TCRAP_Public/091102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, November 2, 2009, Vol. 12, No. 216

                            Headlines



A U S T R A L I A

TIMBERCORP LIMITED: Faces Investors Class Action Suit


H O N G  K O N G

BIG LUCK: Yee and Kit Appointed as Liquidators
BEST GROUP: Court to Hear Wind-Up Petition on December 2
CORYDON TRADING: Mr Kong Chi How Appointed as Liquidator
CO-PACK PRINTING: Court to Hear Wind-Up Petition on December 23
ELECTRIC ORANGE: Court to Hear Wind-Up Petition on November 25

DATUM NETWORKS: To Pay First and Final Dividend on November 9
FORTUNE TEXTILES: Wai and Fun Appointed as Liquidators
GLOBAL LOGISTICS: King and Chun Appointed as Liquidators
GOLD RISING: Court to Hear Wind-Up Petition on December 2
HANRAY INVESTMENTS: Court to Hear Wind-Up Petition on December 16

HING YIP: Creditors and Contributories to Meet on November 20
KENLAP PGC: Creditors' Proofs of Debt Due November 14
MERIT OCEAN: Court to Hear Wind-Up Petition on December 16
MAN KWONG: Yee and Kit Appointed as Liquidators
MILCOME LIMITED: Court to Hear Wind-Up Petition on December 16


I N D I A

ABS MERCANTILE: Weak Financial Profile Cues ICRA 'LBB-' Rating
BHAVYA CONSTRUCTIONS: ICRA Rates INR100MM Long Term Bank Loans
COLOR ROOF: Fitch Downgrades National Long-Term Rating to 'BB+'
DEVU TOOLS: ICRA Assigns 'LBB' Rating to INR12.5MM LT Facilities
MUKESH INDUSTRIES: ICRA  Puts 'LBB' Rating on Various Bank Debts

NEXT WAVE: ICRA Puts 'LBB+' Rating on Various Bank Facilities
TATA CHEMICALS: To Close Manufacturing Plant in Netherlands
WAVE SILVER: ICRA Assigns 'LBB' Rating on Proposed LT Loans


I N D O N E S I A

SEMEN GRESIK: Third Qtr Net Profit Up 34.4% to IDR2.40 Trillion


J A P A N

CSC SERIES: Fitch Downgrades Ratings on Eight Classes of Bonds
EIRLES TWO: S&P Downgrades Ratings on Three Japanese Tranches
JLOC 39: Fitch Downgrades Ratings on All Classes of Notes
MAZDA MOTOR: Posts 2009 H1 Net Loss of JPY20.8 Billion
MITSUBISHI MOTORS: Swings to JPY49.2BB Loss for First Half 2009

NIPPON RESIDENTIAL: Moody's Upgrades Issuer Ratings to 'B2'


K O R E A

GENERAL MOTORS: Court Bans TagAZ Korea from Copying Sedan Models


N E W  Z E A L A N D

SOUTH CANTERBURY: Secures NZ$75-Mln Loan from Torchlight Credit


T A I W A N

ASUSTEK COMPUTER: Posts NT$6.49BB Net Profit in Q3


T H A I L A N D

CIMB THAI: Fitch Assigns Individual Rating at 'D'


* Asia Recovering Fast, but Faces a "New World," IMF Says




                         - - - - -


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


TIMBERCORP LIMITED: Faces Investors Class Action Suit
-----------------------------------------------------
The Sydney Morning Herald reports that grower investors in
Timbercorp Ltd. have launched a class action against the company,
its responsible entity and three directors.

Law firm Macpherson + Kelley Lawyers and principal Ron Willemsen
are handling the class action, the report says.

According to the report, more than 2,000 investors representing
$200 million of Timbercorp related investments filed a statement
of claim with the Victorian Supreme Court, alleging:

   -- conflicts of interest;
   -- breaches of directors' duties;
   -- misleading or deceptive conduct, including pretending
      to investors the company was stable and viable in order
      to extract more money; and
   -- other breaches of the Corporations Act.

The Herald relates that if investors win the class action, they
will plunder Timbercorp's professional indemnity insurance and its
directors' and officers' insurance coverage.

                         About Timbercorp

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

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

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


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


BIG LUCK: Yee and Kit Appointed as Liquidators
----------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy on August 12, 2009, were
appointed as liquidators of Big Luck Limited.


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

The Petitioner's solicitors are:

         Ho and Wong
         Rooms 1408-1411, 14/F
         China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


CORYDON TRADING: Mr Kong Chi How Appointed as Liquidator
--------------------------------------------------------
Kong Chi How on February 10, 2009, was appointed as liquidator of
Corydon Trading Limited.

The Liquidator can be reached at:

         Kong Chi How
         Wing On Centre 111, 25/F
         Connaught Road
         Central, Hong Kong


CO-PACK PRINTING: Court to Hear Wind-Up Petition on December 23
---------------------------------------------------------------
A petition to wind up the operations of Co-Pack Printing Products
Limited will be heard before the High Court of Hong Kong on
December 23, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Rowland Chow, Chan & Co
         Malaysia Building, 21st Floor
         No. 50 Gloucester Road
         Wanchai, Hong Kong


ELECTRIC ORANGE: Court to Hear Wind-Up Petition on November 25
--------------------------------------------------------------
A petition to wind up the operations of Electric Orange Limited
will be heard before the High Court of Hong Kong on November 25,
2009, at 9:30 a.m.


DATUM NETWORKS: To Pay First and Final Dividend on November 9
-------------------------------------------------------------
Datum Networks Corp. Limited, which is in creditors' voluntary
liquidation, will pay the first and final dividend to its
creditors on November 9, 2009.

The company will pay 100% to its preferential creditors while
50% to its unsecured creditors.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         Caroline Centre, 29/F
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


FORTUNE TEXTILES: Wai and Fun Appointed as Liquidators
------------------------------------------------------
Li Man Wai and Tsang Lai Fun on October 20, 2009, were appointed
as liquidators of Fortune Textiles Limited.

The Liquidators can be reached at:

         Li Man Wai
         Tsang Lai Fun
         Raymond Li & Co., CPA
         Tai Yau Building, Room 1001, 10th Floor
         Wanchai, Hong Kong


GLOBAL LOGISTICS: King and Chun Appointed as Liquidators
--------------------------------------------------------
Lau Wu Kwai King Lauren and Yuen Tsz Chun Frank on October 12,
2009, were appointed as liquidators of Global Logistics Management
Limited.

The Liquidators can be reached at:

         Lau Wu Kwai King Lauren
         Frank Yuen Tsz Chun
         Ho lee Commercial Building, 5th Floor
         38-44 D'Aguilar Street
         Central, Hong Kong


GOLD RISING: Court to Hear Wind-Up Petition on December 2
---------------------------------------------------------
A petition to wind up the operations of Gold Rising Foods Company
Limited will be heard before the High Court of Hong Kong on
December 2, 2009, at 9:30 a.m.


