSTRIES: Creditors' Proofs of Debt Due on November 6
IDEALSOFT PTE: Court Enters Wind-Up Order

IDEAL MILLENNIUM: Court Enters Wind-Up Order
UL PTE LTD: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week October 19 to October 23, 2009


                         - - - - -


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


ABC LEARNING: Former Directors, Auditors Face AU$1-Bln Claim
------------------------------------------------------------
The Sydney Morning Herald reports that the administrators of ABC
Learning Centers Ltd are investigating a AU$1 billion damages
claim against the former directors of the childcare company,
including founder Eddy Groves and chairman Sallyanne Atkinson, and
auditors Pitcher Partners.

The report says the administrator is also looking to recover up to
AU$500 million from banks, including major creditor the
Commonwealth Bank.

According to the Herald, lawyers for Ferrier Hodgson appeared in
the Federal Court on October 22, where they obtained approval to
receive funding from litigation funders IMF Australia to conduct a
series of public examinations of former ABC directors, their
auditors Pitcher Partners, members of its banking syndicate, and
external consultants.

The public examinations are expected to last up to three weeks,
the report states.

                        About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


AZZURA MARINE: In Liquidation; Employees to Claim Entitlements
--------------------------------------------------------------
Simon Cathro, liquidator of Azzura Marine Nowra, confirmed Monday
at a creditors meeting that the company's employees are to claim
their outstanding entitlements through the General Employee
Entitlements and Redundancy Scheme (GEERS).

Deloitte partners David Lombe and Simon Cathro were appointed as
Liquidators on October 15, 2009, to Azzura Marine Nowra, a
internationally recognized boat-building company.

Mr. Cathro confirmed that actions to date have been to take
control of the assets, engage valuers and liaise with employees,
and local and international suppliers about the company's position
and future.

"Employees are urged to register their claims as soon as possible,
with the aim that GEERS will be in a position to make a
distribution as soon as possible," Mr. Cathro said in a statement.

The Department of Education, Employment and Workplace Relations
(DEEWR) will be holding a further information sessions with
employees on Friday, October 30.

Mr. Cathro also confirmed that liquidators have placed the
business on the market, and have received a number of enquiries
from interested parties.  "Obviously the best outcome for all
would be to sell the business as a going concern, and we will
follow through on all these enquiries."

Azzura Marine recently undertook a detailed review of its
operations and embarked on an immediate reduction of its
facilities and workforce resulting in the decision to cease Nowra
operations and place that entity into a creditor's voluntary
liquidation.

Mr. Cathro confirmed that in line with the world's luxury boat
industry, the wholly owned subsidiary of Azzura Marine, Azzura
Marine Nowra Pty Ltd has been significantly impacted by the global
financial crisis.

"The company has experienced a decrease in demand for yachts over
the last six to 12 months, declining from a peak of seven ‘new
build' orders in 2008 to no ‘new build' orders in the space of one
year.  Azzura Marine does not currently have the financial
resources to maintain three ship building facilities," he said.

                       About Azzura Marine

Azzura Marine Nowra -- http://azzuramarine.com/-- is a yacht
builder.   Azzura Marine has built in excess of 200 vessels across
its three Australian-based facilities in the 15 years since it has
been established.


BABCOCK & BROWN INFRA: Warns of Legal Action Against EPS Holders
----------------------------------------------------------------
The Age reports that Babcock & Brown Infrastructure has threatened
legal action against dissident exchangeable preference
shareholders for damages if incorrect information causes a
AU$1.8 billion recapitalization to be voted down.

According to the report, the legal threat was issued after
BusinessDay reported Bronte Capital Management's argument that the
current offer for exchangeable preference shares of 43˘ was well
under BBI's June 30 valuation of 70˘ for assets attributable to
EPS shareholders.

The legal threat was made by BBI's lawyers Freehills, warning
"false or misleading statements" could lead to "substantial damage
for BBI", and liability for Bronte Capital and its supporters, the
Age states.

According to the Age, BBI's chief financial officer, Jonathan
Sellar, said valuations of BBI's Australian Energy Transmission
and Distribution (AET&D) business provided by Bronte Capital had
contained inaccurate information.

"We're happy to engage in a debate around valuations; we want to
make sure the information that is being published is not false or
misleading," the report quoted Mr. Sellar as saying.  "I would
point out the first legal letter came from them."

For the complex recapitalization to succeed, the report notes,
more than 75% of EPS holders and more than 50% of ordinary
shareholders must vote in favor of the deal at a meeting on
November 16.

                     Recapitalization Proposal

The Troubled Company Reporter-Asia Pacific reported on Oct. 13,
2009, that Brookfield Asset Management Inc. and Brookfield
Infrastructure Partners L.P. have signed an agreement with Babcock
& Brown Infrastructure to sponsor a comprehensive restructuring
and recapitalization.

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

The principal elements of the Recapitalization plan are:

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

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

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

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

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

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

               About Babcock & Brown Infrastructure

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Moody's Investors Service placed Babcock and
Brown Infrastructure Group's B1 corporate family rating on review
with direction uncertain.  In addition, the B2 senior secured
rating of BBI Finance Pty Ltd is on review with direction
uncertain.

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


GREAT SOUTHERN: Receivers to Wind Up More Schemes
-------------------------------------------------
The receivers of Great Southern Ltd have recommended winding up
the company's 2006 and 2007 wine grape income projects, Rebecca
Lawson at WA Business News reports.

The report relates McGrathNicol said the vineyards are unlikely to
produce a 2010 vintage with the land already falling into
disrepair since limited funding ran out last month.

McGrathNicol, according to WA Business News, said that a minimum
of AU$7.5 million was needed for both schemes to produce a vintage
for next year, however, there had been no late offers.

McGrathNicol also said it will wind up the Templegate Forestry
Trust Wombat scheme, with the property having not been replanted
since it was destroyed in the 2003 Canberra fires, the report
adds.

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.


KM GROUP: Placed in Receivership; Deloitte Appointed
----------------------------------------------------
Deloitte partners David Lombe and Simon Cathro were appointed as
Receivers and Managers of the KM Group on October 2, 2009.  The
appointment includes the investment advisory company, Bridgeport
Financial Services Pty Ltd.

Bridgeport offers financial planning and superannuation advice to
retirees and investors.  The firm has approximately 9,000 clients
managed by 35 employees in offices throughout Australia with a
head office in Coffs Harbour.

Bridgeport does not directly hold investors funds.  Third party
fund managers with nationally recognized brands currently hold
over $700 million in funds under management on behalf of
Bridgeport clients.

"I would like to reassure clients that their funds under
management remain secure," said Mr. Lombe.

Mr. Lombe confirmed that the Receivers and Managers are looking to
preserve the long term viability of Bridgeport and ensure the
continued trading and preservation of employee jobs.

"This will allow the fourteen financial planners employed by
Bridgeport to continue to care for the needs of their clients,"
Mr. Lombe said in a statement.

"Our first task has been to review the financial position of
Bridgeport and to evaluate the best possible outcome for all
creditors, employees and other stakeholders. We believe this will
be to sell Bridgeport as a going concern."

Mr. Lombe indicated that advertising for expressions of interest
commenced on October 9 and that already the business had received
strong levels of enquiry from interested parties.

"We have had approximately 30 expressions of interest in the
business to date," he said.  "The timing is good for the sale
given improving sentiment towards investment in equities as well
as a rise in revenue as the market continues to strengthen."

All employees were notified of the appointment on the date of the
appointment.  They will continue to be employed on a "business as
usual" basis and will be updated regularly as the appointment
unfolds.


STORM FINANCIAL: Under ASIC Probe on Operating Unregistered MIS
---------------------------------------------------------------
The Australian Securities and Investments Commission is
investigating whether Storm Financial Ltd was acting illegally
from the moment it started raising its AU$4.5 billion in
investments under management, Stuart Washington at BusinessDay
reports.

The report, citing an ASIC document, says the corporate watchdog
is investigating Storm on suspicion of operating an unregistered
managed investment scheme.

According to the report, the line of investigation might have
severe implications for the founder, Emmanuel Cassimatis, with a
criminal penalty of up to five years jail if charged and
convicted.

It also raises the possibility that banks, being investigated on
suspicion of the same breach, may be called on to pay compensation
if the breach is proved, BusinessDay states.

BusinessDay has seen an ASIC document that states Storm,
Commonwealth Bank, Macquarie Bank and Challenger Financial
Services are under investigation for "suspected contraventions" of
several aspects of corporate law.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20.  Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up.  Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.


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C H I N A
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CHINA CONSTRUCTION: Posts CNY30.3 Billion Third-Quarter Profit
--------------------------------------------------------------
Bloomberg News reports that China Construction Bank Corp. posted a
second straight gain in quarterly profit on record lending and
fewer provisions for defaults and subprime loan-related
investments.

Bloomberg relates that the company's third-quarter net income
climbed to CNY30.3 billion (US$4.4 billion), or CNY0.13 a share,
from CNY25.6 billion, or CNY0.11, a year earlier.  That beat the
CNY29.8 billion average estimate of six analysts surveyed by
Bloomberg.

Beijing-based China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in
Hong Kong.

                         *     *     *

China Construction Bank continues to carry Moody's Investors
Service's 'D-' bank financial strength rating.  Moody's Bank
Financial Strength Ratings represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


================
H O N G  K O N G
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3D-GOLD JEWELLERY: S&P Affirms & Withdraws 'D' Ratings
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D' ratings on 3D-
GOLD Jewellery Holdings Ltd. and then withdrew the ratings because
of insufficient information for continued surveillance and the
majority of the company's assets were being sold.

S&P has very limited access to 3D-GOLD's management and financial
information.  Provisional liquidators from Deloitte Touche
Tohmatsu were appointed in October 2008.  On July 29, 2009, the
retail business was sold to an investor (a subsidiary of Hong Kong
Resources Holdings Co. Ltd.) via a share transfer, at a price of
Hong Kong dollar (HK$) 430 million.  The remaining businesses are
still in the process of restructuring.

S&P lowered the rating on 3D-GOLD and the issue rating on its
US$170 million senior unsecured notes due 2014 to 'D' on Oct. 15,
2008, due to a missed debt payment and request for standstill
arrangement.  3D-GOLD was previously an integrated jewelry
manufacturer and retailer based in Hong Kong.


