TCRAP_Public/091029.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

           Thursday, October 29, 2009, Vol. 12, No. 214

                            Headlines

A U S T R A L I A

CUBBIE GROUP: To Call in Administrators as Bids Fail to Cover Debt


C H I N A

AGILE PROPERTY: Moody's Assigns 'Ba3' Ratings on Senior Notes
GPX INTERNATIONAL: Files for Chapter 11 Reorganization
GPX INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors
ZTE CORP: Third Qtr Net Profit Up 58.18% to RMB409 Million


H O N G  K O N G

FU JI FOOD: Losses Major Customers & Staff in 2008, Report Says
GORSSET LIMITED: Members' Final Meeting Set for December 1
GRAND CHANNEL: Commences Wind-Up Proceedings
INTERNATIONAL FU: Fu Sum Lam Appointed as Liquidator
INTERNATIONAL SU SHANG: Creditors' Proofs of Debt Due on Nov. 27

JACOBS & TURNER: Mee and Lo Step Down as Liquidators
KAI CHUN: Eddie Man King Chi Appointed as Liquidator
LEE SHING YUE: Members and Creditors to Meet on November 9
MAXSTEP LIMITED: Creditors' Proofs of Debt Due on November 30
MONTEDIS INVESTMENT: Placed Under Voluntary Wind-Up Proceedings

MANYLINK LIMITED: Creditors' Proofs of Debt Due on November 30


I N D I A

AGARWAL DAL: CRISIL Reaffirms 'B' Rating on INR10MM Cash Credit
ALCON ELECTRONICS: Weak Liquidity Cues CRISIL 'B+' Ratings
ALLIED MINERALS: CRISIL Puts 'BB+' Ratings on Various Bank Debts
ARVIND LTD: CARE Assigns 'CARE BB+' Ratings on Bank Facilities
JINDAL ARCHITECTURE: CARE Puts 'CARE BB' Rating on INR28.7cr Loan

MARVEL LANDMARKS: CRISIL Rates INR300.0 Million Term Loan at 'B'
NAVABHARAT POWER: CARE Rates Various Bank Debts at 'CARE BB-'
RAKESH MARUTI: Low Net Worth Promopts CRISIL 'BB+' Ratings


I N D O N E S I A

ALTUS CAPITAL: S&P Assigns 'B+' Currency Rating on Senior Notes
BANK NEGARA: To Issue US$300 Mil. Subordinated Bonds This Year
PERUSAHAAN GAS: Nine Month Net Profit Up 145% to US$473 Million


J A P A N

JAPAN AIRLINES: American Airlines Steps Up Efforts to Boost Ties
SPANSION INC: Puts SP1 Fab Up for Sale
TOSHIBA CORP: Receives Subpoena Over Antitrust Violations
* JAPAN: Three Major Shipping Firms Revise Earning Projections


M A L A Y S I A

TENGGARA OIL: SC Extends Time to Complete Restructuring


N E W  Z E A L A N D

AIR PACIFIC: Posts FJD12.2MM Pre-Tax Loss in FY2009
BLUE MOUNTAIN: To Shutter Lumber Mill on Higher NZ Dollar
CREDIT UNION: S&P Assigns 'BB' Counterparty Credit Rating
PGG WRIGHTSON: Unit to Apply NZ Gov't. Deposit Guarantee Scheme
* South Island Companies Endure Tough Quarter, Deloitte Says


P H I L I P P I N E S

BENGUET CORP: SEC Orders PSE to Lift Trading Suspension


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Q3 Net Loss Narrows to US$4.7 Million
CHARTERED SEMICONDUCTOR: Moody's Cuts Corp. Family Rating to 'B1'
FLEXTRONICS INT'L: Posts Second Quarter Results


T A I W A N

ASUSTEK COMPUTER: Posts NT$6.5 Bil. Net Profit in Q3 of 2009
CHINFON COMMERCIAL: Business Sold to Four Banks for NT$31.7 Bil.
WINBOND ELECTRONICS: Incurs NT$983MM Net Loss in Qtr Ended Sept.


V I E T N A M

TECHCOMBANK: Issues VND2.1 Trillion Floating-Rate Bonds


                         - - - - -


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A U S T R A L I A
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CUBBIE GROUP: To Call in Administrators as Bids Fail to Cover Debt
------------------------------------------------------------------
Cubbie Station may be placed in voluntary administration after
bids to acquire Australia's largest cotton producer failed to
cover massive bank debt, The Australian reports.

The report says the National Australia Bank is seeking the urgent
repayment of a AU$320 million mortgage over the 93,000ha southern
Queensland property.

Cubbie Group chairman Keith De Lacy told The Australian that none
of the five bidders in a firesale of the property had offered
enough to cover the massive bank debt.

Citing Cubbie Group's latest financial report, The Australian says
the company lost AU$33 million in 2007 to 2008.  According to the
report, auditor BDO Kendalls wrote that Cubbie's liabilities
exceeded its assets a year ago, that it had breached its banking
covenants, and that the bank had guaranteed support only until the
end of last year.

Cubbie Group Ltd -- http://www.cubbie.com.au/-- produces a wide
variety of irrigated agriculture including cotton, wheat, sorghum,
sunflowers, barley, chickpeas and corn.


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C H I N A
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AGILE PROPERTY: Moody's Assigns 'Ba3' Ratings on Senior Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Agile
Property Holdings Limited's proposed US$ senior unsecured notes.
At the same time, Moody's has affirmed Agile's Ba3 corporate
family rating.  The ratings outlook is positive.

Proceeds from the proposed US$ bonds are intended to finance
Agile's existing and new property projects.

"While Agile has achieved solid pre-sales in 2009 and maintained a
strong level of balance sheet liquidity, Moody's still expects the
company to incur additional debt to fund its growth target in
2010," says Kaven Tsang, a Moody's AVP/Analyst, adding, "However,
Agile continues to demonstrate financial prudence in growing its
business and maintains a relatively strong credit profile when
compared with its Ba rated property peers."

"Agile's Ba3 ratings also reflect its established market position
in China's economically strong Pearl River Delta Region, track
record of cautious expansion, and its prudent financial
management," says Mr. Tsang, also Moody's lead analyst for Agile.

"At the same time, Agile's rating position is tempered by the high
concentration of development business in Guangdong Province,
reliance on projects in second-tier cities, as well as the
uncertain and evolving character of the operating environment in
the China property market," adds Mr. Tsang.

The positive outlook reflects Agile's demonstrated ability to
sustain its credit profile through the difficult market conditions
which were prevalent in 2H 2008 and 1Q 2009 and its prudent
management of its growth.

Upward rating pressure could emerge if Agile 1) consistently
achieves its planned sales; 2) continues to demonstrate strong
financial discipline and prudently monitors its business and
financial risks; and 3) maintains a sound liquidity profile.

Moody's sees EBITDA/interest coverage consistently above 5-6x and
adjusted leverage below 45% as indications of a potential rating
upgrade.

On the other hand, the outlook could return to stable if Agile (1)
experiences declines in sales and profit margins because of a
significant downturn in China's property market; (2) materially
raises development costs without a corresponding rise in cash
inflow; and/or (3) executes an aggressive land acquisition plan
beyond Moody's expectations, such that its balance sheet becomes
more leveraged, with adjusted leverage above 50% and/or
EBITDA/interest under 4-5x.

In addition, the bond rating will be downgraded by one notch to
reflect the risk of subordination if there is evidence that Agile
has increased its onshore borrowings, such that secured and
subsidiary debt consistently exceeds 15% of total assets on a
sustained basis.

The last rating action on Agile was on 21 October 2009 when
Moody's changed the company's rating outlook to positive from
stable.

Agile Property Holdings Limited is one of the major property
developers in China, targeting the mid-to-high-end segment.  It
has a land bank with gross floor area of around 29.6 million sqm.


GPX INTERNATIONAL: Files for Chapter 11 Reorganization
------------------------------------------------------
GPX International Tire Corporation announced October 27 that it
has filed for reorganization under Chapter 11 of the United States
Bankruptcy Code.  The court filing will only affect GPX and not
its foreign subsidiaries.  Dynamic Tire Corp.; GPX Tyre South
Africa (Pty.); Starbright Group, Inc.; Hebei Starbright Tire Co.,
Ltd.; and EastStar Global Tianjin, Inc. are not filing bankruptcy
and will continue to operate in the normal course.  The purpose of
the reorganization is to separate the Company’s operations into
three distinct businesses in order to facilitate the sales of
those businesses in transactions which will allow 95 percent of
the Company’s current North American workforce to remain employed.
Some job eliminations may arise from redundancies in corporate
functions.  As a result of the reorganization, the Company will
wind down its European operations.  During the Chapter 11
proceedings, GPX will continue to manufacture and distribute tires
and service its valued customers.  The strategic buyers identified
by the Company are established entities in the global tire
industry. The Company expects to complete the sales by December
31, 2009, pending approval by the bankruptcy court. During the
reorganization, GPX intends to seek court approval to sell the
company’s businesses in three transactions:

    * Alliance Tire Corporation will acquire GPX’s U.S.
operations, including its assets, customer relationships,
warehouse footprint, worldwide rights to the Galaxy and Primex
brands, the Company’s medium radial truck tire distribution
business and the Company’s South African entity, GPX Tyre South
Africa (Pty.). Alliance is a global leader specializing in the
development, manufacture and sale of highly engineered
agricultural, forestry, construction and earthmover tires
worldwide. Alliance manufactures in Israel and has recently
completed a state of the art factory in India. Alliance will
continue to market Galaxy, Primex, other GPX brands, and medium
radial truck tires to GPX’s customer base. GPX customers will
benefit from the complementary strengths of the Alliance and GPX
product lines, particularly in the agricultural and construction
tire segments. Alliance will continue to source products from
GPX’s valued network of manufacturers in China and elsewhere. The
combination of the Alliance and GPX manufacturing resources
provides Alliance with a large, diverse, and highly flexible
global sourcing platform that is capable of providing competitive
products in all segments of the off-the-road tire industry in
North America and throughout the world.

    * Dynamic Tire Corp., the company’s Canadian subsidiary, will
become a separate entity engaged in the sale and distribution in
Canada of Galaxy and Primex brand off-the-road tires, the sale and
distribution of medium radial truck and passenger car tires, and
private label sourcing. It will be acquired by a management buyout
team led by Robert Sherkin and Peter Koszo. Once the Dynamic sale
has been approved by the courts, Dynamic intends to continue to
market Galaxy, Primex, other GPX/Dynamic brands, and medium radial
truck tires in Canada. Dynamic will continue to operate this
business, purchase tires from longstanding suppliers and provide
customers with a high level of customer service as it has done in
the past.