HANRAY INVESTMENTS: Court to Hear Wind-Up Petition on December 16
-----------------------------------------------------------------
A petition to wind up the operations of Hanray Investments Limited
will be heard before the High Court of Hong Kong on December 16,
2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Messrs Wat & Co
         Chuang's Tower, 12th Floor
         Nos. 30-32 Connaught Road
         Central, Hong Kong


HING YIP: Creditors and Contributories to Meet on November 20
-------------------------------------------------------------
Contributories and creditors of Hing Yip Holdings (Hong Kong)
Limited will hold their first meeting on November 20, 2009, at
3:30 p.m., and 4:00 p.m., respectively at 35th Floor, One Pacific
Place, 88 Queensway, in Hong Kong.

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


KENLAP PGC: Creditors' Proofs of Debt Due November 14
-----------------------------------------------------
Kenlap P.G.C manufacturer Company Limited, which is in
liquidation, requires its creditors to file their proofs of debt
by November 14, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Darach E. Haughey
         Lai Kar Yan (Derek)
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


MERIT OCEAN: Court to Hear Wind-Up Petition on December 16
----------------------------------------------------------
A petition to wind up the operations of Merit Ocean Limited will
be heard before the High Court of Hong Kong on December 16, 2009,
at 9:30 a.m.

The Petitioner's solicitors are:

         Tsang, Chan & Wong
         Wing On House, 16th Floor
         No. 71 Des Voeux Road
         Central, Hong Kong


MAN KWONG: Yee and Kit Appointed as Liquidators
-----------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy on September 21, 2009,
were appointed as liquidators of Man Kwong Lighting Limited.


MILCOME LIMITED: Court to Hear Wind-Up Petition on December 16
--------------------------------------------------------------
A petition to wind up the operations of Milcome Limited will be
heard before the High Court of Hong Kong on December 16, 2009, at
9:30 a.m.

The Petitioner's solicitors are:

         Tsang, Chan & Wong
         Wing On House, 16th Floor
         No. 71 Des Voeux Road
         Central, Hong Kong


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


ABS MERCANTILE: Weak Financial Profile Cues ICRA 'LBB-' Rating
--------------------------------------------------------------
ICRA has assigned a long-term rating of LBB- to the INR25 million
term loans and INR130 million Fund based limits of ABS Mercantile
Pvt. Ltd.  The assigned ratings reflects AMPL's weak financial
profile due to the leveraged capital structure resulting in weak
coverage indicators, dependence on a single client for majority of
its business, expected near term losses resulting from the
recently started auto dealership business and relatively small
scale of operations of the company.  Due to the low value added
nature of consignment/ trading in pharmaceutical products, AMPL's
bargaining power remains weak.  However, ICRA draws comfort from
the promoter's extensive experience in the pharmaceutical industry
and the company's marketing agreements with many pharmaceutical
companies.

ABS Mercantile Private Limited, established in 1997 is engaged in
the activity of marketing and representing Pharmaceuticals
companies as their selling agent.  Initially the company had
started with only a single principal (Aurobindo Pharma Limited)
but over the years they have been able to associate with many big
bulk and API manufacturers.  To ensure the timely supply and
availability, AMPL has set up warehouses in Baddi (Himachal
Pradesh), Roorkee (Uttarakhand) and Gurgaon (Haryana) to cater to
the need of the pharmaceutical industries based in those
locations.  Baring a couple of the manufacturers AMPL represents
most of the companies in the northern India.  The company has
recently diversified its business by opening an auto dealership
(Tata and Fiat Auto) in Gurgaon.  Recent Results In FY09, AMPL
recorded a net profit of INR4.6 million on an operating income of
INR255.9 million.


BHAVYA CONSTRUCTIONS: ICRA Rates INR100MM Long Term Bank Loans
--------------------------------------------------------------
ICRA assigns LBB rating to bank lines of Bhavya Constructions
Private Limited ICRA has assigned an LBB rating to the Rs 100
million long term fund based sanctioned facilities of Bhavya
Constructions Private Limited.

The rating is constrained by the company's dependence on customer
advances for funding its residential projects which may lead to
funding shortfall in a weak demand scenario.  The company's
proposed commercial projects too may face funding risks as
receiving advances for funding project execution in this segment
is a challenge.  The company is also exposed to intense
competition in the small to medium ticket residential segment in
Hyderabad. Going forward, the company has aggressive plans with
projects of much larger size as compared to those executed in the
past, execution plans for most of which are yet to be finalized.

However, the rating favorably factors in the promoters' long
standing experience in the Hyderabad residential real estate
market and their demonstrated ability to deliver projects in a
timely manner.  The company's two residential projects namely
Bhavya's Akhila Exotica and Bhavya's Srinivasam are in advanced
stages of completion and significant proportion of bookings have
been done in Akhila Exotica, which gives strong revenue visibility
in FY 2010.

Going forward, the company has plans to execute projects worth
more than Rs 4.8 billion over the next three to four years. These
include one commercial building, a mall cum multiplex and a 3.2
million sq ft residential complex. While securing entire funding
for commercial projects through advances remains a challenge more
so in a market with weak buyer sentiment, the funding pattern for
the residential project which is proposed to include a private
equity investor is under discussion stage. Hence, uncertainty with
respect to the execution and financing plan for these projects
exists.

                    About Bhavya Constructions

Bhavya Constructions Private Limited was incorporated in 1991 by
first generation entrepreneur Mr V Ananda Prasad.  The company is
engaged in construction and real estate development in Hyderabad
and nearby area mainly in residential segment.  Before
incorporating BCPL, Mr Prasad was associated with the cement
industry.  BCPL has executed 65 residential and commercial
projects in Hyderabad, Visakhapatnam, Khammam and Tirupathi.  It
has constructed and delivered 54 projects in Hyderabad and
Secunderabad which constitute more than 2.0 million square feet of
built up area.  Apart from residential and commercial projects
BCPL has also executed civil works on contract basis for
industrial groups in the past.  The promoter has diversified into
cement manufacturing through group company Bhavya Cements Limited
(BCL).  BCL is in the process of setting up a 1.2 million tonnes
per annum cement plant in the Guntur district of Andhra Pradesh at
a cost of Rs 3210 million, proposed to be operational by
March 2010. BCPL shall hold an equity stake of 18% in BCL.


COLOR ROOF: Fitch Downgrades National Long-Term Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Color Roof India Limited's National
Long-term rating to 'BB+(ind)' from 'BBB(ind)'.  The Outlook is
Stable.  Fitch has also downgraded CRIL's bank loan ratings, as
follow:

  -- Long term debt totalling INR211 million downgraded to 'BB+
     (ind)' from 'BBB(ind)';

  -- Cash credit facility totalling INR260 million downgraded to
     'BB+(ind)' from 'BBB(ind)'; and

  -- Non-fund based working capital loans totalling INR490 million
     downgraded to 'F4(ind)' from 'F2(ind)'.

The downgrades reflect the sharp deterioration in CRIL's credit
metrics during FY09, as the slowdown in the construction sector
resulted in lower than expected profitability.  CRIL's Operating
EBIDTA margins declined to 5.34% in FY09 (FY08: 10.31%) because of
volatile input prices of raw materials, and on the back of
fluctuations in foreign currency which resulted in inventory
writedowns.  In addition, CRIL also incurred capex of INR45.08m
which increased its debt burden and affected leverage.