ALL NATIONS: Court to Hear Wind-Up Petition on December 9
---------------------------------------------------------
A petition to wind up the operations of All Nations Creations
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:

         Kwan Ford & Company
         Chinachem Golden Plaza
         Suites 1505-1508, 15th Floor
         No. 77 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


AMA CONSULTANTS: Members' Final Meeting Set for November 25
-----------------------------------------------------------
Members of AMA Consultants Limited will hold their final general
meeting on November 25, 2009, at 10:00 a.m., at the 42nd Floor,
Central Plaza, 18 Harbour Road, in Wanchai, Hong Kong.

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


ANDIGILOG INTERNATIONAL: Lui and Chun Step Down as Liquidators
--------------------------------------------------------------
Kennic Lai Hang Lui and Frank Yuen Tsz Chun stepped down as
liquidators of Andigilog International Limited on October 8, 2009.


ANTIOCH INSTITUTE: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
Members of Antioch Institute Limited on October 19, 2009, resolved
to voluntarily wind up the company's operations due to its
inability to pay debts when it fall due.

The company's liquidator is:

         Wong Yiu Chung
         Sing Pao Building
         Room 2202, 22/F
         101 King's Road
         Hong Kong


BARSIDE INVESTMENT: Members' Final Meeting Set for November 27
--------------------------------------------------------------
Members of Barside Investment Limited will hold their final
meeting on November 27, 2009, at 10:30 a.m., at the 23rd Floor,
Wheelock House, 20 Pedder Street, Hong Kong.

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


BLUM STRATEGIC: Creditors' Proofs of Debt Due on November 6
-----------------------------------------------------------
Creditors of Blum Strategic III BT Hong Kong Limited are required
to file their proofs of debt by November 6, 2009, to be included
in the company's dividend distribution.

The company's liquidators are:

         Patrick Cowley
         Paul Edward Mitchell
         Alexandra House
         27th Floor
         18 Chater Road
         Central, Hong Kong


CITIC PACIFIC: S&P Puts 'BB+' Rating on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed the 'BB+' long-
term corporate credit rating on CITIC Pacific on CreditWatch with
positive implications.  At the same time, S&P also put the 'BB+'
issue rating on CITIC Pacific's outstanding senior unsecured bonds
on CreditWatch with positive implications.

The CreditWatch placement follows the added confidence S&P has
recently gained that, in the event CITIC Group corporate credit
rating is raised following its CreditWatch resolution, the rating
on CITIC Pacific has a one-in-two probability of being raised by
one notch.

"The added confidence came from Chinese government's track record
and S&P's recent discussions with the government," said Standard &
Poor's credit analyst Lawrence Lu.  "In S&P's opinion,
extraordinary government support for CITIC Group could flow to
CITIC Pacific."

The rating on CITIC Pacific is based on its stand-alone credit
profile and the strong parent support.  In S&P's opinion, CITIC
Pacific is a strategically important subsidiary to CITIC Group.

On a stand-alone basis, CITIC Pacific's fair business risk profile
and aggressive financial risk profile reflect the weakness in the
company's risk management and internal controls, its weak credit
metrics, as well as its exposure to cyclical industries.

Although CITIC Pacific's wide range of businesses offer some
diversification benefit, its core businesses, iron ore, special
steel, property development in China are exposed to highly
cyclical and competitive industry dynamics and are susceptible to
volatile operating conditions.

CITIC Pacific's highly leveraged capital structure is a
constraining factor for its stand-alone credit profile.  The
company's capital base was weakened substantially as a result of
its large derivative loss in 2008.  Its total adjusted debt
increased to more than HK$65 billion as at June 30, 2009, more
than doubled from HK$29 billion as at the end of 2007, mainly
attributable to the high capital expenditure in its core
operations.

"We expect to resolve the CreditWatch in the next few weeks after
the CreditWatch resolution on CITIC Group.  An upgrade on CITIC
Group could lead to a one-notch upgrade on CITIC Pacific," Mr.  Lu
said.


FITNESS CENTRE: Creditors' Proofs of Debt Due November 13
---------------------------------------------------------
The Fitness Centre Limited, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by November 13, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         William Nicholas Giles
         Alan Hubert Day
         On Hing Building, 16/F
         1 On Hing Terrace
         Central, Hong Kong


MEGO TOYS: Court to Hear Wind-Up Petition on December 16
--------------------------------------------------------
A petition to wind up the operations of Mego Toys Industrial
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:

         Messrs. Yim & Co
         Hongkong and Macau Building
         Room 701, 7th Floor
         156 Connaught Road
         Central, Hong Kong


OASIS HK AIRLINES: Creditors' Proofs of Debt Due November 30
------------------------------------------------------------
Oasis Hong Kong Airlines Limited, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by November 30, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

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


STANDARD ACCIDENT: Members' Final Meeting Set for November 26
-------------------------------------------------------------
Members of Standard Accident Claim Limited will hold their final
meeting on November 26, 2009, at 11:00 a.m., at the Unit 501,
5/F., Hing Yip Commercial Centre, 272-284 Des Voeux Road Central,
Hong Kong.

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


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


AIR INDIA: Seeks INR5,000cr Equity Investment from Indian Gov't.
----------------------------------------------------------------
Air India is seeking an equity investment of INR5,000 crore from
the government for the next three years, the Press Trust of India
reports, citing official sources.  The carrier is also seeking for
the government to provide guarantee for low- cost working capital
loans from banks, the report says.

According to the news agency, Air India promises to squeeze its
fleet size and reduce the wage bill of its 31,000-strong
workforce.

PTI notes the sources said the airline has sought Rs 2,400 crore
by the end of March next year and would need Rs 3,000 crore every
three years to meet its expenditure obligations.

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

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

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

                          About Air India

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


ALLIED POLES: ICRA Rates INR40 Mln Long Term Loan at 'LBB+'
-----------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR40 million long term
sanctioned limits of Allied Poles (India) Limited.  ICRA has also
assigned a rating of A4+ to the INR20 million short term non-fund
based limits of APIL.

The ratings are constrained by the company's small size of
operations, stressed profit margins, and the losses made in the
previous financial year.  The ratings also factor in its
concentration in steel segment which is characterized by high
competitive intensity, risks of cyclicality, and high volatility
in the raw material prices.  The ratings, however, draw comfort
from the strength of its parent company and its promoter's
experience in the business.

APIL is promoted by Mr. Praveen Bansal in 1983 and manufactures
steel pipes at its factory in Bahadurgarh, Haryana.  In 2006-07 it
diversified into PVC pipes business. Steel & PVC pipes
manufactured by the company find appl ication in water and sewage
transportation, plumbing, furniture etc.  APIL has an installed
capacity of 23,434 tonnes per annum (tpa) of steel pipes and 2400
tpa of PVC pipes.  However, the capacity utilization has been low
with only 31.4% of steel pipe and 10.9% of PVC pipe installed
capacity utilized in FY2008-09.  Mr. Bansal has also promoted two
other companies – Super Plastic Coats Private Limited and Northern
Strips Limited.  APIL manufactures steel and PVC pipes.  Both NSL
& SPCPL have similar business profile and deal in films
manufactured by Jindal Poly Films Limited.


COROMANDEL AGRO: ICRA Puts 'LBB+' Rating on INR114MM LT Loans
-------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR114 million long term
fund based sanctioned facilities of Coromandel Agro Products and
Oils Limited.  ICRA has also assigned A4+ rating to the INR1
million non-fund based sanctioned facilities of CAPOL.

The ratings are constrained by the deterioration of financial
performance in FY 2009 reflected in low operating profit margins
and return indicators along with continuing negative operating
cash flows for the past three years.  The ratings also take into
account the intense competition in the edible oil industry, threat
from cheaper substitutes like palm oil and regulatory risks
associated with the edible oil industry.  The ratings however draw
comfort from the experience of the promoters in the industry and
the company's established customer base for its key products.

CAPOL has been in the business of cottonseed oil processing since
1976 and currently has a sizeable scale of operations with an
installed processing capacity of 400MT/day.  Cotton seed oil
processing remains relatively unexploited in India.  Apart from
its usage as blending oil, it has many other applications.  The
by-products of cottonseed processing include linters and de-oiled
(DOC) cakes which find application in paper manufacturing and
cattle & fish feed respectively.  Although competitively priced,
cotton seed oil faces threat from cheaper substitutes like palm
oil which also constitutes a substantial part of the country's
edible oil imports. Cottonseed oil, DOC cakes and hulls contribute
around 90% of the company's revenues.

The company's profitability is vulnerable to various factors
including fluctuation in oil realizations, cottonseed prices and
change in regulatory environment.  While oil prices vary with
international prices, cottonseed prices depend on the quality of
the cotton crop yield in a particular season.  The company
processed lower volumes of cottonseed over the period FY2007 to FY
2009 due to lower availability of good quality cottonseeds from
its suppliers, which led to dip in capacity utilization from 44%
to 36% for oil.  While realization for linters and hulls have
consistently grown in this period, cottonseed oil realizations
dropped by more than 10% in FY 2009 on account of rationalization
of duty structure of edible oils leading to drop in edible oil
prices.  This along with lower off take led to a de-growth of 12%
in the company's revenues in FY 2009.  Further higher input costs
owing to increase in minimum support price for cotton led to
pressure on operating profitability.  The company had an inventory
of 108 days as on March 31, 2009, as compared to 60 days as on
March 31, 2008, on account of lower sales. While, this led to
higher working capital intensity with an NWC/OI of 30.4% as
against 21.4% in the previous year, higher interest cost impacted
net margins.  The operating and net margins were 2.7% and 1.3% in
FY 2009 as against 5.1% and 2.6% in FY 2008. In the same period,
the gearing increasing from 1.2 times to 1.59 times due to higher
working capital and short term loans, leading to lower debt
coverage indicators.

Going forward, the company's profitability is expected to remain
vulnerable to fluctuations in prices of edible oils and cotton
seeds and regulatory actions. The recent correction in oil prices
can boost the margins to an extent, however given that the company
operates its plant only in the period from November to May, and
its performance in the next season remains to be seen. As the
company does not have any capital expenditure plans, the gearing
is expected to reduce.

                       About Coromadel Agro

Coromandel Agro Products and Oils Limited is engaged in the
processing of cotton oilseeds.  Incorporated in 1976, the company
is a part of the Maddi Lakshmaiah group (ML Group) which has
interests in tobacco processing and real estate leasing.  The key
products manufactured include cotton seed oil, de-oiled cakes,
hulls, linters, soap stock, acid oil and sludge oil.  The company
has its manufacturing facility in Chirala in Andhra Pradesh which
has a cottonseed processing capacity of 400 MT/day, a solvent
extraction plant with a processing capacity of 225 MT/day and
refinery plant with processing capacity of 50 MT/day.