    * The Company also intends to pursue the sale of its Solid
Tire business as well as its Gorham, ME; Red Lion, PA; and Hebei,
China manufacturing facilities subject to approval by the
bankruptcy court. GPX intends to continue to operate this business
unit pending its sale. The Company is actively working with a
potential buyer for this business and expects to have definitive
agreements in place prior to closure of the other sales.

The Chapter 11 filing comes after a Department of Commerce
(Commerce) Antidumping/Countervailing Duty (AD/CVD) inquiry
commenced in June 2007 that resulted in crippling (44%) duties
levied against GPX’s Starbright facility while leaving all other
major Chinese off-the-road tire manufacturers with nominal or
manageable duties. After vigorously responding to Commerce’s
inquiry and filing an appeal of the final duties, the U.S. Court
of International Trade ruled on September 18, 2009, that
Commerce’s application of its AD/CVD methodologies in calculating
Starbright’s duties was "unreasonable" and therefore "unlawful."
Furthermore, the Court ruled that Commerce’s decision "was
arbitrary and capricious and unsupported by substantial evidence."
Even though the U.S. Court of International Trade ruled in favor
of GPX on appeal, the high level of duties set by Commerce in
September 2008 had a devastating and irreversible financial impact
on the Starbright manufacturing facility and on GPX as a whole.
Accordingly, GPX does not have the ability to wait for a final
decision on the duties before completing the sale process.

"The U.S. government’s decision to impose extraordinarily punitive
AD/CVD duties on GPX’s Starbright manufacturing facility in China
has prompted the difficult decision to sell GPX’s business to
third parties," said Craig Steinke, President and CEO of GPX. "The
buyers we have identified are well established in the global tire
industry and are positioned to further invest in these brands,
grow the business and provide exceptional service to our customer
base. The Company’s longstanding tradition of innovation through
research and development, superior level of service, and product
quality will continue with these new owners. We feel very
confident that this will be a positive and smooth transition for
our employees, customers and suppliers." Management expects these
transactions to be finalized before the end of 2009.

                      About GPX International

GPX International Tire Corporation is one of the largest
independent global providers of specialty "off-the-road" tires for
the agricultural, construction, materials handling and
transportation industries.  GPX is a worldwide company,
headquartered in Malden, Massachusetts, with operations in North
America, China, Canada, and Germany.  A third generation family-
owned business, GPX and its predecessor companies have been in
business since 1922.

GPX is represented in U.S. Bankruptcy Court by attorneys Harry
Murphy of Hanify & King, P.C. and Peggy Farrell of Hinckley Allen
& Snyder LLP as corporate counsel.  TM Capital Corp. serves as
investment banker to GPX in connection with these transactions and
Argus Management Corporation serves as restructuring advisor to
GPX.


GPX INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: GPX International Tire Corporation
        730 Eastern Avenue
        P.O. Box 70
        Malden, MA 0214

Bankruptcy Case No.: 09-20170

Type of Business: The Debtor makes and distribute tires.

                  See http://www.gpxtire.com/

Chapter 11 Petition Date: October 26, 2009

Court: District of Massachusetts (Boston)

Judge: Joan N. Feeney

Debtor's Counsel: Harold B. Murphy, Esq.
                  bankruptcy@hanify.com
                  Christian J. Urbano, Esq.
                  cju@hanify.com
                  Hanify & King, P. C.
                  One Beacon Street, 21st Floor
                  Boston, MA 02108
                  Tel: (617) 423-0400
                  Fax: (617)556-8985

Estimated Assets: US$100 million to US$500 million

Estimated Debts: US$100 million to US$500 million

The Debtor's Largest Unsecured Creditors:

   Entity                                        Claim Amount
   ------                                        ------------
US Customs and Border Protection                 US$5,662,973
301 E. Ocean Blvd. Ste. 620
Long Beach, CA 90802
Tel: (562) 628-7900

Tainjin United Tire and Rubber                   US$1,756,303
The 3rd Floor, Gate 4
Nanpu Building Pukou Road
Hexi District Tianjin
300203 China
Tel: 86-22-23022731

Airboss of America Corp.                         US$1,411,748
101 Glasgow Street
Kitchener Ontario
N2G4X8, Canada
Tel: (519) 576-5565

Huaian Lingxing Steel Wheel MA                   US$278,354

Sutong CTR Inc.                                  US$223,605

Duro Tire Corporation                            US$222,768

Denman Tire Corp.                                US$160,741

Guizhou Tyre I/E Corp.                           US$115,004

Changzhou Yangs Mould Co. Ltd.                   US$94,721

Handway (HK) Consolidation                       US$60,818

Coim USA Inc.                                    US$48,239

Chemtura Corporation                             US$45,760

Jiangsu Changzhou Wujin Sunan                    US$37,082

Qingdao Seagift International                    US$35,403

Eastern Fire Protection                          US$31,851

Fedex National LTL                               US$31,649

Sunburst Truck Lines Inc.                        US$29,354

KW Receivables                                   US$28,641

Carpenter Co.                                    US$28,603

OTR Wheel Engineering                            US$26,843

The petition was signed by Craig Steinke, president and chief
executive officer.


ZTE CORP: Third Qtr Net Profit Up 58.18% to RMB409 Million
----------------------------------------------------------
ZTE Corporation disclosed its financial results for the third
quarter ended September 30, 2009.

The Group reported 2009 revenue to-date from principal operations
of RMB42.843 billion, representing growth of 41.27% as compared to
the same period last year, while net profit attributable to the
parent company grew 46.13% to RMB1.192 billion.  Basic earnings
per share amounted to RMB0.68.

In the third quarter, the Group reported revenue from principal
operations of RMB15.136 billion, representing growth of 42.81% as
compared to the same period last year, while net profit
attributable to the parent company grew 58.18% to RMB409 million.
Basic earnings per share amounted to RMB0.23.

In terms of market development, the Group reported substantial
growth in operating revenue largely attributable to large-scale 3G
network construction in the domestic China market.  In tandem with
carrier requirements for fusion and complementary technologies,
ZTE has placed more emphasis on integrated product and service
strengths and superior price performance ratios, laying solid
groundwork for overall business growth and further market share
gains.  Internationally, the Group was well-geared for a stronger
competitive position on the back of its cost advantage, financing
resources and customization abilities.  The changing competitive
landscape also provided strong opportunities for breakthroughs in
key markets and product areas.

Product-wise, ZTE’s carrier network segment reported year-on-year
growth of 47.32%, which was driven mainly by revenue generated
from sales of the Company’s 3G network equipment, optical
transmission products and data communication products.  Revenue
from terminal products also grew by 38.67%, which was in line with
sales growth for 3G products.  Revenue from the Group’s
telecommunications software systems, services and other products
grew by 17.85%, reflecting primarily growth in the sales of fixed
terminals.

Looking to the final quarter of the year, the Group said it will
pursue its strategies in greater depth with a focus on enhancing
its capabilities in strategic applications and operations.
Continuing to leverage opportunities presented by the changing
competitive landscape, ZTE will continue to strengthen cooperation
with mainstream international carriers.  Core to ZTE’s strategy
will be to seek increased presence in key markets such as Western
Europe and North America while reinforcing its position in the
China 3G market, incorporating balanced and sustainable business
development.

As of September 30, 2009, ZTE had RMB59.692 billion in total
assets against RMB43.331 billon in total liabilities.

A full-text copy of the Company's quarterly report is available at
no charge at http://ResearchArchives.com/t/s?47c2

                       About ZTE Corporation

ZTE Corporation -- http://www.zte.com.cn--is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

ZTE Corporation continues to carry 'BB+' long-term foreign
currency and local currency Issuer default ratings from Fitch with
stable outlook.  The ratings were affirmed in April 2008.


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H O N G  K O N G
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FU JI FOOD: Losses Major Customers & Staff in 2008, Report Says
---------------------------------------------------------------
Fu Ji Food & Catering Services Holdings Ltd. has lost major
customers and most of its staff in the past year,
tradingmarkets.com reports citing the South China Morning Post.

Fu Ji also had 15 court cases launched against it and stopped
paying its building contractors, according confidential report
obtained by the Morning Post.

As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Fu Ji Food and Catering Services Holdings filed
a petition to wind up the company with the Hong Kong High Court.
Deloitte Touche Tohmatsu has been appointed as the provisional
liquidator.

Bloomberg said financing was too complicated for Fu Ji and it
wants to solve its funding problems by liquidating.

Based in Hong Kong, FU JI Food and Catering Services Holdings
Limited (HKG:1175) -- http://www.fujicatering.com/-- is engaged
in the provision of catering services; the operation of Chinese
Restaurants and theme restaurants, and the production and sale of
convenience food products.


GORSSET LIMITED: Members' Final Meeting Set for December 1
----------------------------------------------------------
Members of Gorsset Limited will hold their final general meeting
on December 1, 2009, at 10:00 a.m., at the Level 28, Three Pacific
Place, 1 Queen's Road East, Hong Kong.

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


GRAND CHANNEL: Commences Wind-Up Proceedings
--------------------------------------------
Members of Grand Channel International Limited on October 12,
2009, passed a resolution that voluntarily winds up the company's
operations.

The company's liquidators are:

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


INTERNATIONAL FU: Fu Sum Lam Appointed as Liquidator
----------------------------------------------------
Fu Sum Lam on October 15, 2009, was appointed as liquidator of
International Fu Clansmen Association Communication & Information
Company Limited.

The company's liquidator is:

         Fu Sum Lam
         Keybond Commercial Building, 17th Floor
         38 Ferry Street
         Kowloon


INTERNATIONAL SU SHANG: Creditors' Proofs of Debt Due on Nov. 27
----------------------------------------------------------------
Creditors of International Su Shang United Association Limited are
required to file their proofs of debt by November 27, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

         Chow Sheung Bing
         Keung Sai Tung
         San Toi Building, 7/F
         139 Connaught Road
         Central, Hong Kong


JACOBS & TURNER: Mee and Lo Step Down as Liquidators
----------------------------------------------------
Natalia Seng Sze Ka Mee and Susan Y H Lo stepped down as
liquidators of Jacobs & Turner (Far East) Limited on October 16,
2009.


KAI CHUN: Eddie Man King Chi Appointed as Liquidator
----------------------------------------------------
Eddie Man King Chi on October 15, 2009, was appointed as
liquidator of Kai Chun Enterprises Limited.