CRIL's revenue mix, during FY08-FY09, consisted of coating product
sales (65%-70% of total revenue), while the rest came from roofing
products sales.  CRIL's coating products are almost entirely
exported to Europe (50% of total exports), Middle East (15% of
total exports) and Central America & Africa; CRIL's roofing
products are sold only in India.  Fitch believes that given the
weak demand scenario in Europe and the Middle East, CRIL may
continue to face challenges in the these markets.  In its roofing
division, CRIL provides pre-sales as well as post sales services
which give it an edge over some of its peers.  Also, an expected
improvement in India's construction sector indicates that CRIL is
likely to face lesser challenges in its roofing division.

Although CRIL's capacity utilization in its existing plants rose
to 24% in FY08 (FY07: 19%), it dipped to 23% in FY09; most of the
sales were made in H1FY09 and utilization levels dipped
significantly during H2FY09.

CRIL caters to the retail segment of coating and roofing products,
a market that has remained relatively fragmented over the years.
Fitch believes that, with the entry of steel majors into this
segment, CRIL is likely to face stiff challenges which may put
revenue growth and profitability under pressure.

CRIL's liquidity position also remains a concern with its working
capital lines currently over 95% utilized.  It faced a tight
liquidity situation in FY09, and in H1FY10, with an increase in
average inventory processing days and average receivable days.
During FY09, its gross cash cycle days increased to 305 days
(FY08: 242 days).  This pressure on working capital has resulted
in an increase in CRIL's short-term debt during FY09.  Fitch
believes that CRIL may continue to face tight liquidity situation
in FY10.

CRIL's free cash flow has been consistently negative during FY06-
FY09, given its working capital requirements and capex.  Although
the company does not have capex plans in the pipeline, Fitch
believes that CRIL's FCF is likely to remain negative in FY10
primarily due to the working capital intensive nature of the
business.

However Fitch notes that the above negatives are partly offset by
CRIL's nature of business, where profit margins have been
relatively high due to value-added products.  CRIL's roofing
division also provides pre-sales and post-sales services which
gives it an edge over its peers.

Negative ratings triggers include less than expected improvement
in CRIL's credit metrics and if working capital requirement places
continuous pressure on liquidity.

CRIL reported revenues of INR1.3 billion during FY09, up 6% yoy.
However, CRIL witnessed a sharp decline in its Op.  EBIDTA margins
to 5.35% in FY09 at INR 69.56 million, versus 10.31% at INR126.16
million in FY08.


DEVU TOOLS: ICRA Assigns 'LBB' Rating to INR12.5MM LT Facilities
----------------------------------------------------------------
ICRA has assigned an LBB rating to INR12.5 million long term fund
based facilities of Devu Tools Private Limited.  ICRA has also
assigned an A4 rating to INR216.8 million short term fund based
and non fund based facilities of DTPL.

The rating is constrained by vulnerability resulting from the size
of its operations, volatility in revenues seen in the past and
high working capital intensity of the business arising from the
need to store large quantities of imported raw material.  The
adverse capital structure and stretched liquidity position also
constrains the ratings.  The company is also in the midst of a
fairly large expansion plan which would continue to exert pressure
on the company's capital structure and debt servicing indicators.
The rating however, favorably factors in the long track record of
the promoters in the molds and dies business, strong operating
margins at present and benefits arising from the merger of one its
group company with itself from 2008-09.

Devu Tools Private Limited was incorporated in 1993 as a
proprietorship concern by Mr. Devaraya M. Sheregar and was later
converted into a private limited company in 1999.  The company is
an ISO 9001:2000 certified entity.  The company is engaged in the
business of manufacturing molds and dies.  In order the achieve
economies of scale and uniformity in operations, the company
amalgamated with the molds and dies manufacturing division of its
group concern Gowri Moulds and Dies in FY 2009 which was catering
to the domestic market only.  DTPL which was mainly into exports
began catering to the domestic market after the amalgamation.
DTPL has its manufacturing unit and registered office at Saki
Naka, Mumbai.  The company is in the process of setting up a new
manufacturing plant at Asangaon (Mumbai) which will be
manufacturing high value molds and dies.

DTPL recorded a net profit of INR26.3 million on an operating
income of 308.7 million for the year ending March 31. 2009, as per
provisional figures and net profit of Rs.3.2 million on an
operating income of INR83.3 million for the year ending March 31,
2008, as per the audited figures.


MUKESH INDUSTRIES: ICRA  Puts 'LBB' Rating on Various Bank Debts
----------------------------------------------------------------
ICRA assigns LBB rating to the bank limits of Mukesh Industries
Limited ICRA has assigned an LBB rating to the INR65 million term
loans and the INR90 million cash credit facility of Mukesh
Industries Limited.

The rating is constrained by the relatively small size of the
company's operations, high financial risk profile, as
characterised by low margins and moderate return indicators, and
the sizeable capital expenditure being undertaken by the company
which exposes it to project execution risk.  The rating also
reflects the high competitive intensity of the industry resulting
from the high level of fragmentation, the vulnerability of
profitability and cash flows to the cyclicality in the textile
industry and raw material price fluctuations.  The rating however
favorably factors in the established track record of the company
in the fabric processing industry and the locational advantage
arising from its proximity to raw material sources and customers.

ICRA also notes that the gearing level is moderate at 1.28 times
as on March 31, 2009, with unsecured loans from promoters forming
a substantial portion, though the same is expected to increase in
the near term on account of on-going capacity expansion of the
company.

Mr. Devakinandan Agarwal incorporated Mukesh Industries Limited in
July 1990 as a private limited company in the name of Mukesh
Fabrics Private Limited by taking over a sick unit from Bank of
Baroda with fabric processing capacity of 5 million meters per
annum.  In 1995, it was converted to a public limited company.
MIL is in the business of processing of the fabric, viz.
bleaching, dyeing, printing and finishing of 100% cotton fabric.
The processed fabric sold by MIL goes mainly for the manufacturing
of shirts and to a limited extent, for ladies dress material.
Over the years, MIL has expanded its processing capacity and its
current processing capacity is 30 million meters per annum.  In
FY 2008-09, the company reported net profit of INR7.39 million
(provisional) and an operating income of INR559.5 million
(provisional).


NEXT WAVE: ICRA Puts 'LBB+' Rating on Various Bank Facilities
-------------------------------------------------------------
ICRA has assigned an LBB+ rating to the long term instruments
(Fund Based limit-Rs 40.0 million and term loans-INR15.0 million)
and an A4+ rating to the short term instrument (Non Fund Based
limit-INR25.0 million) of Next Wave India.

The ratings are constrained by the small scale of operations of
the firm and its high client concentration.  The reduction in
excise duty rates on formulations in 2007-08 and 2008-09 has to an
extent reduced the attractiveness of contract manufacturing in
excise free zones, impacting the business prospects and
profitability of NWI.  Contract manufacturing could be a stable
business stream but is characterized by high competitive
pressures, low pricing power and low entry barriers.  The rating
is supported by the promoters' long experience and expertise in
the pharmaceutical industry and strong relationship with Mankind
Pharma Limited.