ING VYSYA: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------
Fitch Ratings has affirmed ING Vysya Bank Limited's National Long-
term rating at 'AA(ind)', Individual Rating at 'D', Support Rating
at '3' and INR3.9bn subordinated debt rating at 'AA(ind)'.  The
Outlook remains Negative.

ING Vysya's ratings were downgraded and the Outlook revised to
Negative in May 2009 to reflect Fitch's assessment that the ING
Group's (ING) flexibility in supporting its minority subsidiary in
India had been diluted somewhat by its "back to basics" strategy.
Notwithstanding the downgrade, further dilution of ING's ability
or willingness to support ING Vysya could lead to a downgrade of
ING Vysya's Support rating and another downgrade of its National
Long-term ratings over next 12-15 months.  In August 2009, Fitch
downgraded ING's Long-term Issuer Default Rating to 'A' from 'A+',
and retained the Negative Outlook.

ING Vysya's ratings take into account ING's supervisory and
managerial control.  ING remains the single largest shareholder in
ING Vysya (holding 44% of the bank's share capital) and
consolidates its financials.  In September 2009, ING infused
INR1.85bn (approx.  EUR27m) equity capital in ING Vysya to
maintain its 44% stake; furthermore ING has fully subscribed to
the bank's hybrid debt issuance.

ING Vysya's ROA improved to 0.8% in Q110 (FY09: 0.7%).  Despite
the improvement ING Vysya's profitability remains weak compared
with its peers.  Lower net interest margin and higher operating
costs affected the bank's ROA.  While the bank aims to gradually
improve its cost/income ratio and the cost of deposits has
decreased over the last nine months, any marked improvement in
profitability in FY10 would remain contingent on credit costs.
Like other Indian banks, ING Vysya's asset quality has been
affected by the economic slowdown.  While reported gross NPL ratio
(at end-Q110: 2%; FY08: 1.4%) remained low, NPL slippages are
likely to increase as the downturn plays out.  The Tier 1 ratio
improved to 9.7% at end-September 2009 (FY09: 6.9%), following an
INR4.15 billion private placement of equity in September 2009.
Core equity comprises 94.6% of Tier 1 capital.

The bank was established in 1930 as The Vysya Bank Limited; it was
renamed in 2002 after ING acquired a 44% stake.  Traditionally a
lender to SMEs, the bank has since then improved its large
corporate and consumer banking franchise.  ING Vysya uses the
"ING" brand, logo and colors.  Its network of 442 branches is
concentrated in South India.


PEARL POLYMERS: Fitch Assigns National Long-Term Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned India's Pearl Polymers Limited a
National Long-term rating of 'BB+(ind)'.  Simultaneously, the
agency has assigned a 'BB+(ind)' rating to the company's term
loans from banks of INR99.9 million, 'BB+(ind)'/'F4(ind)' ratings
to PPL's fund based working capital bank limits of INR190 million,
and 'BB+(ind)'/'F4(ind)' ratings to its non-fund based bank limits
of INR98.8 million.  The Outlook is Stable.

The ratings take into account PPL's experience in Polyethylene
Terephthalate bottles and containers business of more than two
decades, along with its well-known brand, Pearlpet.  The ratings
also factor in the benefit of multiple plant locations, which
enables proximity to customers.  This translates to freight
savings, considering the high volume to weight ratio of the
product.  The ratings are also supported by PPL's diversified
customer base with greater exposure to less cyclical end segments
such as pharmaceuticals, food and beverages, and fast moving
consumer goods, with no single customer accounting for more than
8%-10% of its total revenues.

However, the ratings are constrained by the moderate EBITDA
margins and very low net income margins (due to higher interest
burden on account of two expansions in the past five years).  In
addition, the company's profitability is lower than most of its
industry peers.  The ratings take into account PPL's relatively
small size and its track record of moderate to high leverage.  PPL
witnessed good revenue growth in FY09 following a period of low
revenue growth in FY04-FY08 despite considerable capex during that
period (INR391 million).  The company went through a debt
restructuring during FY05.

Key risks to PPL's business include competition with smaller low-
cost regional players in the retail segment, and pressure on
margins led by small scale manufacturers who are starting up near
its industrial customers.  Since raw material prices are oil
derivatives, PPL's margins are also susceptible to adverse
movements in crude oil prices.  This risk is partly mitigated by
PPL's demonstrated ability to pass on most of the raw material
price hikes to the customers.  PPL sources PET chips (main raw
material) from its group company- Pearl Engineering Polymers
Limited (PEPL).  PEPL ceased to be a sick industrial company in
2006, under the purview of the Sick Industrial Companies Act
(SICA).

The ratings are also comforted by company's sound operating
performance during FY09 with a net revenue of INR1,538 million
(growing 14% yoy), which relates to the favorable impact of the
commencement of operations at its new Pant Nagar facility in July
2008.  EBITDA margin also improved to 11% (FY08: 10.5%), on the
back of low crude oil prices for part of the year.  However, net
margins continue to remain low at 1.2%, while net debt/EBITDA
ratio marginally improved to 3.6x from 3.7x in FY08.

Sustainable and significant improvement in margins and scale,
along with a reduction of leverage could act as positive rating
triggers.  Significant debt-led capex, increased investment in
group companies, or a pressure on the margins that impact the
credit metrics negatively could act as negative rating triggers.

PPL is a major player in PET bottles industry, which uses
Injection Stretch Blow Molding Technology at its production
facilities at Mahad (Maharashtra), Baddi (Himachal Pradesh),
Jigani (Bangalore), Pant Nagar (Uttaranchal) and Gurgaon
(Haryana).  The Pant Nagar facility commenced operations in
July 2008, and hence, full operational benefits are expected in
FY10.


SURAT MAHILA: RBI Cancels License Due to Insolvency
---------------------------------------------------
The Reserve Bank of India on October 20, 2009, ordered the
cancellation of The Surat Mahila Nagrik Sahakari Bank Ltd.'s
license after examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Gujarat, to wind up Surat
Mahila Nagrik Sahakari Bank and appoint a liquidator.

RBI's decision came after determining that the bank has ceased to
be solvent and has already caused inconvenience to its depositors.

RBI granted Surat Mahila Nagrik Sahakari Bank a license to
commence banking business on May 28, 1996.  According to RBI, the
statutory inspection conducted with reference to the financial
position as on March 31, 2008, revealed that the bank's financial
position was impaired.  Subsequent inspection conducted on
March 31, 2009, revealed further deterioration in the financials
of the bank.

RBI had issued a notice to the bank on July 21, 2009, asking it to
show cause as to why the license granted to it to conduct banking
business should not be cancelled.

After taking into consideration the reply submitted by the bank
and after examining all options for its revival, the Reserve Bank
of India took the extreme measure of canceling the license of the
bank in the interest of the bank's depositors.  With the
cancellation of its license and commencement of liquidation
proceedings, the process of paying the depositors of The Surat
Mahila Nagrik Sahakari Bank Ltd., Surat, Gujarat will be set in
motion subject to the terms and conditions of the Deposit
Insurance Scheme.

Consequent to the cancellation of its licence, The Surat Mahila
Nagrik Sahakari Bank Ltd,Surat ,Gujarat is prohibited from
carrying on ‘banking business' as defined in Section 5 (b) of the
Banking Regulation Act,1949 (AACS) including acceptance and
repayment of deposits.


TATA MOTORS: Second Qtr Net Profit Up 110.1% to INR729.14cr
-----------------------------------------------------------
Tata Motors Ltd reported revenues (net of excise) of INR7978.82
crores on a stand-alone basis for the quarter ended September 30,
2009, compared to INR7078.85 crores in the corresponding quarter
last year, a growth of 12.7%.

For the second quarter in a row, the company improved its
operating margin to 13.4%, an improvement of 580 basis points
compared with the corresponding quarter of the previous year.
Volume recovery combined with improved realizations contributed to
growth in revenues whilst stable material prices and accelerated
cost reduction efforts continued to yield beneficial impact on
margins.

Profit before Tax for the quarter grew by 153.3% to INR906.85
crores (Q2 2008-09: INR358.01 crores) and Profit after Tax was
INR729.14 crores (Q2 2008-09: INR346.99 crores), an increase of
110.1%.  The Profit before Tax for corresponding quarter of 2008-
09, was after considering notional foreign exchange loss (net) of
INR 245.23 crores.  Had the exchange differences for the quarter
ended September 30, 2008, been accounted for as per the current
policy, the increase in Profit before Tax would be 49.7%.

The sales volume for the quarter (including exports) was 158,575
vehicles (Q2 2008-09: 135,037), a growth of 17.4%.  Revival of
industrial activity and improvement in liquidity coupled with
introduction of new products and variants improved the company's
sales in the domestic market.  However, continued slowdown in
prime markets and volatility of exchange rates persist in
impacting company's exports of commercial vehicles and passenger
vehicles.

In the domestic market, the company gained market share in
commercial vehicles to 65.5% during the quarter compared with
62.0% in the corresponding quarter of last year on the back of a
20.7% growth in domestic sales to 89,655 units.  For the first
time in the last four quarters, the company's sales in the medium
and heavy commercial vehicle segment witnessed a year-on-year
growth during the current quarter of July-September 2009, while
the industry sales in the segment was almost flat.  Light
commercial vehicles, led by the continued strong performance of
the Ace and the Magic, also maintained significant growth at
33.1%.

Passenger vehicles, including Fiat and Jaguar and Land Rover
vehicles, grew by 27.3% in the domestic market to 60,917 units.
The market share for Tata passenger vehicles for the period stood
at 11.6%. The company commenced the delivery of Tata Nano this
quarter and has delivered 7,506 units manufactured from its plant
at Uttarakhand.  Along with Fiat, the company has a joint market
share of 13.4% in the industry.  The company commenced deliveries
of Jaguar and Land Rover vehicles which have received encouraging
response from the market.