The company's liquidator is:

         Eddie Man King Chi
         Amber Commercial Building, 13th Floor
         70 Morrison Hill Road
         Hong Kong


LEE SHING YUE: Members and Creditors to Meet on November 9
----------------------------------------------------------
Members and creditors of Lee Shing Yue Construction Company
Limited will hold their final meeting on November 9, 2009, at 2:30
p.m., and 2:45 p.m., respectively, at the Rooms B1 & B2, 36th
Floor, One Pacific Place 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MAXSTEP LIMITED: Creditors' Proofs of Debt Due on November 30
-------------------------------------------------------------
Creditors of Maxstep Limited are required to file their proofs of
debt by November 30, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 23, 2009.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         Seaview Commercial Building, 19th Floor
         21-24 Connaght Road West
         Hong Kong


MONTEDIS INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on October 15, 2009,
members of Montedis Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Leung Hok Lim
         David Leong Ting Kwok, 26th Floor
         Citicorp Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


MANYLINK LIMITED: Creditors' Proofs of Debt Due on November 30
--------------------------------------------------------------
Creditors of Manylink Limited are required to file their proofs of
debt by November 30, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 23, 2009.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         Seaview Commercial Building, 19th Floor
         21-24 Connaght Road West
         Hong Kong


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AGARWAL DAL: CRISIL Reaffirms 'B' Rating on INR10MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Agarwal Dal Mills Pvt
Ltd continue to reflect Agarwal Dal Mills' limited financial
flexibility because of low net worth, its exposure to risks
relating to volatility in foreign exchange rates, and its small
scale of operations with low operating margin.

   Facilities                       Ratings
   ----------                       -------
   INR10 Million Cash Credit        B/Stable (Reaffirmed)
   INR120 Million Letter of Credit  P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Agarwal Dal Mills' scale of operations will
remain small.  The outlook may be revised to 'Positive' if the
company increases its scale of operations and net worth, thereby
enhancing its financial flexibility. Conversely, it may be revised
to 'Negative' if the company undertakes any large, debt-funded
expansion.

Agarwal Dal Mills was promoted by Mr. Sanjay Kumar Agarwal in
1999.  It was incorporated with the purpose of setting up a dal
mill.  However, the plan did not materialise, and the company
began trading in coal in 2005. For 2008-09 (refers to financial
year, April 1 to March 31), Agarwal Dal reported a profit after
tax (PAT) of INR1.2 million on net sales of INR112 million,
against a PAT of INR1.6 million on net sales of INR169 million for
2007-08.


ALCON ELECTRONICS: Weak Liquidity Cues CRISIL 'B+' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Alcon Electronics Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR71.0 Million Cash Credit      B+/ Stable (Assigned)
   INR28.5 Million Term Loan        B+/ Stable (Assigned)
   INR33.5 Million Letter of Credit P4 (Assigned)

The ratings reflect Alcon's weak financial risk profile (marked by
weak liquidity position), small scale of operations,
susceptibility to volatility in foreign exchange rates and raw
material prices, and large working capital requirements.  The
impact of these weaknesses is mitigated by Alcon's established
distribution network and presence in both the Indian and export
markets.

Outlook: Stable

CRISIL believes that Alcon's scale of operations will remain
small, and its financial risk profile, weak, over the medium term.
The outlook may be revised to 'Positive' in case of increase in
the company's scale of operations and improvement in its financial
flexibility because of fresh equity infusion. Conversely, the
outlook may be revised to 'Negative' if Alcon's financial risk
profile deteriorates because of a decline in its profitability or
cash accruals, or large, debt-funded capital expenditure.

                     About Alcon Electronics

Incorporated in 1973, Alcon manufactures capacitors, including
aluminium electrolytic capacitors, and film capacitors.  The
company generates about 70 per cent of its revenue from aluminium
electrolytic capacitors, and the remainder from film capacitors.
The company also trades in allied electronic products such as
semiconductors; the proportion of revenue from trading activities
is negligible.  Alcon has invested INR1.25 million in a group
company, Alcap Electronics Pvt Ltd, which does job-work for Alcon.
Alcon's manufacturing unit in Satpur (Maharashtra) has an
installed production capacity of 1.2 million aluminium
electrolytic capacitors and 9.0 million polypropylene film foil
capacitors per annum.

For 2008-09 (refers to financial year, April 1 to March 31),
Alcon's profit after tax (PAT) is estimated at INR3.4 million on
net sales of INR202.2 million; the company reported a PAT of
INR9.0 million on net sales of INR174.6 million for 2007-08.


ALLIED MINERALS: CRISIL Puts 'BB+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Allied Minerals Industries Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR35.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR5.9 Million Term Loan             BB+/Stable (Assigned)
   INR7.0 Million Working Capital       BB+/Stable (Assigned)
                   Demand Loan
   INR12.5 Million Letter of Credit     P4+ (Assigned)

The ratings reflect AMIPL's exposure to risks relating to high
dependence on suppliers for raw materials, small scale of
operations in the calcinations business, and high customer
concentration.  These weaknesses are, however, partially offset by
AMIPL's average financial risk profile, and the experience of its
promoters in the calcination industry.

Outlook: Stable

CRISIL expects AMIPL to maintain a stable credit risk profile over
the medium term, backed by its average financial risk profile, and
the experience of its promoters in the industry.  The outlook may
be revised to 'Positive' if the company expands its revenue and
supplier bases. Conversely, the outlook may be revised to
'Negative' if the company's performance is adversely impacted due
to non-availability of raw materials or if its financial risk
profile weakens on account of debt-funded capital expenditure.

                       About Allied Minerals

AMIPL, set up in 1996 at Katni (Madhya Pradesh) as a
proprietorship concern, was converted to a private limited company
in 2005.  AMIPL has presence in the calcination business, and has
capacity to manufacture 108,000 metric tonnes of calcinating
minerals, including bauxite, pyrophyllite, and diaspore.  AMIPL
reported a profit after tax (PAT) of INR3.4 million on net sales
of INR120.4 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR2.9 million on net sales of
INR107.6 million for 2007-08.


ARVIND LTD: CARE Assigns 'CARE BB+' Ratings on Bank Facilities
--------------------------------------------------------------
CARE assigns a 'CARE BB+' rating to the long-term bank loans
/facilities and 'PR4' rating to the short-term bank loans /
facilities of Arvind Ltd. for an aggregate amount of INR2015.00
crore.  Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
'PR Four' rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default.  This rating is
applicable for facilities having tenure of less than one year.
CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position of
the company within the band covered by the rating symbol.

                              Facility Amount
   S. No.                      (INRcrore)         Rating
   ------                     --------------      ------
   1. Long Term Rupee Loans        935.00         CARE BB+
   2. Cash Credit                  462.00         CARE BB+
   3. Foreign Currency Term Loan   150.00         CARE BB+
   4. EPC/PCFC                     303.00         PR4
   5. Bank Guarantee                23.00         PR4
   6. Letter of Credit             142.00         PR4

The ratings reflect the exposure of Arvind to risks relating to
volatility in cotton prices, interest rate and forex fluctuation
risk, weak financial risk profile, high competition in the
industry and depressed textile scenario.  The ratings are also
constrained by the corporate guarantees given to its group
companies/subsidiaries and possible future fund requirement to
support the group companies which are being de-merged.  The
ratings also factor in the post demerger revenue concentration in
denim which is likely to increase.  These weaknesses are, however,
partially offset by the vast experience of promoters, Arvind's
status as one of the world's largest denim players, clean track
record post re-phasement of loans, expected improvement in
operational and financial performance in near future on account of
comfortable hedging level of export receivables (which mitigates
forex fluctuation risk in the short to medium term) and expected
improvement in cash flow post demerger.  The company also has a
valuable land bank which it is planning to sell in near future.

The timely servicing of debt obligations as per the revised
schedule, impact of demerger and realization of cash after sale of
surplus land and its end use remain the key rating sensitivities.
The ratings reflect the exposure of Arvind to risks relating to
volatility in cotton prices, interest rate and forex fluctuation
risk, weak financial risk profile, high competition in the
industry and depressed textile scenario.  The ratings are also
constrained by the corporate guarantees given to its group
companies/subsidiaries and possible future fund requirement to
support the group companies which are being de-merged.  The
ratings also factor in the post demerger revenue concentration in
denim which is likely to increase.  These weaknesses are, however,
partially offset by the vast experience of promoters, Arvind's
status as one of the world's largest denim players, clean track
record post re-phasement of loans, expected improvement in
operational and financial performance in near future on
account of comfortable hedging level of export receivables and
expected improvement in cash flow post demerger.  The company also
has a valuable land bank which it is planning to sell in near
future.  It is noted that there had been no delay/default in
interest payment to lenders even during the period when the
rephasement talks were on with the lenders.

                         About Arvind Ltd

Ahmedabad based Arvind Ltd as well as other Lalbhai group
companies were founded by Late Shri Kasturbhai in 1931.
Currently, the company is led by third generation of Lalbhais
under Shri Sanjay Lalbhai, Chairman & Managing Director.  Arvind
is one of the largest denim manufacturers in the world.  It also
manufactures a range of cotton shirting, denim, knits and bottom
weights (Khakis) fabrics.  Arvind is also marketing in India the
branded apparel under various brands and is also licensee in India
for various international brands.  It also became the first
company to launch a pan Indian apparel outlet stores “Megamart” in
2008.  During second half of FY09, the company announced its plans
to demerge its branded apparel business and the retail business
into two wholly owned subsidiaries.  Branded Apparel Business
which markets apparels and accessories under the brands Arrow and
Flying Machine will be de-merged into Arvind Lifestyles Brands
Limited. Retail business (Newport and Excalibur) under the
Megamart banner along with the license for world's largest value
brand Cherokee will be de-merged into Arvind Retail Limited.  The
demerger would be effective April 01, 2009 through a court
approved scheme.  The demerger will be carried out under Section
391 to 394 of the Companies Act 1956 along with a proposal for
reduction & restructuring of share capital of Arvind Limited,
Arvind Lifestyle Brands Limited and Arvind Retail Limited under
section 78, 100 to 103 of the Companies Act.  The company also
plans to sell its surplus land and is expected to generate around
INR300 crore which will be used to prepay the debt.

During FY09, the company reported a net loss of INR49 crore on
total operating income of INR2290.05 crore as against net profit
of INR28 crore on total operating income of INR2321.89 crore
during FY08.  It may be noted that loss includes M2M loss
of INR54.94 crore. During FY09, the company incurred loss mainly
on account of the severe fluctuation seen in dollar-rupee exchange
rates.  The increase in overheads on the back of increased fuel
prices, higher selling & distribution expenses in retail
business, higher depreciation and interest costs further brought
down the margins.  The company has rescheduled its loan
obligations during late FY09 and early FY10 with lenders.  During
Q1FY10 the operating income improved by 24% yoy and 14% qoq as the
average realization of denim fabrics went up due to rupee
depreciation.


JINDAL ARCHITECTURE: CARE Puts 'CARE BB' Rating on INR28.7cr Loan
-----------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities aggregating INR28.70 cr of Jindal Architecture Limited.
This rating is applicable for facilities having tenure of more
than one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.