Next Wave India (NWI), established in 2005 (commercial production
started from August, 2006 onwards), is engaged in manufacturing of
pharmaceutical formulations.  The firm was started by four
partners; Mr. B.R. Sikri, Mr. Prem Kumar, Mr. Anil Munjal and
Mr. P.H. Subba Rao.  NWI undertakes contract manufacturing mainly
on P2P basis, wherein the manufacturer sources raw materials and
enters into pricing arrangements for end products with the
marketers and delivers the manufactured goods to the customers.
NWI's manufacturing facilities are GMP certified according to WHO
(World Health Organization) norms.  NWI is primarily a contract
manufacturer for Mankind Pharma Limited (Mankind) for their
prescription segment. In the prescription segment, NWI are majorly
into non beta-clam and non Cephalosporin class of drugs.  These
drugs are used as anti-infective, which is the highest revenue
generating therapeutic segment in the domestic market followed by
Gastro intestinal and cardiovascular.  The firm contributes around
-10% of the Mankind's requirement in this category. Recent Results
In FY09, NWI recorded a net profit of INR46.5 million on an
operating income of INR337.6 million.


TATA CHEMICALS: To Close Manufacturing Plant in Netherlands
-----------------------------------------------------------
The Times of India reports that Tata Chemicals Ltd is closing one
of its three European manufacturing facilities as part of a plan
to rationalize its operations.

Brunner Mond Europe, owned by Tata Chemicals since February 2006,
has two sites in Northwich, UK, and one in Delfzijl, Netherlands,
the report says.

The report relates Tata Chemicals MD R Mukundan said the closure
of Brunner Mond's Netherlands unit would not affect the company's
UK operations.

According to the report, the Netherlands unit has been making
losses even before Tata Chemicals came into the picture.  Tata
Chemicals tried to restructure its operations by cutting down
costs but rsing energy and raw material costs deteriorated its
financial health, the report states.

Brunner Mond's plant used to produce soda ash and sodium
bicarbonate and employed 120 people.

                       About Tata Chemicals

Headquartered Mumbai, India, Tata Chemicals Limited (BOM:500770) -
- http://www.tatachemicals.com-- is a global company with
interests in chemicals, crop nutrition and consumer products.  The
Company is engaged in producing soda ash.  The Company operates in
two segments: Inorganic Chemicals and Fertilisers. The Inorganic
Chemicals segment comprises Industrial Chemicals and Consumer
Products.  The products produced by the Inorganic Chemicals
segment include soda ash, sodium bicarbonate, sodium tri poly
phosphate and cement.  The Fertilizer segment comprises three
business units: Crop Nutrition, which is a manufacturer and
marketer of crop nutrients; Agri-business, which through the Tata
Kisan Sansar retail network, operates farm centers offering
agricultural inputs and agri solutions, and the joint venture in
Morocco, which is engaged in the manufacture of phosphoric acid.
During the fiscal year ended March 31, 2009, the Company acquired
a 33.80% interest in JOil Singapore Pte Ltd. (JOil).

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2009, Moody's Investors Service downgraded to Ba1 from
Baa3 the corporate family rating of Tata Chemicals Ltd.  The
outlook on the ratings is negative.

On April 7, 2009, the TCR-AP reported that Fitch Ratings
downgraded Tata Chemicals Limited's Long-term foreign currency
Issuer Default Rating to 'BB+' from 'BBB-' (BBB minus) and its
National Long-Term rating to 'AA(ind)' from 'AA+(ind)', following
the resolution of the Rating Watch Negative classification, which
was assigned on December 16, 2008.  The Outlook is Negative.

Simultaneously, TCL's INR16 billion bank facilities have been
downgraded to 'AA(ind)'/'F1+(ind)' from 'AA+(ind)/F1+(ind)', while
its INR2 billion commercial paper programme has been affirmed at
'F1+(ind)'.  The CP programme forms part of TCL's fund-based
working capital lines.


WAVE SILVER: ICRA Assigns 'LBB' Rating on Proposed LT Loans
-----------------------------------------------------------
ICRA assigns LBB rating to proposed term loans of Wave Silver
Tower Private Limited ICRA has assigned an LBB rating to the
INR1.02 billion proposed term loans of Wave Silver Tower Private
Limited.

The rating favorably factors in the established track record of
WSTPL's promoters in development of commercial and retail projects
and the favorable location of the project.  The rating is however
constrained by project implementation risks arising from early
stages of project development and pending some of the approvals
for the project, and funding risks as the financial closure for
the project is yet to be achieved.  However, established track
record of the promoters in real estate development mitigates the
execution risk to an extent. While assigning the rating, ICRA also
took into consideration the market risk arising from low bookings
achieved in the project, which is further accentuated by the
slowdown in demand for commercial and retail space.  Going
forward, the ability of the company to raise funds at competitive
rates, obtain the necessary approvals and sell the unsold space in
the project would be key rating sensitivity factors.

Wave Silver Tower Private Limited has been promoted by the Chadha
Group which has diverse operations in various sectors like sugar,
paper, liquor, real estate development, operation of multiplexes
and film distribution.  Over the last few years, the Chadha Group
has developed retail malls in cities like Noida, Moradabad,
Ghaziabad, Lucknow and Ludhiana.  WSTPL is developing a commercial
cum retail complex named 'Wave Silver Tower' with a saleable area
of 2.70 lakh sq. ft. in Sector 18 of Noida.  The construction of
the project is underway and is expected to be completed by March
2012. The total estimated cost of the project is INR2.44 billion
which is proposed to be funded through equity contribution of
INR0.77 billion, term loans of INR1.02 billion and advances
against sale of INR0.65 billion.


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


SEMEN GRESIK: Third Qtr Net Profit Up 34.4% to IDR2.40 Trillion
---------------------------------------------------------------
PT Semen Gresik posted a 34.4% increase in net profit in the third
quarter of this year, The Jakarta Post reports.

"The company's net profit rose to IDR2.408 trillion [U$250.4
million] in the third quarter from IDR1.79 trillion a year
before," Semen Gresik president director Dwi Sutjipto was quoted
by the Post as saying.  The company gained IDR10.4 trillion in
revenue, or 18.3%, up from IDR8.798 trillion in revenue last year.

Separately, Jakarta Globe reports that Semen Gresik said it was
planning to boost its production capacity by 35% to 25 million
tons in 2012 from the current 18.5 million tons.

Semen Gresik will spend US$784 million to boost capacity and build
power plants at its Tonasa and Tuban factories, the Globe notes.

PT Semen Gresik Tbk (JAK:SMGR) -- http://www.semengresik.com/ina/
-- is an Indonesia-based cement company.  The Company's products
include ordinary Portland cement type I, II, III and V; Portland
Pozzalana cement, a hydraulic cement developed by grinding
clinker, gypsum and pozzolanic materials; Portland composite
cement; Super Mansory cement; oil well cement class G high sulfate
resistant, and special blended cement.  It has seven subsidiaries
which are engaged in cement manufacturing, cement packaging and
distribution, limestone and clay mining, and the real estate
operations.  The Company's production facilities are located at
Gresik and Tuban in East Java, Indarung in West Sumatera and
Pangkep in South Sulawesi and have a current capacity of 17.1
million tons cement annually.

                           *     *     *

PT Semen Gresik Tbk continues to carry Moody's Investors Service
"Ba2" senior unsecured debt rating.