                             Half Year

The company's revenues (net of excise) were INR14383.45 crores in
the first half, compared to INR14007.29 crores in the first half
last year, a growth of 2.7%.  Profit before Tax (before notional
loss on foreign exchange valuation) was INR1475.74 crores,
compared to INR1109.92 crores in the first half last year, an
increase of 33.0%.  After considering notional exchange valuation
loss of INR20.85 crores (Q2 2008-09: INR406.82 crores) reflecting
the volatility in foreign exchange rates on revaluation of foreign
currency borrowings, deposits and loans given, Profit before Tax
was INR1454.89 crores, compared to INR703.10 crores in the first
half last year, a growth of 106.9%, while Profit after Tax (after
notional loss on foreign exchange valuation) was INR1242.90 crores
compared to INR673.10 crores in the first half last year, a growth
of 84.7%.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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


TULSYAN NEC: ICRA Assigns 'LBB' Rating on INR680MM Bank Facilities
------------------------------------------------------------------
ICRA has assigned an "LBB" rating to the Rs 680.0 million fund
based bank limits of Tulsyan NEC Limited.  ICRA has also assigned
an A4 rating, to the Rs.420.0 million fund based and INR1.0
Billion non fund based short term bank limits of TNEC.

The ratings reflect the inherent cyclicality in the steel
industry, a highly fragmented thermo mechanically treated bar
(TMT) and synthetic poly woven bags market leading to intense
competition and therefore moderate operating profitability of
players including TNEC, accentuated further by a relatively high
cost structure due to the lack of captive raw material and power
sources in the highly raw material and power intensive steel
business, and an aggressive capital structure.  ICRA takes note
that while the steel business faces a high cost structure; the
poly woven bag and flexible intermediate bulk containers (FIBCs)
business is susceptible to the fluctuations in the input feed
stock prices.  The weak price condition in the TMT business, which
prevailed in third and fourth quarters of 2008-09, have extended
in the first half of 2009-10, impacting the overall profitability
of the business, further aggravated by the foreign exchange
losses.

While ICRA notes that the increase in the capacity in the steel
business, which is still to become operational, is expected to
improve the overall operating efficiency and turnover of the
company, the gearing is expected to remain high in the near term.
Though the proposed rights issue is expected to moderate the same
in the medium term, an anticipated investment in the 35 MW coal
based power plant is likely to limit the extent of such
improvement. The ratings consider the company's long standing
presence in the steel and synthetics (poly woven bags and FIBC's)
industry, established customer base and brand name in South
India's TMT market.  Recently TNEC has signed a memorandum of
understanding (MoU) for purchasing 100% shares of Chitrakoot Steel
& Power Pvt Limited in Tamil Nadu. ICRA will evaluate the impact
of the same on the business risk profile of TNEC when the details
of the business being acquired and the funding pattern thereof are
available.

Incorporated in 1947 under the name National Engineering Company
Limited (NECL), the company was taken over by the Tulsyan group of
companies in 1986.  In 1995-96, Tulsyan Synthetics Limited, a
group company was merged with the NECL and the name of the company
was changed to Tulsyan NEC Limited with effect from August 1996.
TNEC is one of the major manufacturers of thermo mechanically
treated (TMT) bars and billets in South India. It is also a large
manufacturer of poly woven sacks and FIBC's in South India.

During 2008-09, TNEC reported a profit of INR95.1 million on a
turnover of INR6.99 billion.  In the first quarter of 2009-10, the
company posted a net profit of INR10.0 million on the back of net
sales of INR1.38 billion.


UNION CHAINS: ICRA Assigns 'LBB+' Rating on INR180MM LT Facilities
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the Cash Credit Facility of
INR180.00 million long term fund based facilities of Union Chains
& Jewellery Private Ltd.  ICRA has also assigned an A4+ rating to
the short term fund based sub-limit of INR5.00 million UCJPL.

The rating is constrained by the company's modest scale of
operations, low profitability and cash accruals as well as
strained debt servicing indicators as reflected in the ratio of
NCA/Total debt of 2% for FY 09.  The rating is further constrained
by the high competitive intensity inherent in the business and
weak outlook for the industry given the demand slowdown which has
resulted in a pressure on margins.  Nevertheless, the assigned
rating favorably factors in the promoters' established experience
in the gold jewellery business and the benefits accruing from its
established marketing & distribution network across India.

Union Chains & Jewellers Pvt. Ltd. incorporated in the year 1998
is an initiative of Sanghvi brothers and the Merchant family which
was started primarily to deal in imported jewellery.  In 1999, the
Merchant family made its exit from the business by resigning from
the directorship of the company.  UCJPL is engaged in
manufacturing of gold chains & other jewellery items.  The company
has its registered & marketing office at Zaveri Bazaar, Mumbai and
a manufacturing unit at Mazgaon, Mumbai.  Some portion of the
manufacturing activities is carried out from the group concern
Shanti Gems & Jewellery.  The company deals mainly in 18 carats to
22 carats gold & silver jewellery.  UCJPL is particularly known
for its finest and light weight range of gold jewellery.
Recently, it has also started manufacturing a range of jewellery
in silver like broad chains known as Indo-Italian chains for
diamond jewellery.

UCJPL is primarily into B2B segment and concentrates on the high
volume and high value jewellery, primarily manufacturing chains
wherein the ticket size ranges from 2-80gms.  In August 2009, the
company launched its brands i.e. Mia, Fusion Fiesta & Diamond
Damsel.

The firm has recorded a profit after tax (PAT) of INR2.6 million
on an operating income of INR823.9 million for the year ending
March 31, 2009.


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


BANK CIMB: S&P Changes Outlook to Positive
------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
ratings of four Indonesian banks to positive from stable.  These
banks are PT Bank Mandiri (Persero), PT Bank Danamon Indonesia
Tbk., PT Bank CIMB Niaga Tbk. (unsolicited ratings) and PT Bank
Internasional Indonesia Tbk.  As a result, all these banks are now
rated BB-/Positive/B, compared with BB-/Stable/B earlier.  There
is no change in the rating or outlook on PT Bank Negara Indonesia
(Persero) Tbk.

The outlook revision on the banks comes after the similar action
on the sovereign credit rating on Indonesia (foreign currency BB-/
Positive/B; local currency BB+/Positive/B).  The rationales for
the outlook revisions -- varying somewhat across the four banks --
are given below.

             PT BANK MANDIRI (PERSERO) (BB-/Positive/B)

S&P's revision of the rating outlook on Bank Mandiri reflects a
similar change in the outlook on the foreign currency sovereign
rating on Indonesia.  This is because the credit ratings on Bank
Mandiri will move upward in tandem with the sovereign credit
rating, as the extraordinary government support expected to be
available to the bank is not incorporated into the 'BB-'
counterparty credit ratings of the bank.  S&P expects the support
to be forthcoming to Bank Mandiri as it is the largest bank in the
country with a market share of 16.2% in customer deposits and
majority government ownership of about 67%.  Conversely, a
downgrade of the Indonesian sovereign rating would cause the
rating on Bank Mandiri to be lowered as Standard & Poor's does not
rate any Indonesian banks above the sovereign foreign currency
rating.  This is because of the direct and indirect influence that
the sovereign, if in distress, would have on an Indonesian bank's
operations, including the bank's ability to service foreign
currency obligations.

          PT BANK DANAMON INDONESIA TBK. (BB-/Positive/B)

The outlook revision reflects both S&P's expectation that the
rating on Bank Danamon could be raised if and when the sovereign
is upgraded as the bank's financial profile is resilient and
compares well with its regional peers in 'BB' rating category.  A
positive rating action is possible if the sovereign rating is
raised while Bank Danamon continues to demonstrate strong
profitability and a sound capitalization position, with liquidity
profile and asset quality remaining manageable.  Negative rating
actions could arise from a significant deterioration in the bank's
asset quality or liquidity profile.  A downgrade of the Indonesian
sovereign rating would cause the rating on Bank Danamon to be
lowered as Standard & Poor's does not rate any Indonesian banks
above the sovereign foreign currency rating.  This is because of
the direct and indirect influence that the sovereign, if in
distress, would have on an Indonesian bank's operations, including
the bank's ability to service foreign currency obligations.

  PT BANK CIMB NIAGA TBK. (Unsolicited Ratings) (BB-/Positive/B)
       PT BANK INTERNASIONAL INDONESIA TBK. (BB-/Positive/B)

The outlook revisions on the ratings of CIMB Niaga and BII reflect
a similar change in the outlook on the foreign currency sovereign
rating.  This is because the credit ratings on both these banks
will move upward in tandem with the sovereign credit rating, as
the group support expected to be available to the bank is not
incorporated to the full extent into their 'BB-' counterparty
credit ratings.  S&P expects CIMB Niaga and BII to continue to be
"strategically important" for their parents, CIMB Group and
Maybank, respectively.  A negative rating action could arise on
any of these banks if there is a significant deterioration in the
bank's stand-alone credit profile or its strategic importance to
its parent diminishes materially.  Moreover, a downgrade of the
Indonesian sovereign rating would cause the ratings on both banks
to be lowered as Standard & Poor's does not rate any Indonesian
banks above the sovereign foreign currency rating.  This is
because of the direct and indirect influence that the sovereign,
if in distress, would have on an Indonesian bank's operations,
including the bank's ability to service foreign currency
obligations.


BANK DANAMON: S&P Revises Ratings Outlook to Positive
-----------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
ratings of four Indonesian banks to positive from stable.  These
banks are PT Bank Mandiri (Persero), PT Bank Danamon Indonesia
Tbk., PT Bank CIMB Niaga Tbk. (unsolicited ratings) and PT Bank
Internasional Indonesia Tbk.  As a result, all these banks are now
rated BB-/Positive/B, compared with BB-/Stable/B earlier.  There
is no change in the rating or outlook on PT Bank Negara Indonesia
(Persero) Tbk.

The outlook revision on the banks comes after the similar action
on the sovereign credit rating on Indonesia (foreign currency BB-/
Positive/B; local currency BB+/Positive/B).  The rationales for
the outlook revisions -- varying somewhat across the four banks --
are given below.

             PT BANK MANDIRI (PERSERO) (BB-/Positive/B)

S&P's revision of the rating outlook on Bank Mandiri reflects a
similar change in the outlook on the foreign currency sovereign
rating on Indonesia.  This is because the credit ratings on Bank
Mandiri will move upward in tandem with the sovereign credit
rating, as the extraordinary government support expected to be
available to the bank is not incorporated into the 'BB-'
counterparty credit ratings of the bank.  S&P expects the support
to be forthcoming to Bank Mandiri as it is the largest bank in the
country with a market share of 16.2% in customer deposits and
majority government ownership of about 67%.  Conversely, a
downgrade of the Indonesian sovereign rating would cause the
rating on Bank Mandiri to be lowered as Standard & Poor's does not
rate any Indonesian banks above the sovereign foreign currency
rating.  This is because of the direct and indirect influence that
the sovereign, if in distress, would have on an Indonesian bank's
operations, including the bank's ability to service foreign
currency obligations.