Also, CARE has assigned a 'PR4' rating to the Short-term Bank
Facilities aggregating INR20.00 cr of JAL.  This rating is
applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

                                Amount
  Instrument                 (INR crore)        Rating
  ----------                  ----------        -----
  Long-term Bank Facilities     28.70           'CARE BB'
  Short-term Bank Facilities    20.00           'PR4'

The ratings take into account the limited scale of operations
coupled with high product concentration in FY08-09, weak financial
profile as reflected by stretched liquidity position and low
profitability margins.

The ratings consider the strengths enjoyed by the Company through
operational and financial support of the Jindal Group and holding
company, JSL Limited (JSL); comfortable capital structure of JAL
and diverse end-user segments for stainless steel products with
anticipated increased usage especially in railways and other
public transport segments.

Going forward, effective working capital management, ability to
scale up the operations and continued support of JSL will be the
key rating sensitivities.

                     About Jindal Architecture

Jindal Architecture Limited commenced its operations in 2004 as a
division of JSL Ltd. to undertake the development and usage of
stainless steel in infrastructure and new application areas.  The
Company became the subsidiary of JSL in 2006.  JAL offers
architectural and design solutions for Stainless Steel products
which find applications in various sectors including real estate,
airports, railways etc.  JAL generates its revenues either through
turnkey project execution or through product supplies.  Under
turnkey projects the company undertakes complete design,
fabrication and installation of stainless steel products in
Architecture, Building and Construction (ABC) segment.  Under
product supplies it offers various products that include Stainless
Steel modular kitchens, office furniture etc.  The Company has a
manufacturing plant located in Village Pathredi, Gurgaon, Haryana
with an installed capacity of 1,800 mtpa as on March 31, 2009.

JAL's total income had grown at a Compounded Annual Growth Rate
(CAGR) of over 50% for the last three years and stood at INR49.31
cr during FY09 on the back of consistent order flow from segments
such as real estate and railways and increasing acceptance of the
Company's products in other segments including airports, Bus
Queue Shelters etc. The profitability for the Company has been
fluctuating over the last three years with PBILDT of INR5.61 cr
and PAT of INR0.37 cr during FY09.  The overall gearing and long-
term debt to equity ratios had been high largely on account of the
outstanding Inter-Corporate Debt (ICD).  The adjusted overall
gearing and debt-equity ratio (excluding ICD received from group
companies) stood at reasonable levels of 1.07x and 0.29x,
respectively, as on March 31, 2009.


MARVEL LANDMARKS: CRISIL Rates INR300.0 Million Term Loan at 'B'
----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Negative' to the term loan
facility of Marvel Landmarks Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR300.0 Million Term Loan       B/Negative (Assigned)

The rating reflects the high implementation risks MLPL faces with
respect to its residential projects, Marvel Zephyr and Marvel
Isola, the company's susceptibility to downturns in the Indian
real estate industry, and the geographical concentration in its
revenue profile. The impact of these rating weaknesses is
mitigated by the experience of MLPL's promoters in the real estate
industry.

Outlook: Negative

CRISIL believes that MLPL will continue to face high
implementation risks, as arising from delay in inflow of customer
advances and sale of residential units, with respect to its
residential projects, Marvel Zephyr and Marvel Isola. The rating
may be downgraded in case the completion of MLPL's aforementioned
residential projects gets delayed because of delays in customer
advances or lower-than-expected bookings. Conversely, the outlook
may be revised to 'Stable' if MLPL generates higher-than-expected
cash flows on the back of higher-than-expected booking of units
and customer advances.

                       About Marvel Landmarks

MLPL, incorporated in August 2007, is part of the Marvel group,
headed by Mr. Vishwajeet Jhavar. MLPL is executing two residential
projects, Marvel Zephyr (only 10 per cent of the construction
completed) and Marvel Isola (construction commenced recently), in
prime locations in Pune (Maharashtra).  MLPL executes projects
under joint development agreements (JDAs) with the landowners,
which helps the company procure land for its projects.  Under the
JDA for the ongoing residential projects, MLPL will share a
proportion of the customer advances with the landowners.

MLPL is part of the Marvel group, which has been in the business
of development of premium and luxury real estate in Pune since
2002. Private equity investor OZ Sculptor (Cyprus) LLC (OZ
Sculptor), Mauritius, part of Och-Ziff Capital Management Group
LLC, based in New York, has invested INR600 million in MLPL.

MLPL is expected to report a net loss of INR100 million for 2008-
09 (refers to financial year, April 1 to March 31), against a net
loss of INR10 million for 2007-08. MLPL did not report revenues
for 2007-08 and 2008-09, as it follows the percentage completion
method of revenue recognition for its projects, which are in early
stages of construction.


NAVABHARAT POWER: CARE Rates Various Bank Debts at 'CARE BB-'
-------------------------------------------------------------
CARE has assigned a 'CARE BB-' rating to the Long-term Bank
Facilities of Navabharat Power Pvt Ltd aggregating INR50 crore.
This rating is applicable for facilities having tenure of more
than one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.

Further, CARE has also assigned a 'PR4' rating to the Short-term
Bank Facilities of NPPL aggregating INR25 cr.  The short-term
rating is applicable for facilities having tenure of up to one
year.  Facilities with this rating would have inadequate
capacity for timely payment of short-term debt obligations and
carry very high credit risk.  Such facilities are susceptible to
default. CARE assigns '+' or '-' signs to be shown after the
assigned rating (wherever necessary) to indicate the relative
position of the company within the band covered by the rating
symbol.

   Instrument                       Amount
   Classification                  (INR crore)      Rating
   --------------                  ----------       ------
   Bank Guarantee Long Term          50             CARE BB
   Bank Guarantee Short Term         25             PR4

The ratings factor in the significant project implementation risk
given the very early stages of implementation of the project,
absence of financial closure and lack of experience of the
promoters in similar kind of projects. The ratings also factor in
the mitigation in offtake risk consequent to Power Purchase
Agreements (PPAs) signed with Grid Corporation of Orissa (GRIDCO)
and PTC India Ltd (PTCIL), various permits & clearances secured
for the project, availability of coal linkage and coal block
approvals, strength of the parent companies and favourable
industry prospects.

                      About Navabharat Power

Navabharat Power Pvt Ltd was promoted by M/s Nava Bharat Ventures
Ltd. (NBVL) and M/s Malaxmi Energy Ventures (India) Pvt Ltd.
(MEVPL), to set up 2,250 MW coal-based power project in Dhenkanal
District, Orissa.  NPPL has proposed to set up the project in two
phases.  The company is in the process of implementing Phase I
(1,050 MW) Thermal Power Project at Meeramundali and Kharagprasad
villages in Dhenkanal District of Orissa based on domestic coal in
the state of Orissa in accordance with the Memorandum of
Understanding (MoU) signed with the Orissa Government.  The MoU
envisages implementation of projects aggregating 2,250 MW in two
phases with 1,050 MW in Phase-I and 1,200 MW in Phase-II.

NPPL's parent NBVL is a diversified company and is mainly engaged
in infrastructure development projects and manufacture of bulk
Ferro Alloys, Crystal Sugar and Extra Neutral Alcohol.  NVBL is
also engaged in power generation for captive consumption.
The company has installed two thermal power plants and two bio-
mass plants with aggregate capacity of 237 MW.

MEVPL was promoted in 2007 by Mr. Y. Harish Chandra Prasad (Vice
Chairman and MD of NPPL).  This company is mainly engaged in
investment in various power projects.

The estimated project cost for 1,050 MW is INR5,250 cr. The
project is proposed to be funded at a Debt/Equity (D/E) ratio of
75:25.  The project is yet to be appraised and financial closure
is yet to be completed.


RAKESH MARUTI: Low Net Worth Promopts CRISIL 'BB+' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Rakesh Maruti Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR27.5 Million Cash Credit Limits   BB+/Stable (Assigned)
   INR30 Million Term Loan              BB+/Stable (Assigned)
   INR35 Million Corporate Loan         BB+/Stable (Assigned)
   INR7.5 Million Proposed Long Term    BB+/Stable (Assigned)
                   Bank Loan Facility
   INR200 Million Letter of Credit      P4+ (Assigned)

The ratings reflect RML's small scale of operations, low net
worth, and exposure to the cyclicality in the end-user industry
(pig iron).  The impact of these weaknesses is mitigated by the
company's average business risk profile and its promoters'
industry experience.

Outlook: Stable

CRISIL expects RML business risk profile to improve over the
medium term with the stabilization of operations at its freshly
added capacities.  The outlook may be revised to 'Positive' in
case of significant and sustainable improvement in the company's
financial risk profile because of higher-than-expected increase in
revenues and profitability.  Conversely, the outlook may be
revised to 'Negative' in case of deterioration in RML's financial
risk profile because of decline in revenues and margins as a
result of lower-than-expected capacity utilization or significant
debt-funded capex.

RML was acquired by Mr. Vijay Khanna and family in 1991.  The
company manufactures low ash metallurgical coke, and coal tar (by-
product).  It began commercial operations in February 2007(the
company was non-operational from 1991 to 2006).  RML's plant in
Mundra (Gujarat) has an annual coke manufacturing capacity of
54,000 tonnes per annum (tpa).  The company is in the process of
setting up its second coke oven plant (capacity 54,000 tpa); it is
expected to begin commercial operation from October 2009.

RML posted a provisional net profit of INR15 million on operating
income of INR391 million for 2008-09 (refers to financial year,
April 1 to March 31), against a profit after tax (PAT) of INR11
million on operating income of INR656 million for 2007-08.


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


ALTUS CAPITAL: S&P Assigns 'B+' Currency Rating on Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' foreign
currency rating on the proposed guaranteed senior secured notes to
be issued by Altus Capital Pte. Ltd.

Altus Capital, a wholly owned entity of PT Chandra Asri
(B+/Stable/--), was established solely for the purpose of issuing
debt securities, and will lend the proceeds of the notes to
Chandra Asri.  The notes will be unconditionally and irrevocably
guaranteed by Chandra Asri and its subsidiary PT Styrindo Mono
Indonesia.  The rating on the notes is subject to finalization of
documentation, and confirmation of amounts and terms.

S&P expects some of the proceeds from the proposed notes issue to
be used to repay in full the outstanding amount on an existing
term loan facility, without any prepayment penalty to be incurred
by the company.  Any remaining amount is expected to be used to
repay an existing subordinated loan provided by a former
shareholder, Strategic Investment Holdings Ltd.

On Oct. 23, 2009, S&P assigned a 'B+' corporate credit rating to
Indonesia-based PT Chandra Asri.  The outlook is stable.  The
rating on Chandra Asri reflects the company's cyclical commodity
chemicals business, exposure to rising feedstock costs, and
limited product and operational diversity.  These risks are
partially offset by the company's entrenched market position in
Indonesia, favorable domestic demand, cost advantages from its
domestic vertically integrated facilities, and moderate leverage.