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


CSC SERIES: Fitch Downgrades Ratings on Eight Classes of Bonds
--------------------------------------------------------------
Fitch Ratings has downgraded eight classes of floating-rate bonds
from CSC Series 1 GK, affirmed classes A-2, A-3 and X, and removed
classes A to G from Rating Watch Negative, following the
implementation of the recently published criteria for Japanese
CMBS surveillance.  Full details of the rating actions are given
below:

  -- JPY14.55 billion* Class A-2 bonds affirmed at 'AAA'; off
     RWN; Outlook Stable;

  -- JPY3.13 billion* Class A-3 bonds affirmed at 'AAA'; off
     RWN; Outlook Stable;

  -- JPY1.70 billion* Class B-2 bonds downgraded to 'A' from
     'AA'; off RWN; Outlook Negative;

  -- JPY1.50 billion* Class B-3 bonds downgraded to 'A' from
     'AA'; off RWN; Outlook Negative;

  -- JPY3.20 billion* Class C-2 bonds downgraded to 'BBB' from
     'A'; off RWN; Outlook Negative;

  -- JPY3.20 billion* Class D-2 bonds downgraded to 'B+' from
     'BBB'; off RWN; Outlook Negative;

  -- JPY0.90 billion* Class E-2 bonds downgraded to 'B-' from
     'BBB-'; off RWN; Outlook Negative;

  -- JPY0.60bn* Class E-3 bonds downgraded to 'B-' from 'BBB-';
     off RWN; Outlook Negative;

  -- JPY1.65 billion* Class F-3 bonds downgraded to 'CCC' from
     'BB'; off RWN; assigned a Recovery Rating of 'RR6';

  -- JPY1.04 billion* Class G-3 bonds downgraded to 'CCC' from
     'B'; off RWN; assigned a Recovery Rating of 'RR6'; and

  -- Class X bonds (interest-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of October 28, 2009

Classes B, C, D, E, F, and G have been downgraded following
Fitch's revisions to the values of all underlying properties.  In
line with the recently published criteria, the agency has revalued
the underlying collateral properties in accordance with the
respective loan status and time to loan maturity.  Assuming
dispositions under stressed market conditions, Fitch adopted
values for the underlying properties that are on average 31.0%
lower than its initial valuations for the purpose of this review.
The recent cash flow performance of some properties has been lower
than Fitch's initial expectation, and as a result, the cash flow
expectations for such properties have been revised downwards.
Fitch has maintained its initial cash flow assumption for other
properties.

Classes A-2 and A-3 have been affirmed and assigned Stable
Outlooks, reflecting their low LTV and Fitch's expectation that
credit enhancement level will improve as repayment from loans will
be applied sequentially.

Negative Outlooks have been assigned for classes B, C, D, and E,
due to the continued uncertainty over the future of the Japanese
commercial real estate market and the commercial real estate
finance environment.

Fitch has resolved the RWN status on all classes since the
likelihood of additional rating actions has fallen, given the
conservative property revaluations adopted in combination with the
status of each loan at this time.

At closing, the notes were backed by loans extended to six
borrowers and ultimately secured by 72 commercial real estate
properties in Japan.  Two loans have been fully repaid, which
brings the total number of borrowers of the loans backing the
transaction to four, secured by a total of 68 properties and sales
proceeds.  Of these loans, two loans are currently in special
servicing and the remaining loans to two borrowers are expected to
mature in November 2009.  Fitch has assumed these loans due to
mature in November 2009 will default and will enter special
servicing at that time.

Fitch notes that under the bond conditions, failure to pay the
whole amount by expected maturity is defined as an 'event of
default'.  Fitch also notes that certain transaction parties are
attempting to revise the documents to remove this provision;
however, Fitch believes whether an amendment was made or not, will
unlikely affect the ratings of the bonds.  This is because Fitch's
ratings on the transaction address the timely payment of interest
and ultimate payment of principal by the final maturity date of
November 2012 for the Class A bonds, and the ultimate payment of
interest and principal by the final maturity date for the Class B
through G bonds.

The rating on the interest-only Class X bonds addresses only the
likelihood of receiving interest, while principal on the related
classes remain outstanding.

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


EIRLES TWO: S&P Downgrades Ratings on Three Japanese Tranches
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
ratings on three tranches relating to three Japanese synthetic CDO
transactions issued under Eirles Two Ltd. and Corsair (Jersey) No.
2 Ltd.  At the same time, S&P removed the aforementioned ratings
from CreditWatch with negative implications, and subsequently
withdrew the ratings.

The rating actions reflect S&P's view that S&P lacks adequate
information to continue to provide opinions on the
creditworthiness of the aforementioned three tranches, following
the withdrawal of the credit ratings on the collateral securities
of the related transactions.  Before the withdrawals, S&P reviewed
the related transactions and adjusted the ratings based on current
portfolio information and updated S&P's CDO criteria.

                         Ratings Lowered

                         Eirles Two Ltd.
               L1 credit linked secured loan 2004-4

                 To   From            Issue Amount
                 --   ----            ------------
                 B+   BBB/Watch Neg   JPY4.0 bil.

                    Corsair (Jersey) No. 2 Ltd.
    Fixed rate secured portfolio credit-linked loan series 45

                 To    From          Issue Amount
                 --    ----          ------------
                 CCC   B/Watch Neg   JPY3.0 bil.

     Fixed rate secured potfolio credit-linked loan series 46

               To     From            Issue Amount
               --     ----            ------------
               CCC+   BB+/Watch Neg   JPY3.0 bil.

                         Ratings Withdrawn

                          Eirles Two Ltd.
               L1 credit linked secured loan 2004-4

                     To   From   Issue Amount
                     --   ----   ------------
                     NR   B+     JPY4.0 bil.

                    Corsair (Jersey) No. 2 Ltd.
    Fixed rate secured portfolio credit-linked loan series 45

                     To   From   Issue Amount
                     --   ----   ------------
                     NR   CCC    JPY3.0 bil.

                    Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 46

                     To   From    Issue Amount
                     --   ----    ------------
                     NR   CCC+    JPY3.0 bil.


JLOC 39: Fitch Downgrades Ratings on All Classes of Notes
---------------------------------------------------------
Fitch Ratings has downgraded all classes of trust beneficiary
interest from JLOC 39 Trust due April 2014, and removed them from
Rating Watch Negative following the implementation of recently
published criteria for Japanese CMBS surveillance.  Full details
of the rating actions are:

  -- JPY21.36 billion* Class A TBIs downgraded to 'AA' from 'AAA';
     off RWN; Outlook Stable;

  -- JPY5.4 billion* Class B TBIs downgraded to 'BBB+' from 'AA';
     off RWN; Outlook Negative;

  -- JPY3.9 billion* Class C TBIs downgraded to 'BB' from 'A';
     off RWN; Outlook Negative; and

  -- JPY2.2 billion* Class D TBIs downgraded to 'B-' from 'BBB';
     off RWN; Outlook Negative.

  * as of October 28, 2009

Fitch has downgraded all classes to reflect revisions to the
valuations of the collateral properties.  In line with its
recently published criteria, the agency has revalued the
properties in accordance with the respective loan status and time
to loan maturity.  For the purpose of this review, the agency
adopted values for the properties that are on average 35.2% lower
than its initial valuations.  The recent cash flow performance of
some properties has been lower than Fitch's original expectations,
and as a result, the cash flow expectation for these properties
has been revised downwards.  This includes the largest property of
the portfolio (in terms of property value), which is an office
building in Tokyo.  Following the departure of a major tenant in
March 2009, the property faces low occupancy; Fitch notes that
although a new tenant has moved in for a portion of the space, the
new rental contract is lower than expected.