          PT BANK DANAMON INDONESIA TBK. (BB-/Positive/B)

The outlook revision reflects both S&P's expectation that the
rating on Bank Danamon could be raised if and when the sovereign
is upgraded as the bank's financial profile is resilient and
compares well with its regional peers in 'BB' rating category.  A
positive rating action is possible if the sovereign rating is
raised while Bank Danamon continues to demonstrate strong
profitability and a sound capitalization position, with liquidity
profile and asset quality remaining manageable.  Negative rating
actions could arise from a significant deterioration in the bank's
asset quality or liquidity profile.  A downgrade of the Indonesian
sovereign rating would cause the rating on Bank Danamon to be
lowered as Standard & Poor's does not rate any Indonesian banks
above the sovereign foreign currency rating.  This is because of
the direct and indirect influence that the sovereign, if in
distress, would have on an Indonesian bank's operations, including
the bank's ability to service foreign currency obligations.

  PT BANK CIMB NIAGA TBK. (Unsolicited Ratings) (BB-/Positive/B)
       PT BANK INTERNASIONAL INDONESIA TBK. (BB-/Positive/B)

The outlook revisions on the ratings of CIMB Niaga and BII reflect
a similar change in the outlook on the foreign currency sovereign
rating.  This is because the credit ratings on both these banks
will move upward in tandem with the sovereign credit rating, as
the group support expected to be available to the bank is not
incorporated to the full extent into their 'BB-' counterparty
credit ratings.  S&P expects CIMB Niaga and BII to continue to be
"strategically important" for their parents, CIMB Group and
Maybank, respectively.  A negative rating action could arise on
any of these banks if there is a significant deterioration in the
bank's stand-alone credit profile or its strategic importance to
its parent diminishes materially.  Moreover, a downgrade of the
Indonesian sovereign rating would cause the ratings on both banks
to be lowered as Standard & Poor's does not rate any Indonesian
banks above the sovereign foreign currency rating.  This is
because of the direct and indirect influence that the sovereign,
if in distress, would have on an Indonesian bank's operations,
including the bank's ability to service foreign currency
obligations.


BANK INTERNASIONAL: S&P Changes Ratings Outlook to Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
ratings of four Indonesian banks to positive from stable.  These
banks are PT Bank Mandiri (Persero), PT Bank Danamon Indonesia
Tbk., PT Bank CIMB Niaga Tbk. (unsolicited ratings) and PT Bank
Internasional Indonesia Tbk.  As a result, all these banks are now
rated BB-/Positive/B, compared with BB-/Stable/B earlier.  There
is no change in the rating or outlook on PT Bank Negara Indonesia
(Persero) Tbk.

The outlook revision on the banks comes after the similar action
on the sovereign credit rating on Indonesia (foreign currency BB-/
Positive/B; local currency BB+/Positive/B).  The rationales for
the outlook revisions -- varying somewhat across the four banks --
are given below.

             PT BANK MANDIRI (PERSERO) (BB-/Positive/B)

S&P's revision of the rating outlook on Bank Mandiri reflects a
similar change in the outlook on the foreign currency sovereign
rating on Indonesia.  This is because the credit ratings on Bank
Mandiri will move upward in tandem with the sovereign credit
rating, as the extraordinary government support expected to be
available to the bank is not incorporated into the 'BB-'
counterparty credit ratings of the bank.  S&P expects the support
to be forthcoming to Bank Mandiri as it is the largest bank in the
country with a market share of 16.2% in customer deposits and
majority government ownership of about 67%.  Conversely, a
downgrade of the Indonesian sovereign rating would cause the
rating on Bank Mandiri to be lowered as Standard & Poor's does not
rate any Indonesian banks above the sovereign foreign currency
rating.  This is because of the direct and indirect influence that
the sovereign, if in distress, would have on an Indonesian bank's
operations, including the bank's ability to service foreign
currency obligations.

          PT BANK DANAMON INDONESIA TBK. (BB-/Positive/B)

The outlook revision reflects both S&P's expectation that the
rating on Bank Danamon could be raised if and when the sovereign
is upgraded as the bank's financial profile is resilient and
compares well with its regional peers in 'BB' rating category.  A
positive rating action is possible if the sovereign rating is
raised while Bank Danamon continues to demonstrate strong
profitability and a sound capitalization position, with liquidity
profile and asset quality remaining manageable.  Negative rating
actions could arise from a significant deterioration in the bank's
asset quality or liquidity profile.  A downgrade of the Indonesian
sovereign rating would cause the rating on Bank Danamon to be
lowered as Standard & Poor's does not rate any Indonesian banks
above the sovereign foreign currency rating.  This is because of
the direct and indirect influence that the sovereign, if in
distress, would have on an Indonesian bank's operations, including
the bank's ability to service foreign currency obligations.

  PT BANK CIMB NIAGA TBK. (Unsolicited Ratings) (BB-/Positive/B)
       PT BANK INTERNASIONAL INDONESIA TBK. (BB-/Positive/B)

The outlook revisions on the ratings of CIMB Niaga and BII reflect
a similar change in the outlook on the foreign currency sovereign
rating.  This is because the credit ratings on both these banks
will move upward in tandem with the sovereign credit rating, as
the group support expected to be available to the bank is not
incorporated to the full extent into their 'BB-' counterparty
credit ratings.  S&P expects CIMB Niaga and BII to continue to be
"strategically important" for their parents, CIMB Group and
Maybank, respectively.  A negative rating action could arise on
any of these banks if there is a significant deterioration in the
bank's stand-alone credit profile or its strategic importance to
its parent diminishes materially.  Moreover, a downgrade of the
Indonesian sovereign rating would cause the ratings on both banks
to be lowered as Standard & Poor's does not rate any Indonesian
banks above the sovereign foreign currency rating.  This is
because of the direct and indirect influence that the sovereign,
if in distress, would have on an Indonesian bank's operations,
including the bank's ability to service foreign currency
obligations.


BANK MANDIRI: S&P Changes Outlook to Positive
---------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
ratings of four Indonesian banks to positive from stable.  These
banks are PT Bank Mandiri (Persero), PT Bank Danamon Indonesia
Tbk., PT Bank CIMB Niaga Tbk. (unsolicited ratings) and PT Bank
Internasional Indonesia Tbk.  As a result, all these banks are now
rated BB-/Positive/B, compared with BB-/Stable/B earlier.  There
is no change in the rating or outlook on PT Bank Negara Indonesia
(Persero) Tbk.

The outlook revision on the banks comes after the similar action
on the sovereign credit rating on Indonesia (foreign currency BB-/
Positive/B; local currency BB+/Positive/B).  The rationales for
the outlook revisions -- varying somewhat across the four banks --
are given below.

             PT BANK MANDIRI (PERSERO) (BB-/Positive/B)

S&P's revision of the rating outlook on Bank Mandiri reflects a
similar change in the outlook on the foreign currency sovereign
rating on Indonesia.  This is because the credit ratings on Bank
Mandiri will move upward in tandem with the sovereign credit
rating, as the extraordinary government support expected to be
available to the bank is not incorporated into the 'BB-'
counterparty credit ratings of the bank.  S&P expects the support
to be forthcoming to Bank Mandiri as it is the largest bank in the
country with a market share of 16.2% in customer deposits and
majority government ownership of about 67%.  Conversely, a
downgrade of the Indonesian sovereign rating would cause the
rating on Bank Mandiri to be lowered as Standard & Poor's does not
rate any Indonesian banks above the sovereign foreign currency
rating.  This is because of the direct and indirect influence that
the sovereign, if in distress, would have on an Indonesian bank's
operations, including the bank's ability to service foreign
currency obligations.

          PT BANK DANAMON INDONESIA TBK. (BB-/Positive/B)

The outlook revision reflects both S&P's expectation that the
rating on Bank Danamon could be raised if and when the sovereign
is upgraded as the bank's financial profile is resilient and
compares well with its regional peers in 'BB' rating category.  A
positive rating action is possible if the sovereign rating is
raised while Bank Danamon continues to demonstrate strong
profitability and a sound capitalization position, with liquidity
profile and asset quality remaining manageable.  Negative rating
actions could arise from a significant deterioration in the bank's
asset quality or liquidity profile.  A downgrade of the Indonesian
sovereign rating would cause the rating on Bank Danamon to be
lowered as Standard & Poor's does not rate any Indonesian banks
above the sovereign foreign currency rating.  This is because of
the direct and indirect influence that the sovereign, if in
distress, would have on an Indonesian bank's operations, including
the bank's ability to service foreign currency obligations.

  PT BANK CIMB NIAGA TBK. (Unsolicited Ratings) (BB-/Positive/B)
       PT BANK INTERNASIONAL INDONESIA TBK. (BB-/Positive/B)

The outlook revisions on the ratings of CIMB Niaga and BII reflect
a similar change in the outlook on the foreign currency sovereign
rating.  This is because the credit ratings on both these banks
will move upward in tandem with the sovereign credit rating, as
the group support expected to be available to the bank is not
incorporated to the full extent into their 'BB-' counterparty
credit ratings.  S&P expects CIMB Niaga and BII to continue to be
"strategically important" for their parents, CIMB Group and
Maybank, respectively.  A negative rating action could arise on
any of these banks if there is a significant deterioration in the
bank's stand-alone credit profile or its strategic importance to
its parent diminishes materially.  Moreover, a downgrade of the
Indonesian sovereign rating would cause the ratings on both banks
to be lowered as Standard & Poor's does not rate any Indonesian
banks above the sovereign foreign currency rating.  This is
because of the direct and indirect influence that the sovereign,
if in distress, would have on an Indonesian bank's operations,
including the bank's ability to service foreign currency
obligations.


EXCELCOMINDO PRATAMA: Fitch Puts 'BB' Rating on Positive Watch
--------------------------------------------------------------
Fitch Ratings has placed P.T. Excelcomindo Pratama Tbk's (XL)
'BB-' Long-term foreign and local currency Issuer Default Ratings
on Rating Watch Positive to reflect the potential for increased
support in accordance with the agency's Parent and Subsidiary
Rating Linkage methodology.  Fitch expects to resolve the RWP upon
the successful completion of XL's planned US$300 million rights
issue by December 2009, most likely with a one-notch upgrade in
its ratings.  The agency notes that Indocel Holding Sdn Berhad,
which is a wholly-owned subsidiary of Axiata Group Berhad, has
undertaken to subscribe to its full entitlement, and has
additionally entered into a standby buyer agreement to subscribe
to the entire unsubscribed portion.