BANK NEGARA: To Issue US$300 Mil. Subordinated Bonds This Year
--------------------------------------------------------------
Bank Negara Indonesia plans to issue subordinated bonds estimated
at US$300 million late this year or early next year, Antara News
reports.

The news agency relates BNI Treasury and International Affairs
Director, Bien Subiantoro, said the bonds to be issued at a yield
of 7-8 percent will be payable in 5-10 years.  The bank will use
proceeds from the planned issuance of the bonds to strengthen its
working capital, he said.

Antara News meanwhile says Bank Mandiri and Bank Rakyat Indonesia
also have announced a plan to issue subordinated bonds.  Bank
Mandiri is expected to issue subordinated bonds worth IDR3
trillion in the fourth quarter of this year, the report relates.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Fitch Ratings lowered PT Bank Negara Indonesia
Tbk's global local currency deposit ratings to Baa3 from Baa2.
The foreign currency long-term deposit rating was raised to Ba3
from B1.  The ratings carry stable outlook.  All other ratings
are unaffected and carry stable outlooks: foreign currency short-
term deposit of Not Prime and 'D-' BFSR.


PERUSAHAAN GAS: Nine Month Net Profit Up 145% to US$473 Million
---------------------------------------------------------------
Antara News reports that PT Perusahaan Gas Negara posted a
IDR4.4 trillion (US$473 million) net profit in the first nine
months of this year, up 145% from IDR1.79 trillion net profit in
the same period last year.  Operating profit also surged 68% to
IDR5.91 trillion.

The report, citing PGN President Prio Santoso, says a 50% rise in
income to IDR13.51 trillion contributed to the surge in net
profit.  Gas sales to the power generating plants, industries,
households and commercial sector increased sharply, he said.

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk --
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.  The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Fitch Ratings upgraded PT Perusahaan Gas Negara's
Long-term foreign and local currency Issuer Default Ratings to
'BB' from 'BB-' (BB minus) and affirmed its National Long-term
rating at 'AA(idn)'.  The Outlook is Stable.

As of October 28, 2009, Perusahaan Gas Negara continues to carry
Moody's Investors Service 'Ba2' LT Corp Family Rating with outlook
stable.  The company also continues to carry Standard & Poor's
Ratings' 'BB' LT Foreign Issuer Credit / LT Local Issuer Credit.


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


JAPAN AIRLINES: American Airlines Steps Up Efforts to Boost Ties
----------------------------------------------------------------
Mariko Sanchanta at The Wall Street Journal reports that American
Airlines and Delta Air Lines are stepping up efforts to strengthen
ties with Japan Airlines Corp.

The Journal relates that Delta and American Airlines are
considering capital infusions into Japan Airlines as part of a
proposed tie-up.  According to The Journal, Delta has hired
investment bank Goldman Sachs Group Inc. and Fleishman-Hillard to
advise it on a possible alliance with JAL.  Citing sources, the
report states that Delta executives are set to visit Japan next
week to discuss how to proceed.

The Journal says that U.S. and Japanese government officials on
Monday kicked off another round of negotiations for an open-skies
deal, which would mean that carriers would receive antitrust
immunity, allowing them to better coordinate flight schedules with
Japan Airlines to cities they jointly serve, making a tie-up with
the airline even more lucrative.  Prospects for a deal by year-end
were "very positive", The Journal relates, citing an airline
executive.

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

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

                          *     *     *

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

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


SPANSION INC: Puts SP1 Fab Up for Sale
--------------------------------------
Spansion Inc. has put its 300-mm fab, dubbed SP1, up for sale,
Mark LaPedus at EE Times reports, citing people familiar with the
matter.  Spansion said in a statement, "SP1 is an asset of
Spansion Japan Ltd. and they are weighing all possible options to
help advance the reorganization process.  We continue to work
closely with Spansion Japan and are fully supporting customer
requirements through our internal and external manufacturing
resources."  According to EE Times, Spansion said that set-top box
OEMs in Asia are adopting its MirrorBit SPI Multi-I/O Flash
memory, which is aimed to simplify designs, help reduce form
factors, and enable lower overall system costs in many of their
new models.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


TOSHIBA CORP: Receives Subpoena Over Antitrust Violations
---------------------------------------------------------
Hitachi Ltd. and Toshiba Corp.'s optical disk drive operations in
the U.S. have received subpoenas from the U.S. Department of
Justice in a widening investigation into potential antitrust
violations, The Wall Street Journal reports.

The Journal relates officials at Hitachi and Toshiba said
separately Tuesday that their optical disk drive businesses in the
U.S. will fully cooperate with the inquiry.  They declined to
disclose details of the subpoenas, the Journal says.

Citing a person familiar with the inquiry, the Journal states that
the Justice Department started a criminal antitrust probe into the
market for optical disk drives in recent months, investigating
disk-drive makers for possible price-fixing, bid-rigging and
allocation of markets.

According to the report, the investigation comes on the heels of a
successful Justice Department investigation into price-fixing in
the market for liquid crystal displays used in computers, cell
phones and televisions.

Hitachi's optical disk drive business is a 51%-owned joint venture
with South Korea's LG Electronics Inc., called Hitachi-LG Data
Storage Inc while Toshiba's is a 51%-owned joint venture with
South Korea's Samsung Electronics Co. called Toshiba Samsung
Storage Technology Corp, according to the Journal.

                     H1 2009 Earnings Forecast

Japan Today reports that Toshiba Corp expects to book a group
operating profit of JPY2 billion in the April to September first
half of fiscal 2009, abandoning its earlier forecast of a JPY30
billion loss.  The company attributed the revision to the impact
of its cost-cutting measures, Japan Today notes.

Japan Today relates Toshiba also said it now expects a group net
loss of JPY58 billion for its operations, including the
semiconductor business, in the six-month period, compared with its
forecast in May of a net loss of JPY80 billion.  However, Japan
Today says, Toshiba revised downward its sales projection to
JPY2.96 trillion from JPY3.15 trillion amid economic slump and a
stronger yen.

                        About Toshiba Corp.

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

                           *     *     *

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

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

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

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

   -- Senior unsecured notes affirmed at 'BB'.


* JAPAN: Three Major Shipping Firms Revise Earning Projections
--------------------------------------------------------------
Japan Today reports that three major Japanese shipping companies
have revised their earnings projections for fiscal 2009 downward:

    -- Nippon Yusen K.K. increased its group net loss estimate
       for the year to March 2010 from JPY5 billion to JPY27
       billion;

    -- Kawasaki Kisen Kaisha Ltd expanded its loss projection
       from JPY31 billion to 79 billion; and

    -- Mitsui O.S.K. Lines Ltd cut its profit estimate from
       JPY30 billion to JPY2 billion.

The three shipping firms blamed the revisions on declines in their
cargo traffic, the higher yen and an upsurge in fuel prices, the
report says.


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


TENGGARA OIL: SC Extends Time to Complete Restructuring
-------------------------------------------------------
The Securities Commission Malaysia on October 22, 2009, granted
Tenggara Oil Bhd an extension of time to implement the company's
Proposed Corporate and Debt Restructuring Scheme, from Sept. 5,
2009 to March 5, 2010.

Tenggara Oil Berhad is a Malaysia-based investment holding company
engaged in provision of management services. The principal
activities of the subsidiaries are filling, blending and
processing of lubricants.  The Company's subsidiaries include
Tenggara Lubricant Sdn. Bhd., which is engaged in filling,
blending and processing lubricants; Tenggara Plaza Sdn. Bhd.,
which is engaged in letting and managing of property, and Tenggara
Concrete Sdn. Bhd., which is engaged in manufacturing and
supplying of ready-mixed concrete.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


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


AIR PACIFIC: Posts FJD12.2MM Pre-Tax Loss in FY2009
---------------------------------------------------
Steve Creedy at The Australian reports that Air Pacific Ltd posted
a FJD12.2 million (US$7 million) pre-tax loss for 2008-09 and
predicted the red ink would deepen this financial year.

According to the report, the loss, down from a FJD41.1 million
profit the previous year, came despite a record number of
passengers and an FJD80 million rise in revenue to FJD622.8
million.  The report relates that the 15% revenue improvement was,
however, overshadowed by a 21% increase in expenses as financing
costs swung FJD7 million into the red and fuel costs, including
hedging losses, increased by FJD126.5 million to FJD297.7 million.

The carrier cut shareholder equity by FJD48.6 million to FJD123.5
million while cash reserves tumbled from FJD227.3 million to FJD91
million, the report adds.

The Australian states that the result comes as Qantas Airways is
talking to the Fiji government about selling its stake in Air
Pacific and the Fiji carrier faces increased competition from
Jetstar and Virgin Blue.

Air Pacific Limited -- http://www.airpacific.com/-- is Fiji's
international airline.  It operates international and domestic
services around the Pacific and to North America and Hong Kong.
The Fiji government is Air Pacific's major shareholder at 51%.


BLUE MOUNTAIN: To Shutter Lumber Mill on Higher NZ Dollar
---------------------------------------------------------
The National Business Review reports that Blue Mountain Lumber Ltd
in Otago is closing down its lumber mill due to the rising NZ
dollar and a fall in domestic demand.

NBR says the mill at Conical Hill near Tapanui is owned by
Winstone Pulp International (WPI), a subsidiary of Malaysian
company Ernslaw One Ltd.

In March, the report recalls, the mill reduced staff numbers from
110 to 45 in an attempt to be viable.

NBR notes WPI managing director David Anderson said there was
regrettably no option left other than to close.

Originally built in 1949 by the state-owned Forest Service, Blue
Mountain Lumber Ltd -- http://www.bluemountain.co.nz/-- is the
single biggest producer of douglas fir timber in the South Island,
producing 45,000 cu m a year.


CREDIT UNION: S&P Assigns 'BB' Counterparty Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'BB'
long-term counterparty credit rating to Credit Union Baywide, a
credit union in New Zealand's Hawkes Bay region.  At the same
time, S&P assigned its 'B' short-term counterparty credit rating.
The outlook is stable.  The ratings on CUB reflect its strong
geographic niche and loyal membership base (as shown in recent
high reinvestments rates) despite difficult operating conditions.
Factors moderating CUB's credit profile include risks associated
with a strategic change in loan-book composition as well as the
credit union's modest financial flexibility and recent acquisition
activity.

CUB's capital ratios also support its credit quality, particularly
given the moderate risks associated with its loan book.  "Although
only NZ$25 million, adjusted total equity is more than 16% of
assets, which is close to or slightly greater than peers with a
similar risk profile," Standard & Poor's credit analyst Peter
Sikora said.  "Key asset-quality indicators are satisfactory when
assessed against the credit-risk profile, with nonperforming
assets at 1.4% of the total loan portfolio.  Furthermore, there is
no significant single-name concentration."