There are two liquidation-type underlying loans in the portfolio.
Some properties backing these loans have been sold to date.
Fitch's analysis has been revised to assume no property
dispositions will occur during the remaining underlying loan term,
reflecting the current state of commercial real estate market.

Fitch has resolved the RWN status on all classes since the
likelihood of additional rating actions has fallen, given the
conservative property revaluations adopted in combination with the
status of each loan.  However, the agency has assigned Negative
Outlooks to classes B, C and D TBIs due to the continued
uncertainty about the future of the Japanese commercial real
estate market and the commercial real estate finance environment,
as well as the concerns regarding the concentration on the largest
property.

This transaction is a securitization of Tokutei Mokuteki Kaisha
specified bonds and non-recourse loans issued by or extended to a
total of 10 borrowers.  At closing, these underlying assets were
ultimately secured by 34 commercial real estate properties.  To
date, one underlying loan has been fully repaid and partial
prepayments have occurred mainly due to the disposition of
collateral properties.  The transaction is currently backed by 24
commercial real estate properties.

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


MAZDA MOTOR: Posts 2009 H1 Net Loss of JPY20.8 Billion
------------------------------------------------------
Mazda Motor Corp. reported a JPY20.8 billion net loss for the six
months ended September 30, 2009, compared with a net profit of
JPY29.5 billion a year earlier.

Net Sales in the six months drop 37% from a year earlier to
JPY990.3 billion from net sales of JPY1.576 trillion a year
earlier.

Consolidated ordinary loss was JPY29.6 billion, a decrease in
profit level of JPY78.1 billion year to year.

As of September 30, 2009, Mazda Motors had JPY1.81 trillion in
total assets against JPY1.40 trillion in total liabilities.
Equity as of September 30, 2009, decrease by JPY8.5 billion to
JPY406.3 billion from the end of the prior year.

A full-text copy of the Company's FY 2009 First Half Consolidated
Financial Results is available at no charge at is is
http://ResearchArchives.com/t/s?47dc

                 YoY Performance in Retail Volume

For the first half of FY2009, retail volume in Japan decreased by
15% year over year to 105,000 units.  In North America, retail
volume was down 21% to 158,000 units.  In Europe, retail volume
was down 31% to 123,00 units, due primarily to lower sale in
Russia.  In China, retail volume increased by 35% to 85,000 units
mainly due to the strong sale of Mazda6 and Mazda3.  In other
areas, retail volume was down 23% to 106,000 units.  As a result
of these varying performances by market, the global retail volume
was 577,000 units, down 18% from the same period of the prior
fiscal year.

                         About Mazda Motor

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

                          *     *     *

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


MITSUBISHI MOTORS: Swings to JPY49.2BB Loss for First Half 2009
---------------------------------------------------------------
Mitsubishi Motors Corporation disclosed its sales and financial
results for the first half of the 2009 fiscal year ending
March 31, 2010.

The company swung to a net loss of JPY49.2 billion for the first
half ended September 30, 2009 from a net profit of JPY12.77
billion for the same period a year earlier.  Mitsubishi Motors
reported an ordinary loss of JPY34.2 billion, a JPY55.1 billion
decrease over the ordinary profit from the same period last fiscal
year.

Mitsubishi Motors posted consolidated net sales of JPY573.0
billion for the first half of fiscal 2009, a decrease of JPY641.0
billion, or 53% over the same period last year.  Factors behind
the drop in sales include the drop in year-on-year unit sales
volume and the strengthening of the Japanese yen.

Mitsubishi Motors posted an operating loss of JPY32.5 billion,
JPPY57.9 billion down from the operating profit of the same period
last fiscal year.  Despite positive factors such as concerted
efforts to reduce costs and expenses, these positive factors were
overcome by the greater negative factors of the drop in sales
volume and the strong yen.

As of September 30, 2009, Mitsibushi had JPY1.10 trillion in total
assets against JPY918.0 billion in total liabilities.

The company's balance sheet as of September 30, 2009, showed
strained liquidity with JPY521.90 billion in total current assets
available to pay JPY563.81 billion in total current liabilities.

The company said financial results for the first half of fiscal
year 2009 were mostly in line with the 1H fiscal year 2009
forecasts announced on April 27: net sales of JPY600 billion;
operating loss of JPY35 billion; ordinary loss of JPY40 billion;
net loss for the term of JPY45 billion).

                           Sales Volume

Mitsubishi Motors' global retail sales volume for the first half
of fiscal year 2009 totaled 445,000 units, a decrease of 158,000
units, or 26%  over the same period last year.

Regional unit sales volume:

   * Japan: 77,000 units (a decrease of 6,000 units, or 8% year-
                          on-year)

   * North America: 46,000 units (a decrease of 25,000 units, or
                                  35% year-on-year)

   * Europe: 93,000 units (a decrease of 75,000 units, or 44%
                           year-on-year)

   * Asia & Others: 229,000 units (a decrease of 52,000 units, or
                                   18% year-on-year)

                  Fiscal 2009 Full-year Forecasts

Mitsubishi Motors has decided to leave its April 27-announced
fiscal 2009 sales volume plan of 932,000 units and full-year
financial forecasts unchanged (net sales of JPY1.5 trillion;
operating profit of JPY30 billion; ordinary profit of JPY15
billion; net profit of JPY5 billion).

A full-text copy of the Company's First Half 2009 Results is
available at no charge at is http://ResearchArchives.com/t/s?47db

                      About Mitsubishi Motors

Based in Japan, Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.co.jp/-- manufactures automobile.
The Company, along with its subsidiaries and associated companies,
is engaged in the development, production, purchase, sale, import
and export of general and small-sized passenger vehicles, mini-
vehicles, sport utility vehicles (SUVs), vans, trucks and
automobile parts, as well as industrial machines.  It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 19, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'B+' long-term corporate
credit rating on Mitsubishi Motors Corp., reflecting the increased
likelihood, in S&P's view, of a prolonged deterioration in the
company's financial performance.  Amid the ongoing turbulence in
global auto markets, Mitsubishi Motors' financial performance has
sharply worsened.  This is due in large part to anemic sales in
certain areas, such as Russia, that had contributed materially to
the company's earnings over the past few years.  At the same time,
Standard & Poor's affirmed its long-term corporate credit and
'BB-' senior unsecured debt ratings on Mitsubishi Motors.


NIPPON RESIDENTIAL: Moody's Upgrades Issuer Ratings to 'B2'
-----------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from B1 its issuer
and senior unsecured long-term debt ratings for Nippon Residential
Investment Corporation and kept them on review for a further
possible upgrade.

These upgrades partly reflect the recognition that the M&A process
-- between NRI and Advance Residence Investment Corporation and
will start in March 2010 -- is facilitating the business
reconstruction of NRI.

On September 25, 2009, an M&A agreement between NRI and ADR was
concluded.

Previously, the 93.8% of shares of Pacific Residential
Corporation, an asset management company of NRI, were held by
Pacific Holdings Inc, which was undergoing corporate
rehabilitation proceedings.