XL's ratings reflect its entrenched third position in the
Indonesian cellular sector, good growth prospects and strategic
importance to Malaysian parent Axiata Group Berhad (83.8%) as its
largest overseas investment.  Through most of FY08, XL
strengthened its market position through an aggressive pricing
strategy.  The company reported a record 10.5 million net
subscriber additions in FY08, which underpinned robust net revenue
growth of 51% and a strong EBITDAR margin at 52.2% of net revenue.
However its key financial measures weakened significantly during
the same period, with net adjusted leverage rising to 3.3x from
2.5x yoy, and funds from operations by gross interest expense
declining to 4.1x from 5.9x -- reflecting debt-funded network
investments of about US$1.2bn.

With competitors (particularly Telkomsel) regaining traction from
Q408 onwards, the company's net revenue growth has been
comparatively modest in H109, at 12.6% on the year.  Further,
operating margins have been impacted by higher network
infrastructure expenses, including higher frequency usage charges
and higher rentals (the latter driven by an effort to lease more
towers and in contrast with the previous policy of 100% self-
build).  In light of lower revenue-growth prospects, as well as
difficult credit conditions, XL has pared its capex budget (on a
cash basis) significantly to about US$600m in FY09, which the
company expects to fund mostly through a combination of operating
cash flow and additional debt of about IDR2.1trn.

XL's net debt levels have trended higher in H109, but are
anticipated to reduce by end-December 2009, upon completion of the
rights offering.  In this regard, and on Fitch's expectation of
broadly stable EBITDAR, the ratings factor in broadly stable net
adjusted leverage at FYE09 over the previous year.

At end-June 2009, XL held cash reserves of IDR1.0 trillion,
against anticipated cash capex of approximately IDR2.6 trillion in
H209 and short-term maturities of about IDR2.0 trillion.  While
the planned rights issuance mitigates concerns with respect to
near-term liquidity, Fitch estimates that XL will require
substantial additional funding during 2010-2012 to cover
refinancing and capex.

The company's ratings also reflect a persistently uncertain
regulatory regime, as well as the risks inherent in Indonesia,
including political and social instability, economic and currency
volatility, and a legal framework that lacks robustness.  The
agency notes that downward pressure on the ratings could arise if
debt-funded capex is more aggressive than anticipated, or in the
event of a material deterioration in the operating environment
(e.g. unfavourable regulatory developments or a return to
irrational price competition) that leads net adjusted leverage to
exceed 4.5x on a sustained basis.


PAKUWON JATI: Moody's Cuts Ratings on US$110 Mil. Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa1 the
senior secured rating for the US$110 million 12% senior secured
notes due November 2011 issued by Pakuwon Jati Finance BV, and
guaranteed by guaranteed by PT Pakuwon Jati Tbk and its
subsidiary, PT Artisan Wahyu.

At the same time, Moody's has affirmed the Caa1 corporate family
rating of Pakuwon.  The outlook for the ratings remains negative.

The rating action follows Pakuwon's announcement that it is
commencing an exchange offer and consent solicitation for the 2011
Notes, which are due in November 2011.  Details of the exchange
offer can be found in the issuer comment of October 23, 2009, on
www.moodys.com.

"If successful, the transaction will constitute a distressed debt
exchange, which is a default event under Moody's definition.  The
downgrade of the 2011 Notes to Ca considers this default and
Moody's assessment of the higher economic loss when compared to
the original payment promise for the Notes," says Peter Choy a
Moody's Vice President and Senior Credit Officer.

"The Caa1 corporate family rating reflects Moody's forward-looking
view of the company, assuming that the transaction closes as
proposed," adds Mr. Choy.

Moody's recognizes that the completion of the exchange offer would
address Pakuwon's near-term liquidity stress.  Specifically, the
benefits would include (1) a 2-year grace period on principal
repayments for the amount of cash settlement funded by bank
borrowings and a 5-year grace period for the portion refinanced by
the new notes; (2) fewer cash-interest payments being settled by
more notes; and (3) a relaxed interest coverage covenant, which
changes from 2.5x to 2.0x.

Despite such benefits, the Caa1 corporate family rating continues
to reflect the company's weak liquidity profile against the
backdrop of the slowdown in the property market and tightened
conditions in the credit market.  Its Superblock Gandaria project
heightens its exposure to the property sector's cyclicality and
development risks.

Partially mitigating these negative factors is the moderately
diversified and stable recurrent income that it receives from its
commercial, hotel and residential operations in Surabaya.

The negative outlook captures uncertainty over whether the
exchange offer and consent solicitation will be successfully
completed.  If the exchange offer fails to go ahead, the corporate
family rating will be lowered further to reflect the higher
probability of default and lower expected recovery rate.

The last rating action for Pakuwon was taken on March 16, 2009,
when its ratings were downgraded to Caa1 from B3 with a negative
outlook.

Pakuwon has been assigned its ratings based on factors that
Moody's believes are relevant to the risk profile of Pakuwon, such
as the company's (i) business risk and competitive position
compared with other firms within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk.  These attributes were compared against other
issuers both within and outside Pakuwon's core industry; Pakuwon's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

Headquartered in Surabaya, Indonesia, Pakuwon is engaged in the
development, management and operation of shopping centers, office
buildings, condominium towers, hotels and residential townships,
mainly in Surabaya, East Java.  The company was listed on the
Jakarta Stock Exchange in 1989.


PERUSAHAAN LISTRIK: Posts IDR6.2-Tril. First-Half Net Profit
------------------------------------------------------------
PT Perusahaan Listrik Negara reported a first-half net profit of
IDR6.2 trillion mainly due to higher foreign exchange gains and
improved efficiency, including lower costs for fuel purchases.
The company posted a full-year loss of IDR13.1 trillion in 2008.

Citing PLN's first half financial report, the Globe discloses that
the company managed to cut its fuel expenses to IDR34.3 trillion
in the first six months to June, compared with IDR51 trillion in
the same period last year.

According to the Globe, PLN also enjoyed a IDR3.4 trillion
accounting boost to its bottom line during the first six months
due to the strengthening rupiah.  It suffered a foreign exchange
accounting loss of about IDR608.3 billion in the same period last
year.

PLN reported total revenue of IDR68.8 trillion in the first half
and operating expenses of IDR62.8 trillion.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 18, 2009, Moody's Investors Service upgraded to Ba2 from
Ba3 the corporate family rating and senior unsecured bond rating
of PT Perusahaan Listrik Negara.  This rating action follows
Moody's decision to upgrade to Ba2 from Ba3 the Indonesian
government's long-term foreign-currency and local-currency
ratings.  The ratings outlook is stable, consistent with the
outlook on the government ratings.


INDONESIA: Fitch Says Mining Law Won't Immediately Affect Ratings
-----------------------------------------------------------------
Fitch Ratings has commented that Indonesia's new mining regulation
that restricts mining companies from outsourcing coal digging and
loading activities does not have any immediate rating implications
for Fitch-rated coal mining companies or coal mining contractors.
The new regulation, issued on September 30, 2009, by the Ministry
of Energy and Mineral Resources of Indonesia, is one of the many
regulatory changes that follow the introduction of a new mining
law in January 2009.  Mining companies are allowed a period of up
to three years until September 30, 2012, to align their existing
arrangements with contractors in accordance with the new law.

The latest regulation applies to holders of mining business
licenses (IUPs and IUPKs) issued under the new mining law.
However, it is unclear whether holders of coal contracts of work
issued under the old regime are required to migrate to the new
licensing framework.

Fitch expects the impact on mining companies in the agency's rated
universe to be very limited, despite differences in strip ratios
at which coal is produced and the level of outsourcing in mining
activities.  "The capex required and operating costs associated
with the restricted activities are small compared to the overall
coal production costs," said Jessie Wahab, associate director at
Fitch's Asia-Pacific Corporates rating team.

PT Adaro Indonesia ('BB+'/Stable) outsources its entire mining
activities.  Its affiliate, PT Saptaindra Sejati mined around a
quarter of Adaro's H109 production.  Fitch notes that Adaro has
allocated nearly US$100 million from its recent US$800 million
bond proceeds for heavy equipment capex over the next few years.
Although its intention is for SIS to operate and maintain the
equipment, Adaro has the flexibility to carry out coal digging by
itself in compliance with the new regulation.  Adaro can allocate
a larger share of funds allocated for mining equipment capex to
coal digging equipment and outsource overburden removal works to
third-parties without having to increase its future capex.
Similarly, PT Kideco Jaya Agung, which is 46% owned by Indika
Energy Tbk (Indika; 'B+'/Stable), has also allocated higher capex
for mining equipment since 2009, in order to reduce its high
reliance on external mining contractors, to some extent, as it
ramps up production.

PT Berau Coal (Berau; 'B+'/Stable) also fully outsources its
mining activities to independent contractors.  Therefore, Berau
may have to incur some capex to comply with the new regulation,
though such capex is not expected to be significant enough to dent
Berau's credit profile.  "If coal digging equipment rental is
permitted, it is unlikely that Berau will see any material changes
to its capex or operating costs," added Ms. Wahab.

"It appears that the new decree is aimed at discouraging investors
of mining companies from trading in concessions -- however, this
is expected to have a limited negative impact on independent
mining contractors," said Buddhika Piyasena, Director of Fitch's
Asia-Pacific corporates rating team.  PT Bukit Makmur Mandiri
Utama (BUMA, 'BB-'/Stable), Indonesia's second largest independent
coal mining contractor, currently generates only around 3% of its
revenues - by management estimates -- from coal digging.  More
importantly, under the new law, mining contractors can continue to
provide overburden removal and coal transportation, which account
for the bulk of BUMA's total revenues.  The loss of revenues from
coal digging can be somewhat compensated by leasing out related
equipment to coal mining companies -- something the new law does
not seem to prohibit -- substantially limiting the net impact on
BUMA's overall cash generation.


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


MITSUI O.S.K.: Sees More Losses Ahead for Container Unit
--------------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
Mitsui O.S.K. Lines Ltd. said its container unit may be
unprofitable for two more years as rising global capacity and
slowing world trade dampen rates.