CUB intends to increase its exposure to personal loans for motor
vehicles, with the increase partly funded by the securitization of
existing mortgages.  The loans mix is likely to change from 45%
mortgages and 55% personal lending to 30% and 70%, respectively.
But increased credit risk will be partly ameliorated by an
anticipated boost to liquidity, with some proceeds from
securitized mortgages invested in high-quality liquid assets.

The stable outlook factors in an expectation that growth in
personal loans will be slowed if delinquencies prove higher than
anticipated.  Also underpinning the outlook is the expectation
that some of the proceeds of mortgage securitization will be used
to bolster liquidity and that any mergers will be small (relative
to group size), well executed, and a strategic fit with CUB's
existing business profile.

A significant departure from this could lead to downward ratings
pressure -- for instance, if problem assets were to increase
beyond what is already expected or if CUB were to merge with a
larger organization of weaker credit quality or outside its own
sector or area of geographic expertise.  Upward rating prospects
are limited and would require a material increase in the absolute
capital base and capital adequacy ratios, and greater geographic
diversification.


PGG WRIGHTSON: Unit to Apply NZ Gov't. Deposit Guarantee Scheme
---------------------------------------------------------------
The New Zealand Herald reports that PGG Wrightson Finance is
intending to apply for the Government's extended deposit guarantee
scheme in 2010.

The report notes the company said it initially viewed the costs of
the scheme extension as prohibitive.

PGG Wrightson Finance expects to meet the eligibility criteria by
March 2010 once it has finalised its credit rating by February,
the Herald relates.

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

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

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

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

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

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

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

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

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

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

                        About PGG Wrightson

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


* South Island Companies Endure Tough Quarter, Deloitte Says
------------------------------------------------------------
South Island companies found the going tough in the three months
to September 2009, with the 32-strong Deloitte South Island Index
losing $166 million worth of value in the quarter, a decline of
5.3 percent.  Overall, the combined value dipped below the $3
billion mark, slipping back to $2.98 billion.  In comparison, the
NZX50 enjoyed a relatively fruitful period, increasing by an
impressive 13.1% during the quarter.

For the first time since the Deloitte South Island Index’s
benchmark opening date of December 31, 2006, it was overtaken by
the NZX50, the ASX and the Dow Jones in terms of market
capitalization movement.

The largest decreases in market capitalization came from the
primary and financial services sectors, with respective declines
of 23.7% and 65.7%.  Pyne Gould Corporation and PGG Wrightson bore
the brunt.  PGW saw its market capitalization drop by $155 million
(43.4%) in the quarter, reflecting the impact of the recession on
the rural sector, and the downturn in dairy activity as the
financial year came to a close.  Meanwhile, PGC’s market
capitalization declined by $158 million (79.0%) in the quarter as
its share price was driven down as shareholders sold down in order
to fund the purchase of cheaper shares in the company’s $237
million rights issue.

At the other end of the scale, biotechnology companies increased
their value by 50.5%, led by BLIS Technologies and Pacific Edge
Biotechnology, although this sector comprises just 1% of the
overall Deloitte South Island Index by value.

Paul Munro, a corporate finance partner at Deloitte in
Christchurch, said there were some positives among what could be
seen as a haze of bad news. “For example, we’ve just seen
Kathmandu launch its initial public offering as it looks to raise
up to $457m on both sides of the Tasman -- that’s a pretty strong
signal that not everybody is predicting doom and gloom.  And even
if we look at the 32 companies’ performances in the quarter, there
are actually 18 that have increased or held their market
capitalization steady in the past three months, with 14 losing
ground.”

Kathmandu is expected to join the Deloitte South Island Index next
quarter, lifting the number of companies in the Index to 33.

Mr. Munro said Deloitte had seen those involved in New Zealand
capital markets shift their focus away from revenue growth and
market share.  “The challenging economic environment has seen a
switch as people zero in on underlying earnings and normalized
profits instead.  As the pendulum starts to swing back towards
optimism we expect to see an increasing focus on bottom line
results in terms of both profit and cash flow.”

Mr. Munro said the combination of the credit crunch and a
recession with possible deflation creates a unique set of
circumstances where companies have dual challenges.  “The first is
to manage their short-term credit, cash and performance needs.
And the second is to effectively position their businesses to
utilize assets with an eye towards growth as they climb out of the
recessionary trough.”


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


BENGUET CORP: SEC Orders PSE to Lift Trading Suspension
-------------------------------------------------------
The Securities and Exchange Commission has ordered the Philippine
Stock Exchange to lift the suspension on the trading of the shares
of Benguet Corp., Malaya reports.

The report says the commission also gave the PSE five days to
explain the month-long suspension triggered by Benguet’s alleged
failure to disclose that creditors have declared it in default.

As reported in the Troubled Company Reporter-Asia Pacific on
October 22, 2009, BusinessMirror Online said the Philippine Stock
Exchange suspended the trading of Benguet Corp.'s shares for a
month starting Oct. 27 for violations of disclosure regulations.

According to BusinessMirror, the PSE said the mining company
failed to:

  -- disclose receipt of notice of default last March 4 from
     the Philippine National Bank for its failure to pay its
     Tranche 1 (SPV-AMC) loan obligations.

  -- disclose its receipt of another notice of default by PNB
     on July 1;

  -- disclose on different dates the PNB letters regarding
     notices of default from creditors represented by debt manager
     Altus Transactional Services; and

  -- disclose pertinent details about its restructuring agreement
     and Mortgage Trust Indenture requested by the PSE from
     April to July.

Malaya notes Benguet said the declaration of default did not
follow procedures.

Benguet said it was able pay PHP3.3 billion in principal plus
PHP1 billion in interest over the years, Malaya relates.

"Additional payments were made under the 1999 term sheet which
further reduced the obligations to PHP877 million. But due to the
peso devaluation, the remaining account is approximated PHP1.2
billion today," Malaya cited Benguet in a statement.

Malaya states that among the creditors who have declared Benguet
in default were Calyon Credit Agricole CIB, Philippine Distressed
Asset Asia Pacific, Bank of America, Marathong Master Fund Ltd.,
and Asset Pool A (SPV-AMC) 1 Inc.

Benguet's debt woes started in the late 1980s when it obtained
consolidated loans of PHP4.2 billion to finance mining projects,
in particular its Antamok Gold Project in Itogon, Benguet province
which turned out to be unprofitable, according to the
BusinessMirror Online.

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

                           *     *     *

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


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


CHARTERED SEMICONDUCTOR: Q3 Net Loss Narrows to US$4.7 Million
--------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. announced its financial
results for third quarter 2009.

“Chartered revenues and revenues including our share of SMP were
up approximately 19% in third quarter 2009 compared to the
previous quarter. Revenues from 65-nanometer (nm) and below
technologies, including those from 45nm, grew around 27% and
accounted for approximately 31 percent of our total business base
revenues.  We ended the quarter with a net loss attributable to
Chartered of US$4.7 million, including transaction costs of US$8.4
million relating to the proposed acquisition of Chartered by
Advanced Technology Investment Company (ATIC) of Abu Dhabi, which
is a substantial improvement of approximately US$35 million over
the prior quarter,” said George Thomas, senior vice president and
CFO of Chartered.

At September 30, 2009, the Company had US$4.238 billion in total
assets against total liabilities of US$2.369 billion, and
convertible redeemable preference shares of US$273.669 million.

             Summary of Third Quarter 2009 Performance


   * Revenues were US$415.2 million in third quarter 2009,
     down 10.4% from US$463.7 million in third quarter 2008.
     Revenues including Chartered’s share of SMP were US$439.8
     million, down 9.7% from US$487.2 million in the year-ago
     quarter, primarily due to a decline in semiconductor
     demand across all sectors.  Sequentially, revenues were
     up 19.0% compared to US$349.0 million in second quarter
     2009.  Revenues including Chartered’s share of SMP were
     up 19.2% from US$368.8 million in second quarter 2009,
     primarily due to strength in the communications sector
     and to a lesser extent the computer sector.


   * Gross profit was US$88.0 million, or 21.2% of revenues,
     compared to a gross profit of US$65.6 million, or 14.1%
     of revenues in the year-ago quarter.  The increase was
     primarily due to a favorable product mix arising from
     higher shipments of certain advanced technologies and
     lower cost per wafer resulting from higher production
     volumes in these advanced technologies over which fixed
     costs are allocated, partially offset by lower selling
     prices.  The fixed costs in third quarter 2009 included
     the impact of an upward revision of projected useful
     lives and a corresponding elimination of projected
     residual values for 12-inch process equipment used for
     leading-edge technologies.  This upward revision of
     projected useful lives and elimination of projected
     residual values, which was made in fourth quarter 2008,
     resulted in a favorable impact of US$27.1 million for
     third quarter 2009. Gross profit in third quarter 2009
     also included an income of US$8.9 million relating to
     unfulfilled purchase obligations from a customer.
     Compared to the previous quarter, gross profit was up
     from US$30.9 million, or 8.9 percent, primarily due to
     higher revenues resulting from higher shipments and
     lower cost per wafer resulting from higher production
     volumes over which fixed costs are allocated, partially
     offset by lower selling prices.

   * Research and development expenses were US$43.9 million,
     a decrease of 0.7% from US$44.2 million in the year-ago
     quarter, primarily due to lower depreciation on R&D
     equipment and lower payroll-related expenses, partially
     offset by lower reimbursement of expenses from grants
     and higher cost of development activities related to
     the advanced 32nm and 28nm technologies. Compared to
     the previous quarter, R&D expenses were down 4.2% from
     US$45.8 million in second quarter 2009, primarily due to
     lower depreciation on R&D equipment.

   * Sales and marketing expenses were US$14.9 million, down
     23.5% compared to US$19.5 million in the year-ago quarter,
     primarily due to lower Electronic Design Automation (EDA)
     expenses, lower financial support for pre-contract
     customer design validation activities and lower payroll-
     related expenses.  Compared to the previous quarter,
     sales and marketing expenses were up 9.4% from US$13.6
     million, primarily due to higher financial support
     for pre-contract customer design validation activities,
     partially offset by lower payroll-related expenses.

   * General and administrative (G&A) expenses were US$18.5
     million, up 65.1% compared to US$11.2 million in the
     year-ago quarter and up 76.3% from US$10.5 million in
     second quarter 2009, primarily due to investment banking
     and legal fees and other expenses amounting to US$8.4
     million related to the proposed acquisition of Chartered
     by ATIC.