However, at the time of the M&A agreement, AD Investment
Management Co., Ltd, an asset management company of ADR and
subsidiary of ITOCHU Corporation (Baa1), acquired the shares of
PRS and became its parent company.

This development ended the negative effect on NRI's operation of
its sponsor's credit impairment.

According to the documents of a combined analysts meeting on
September 28, 2009, a newly-created REIT will be listed at the
beginning of March, 2010 after a unit-holders' meeting scheduled
on November 30, 2009.

As for recent refinancing activity, JPY 18 billion in bonds -- due
in September and October -- have been redeemed by loans under a
reserved agreement, which was concluded subject to the conclusion
of the M&A agreement.  The latter has been signed.

In October, a 5-year loan from the Development Bank of Japan was
newly financed and concerns over refinancing resolved.

NRI's portfolio, with its focus on residential properties, equals
about JPY 302.7 billion (based on purchase prices), with 137
properties involving about 9,300 rentable units.

As two properties have been sold since the end of last year -- in
forced sales -- due to financial reasons, the portfolio is mostly
new and well diversified throughout Tokyo and neighboring areas.
These characteristics will help it enjoy stable cash flows.

The average occupancy rate for the fiscal half-year ended May 2009
was 93.7% and 92.9% in the end of September, 2009; the one-point
fall reflected occupancy declines for large units.  Such units
account for about 10% of the portfolio.  Performance will be
stressed to some extent in such high-end properties.

In addition, Moody's is concerned that the value of the real
estate in the portfolio is declining, affected by the low
liquidity of real estate.

In the review, Moody's will focus on 1) the results of the unit-
holders' meeting; 2) any improvements in assets due to the merger
with ADR; 3) improvements in financial leverage by PO, etc; 4)
elimination of the subordination of its issuer and senior
unsecured long-term debt ratings to outstanding borrowings through
an improvement of its secured debt ratio; and 5) improvements in
earnings through the replacement of properties by negative
goodwill.

Moody's previous rating action on NRI took place on August 7,
2009, when it changed the direction of its review of the B1 issuer
and senior unsecured long-term debt ratings to possible upgrade.
The rating action takes into account the fact that NRI's rated
bonds are subordinated to its outstanding borrowings.

Nippon Residential Investment Corporation is a Japanese real
estate investment trust investing in and managing residential
properties.  Its operating revenues totaled approximately
JPY9.1 billion for the fiscal half-year ended May 2009.


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


GENERAL MOTORS: Court Bans TagAZ Korea from Copying Sedan Models
----------------------------------------------------------------
GM Daewoo, the South Korean subsidiary of General Motors, welcomed
a court ruling that bans a Russian carmaker's local unit from
copying one of its models, The China Post reports.

The Post relates that a Seoul court accepted last week a petition
by GM Daewoo which sought to prevent its products from being
copied by TagAZ Korea.  The court banned TagAZ Korea from using or
passing on trade secrets and from producing or selling engines and
knockdown modules of its C-100 sedan, the Post relates.

According to the report, GM Daewoo said the court acknowledged
that TagAZ Korea "illegally obtained core product technology of GM
Daewoo Lacetti and used it developing, manufacturing, selling and
exporting C-100 vehicles, and prohibited listed illegal actions by
a preliminary injunction."

The Troubled Company Reporter-Asia Pacific reported on Sept. 25,
2009, that GM Daewoo filed a petition with the Seoul central
district court to prevent TagAZ Korea from breaching its
intellectual property rights and trade secrets.

The petition seeks an injunction to stop TagAZ from developing,
manufacturing, selling and exporting copied products and from
using and disclosing GM Daewoo's trade secrets.

The court action came after local prosecutors arrested two former
GM Daewoo employees on charges of handing over core information on
the company's popular "Lacetti" sedan before getting jobs at the
local branch of Russian auto firm TagAZ, according to The Korea
Times.

The Times said prosecutors suspect the former employees of GM
Daewoo copied over 6,000 files from their personal computers
containing crucial technology details on engine and parts designs
to build the Lacetti.  It is believed the leaks helped TagAZ
introduce its latest "C-100" model sedan in Russia, the Times
stated.

                          About GM Daewoo

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

                        About General Motors

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

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

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

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

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

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


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


SOUTH CANTERBURY: Secures NZ$75-Mln Loan from Torchlight Credit
---------------------------------------------------------------
South Canterbury Finance Limited said it has repaid US$50 million
of notes held by US investors and executed arrangements regarding
a new senior $75 million funding line.

The facility was arranged by Forsyth Barr and has been fully drawn
down.  The facility has been provided by Torchlight Credit Fund LP
which has arranged funding from a syndicate of professional
investors from Australia and New Zealand.

Funds provided have been used by the Company to repay US$50
million of principal to institutions invested in notes issued
pursuant to a US$100 million private placement.  The remaining
US$50 million will be repaid progressively over the next five
months.

"We are very pleased to have this new facility provided by
investors who understand the business cycle and the opportunities
for South Canterbury Finance.  We are continuing to progress our
own restructuring plans and will make further announcements when
we are able to," South Canterbury Finance Chairman Allan Hubbard
said in a statement.

On behalf of Torchlight Credit Fund, George Kerr said "investments
that are perceived to be too difficult for banks often create
opportunities for fund managers.  The fund has been established to
focus on exactly this type of situation.  We are pleased to have
been able to arrange $75 million of funding for South Canterbury
Finance in support of Mr. Hubbard's plans for the business."

Mr. Hubbard said these developments are an important step forward
for the company.  "South Canterbury has a proud 83 year history of
supporting New Zealand businesses and we see good opportunities in
the market.  Completion of our restructuring will enable us to
pursue these after the difficulties of the last few months."

The Company also notes that it is receiving a good response from
investors to the prospectus registered.  The prospectus for a
range of securities and deposits offers yields of up to 8.5% per
annum over a range of maturities, including a current rate of 8%
per annum for deposits that mature on October 11, 2010, inside the
New Zealand Deposit Guarantee Scheme.

                       Credit Ratings Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
September 23, 2009, Standard & Poor's Ratings Services placed its
'BB+' long-term rating on South Canterbury Finance Ltd. on
CreditWatch with negative implications.  This rating action
follows S&P's concern that SCF's risk profile has increased since
S&P lowered the ratings on the company on Aug. 13, 2009.  A
CreditWatch Negative listing by Standard & Poor's implies a one-
in-two likelihood of the rating being lowered within the next
three months.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.


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


ASUSTEK COMPUTER: Posts NT$6.49BB Net Profit in Q3
--------------------------------------------------
Asustek Computer Inc. posted NT$6.49 billion (US$200 million) in
net profit in the third quarter of 2009, edging up from NT$6.38
billion a year earlier, Taipei Times reports.

Revenue was NT$67.06 billion, up 47.9% from NT$45.35 billion in
the previous quarter but down 4% from NT$69.82 billion a year
earlier, the report says.

The company reported an operating margin of 5.8% in the third
quarter, up from the second quarter's 0.1% percent, but down from
6.9% from a year earlier, the Times relates .

Asustek said it expected revenues to surge next year, backed by
rising shipments of notebooks.