Mitsui O.S.K. Executive Vice President Masakazu Yakushiji told
Bloomberg that the unit will make a loss in the year ending March
2011.  It may be able to return to profit the following year if
rates rise, he added.

According to Bloomberg, the container unit, heading for a second
straight loss this year, plans to cut costs by 30% next fiscal
year and delay new vessels to tackle the slump.

The report says Mitsui O.S.K., which gets about 34 % of revenue
from containers, has cut its box-ship fleet to 98 vessels from 115
since March.  That reduction, according to Mr. Yakushiji, will
contribute to support costs at the container unit falling to about
JPY20 billion (US$219 million) in the year ending March 2011,
Bloomberg relates.

Bloomberg notes Mr. Yakushiji said the company may also move some
administrative work to countries with lower labor costs.  No
further reductions in fleet size are planned at present, he added.

"We're working to cut losses at the container unit," the report
quoted Mr. Yakushiji as saying.  "We want to make it profitable
within three years."

Bloomberg recalls the company said in July that the container
division will probably have a pretax loss of JPY40 billion in the
current fiscal year.  Overall, the report notes, the shipping line
expects a net profit of JPY30 billion this fiscal year, helped by
demand for shipping iron ore to China.

The company will announce third-quarter earnings and any changes
to its full-year forecast on Oct. 27, 2009, Bloomberg discloses.

Mitsui O.S.K. Lines, Ltd. (TYO:9104) -- http://www.mol.co.jp-- is
a Japan-based company engaged in the international shipping
business. The Nonscheduled Specialized Shipping segment offers
international shipping services by ships that carry cars, dry
bulk, oil, liquefied natural gas (LNG) and others. The Container
Shipping segment operates containerships in regular scheduled
routes and container terminals. The Logistic segment offers total
logistic services, including the transportation and storage of
cargo. The Ferry segment offers transportation services for cargo
and passengers by ferries in the areas of inshore Pacific and Seto
Inland Sea, as well as cargo shipping services in Japan. The
Related segment is engaged in the real estate business, as well as
the passage boat, tug boat, trading, construction and temporary
staffing businesses.  The Others segment is engaged in the
finance, ship manufacturing and management businesses, as well as
the provision of information and accounting services.


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


GENERAL MOTORS: Korean Unit Raises US$412MM in Equity Rights Issue
------------------------------------------------------------------
GM Daewoo Auto & Technology Co. said Friday it raised KRW491.2
billion (US$412 million) in an equity rights issue through an
investment by its majority shareholder, General Motors Company.
GM Daewoo said it will use the proceeds, which will be received by
October 28, for general corporate purposes, including funding the
repayment of maturing debt.

Other shareholders in GM Daewoo -- the Korea Development Bank,
Suzuki Motor Corp. and Shanghai Automotive Industry Corp. Group --
chose not to subscribe to the equity rights issue.  In the absence
of other shareholders exercising their rights, GM decided to
subscribe for the entire issue.

"The successful completion of the equity rights issue
significantly strengthens GM Daewoo's liquidity and balance sheet
position as we look to resume our strong growth," Mike Arcamone,
President and CEO of GM Daewoo, said in a statement.  "We are
grateful for the support and confidence of our major shareholder."

"GM's decision to increase its equity in GM Daewoo signifies the
importance of our Korean business unit to GM's global operations,"
said Nick Reilly, GM Executive Vice President and President of GM
International Operations.  "GM Daewoo will continue to play a
significant role in the success of the new GM's global business."

"GM has underlined its commitment to GM Daewoo and to Chevrolet in
Europe and around the world," said Wayne Brannon, President and
Managing Director, Chevrolet Europe.  "Over the past seven years,
GM Daewoo has become an integral part of General Motors' global
engineering, design and manufacturing network.  The vast majority
of the cars built at our plants in Korea are Chevrolets for
customers in over a hundred markets around the world.  Great new
cars like the Cruze and the Spark are evidence of how well our
global teams are working together to build a strong future for
Chevrolet.  We are very pleased with [the] news and look forward
to continuing to work closely with our colleagues at GM DAT.

On August 28, 2009, the GM DAT Board of Directors approved the
issuance of 162,689,343 new shares in GM Daewoo at a price of KRW
3,019 per share to improve the company's liquidity position and
bolster its balance sheet.

"Any further actions related to the longer-term funding structure
of GM DAT will be considered if necessary," said Mr. Reilly.

With this subscription, GM's stake in GM Daewoo will increase to
70.1%, followed by KDB with 17%, Suzuki with 6.8% and SAIC with
6.0%.

                          About GM Daewoo

GM Daewoo Auto & Technology was established on October 17, 2002.
It has five manufacturing facilities in Korea as well as an
assembly facility in Vietnam.  In addition, GM Daewoo provides
market and brand-specific vehicle kits for assembly at GM
facilities in China, Thailand, India, Colombia and Venezuela.  In
2008, GM Daewoo sold in Korea and exported more than 1.9 million
units, including CKD products.  GM Daewoo now produces vehicles
and kits that are offered in more than 150 markets on six
continents.

                      About General Motors

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

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

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

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

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

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


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


RHB BANK: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------
Fitch Ratings has affirmed Malaysia's RHB Bank's Long-term foreign
currency Issuer Default Rating at 'BBB' with a Stable Outlook.
The full list of rating actions is included at the end of this
release.

RHB Bank's ratings reflect its satisfactory earnings and improved
capital position to counter an expected rise in loan losses amid a
difficult economic environment.  Its asset quality has slightly
deteriorated with its gross NPL ratio rising to 4.9% at end-H109
from 4.4% at end-2008.  As a result credit costs were higher at an
annualized 116bp of gross loans in H109 (2008: 90bp), but remained
significantly lower than the hypothetical levels assumed in
Fitch's stress tests (under which the bank's pre-provision
earnings still appear adequate to absorb such costs).

In view of the above, together with RHB Bank's improved NPL
reserve coverage of 87% at end-H109 (end-2007: 72%), capital
impairment risks are low at present.  Furthermore, the bank has a
higher capital cushion in view of its higher consolidated and
bank-level core Tier 1 CAR of 8.7% (estimated) and 9.2%,
respectively, at end-H109 (end-2007: 5.6% and 5.8%, respectively),
following the conversion of its irredeemable non-cumulative
convertible preference shares into new ordinary shares in 2008.
In light of these factors, which should support the bank's
resilience through this downturn, the Outlook is Stable.
Improvements in economic conditions -- if sustained over the next
12-18 months -- as well as the bank's ability to preserve its
improved financial position are among the key considerations for
an upward rating momentum.

The ratings affirmations take into account the reasonable
financial position of the bank holding company, RHB Capital, which
has external borrowings and has recently announced its acquisition
of Indonesia's PT Bank Mestika Dharma (Bank Mestika).  RHB Bank --
being the main operating subsidiary -- has been franking dividends
annually to RHB Capital in view of the latter's annual financing
obligations, although this is not expected to be a significant
burden on the bank.  Downside risks from Bank Mestika on RHB
Bank's credit profile appears limited as the former is well-
capitalised (with total CAR of 26% at end-2008) and represents
around a low 2% of consolidated assets of RHB Capital.

RHB Bank has close to 200 branches nationwide, with a staff-force
of more than 9,000.  It is wholly-owned by RHB Capital, which in
turn is 57% and 25%-owned by Malaysia's Employees Provident Fund
and Abu Dhabi Commercial Bank, respectively.

The full list of rating actions on RHB Bank is:

  -- Long-term foreign currency IDR affirmed at 'BBB' with a
     Stable Outlook;

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '2';

  -- Support Rating Floor affirmed at 'BBB-';

  -- Deposit rating affirmed at 'BBB+'; and

  -- Subordinated debt rating of 'BBB-' withdrawn (the issue was
     redeemed on January 25, 2009).


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


CEA GROUP: Receivers Put 20 South Island Bars On the Market
-----------------------------------------------------------
The Press reports that about 20 mainly South Island bars, formerly
owned by CEA Trading, are on the market.

The report says former CEA bars for sale include Christchurch bars
Holy Grail, Shooters, Boogie Nights, Bower Tavern, Rose and
Thistle and the Loaded Hog.

The Press, citing CEA receiver Andrew Grenfell, of McGrathNicol,
relates that the offer had received a "relatively positive
response".  Indicative offers had to be in by Friday, October 30.

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, the Otago Daily Times said that a group of companies
trading under the CEA banner have been placed in receivership.

The group, which owns 20 bars in the South Island and employs
about 300 people, were placed in the hand of receivers McGrath
Nicol Partners in Auckland by creditor Commonwealth Bank of
Australia.

The CEA group of companies that are under receivership are CEA
Trading, CEA Staff Employment Services, CEA Services NZ, and CEA
Property.


SOL SQUARE: Six Bars in Christchurch Up for Sale
------------------------------------------------
Martin Van Beynen at The Press reports that six SOL Square bars in
central Christchurch are for sale after being placed in the hands
of receivers PricewaterhouseCoopers.

The report relates that the bars, which were formerly run by
property developer David Henderson, were placed into receivership
in July when three of Mr. Henderson's SOL Square companies were
placed in receivership by Dominion Breweries, which is owed about
NZ$1.1 million.

The six SOL Square bars for sale are Yellow Cross, La Petite
Croix, Vinum, Fat Eddie's, Cleaners Only and The Fish & Chip Shop.

According to the report, the bars continue to operate and are
housed in buildings owned by another Henderson company, Tuam
Ventures, which is also in receivership with debts of about NZ$14
million.


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


AZEGO TECHNOLOGY: To Declare Dividend on November 16
----------------------------------------------------
Azego Technology Services (Asia Pacific) Pte Ltd will declare the
first and final dividend on November 16, 2009.

The company will pay 100% to the received claims.

The company's liquidator is:

         Tay Swee Sze
         c/o Tay Swee Sze & Associates
         10 Anson Road
         #19-01, International Plaza
         Singapore 079903


AFFINITY PRECISION (S): Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on October 16, 2009,
to wind up the operations of Affinity Precision (s) Pte Ltd.

The company's liquidators are:

         Messrs Goh Thien Phong
         Chan Kheng Tek
         PricewaterhouseCoopers LLP
         8 Cross Street
         #17-00, PWC Building
         Singapore 048424


BTB MANAGEMENT: Court to Hear Wind-Up Petition on  November 6
-------------------------------------------------------------
A petition to wind up the operations of BTB Management Services
Pte Ltd will be heard before the High Court of Singapore on
November 6, 2009, at 10:00 a.m.