   * Other operating expenses, net, were US$6.5 million,
     compared to US$1.4 million in the year-ago quarter and
     US$5.6 million in the previous quarter.  Other operating
     expenses, net, included an accounting charge of US$3.2
     million relating to a write-off of guaranteed capacity in
     a vendor’s facility due to the planned closure of their
     facility and an exchange loss of US$2.5 million in third
     quarter 2009.

   * Equity in income of Chartered’s minority-owned joint-
     venture fab, SMP (Fab 5), was US$8.9 million compared to
     equity in income of US$8.7 million in the year-ago quarter
     and US$6.7 million in the previous quarter, primarily due
     to higher revenues resulting from higher shipments and
     lower cost per wafer resulting from higher production
     volumes over which fixed costs are allocated, partially
     offset by lower selling prices.

   * Net interest expense was US$13.2 million, compared to
     US$13.6 million in the year-ago quarter.  Interest income
     in third quarter 2009 included recognition of an
     accelerated amount of US$2.2 million in imputed interest
     on the deposit placed with a vendor for guaranteed
     capacity in the vendor's facility.  Due to the planned
     closure of their facility, the deposit is expected to be
     repayable by the vendor in January 2010.  The decline
     in net interest expense in third quarter 2009 compared
     to the year-ago quarter was primarily due to lower
     interest expense arising from lower interest rates and
     higher interest income, partially offset by lower
     interest capitalization associated with the ramp of
     Fab 7.  Compared to the previous quarter, net interest
     expense was down 5.5%from US$14.0 million, primarily due
     to higher interest income and lower interest expense
     arising from lower interest rates and lower outstanding
     debt, partially offset by lower interest capitalization
     associated with the ramp of Fab 7.

   * The net profit of Chartered’s consolidated joint venture
     fab, Chartered Silicon Partners (CSP or Fab 6), was
     US$15.0 million.  As a result of the adoption of Financial
     Accounting Standards Board Accounting Standards
     Codification (ASC 810) on noncontrolling interests in
     consolidated financial statements with effect from
     January 1, 2009, a 49%share of CSP’s profit amounting
     to US$7.4 million was allocated to the noncontrolling
     interest in CSP. No profit or loss was allocated to the
     noncontrolling interest in CSP in third quarter 2008.
     In second quarter 2009, a 49%share of CSP’s loss
     amounting to US$2.1 million was allocated to the
     noncontrolling interest in CSP.

   * Net income was US$2.7 million, or 0.6% of revenues,
     compared to a net loss of US$24.4 million, or negative
     5.3% of revenues in the year-ago quarter, and a net loss
     of US$41.5 million or negative 11.9% of revenues in the
     previous quarter.  Net loss attributable to Chartered was
     US$4.7 million in third quarter 2009.

     Net loss for third quarter 2008 included a tax expense
     of US$10.8 million, which was due primarily to the
     provision of additional valuation allowance on a portion
     of existing deferred tax assets which were assessed, based
     on the projection of future taxable income, to be not
     realizable.

     Net loss for second quarter 2009 included a tax benefit
     of US$8.8 million.  This tax benefit arose primarily
     from recognition of deferred tax assets for Fab 3E’s
     unabsorbed wear-and-tear allowances and tax losses,
     which became available for carry forward upon approval
     from the Singapore tax authorities in second quarter
     2009. This tax benefit is net of valuation allowances
     against a portion of the deferred tax assets that is
     assessed to be not realizable for offset against future
     taxable income.  Such future taxable income is based on
     Chartered’s projection, which is contingent upon future
     market conditions.

   * Basic and diluted loss per American Depositary Share (ADS)
     and basic and diluted loss per share in third quarter 2009
     were (US$0.08) and (US$0.01) respectively, compared with
     basic and diluted loss per ADS and basic and diluted loss
     per share of (US$0.70) and (US$0.07) respectively in third
     quarter 2008.  The basic and diluted loss per ADS and loss
     per share figures have been adjusted for the 27-for-10
     rights offering and the 10-into-1 share consolidation which
     were completed during second quarter 2009.

                Wafer Shipments and Average Selling
                   Prices (eight-inch equivalent)

   * Shipments in third quarter 2009 were 449.3 thousand wafers,
     a decrease of 12.6% compared to 514.3 thousand wafers in
     third quarter 2008.  Shipments in third quarter 2009
     increased by 25.2% compared to 358.9 thousand wafers shipped
     in second quarter 2009.  Shipments including Chartered’s
     share of SMP were 482.4 thousand wafers, a decrease of
     11.4% compared to 544.5 thousand wafers in third quarter
     2008.  Shipments including Chartered’s share of SMP in
     third quarter 2009 increased by 25.3%compared to 385.1
     thousand wafers shipped in second quarter 2009.

   * ASP was US$879 per wafer in third quarter 2009, compared
     to US$921 per wafer in second quarter 2009.  ASP including
     Chartered’s share of SMP was US$870 per wafer in third
     quarter 2009 compared to US$910 per wafer in second quarter
     2009.

                      Capacity and Utilization

Capacity utilization in third quarter 2009 was 75% compared to 85%
in the year-ago quarter, and 60% in second quarter 2009.  Capacity
utilization is based on total shipments and total capacity, both
of which include Chartered’s share of SMP.

A full-text copy of the Company's earnings release and financials
is available at no charge at http://ResearchArchives.com/t/s?47c1

                   About Chartered Semiconductor

Chartered Semiconductor Manufacturing Ltd. (Nasdaq: CHRT and SGX-
ST: CHARTERED) -- http://www.charteredsemi.com/-- based in
Singapore, is a semiconductor foundry, which provides wafer
fabrication services and technologies to semiconductor suppliers
and systems companies.  The company focuses on providing foundry
services to customers that serve technologically advanced
applications for the communication, computer and consumer sectors.
As of December 31, 2008, Chartered owns, or have an interest in,
six fabrication facilities, Fabs 2, 3, 3E, 5, 6 and 7, all of
which are located in Singapore.  Fab 7 is its only 300-mm
facility.  The company have service operations in 9 locations in 7
countries throughout North America, Europe and Asia.  In March
2008, the company completed its acquisition to purchase 100% of
the shares in Chartered Tampines, which owns and operates an
eight-inch wafer fabrication facility, or Fab 3E, located in
Singapore.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 10, 2009, Fitch Ratings placed Chartered Semiconductor
Manufacturing Limited's Long-term foreign currency Issuer Default
Rating and outstanding senior unsecured debt rating of 'BB-' on
Rating Watch Evolving, following news of its proposed acquisition
by Advanced Technology Investment Corporation, which is wholly
owned by the government of Abu Dhabi.

On Sept. 9, 2009, the TCR-AP reported that Moody's Investors
Service placed Chartered Semiconductor's Ba2 corporate family and
senior unsecured bond ratings on review for possible downgrade.

A TCR-AP report on Sept. 15, 2009, said Standard & Poor's Ratings
Services owered the long-term corporate credit rating on Chartered
Semiconductor Manufacturing Ltd. to 'BB-' from 'BB'.  At the same
time, S&P also lowered the issue rating on the company's senior
unsecured notes to 'BB-' from 'BB'.  S&P revised the CreditWatch
implications of both ratings to developing from negative.  The
ratings were originally placed on CreditWatch on July 3, 2009.


CHARTERED SEMICONDUCTOR: Moody's Cuts Corp. Family Rating to 'B1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Chartered Semiconductor's
corporate family and senior unsecured bond ratings to B1 from Ba2.
The ratings also remain under review with uncertain direction.

These ratings were previously placed under review for possible
downgrade on September 7, 2009, following the company's
announcement that Advanced Technology Investment Company, a
technology investment company wholly owned by the government of
Abu Dhabi, would acquire all the outstanding shares of Chartered.

The rating action reflects a reduction in the level of parental
support previously factored into the ratings due to the expected
change in major shareholder from Temasek (Aaa/Stable) to ATIC.
Moody's view is that -- after the ownership change -- the
strategic importance of Chartered to Abu Dhabi will be unclear,
and there is no track record of extraordinary support due to the
fact that Abu Dhabi's entry into this sector is a new event.  As a
result, the level of parental support has been reduced.

In addition, the ratings remain on review with uncertain
direction.  The review will focus on potential changes to
Chartered's capital structure, business strategy, or financial
policies as a result of its ownership by ATIC.

Changes to the capital structure are likely to occur due to a
change of control provision in the current senior unsecured bonds
and senior secured long-term debt.  Moody's notes ATIC is in the
process of negotiations with bankers to roll over long-term debt,
and it plans to repay Chartered's outstanding bonds.

The ratings may be confirmed or experience upward pressure if
Chartered's final capital structure is largely improved.  However,
the ratings may experience downward pressure if there is a delay
in Chartered's recapitalization plan and a material change of its
business strategy.

The last rating action with respect to Chartered was taken on
September 7, 2009, when its corporate family and senior unsecured
bond ratings were placed on review for possible downgrade.

Chartered's ratings have been assigned by evaluating factors
Moody's believes are relevant to the company's credit profile,
such as its i) business risk and competitive position compared
with others 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 of Chartered's core industry; its ratings are believed
to be comparable to those of other issuers of similar credit risk.

Singapore-based Chartered Semiconductor Manufacturing Limited
(Chartered) provides wafer fabrication services and technologies
to semiconductor suppliers and system companies.  The company
ranked third as measured by total sales in the global
semiconductor foundry sector.

The Singapore government currently owns approximately 62% of the
company through Temasek Holdings (Private) Limited.


FLEXTRONICS INT'L: Posts Second Quarter Results
-----------------------------------------------
Flextronics disclosed results for its second quarter ended
October 2, 2009:

   (US$ in millions, except EPS)
                                  Three Month Periods Ended
                                  -------------------------
                                  October 2,          July 3,
                                    2009              2009
                                    ----              ----
   Net sales                       $5,832            $5,783
   GAAP operating income             $123              $10
   Adjusted operating income         $149              $90
   GAAP net income (loss)             $20            $(154)
   Adjusted net income               $104              $63
   GAAP EPS                         $0.02           $(0.19)
   Adjusted EPS                     $0.13            $0.08

                    Second Quarter Results

Net sales for the second quarter ended October 2, 2009, were
$5.8 billion, an increase of 1%, compared to net sales for the
first quarter ended July 3, 2009.  Adjusted operating income for
the second quarter was $149 million, an increase of 66%, compared
to the first quarter adjusted operating income of $90 million.
Adjusted operating margin for the second quarter was 2.6% compared
to 1.6% for the first quarter.  Adjusted net income for the second
quarter was $104 million and adjusted EPS was $0.13 compared to
$63 million and $0.08, respectively, for the prior quarter.