The report notes Asustek chief executive officer Jerry Shen said
total shipments of notebooks and Eee PC netbooks are expected to
rise 30% to 16 million next year, up from this year's forecast of
between 11 million and 12 million units.

Conventional notebooks will account for 55% of total shipments
this year, while netbooks will take the rest, he said. Next year,
conventional notebooks will take up 60%, while Eee PCs will make
up 40%, Mr. Shen added.

According to the report, notebooks and Eee PCs took up the chunk
of third-quarter sales at 74%, while motherboards and graphics
cards accounted for 25% and handheld devices 1%.

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.


===============
T H A I L A N D
===============


CIMB THAI: Fitch Assigns Individual Rating at 'D'
-------------------------------------------------
Fitch Ratings has assigned CIMB Thai Bank Public Company Limited
these ratings: National Long-term 'A+(tha)' with Stable Outlook,
National Short-term 'F1(tha)', Long-term foreign currency Issuer
Default Rating of 'BBB-' with a Stable Outlook, Short-term foreign
currency IDR 'F3', Individual 'D' and upgraded the Support rating
to '2' from '3'.  Fitch has also assigned CIMBT's upper tier 2
debt issued in March 2009 of THB2.5 billion with a maturity of 10
years a National rating of 'A-(tha)'.

The upgrade of the Support rating reflects increased support from
new majority shareholder CIMB Bank Berhad ('BBB+'/Stable) through
a capital injection and management control as well as direct name
association with its parent following its acquisition in January
2009.  Such operational and financial support should help improve
CIMBT's financial performance and capital position in the medium
term.  Given CIMB's near-full ownership, management control and
direct name association, Fitch expects a high probability of
shareholder support, if needed.  Any change in the shareholding
structure that could weaken the support is likely to affect the
bank's ratings.  The Stable Outlook reflects that of its parent
and expectation of continued strong support.  The National rating
of CIMBT's upper tier 2 debt security is two notches below the
bank's National Long-term rating due to strong parent support of
payment of coupon obligations even in the event of a loss.

Following large losses in the past two years due to CDO charges
and provisioning expenses, CIMBT returned to a small net profit in
Q309.  While full-year performance is expected to remain weak, the
bank's performance should improve in the next one to two years as
loan growth picks up and the bank completes its integration with
its parent.

CIMBT's asset quality remains weaker than that of its peers, with
an NPL ratio at end-September 2009 of 16.5% (versus 14.4% at end-
2008), although this is partly due to loan book contraction.  In
absolute terms, NPLs remained at THB13.4 billion.  Reserve
coverage is moderately lower than the industry average, at 60% of
NPLs at end-September 2009, although this is expected to be
strengthened gradually.

Loan to deposit ratios are relatively low as lending had been
constrained by a weak capital base.  Funding and liquidity risks
should also be mitigated by CIMB's support.  CIMBT has downsized
its deposit base and plans to reposition its deposit structure to
reduce funding costs.

Following CIMB's acquisition in January 2009, CIMBT raised
THB2.5bn of new capital -- mostly from the parent -- through a
rights issue and in March issued THB2.5bn hybrid upper tier 2 debt
to strengthen its capital.  However, the bank's tier 1 ratio at
end-September 2009 was 6.7% which is weaker than the industry's
average of 11%, while its total capital was 13.2%.

CIMBT, formerly known as Bank Thai, was formed in 1998 as a result
of a government-initiated merger of several defunct financial
institutions.  The Financial Institutions Development Fund
acquired a majority stake in BT after the merger, with a 96.32%
shareholding in 2000, which was later reduced to 48.98%.  In
November 2008, CIMB acquired the FIDF's stake in BT and
subsequently made a tender offer for the remaining shares from
minority shareholders including TPG Newbridge, and currently holds
a 93.15% stake.


* Asia Recovering Fast, but Faces a "New World," IMF Says
---------------------------------------------------------
Asia is rebounding rapidly from the depth of the global crisis,
the International Monetary Fund said in its latest report on the
region.  According to the Regional Economic Outlook for Asia and
the Pacific, released October 29, 2009, in Seoul, Asia's growth is
forecast to accelerate to 5-3/4 percent in 2010 from 2-3/4 percent
in 2009, both higher than previously projected.

"The primary driver of Asia's recovery has been a progressive
return towards normalcy following the abrupt collapse in global
trade and finance at the end of 2008," the report said.  "Just as
the U.S. downturn triggered an outsized fall in Asia's GDP because
international trade and finance froze, now their normalization is
generating an outsized Asian upturn."  This development confirms
that Asia has not decoupled from the rest of the world, the REO
noted. In fact, Asia's fortunes remain closely tied to that of the
global economy.

The other key driver of Asia's recovery, according to the report,
has been the region's rapid and forceful policy response.  This
reaction was made possible by Asia's strong initial conditions:
fiscal positions were sounder, monetary policies more credible,
and corporate and bank balance sheets sturdier than in the past.
These conditions have given policymakers the space to cut interest
rates sharply and adopt large fiscal packages, helping to sustain
overall domestic demand.

What lies ahead? The REO notes that global conditions are expected
to continue to improve gradually in 2010.  According to the IMF's
latest forecasts, output in the large G7 economies is forecast to
grow by 1-1/4 percent next year, recouping only half the
contraction estimated for 2009, because private demand in these
countries remains constrained by the legacy of the crisis.
Consequently, overseas demand for Asia's products will remain
subdued, keeping the region's growth well below the 6-2/3 percent
average recorded over the past decade.

In this environment, policymakers will face two major challenges,
the report said.  In the near term, they will need to manage a
well integrated balancing act, providing support to the economy
until the recovery is sufficiently robust and self-sustaining
while ensuring that the support does not ignite inflationary
pressures or concerns over fiscal sustainability.

Over the medium term, policymakers will need to find a new
momentum to return to sustained, rapid growth in a new global
environment of likely softer G7 demand.  In this "new world",
Asia's longer term growth prospects may be determined by its
ability to recalibrate the drivers of growth to allow domestic
sources to play a more dynamic role.  To be successful,
rebalancing will require greater exchange rate flexibility and
structural reforms that will allow for a smooth reallocation of
resources across the economy.

In the first of two analytic chapters, the REO explores how Japan
emerged from its banking crisis in the 1990s to draw lessons for
the current global recovery.  "How Japan Recovered From Its
Banking Crisis: Possible Lessons for Today" finds that a
sustainable recovery in Japan only took hold when spillovers from
a favorable external environment reinvigorated private domestic
demand and the financial and corporate sector problems at the
heart of the crisis were adequately addressed.  Japan's experience
suggests that "green shoots" do not guarantee a recovery, implying
the need to be cautious on the outlook today, and that addressing
financial fragilities in the advanced economies is crucial for
securing a durable recovery.

Chapter III, "Corporate Savings and Rebalancing in Asia", analyzes
the sharp increase in corporate savings in Asia over the past few
years even as investment has remained subdued.  This unusual
combination poses a question: why didn't corporations pay out
their profits as dividends, if they didn't have suitable
investment projects?  The chapter concludes that resolving this
issue requires further structural reform.  Greater financial
development could reduce companies' need to retain earnings for
precautionary reasons, while improvements in corporate governance
could ensure that managers retain earnings only for investments in
profitable projects.


                         *********

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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