Seng Kee Development Pte Ltd filed the petition against the
company on October 15, 2009.

The Petitioner's solicitors are:

         Malkin & Maxwell LLP
         111 North Bridge Road
         #13-01 Peninsula Plaza
         Singapore 179098


CHINA PLANT NUTRITION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on October 16, 2009,
to wind up the operations of China Plant Nutrition Holdings Pte
Ltd.

Firstlink Investments Corporation Limited filed the petition
against the company.

The company's liquidator is:

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


FEDERAL AMC: Creditors' Proofs of Debt Due on December 4
--------------------------------------------------------
Creditors of Federal AMC Pte Ltd, which is in liquidation, are
required to file their proofs of debt by December 4, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

         Heng Yeow Meng
         15 Hoe Chiang Road
         #12-02 Tower Fifteen
         Singapore 089316


FLEXTRONICS INT'L: Bank Debt Trades at 6% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Flextronics
International Ltd. is a borrower traded in the secondary market at
94.00 cents-on-the-dollar during the week ended Friday, Oct. 23,
2009, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.65 percentage points from the previous week, The Journal
relates.  The loan matures on Oct. 1, 2012.  The Company pays 225
basis points above LIBOR to borrow under the facility.  The bank
debt carries Moody's Ba1 rating and Standard & Poor's BB+ rating.
The debt is one of the biggest gainers and losers among widely
quoted syndicated loans in secondary trading in the week ended
Oct. 23, among the 164 loans with five or more bids.

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX; Singapore Reg. No. 199002645H) --
http://www.flextronics.com/-- is an Electronics Manufacturing
Services provider focused on delivering design, engineering and
manufacturing services to automotive, computing, consumer digital,
industrial, infrastructure, medical and mobile OEMs.  Flextronics
helps customers design, build, ship, and service electronics
products through a network of facilities in over 30 countries on
four continents.


FUNPOLIS ASIA: Creditors Get 2.8150% Recovery on Claims
-------------------------------------------------------
Funpolis Asia Pte Ltd declared the 2nd and final dividend on
October 8, 2009.

The company paid 2.8150% to the received claims.

The company's liquidator is:

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


GOLDEN CASTLE: Members' Final Meeting Set for November 20
---------------------------------------------------------
Members of Golden Castle Corporation Limited will hold their final
general meeting on November 20, 2009, at 11:30 a.m., at 80 South
Bridge Road, #03-02 Singapore 058710.

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


GETECH INDUSTRIES: Creditors' Proofs of Debt Due on November 6
--------------------------------------------------------------
Creditors of Getech Industries Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by November 6, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


IDEALSOFT PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on September 25,
2009, to wind up the operations of Idealsoft Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         Leow Quek Shiong
         M/s BDO Raffles
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


IDEAL MILLENNIUM: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on September 25,
2009, to wind up the operations of Ideal Millennium Holdings Pte
Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


UL PTE LTD: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on October 9, 2009,
to wind up the operations of UL Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited, which was
appointed as trustee of Suntec Real Estate Investment Trust, filed
the wind-up petition.

The company's liquidator is:

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


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


* BOND PRICING: For the Week October 19 to October 23, 2009
-----------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.79
AMP Group Financ              9.803%   04/01/19   NZD       0.93
Antares Energy               10.000%   10/31/13   AUD       2.03
Aurox Resources               7.000%   06/30/10   AUD       0.80
Babcock & Brown               8.500%   11/17/09   NZD      70.88
Becton Property Group         9.500%   06/30/10   AUD       0.44
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      68.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.10
China Century                12.000%   09/30/10   AUD       0.70
First Australian             15.000%   01/31/12   AUD       0.50
Griffin Coal Min              9.500%   12/01/16   USD      64.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.36
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       7.40
Jpm Au Enf Nom 2              7.000%   06/30/11   AUD      68.27
Macquarie Bank                6.500%   05/31/17   AUD      64.43
Minerals Corp                10.500%   12/31/09   AUD       0.74
New S Wales Trea              1.000%   09/02/19   AUD      61.61
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.70
Sun Resources NL             12.000%   06/30/11   AUD       0.40
Suncorp Metway I              6.750%   10/06/26   AUD      56.59
Sydney Airport F              3.120%   11/20/30   AUD      67.67
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      45.46


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangxi Copper                1.000%   09/22/16   CNY      69.53
Sichuan Changhon              0.800%   07/31/15   CNY      71.56


   HONG KONG
   ---------
Resparcs Funding              8.000%   12/29/49   USD      23.25


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      65.50
AKSH Optifibre                1.000%   01/29/10   USD      67.50
Gemini Commnica               6.000%   07/18/12   EUR      57.50
GHCL Ltd                      1.000%   03/21/11   USD      73.62
JCT Ltd                       2.500%   04/08/11   USD      37.50
Kei Industries                1.000%   11/30/11   USD      74.00
Pyramid Saimira               1.750%   07/04/12   USD      11.00
Subex Azure                   2.000%   03/09/12   USD      67.50
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   INDONESIA
   ---------

Mobile-8 Telecom             12.375%   06/15/17   IDR      50.61


   JAPAN
   -----
Acom Co Ltd                   1.66     02/10/15   JPY      73.34
Aiful Corp                    4.450%   02/16/10   USD      53.00
Aiful Corp                    4.450%   02/16/10   USD      53.00
Aiful Corp                    5.000%   08/10/10   USD      51.97
Aiful Corp                    5.000%   08/10/10   USD      51.00
Aiful Corp                    1.140%   10/19/10   JPY      56.32
Aiful Corp                    1.500%   10/20/11   JPY      43.26
Aiful Corp                    6.000%   12/12/11   USD      38.12
Aiful Corp                    6.000%   12/12/11   USD      38.12
Aiful Corp                    1.200%   01/26/12   JPY      38.67
Aiful Corp                    1.990%   03/23/12   JPY      37.49
Aiful Corp                    1.220%   04/20/12   JPY      35.29
Aiful Corp                    1.630%   11/22/12   JPY      34.33
Aiful Corp                    1.740%   05/28/13   JPY      30.32
Aiful Corp                    1.990%   10/19/15   JPY      30.64
Covalent Material             2.870%   02/18/13   JPY      69.97
CSK Corporation               0.250%   09/30/13   JPY      61.73
Fukoku Mutual                 4.500%   09/28/25   EUR      67.00
Japan Airlines                3.100%   01/22/18   JPY      71.87
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      58.77
JPN Exp Hld/Debt              0.500%   03/18/39   JPY      56.18
NIS Group                     8.060%   06/20/12   USD      56.75
Orix Corp                     2.190%   04/18/17   JPY      74.54
Promise Co Ltd                2.050%   02/15/13   JPY      65.92
Promise Co Ltd                1.370%   06/04/13   JPY      63.53
Promise Co Ltd                2.740%   10/11/13   JPY      63.13
Promise Co Ltd                2.100%   04/21/14   JPY      56.04
Shinsei Bank                  3.750%   02/23/16   JPY      74.75
Shinsei Bank                  5.625%   12/29/49   GBP      70.25
Takefuji Corp                 9.200%   04/15/11   JPY      40.00
Takefuji Corp                 9.200%   04/15/11   USD      40.00
Takefuji Corp                 8.000%   11/01/17   USD       9.12
Takefuji Corp                 4.000%   06/05/22   JPY      53.12
Takefuji Corp                 4.500%   10/22/32   JPY      52.34
Willcom Inc                   2.350%   06/27/12   JPY      37.29

   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.03
Berjaya Land                  5.000%   12/30/09   MYR       3.71
Crescendo Corp B              3.750%   01/11/16   MYR       0.80
Dutaland Bhd                  4.000%   04/11/13   MYR       0.76
Dutaland Bhd                  4.000%   04/11/13   MYR       0.42
Eastern & Orient              8.000%   07/25/11   MYR       1.02
Huat Lai Resources            5.000%   03/28/10   MYR       0.43
Kamdar Group Bhd              3.000%   11/09/09   MYR       0.27
Kretam Holdings               1.000%   08/10/10   MYR       1.07
Kumpulan Jetson               5.000%   11/27/12   MYR       1.72
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.57
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.21
Olympia Industri              2.800%   04/11/13   MYR       0.21
Olympia Industri              4.000%   04/11/13   MYR       0.23
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.73
Ranhill Labuan               12.500%   10/26/11   USD      72.58
Ranhill Labuan               12.500%   10/26/11   USD      72.58
Rubberex Corp                 4.000%   08/14/12   MYR       1.05
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.30
Wah Seong Corp                3.000%   05/21/12   MYR       3.01
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.30
YTL Cement Bhd                4.000%   11/10/15   MYR       1.90


   NEW ZEALAND
   -----------
Allied Nationwide             11.520%  12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.46
Capital Prop NZ               8.000%   04/15/10   NZD      11.50
Contact Energy                8.000%   05/15/14   NZD       1.02
Fletcher Buildin              7.550%   03/15/11   NZD       8.00
Fletch Build Fin              8.850%   03/15/10   NZD       8.70
Fletcher Bui                  8.500%   03/15/15   NZD       7.40
Infrastr & Util               8.500%   09/15/13   NZD       9.60
Infratil Ltd                  8.500%   11/15/15   NZD      10.15
Infratil Ltd                 10.180%   12/29/49   NZD      59.00
Marac Finance                10.500%   07/15/13   NZD       0.92
NZ Finance Hldgs              9.750%   03/15/11   NZD      48.74
Provencocadmus                2.000%   04/15/10   NZD       0.75
Sky Network TV                4.010%   10/16/16   NZD      58.63
South Canterbury             10.500%   06/15/11   NZD       0.87
South Canterbury             10.430%   12/15/12   NZD       0.50
St Laurence Prop              9.250%   05/15/11   NZD      44.65
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       7.40
Trustpower Ltd                8.500%   03/15/14   NZD       7.65
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.70


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      32.73
Blue Ocean                   11.000%   06/28/12   USD      32.73
Sengkang Mall                 8.000%   11/20/12   SGD       0.10
United Eng Ltd                1.00%    03/03/14   SGD       1.33
WBL Corporation               2.500%   06/10/14   SGD       1.95


   SOUTH KOREA
   -----------
Woori Bank                    6.208%   05/02/37   USD      73.00


   SRI LANKA
   ---------
Sri Lanka Govt                7.000%   10/01/23   LKR      74.29


   THAILAND
   --------
G Steel                      10.500%   10/04/10   USD      41.41


                         *********

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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