Cash and cash equivalents totaled $2.0 billion at October 2, 2009,
an increase of $289 million from the prior quarter end. During the
second quarter, Flextronics generated $312 million of operating
cash flow and $270 million of free cash flow (defined as net cash
provided by operating activities, less purchases of property &
equipment, net of dispositions).  Net debt, which is total debt
less total cash, was further reduced in the current quarter by
$483 million to $587 million.  Net debt has decreased by
approximately $1.1 billion from one year ago.  Adjusted ROIC
improved to 22.2% for the quarter.

"During the second quarter, Flextronics posted solid financial
progress across all aspects of our business, reflecting our
efforts to re-size our business to adapt to current market
conditions.  We are very pleased with the healthy expansion of our
adjusted gross margin, which rose by 90 basis points
sequentially," said Paul Read, chief financial officer of
Flextronics.  "In addition, we achieved a cash conversion cycle of
15 days, generated free cash flow of $270 million and our
significantly reduced net debt position of $587 million is
comparable with the period prior to our Solectron acquisition."

In connection with its previously announced restructuring plans,
during the second quarter, Flextronics recognized $13 million of
pretax restructuring charges comprised of $9 million of cash
charges primarily related to employee severance costs and
$4 million of non-cash asset impairment charges.  The Company
remains confident that it is on track to realize the expected
annualized savings between $230 million and $260 million upon the
completion of its restructuring activities, which will be
completed by the end of Fiscal 2010.

During the second quarter the Company received proceeds of
$255 million from the sale of a non-core investment and note
receivable and recorded non-cash charges to impair certain
other non-core investments and notes receivable amounting to
$92 million.  Also during the quarter, the Company recognized
approximately $60 million of non-cash tax benefits as a result
of settlements in various tax jurisdictions.

"The improvement of our financial performance this quarter was a
real positive and we are seeing signs of strengthening in the
economy and a general improvement in business conditions," said
Mike McNamara, chief executive officer, Flextronics.

                         Guidance

For the third quarter ending December 31, 2009, revenue is
expected to be in the range of $6.0 billion to $6.4 billion and
adjusted EPS is expected to be in the range of $0.14 to $0.16 per
share.

GAAP earnings per share are expected to be lower than the guidance
provided herein by approximately $0.07 per diluted share for
estimated restructuring activities, quarterly intangible
amortization, stock-based compensation expense and non-cash
interest expense.

                    About Flextronics

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.

                        *     *     *

Flextronics International Ltd. continues to carry Moody's
"Ba1" probability of default and long-term corporate family
ratings with a negative outlook.  The company also carries
Standard & Poor's "BB+" long-term local and foreign issuer credit
ratings with a negative outlook.

Fitch Ratings in September affirmed an Issuer Default Rating at
'BB+' and hiked the outlook to stable for Flextronics.


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


ASUSTEK COMPUTER: Posts NT$6.5 Bil. Net Profit in Q3 of 2009
------------------------------------------------------------
Asustek Computer Inc. has reported net profits of NT$6.5 billion
for the third quarter of 2009, higher than the NT$4 billion
profits expected by the market, DIGITIMES reports.  The company
posted revenues of NT$67.06 billion (US$2.06 billion).
The report says that with Asustek's sales performance recovering,
the company has resumed its hiring process after laying off 10-15%
of its personnel in May 2009.

According to the report, industry sources said the company also
released a series of promotion and salary upgrade plans for its
current staff, as well as canceling most of its employment cost
saving strategies, such as a 30% salary cut for executives.

ASUSTeK Computer Inc. -- http://www.asus.com.tw-- is principally
engaged in the provision of computers, communications and consumer
electronics (3C) solutions.  The Company offers desktop
motherboards, server motherboards, three-dimension graphics
display cards, audio cards, laptops, servers, smart personal
digital assistant (PDA) mobile phones, liquid crystal displays
(LCDs), LCD televisions, broadband communication products, compact
disc read-only memory (CD ROM) drives, digital versatile disc
(DVD) drives, disc carving machines and Eee personal computers
(PCs), among others.  The Company distributes its products in
domestic market and to overseas markets, including the United
States, Canada, Asia Pacific, Europe and Africa.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 11, 2009, Fitch Ratings downgraded ASUSTeK Computer Inc.'s
long-term foreign currency issuer default ratings to 'BB+' from
'BBB-' (BBB minus); placed on Rating Watch Negative.


CHINFON COMMERCIAL: Business Sold to Four Banks for NT$31.7 Bil.
----------------------------------------------------------------
Joyce Huang at Taipei Times reports that the Central Deposit
Insurance Corp. on Tuesday auctioned off Chinfon Commercial Bank’s
assets, liabilities and operations, including its 37 branches to
four domestic banks for a total of NT$31.7 billion (US$975.3
million).

The Times relates CDIC president Howard Wang said CDIC will pay
Yuanta Commercial Bank and Far Eastern International Bank NT$19.3
billion and NT$19.003 billion, respectively, for taking up 37
outlets nationwide.  Yuanta will take 18 outlets and Far Eastern
will take 19.

According to the report, Mr. Wang said Taishin International Bank
will pay CDIC NT$4.1 billion to acquire Chinfon’s credit card
receivables, with a total balance of around NT$4 billion, while
Taipei Fubon Bank agreed to buy two of Chinfon’s Vietnam-based
branches for NT$2.53 billion.

Mr. Wang, as cited by the Times, said Chinfon still owns several
properties, including its Taipei headquarters and another office
building on Dunhua North Rd, which CDIC estimates are worth a
total of NT$8 billion.  The insurer will put them up for sale in
four or five months, the report notes.

Mr. Wang said the four winning banks had agreed to retain half of
Chinfon’s 1,000 or so employees on their regular payrolls for a
minimum of one year, the report notes.

The Financial Supervisory Commission asked Bank Of Taiwan to take
over Chinfon Commercial Bank, which has been under state
supervision since September last year, because it has more
liabilities than assets on its books.

Chinfon had NT$19.04 billion in net losses as of August, with a
14.78 percent non-performing debt ratio and NT$3.4 billion in bad
loans, according to the latest FSC statistics obtained by Taipei
Times.

Chinfon Commercial Bank is a Taiwan-based commercial bank.


WINBOND ELECTRONICS: Incurs NT$983MM Net Loss in Qtr Ended Sept.
----------------------------------------------------------------
Winbond Electronics Corp. disclosed audited financial results for
the third quarter ended September 30, 2009.

Net sales totaled NT$5.694 billion, an increase of approximately
36% when compared with NT$4.2 billion in the previous quarter.
Net loss after tax was NT$983 million.  Net loss per share was
NT$0.27, an improvement compared to the loss of the second quarter
in 2009.  The accumulated revenue from January to September of
this year was NT$13.025 billion.  Net loss after tax was NT$8.955
billion.  Net loss per share was NT$ 2.46.

At September 30, 2009, the Company had NT$66.476 billion in total
assets against NT$33.667 billion in total liabilities.

Winbond said it has achieved continuous quarter-over-quarter
improvements in its net sales, gross margin, net loss and net loss
per share, and further remained a positive net cash flow from
operating activities, with increased product shipments, higher
ASPs and full utilization rates driven by demands in the
traditionally hot season and a slow recovery from the economic
downturn.

During the third quarter, Winbond said it continued making its
utmost efforts to improve operation results while strengthened
product advantages and expanded market shares.  In terms of
Specialty DRAM, revenue and gross margin grew QoQ attributable to
better product mix and cost reduction.  As for Mobile RAM segment,
revenue went backed to the normal state as a result of the strong
cell phone MCP memory market in China.  Driven by strong market
demand, NOR Flash business also delivered a steady performance.
Furthermore, the Company explores new business opportunities in
the blooming graphic market by entering a product transfer and
technology licensing agreement for Graphic DRAM with insolvency
administrator of Qimonda AG.

Looking forward to the forth quarter, a positive growth in
Specialty DRAM business encouraged by increasing shares in HDD,
LCD TV, Networking and STB applications will be expected.  Demands
from new customers will also lead Mobile RAM business ramp up.
With benefits of production technology and cost optimization
migrated to 300mm wafer fab, revenue and gross margin of NOR Flash
will keep growing.  While reducing dependence on commodity DRAM,
new GDDR products will enter mass production in the first quarter
of 2010.

Winbond reported a net loss of NT$7.36 billion for the year ended
Dec. 31, 2008, compared net loss of NT$5.81 billion for the year
ended Dec. 31, 2007.  The consolidated revenue from January to
December of 2008 totaled NT$21.82 billion, down 22% when compared
with NT$32.10 billion over the same period in 2007.

In the second quarter ended June 30, 2009, Winbond reported a net
loss of NT$2.75 billion, compared with a net loss of NT$82 million
recorded in the period in 2008.

A full-text copy of the Company's quarterly report is available at
no charge at http://ResearchArchives.com/t/s?47c0

                         About Winbond

Winbond Electronics Corp. -- http://www.winbond.com/hq/cht/-- is
principally engaged in the research, development, design,
manufacture and sale of integrated circuits (ICs), as well as the
provision of after-sale services.  The Company primarily provides
dynamic random access memory (DRAM) products, non-DRAM memory
products, NOR Flash memory products, computer logic ICs and
consuming logic ICs.  During the year ended December 31, 2007, the
Company obtained approximately 65% and 26% of its total revenue
from DRAM products and logic products, respectively.  The Company
distributes its products in Asia, the Americas and Europe.


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


TECHCOMBANK: Issues VND2.1 Trillion Floating-Rate Bonds
-------------------------------------------------------
Vietnam News Agency reports that Techcombank has issued VND2.1
trillion (US$117.6 million) floating-rate bonds with the HSBC as
the joint lead manager and joint bookrunner for the transaction.

According to the news agency, the transaction marks Techcombank’s
return to the Vietnamese dong market after a two-year absence, and
is the largest single tranche dong transaction by a joint-stock
bank since 2007.

The report, citing Bloomberg News, discloses that HSBC is the top
bookrunner for Asia-Pacific bonds and Asian local currency bonds
in 2008.  The bank has raised VND8.4 trillion to date in the dong
bond market, including bonds for Electricity of Viet Nam (EVN),
Techcombank and BIDV, the report relates.

Headquartered in Hanoi, Techcombank, also known as Vietnam
Technological and Commercial Joint Stock Bank, serves primarily
individuals and small to medium businesses.  It offers deposit
products, loans, leasing, cash management, and other financial
services.  The company offers insurance through Bao Viet Life.
Techcombank has more than 130 branches throughout Vietnam -- the
second-largest network in the country.  It plans to operate 200
locations by 2010.  HSBC owns 20% of Techcombank.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, Moody's Investors Service downgraded Techcombank's
local currency long-term deposit rating to Ba2 from Ba1; and local
currency long-term issuer rating to Ba2 from Ba1.  Moody's also
confirmed Techcombank's foreign currency long-term issuer rating
at Ba2.


                         *********

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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