TCRAP_Public/091103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, November 3, 2009, Vol. 12, No. 217

                            Headlines

A U S T R A L I A

MOMENTUM CDO: S&P Downgrades Rating on 2006-19 Notes to 'CC'
SALISBURY INTERNATIONAL: S&P Withdraws 'CCC-' Rating on Notes


C H I N A

CITIC BANK: Third Qtr. Profit Rises 7.5% to CNY4.35 Billion
NINE DRAGONS: Fitch Affirms Issuer Default Rating at 'B'


H O N G  K O N G

ASHLEY 18: Members' Final General Meeting Set for November 30
ASHLEY 199: Members' Final General Meeting Set for November 30
CAPITAL HUMAN: Members' and Creditors Meeting Set for November 17
CHEERFUL WORLD: Creditors' Meeting Set for November 13
GODI ENTERPRISES: Annual Meeting Slated for November 6

HOI SING: Members' and Creditors Meeting Set for November 17
MATHARU'S PACKAGING: Court to Hear Wind-Up Petition on December 9
OG DEVELOPMENT: Creditors and Contributories to Meet Nov 20
SKYNET LIMITED: Members' and Creditors Meeting Set for November 12
SURE SUCCESS: Beryl and Sammy Appointed as Liquidators

TAKWAI GARMENT: Yuen and Kay Appointed as Liquidators
TREASURE TOP: Court to Hear Wind-Up Petition on December 2
TOURO TESOURA: Yee and Kit Appointed as Liquidators


I N D I A

ANJANEYA ENTERPRISES: CRISIL Rates INR120MM Cash Credit at 'B'
ANUPAMA STEELS: ICRA Places 'LBB+' Rating on INR464MM Bank Debts
CONROS STEELS: Delays in Debt Servicing Cues ICRA 'LB' Rating
ISLAND STAR: ICRA Assigns 'LBB+' Rating on INR3.4BB Long-Term Loan
JET AIRWAYS: 6-Months Notification Period Challenged in Court

MALIWAL IMPEX: ICRA Rates INR105MM Proposed LT Bank Debt at 'LBB'
METAL ORE: ICRA Assigns 'LBB+' Rating on INR100MM Fund-based Debt
NETALKAR POWER: ICRA Assigns 'LBB' Rating on INR149.5MM Bank Lines
RADHAMANI EXPORTS: CRISIL Rates INR123.9MM LT Loan at 'BB'
REGEN POWERTECH: CARE Rates INR85.8cr Fund-based Debts at 'BB+'

SATYAM MOTORS: CARE Assigns 'CARE BB+' to LT Bank Loans
SHIVA SPECIALITY: ICRA Assigns 'LB+' Rating on INR192MM Term Loan
SHREE CHANCHAL: Low Net Worth Prompts CRISIL 'BB' Rating
SREE NIVAS: Delay in Loan Repayment Cues CRISIL Junk Rating


I N D O N E S I A

BUMI RESOURCES: Moody's Assigns 'Ba3' Corporate Family Rating
BUMI RESOURCES: S&P Assigns 'BB' Long-Term Corporate Credit Rating
INDOSAT TBK: Low Q3 Results Won't Affect Moody's 'Ba1' Rating


J A P A N

ISUZU MOTORS: May Incur Up to JPY23 Billion H1 Operating Loss
JAPAN AIRLINES: Moody's Junks Long-Term Debt Ratings From 'B1'
JAPAN POST: State Minister Seeks Board Members Resignation
SANYO ELECTRIC: Panasonic to Launch Tender Offer This Week


M O N G O L I A

MONGOLIA: Moody's Changes Outlook on 'B1' Rating to Stable


T A I W A N

KUO HUA: Shareholder Calls FSC Takeover Illegal


X X X X X X X X

FORD MOTOR: Asia Pacific Africa Posts US$27MM Q3 Pre-Tax Profit
READER'S DIGEST: Names New Heads for Europe, Asia & Canada
* BOND PRICING: For the Week October 26 to October 30, 2009


                         - - - - -


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


MOMENTUM CDO: S&P Downgrades Rating on 2006-19 Notes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
AU$21.5 million Series 2006-19 notes issued by Momentum CDO
(Europe) Ltd. to 'CC' from 'CCC-'.  At the same time, S&P lowered
the rating on the principal of the AU$21.5 million Series 2006-3
notes issued by Prelude Europe CDO Ltd. to 'CCpNRi'.  The interest
on the notes is not rated.

The rating downgrade on the Momentum CDO notes reflects an
increased probability of a loss of principal to the noteholder.
The portfolio in the transaction had suffered several credit
events, which resulted in an aggregate loss that exceeded the
available subordination.  As a consequence, S&P expects that the
principal amount of the notes will be reduced at maturity on
June 30, 2012, due to the settlement amounts payable to the credit
fault swap counterparty on that date.  The rating on the principal
of Prelude Series 2006-3 is dependent on the rating of the
Momentum CDO notes.

The rating actions on the affected transactions are:

Ratings lowered:

                                    Rating To    Rating From
                                    ---------    -----------
      Momentum CDO (Europe) Ltd.    CC           CCC-
      Series 2006-19
      Prelude Europe CDO Ltd.       CCpNRi       CCC-pNRi
      Series 2006-3


SALISBURY INTERNATIONAL: S&P Withdraws 'CCC-' Rating on Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the US$15 million Series 2006-18 notes issued by Salisbury
International Investments Ltd.

The rating has been withdrawn at the request of the issuer,
following a repurchase and cancellation of the collateralized debt
obligation notes.


=========
C H I N A
=========


CITIC BANK: Third Qtr. Profit Rises 7.5% to CNY4.35 Billion
-----------------------------------------------------------
Bloomberg News reports that China Citic Bank Corp. said third-
quarter profit rose 7.5% on increasing demand for loans and
financial services.

Net income climbed to CNY4.35 billion (US$637 million), or CNY0.11
a share, from CNY4.04 billion, or CNY0.10 a share, a year earlier,
Bloomberg relates citing the Beijing-based company's statement to
the Hong Kong stock exchange.

Bloomberg says Citic Bank, controlled by China Citic Group,
boosted loans by 49% in the first nine months after the government
dropped a lending quota and lowered interest rates late last year
to revive the economy.

According to the report, Citic Bank raised its coverage of
potential bad loans by 9.56 percentage points.

Net interest income, or revenue from lending minus interest paid
on deposits, fell 2.3% to CNY9.19 billion in the third quarter,
the report notes.  Bloomberg discloses that the bank's net
interest margin, a measure of lending profitability, widened to
2.61%, an increase of 0.14 percentage point from the first half of
the year, as the bank continued to re-price loans.

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

                           *     *     *

As of August 31, 2009, China CITIC Bank continues to carry Moody's
'D' bank financial strength rating.


NINE DRAGONS: Fitch Affirms Issuer Default Rating at 'B'
--------------------------------------------------------
Fitch Ratings has resolved the Rating Watch Negative and affirmed
Nine Dragons Paper (Holdings) Limited's Long-term foreign currency
Issuer Default Rating at 'B' with Stable Outlook.  At the same
time, the agency has affirmed the senior unsecured rating on the
US$ notes due 2013 at 'CCC' with Recovery Rating of 'RR6'.

The affirmation of the ratings is predicated upon the expected
stabilisation of the credit metrics at levels appropriate for the
company's IDR and takes into account the US$370 million equity
placement completed on October 29, 2009.  In FYE June 2009,
interest coverage (as measured by Funds from Operation/Gross
Interest Expense) was 2.6x and leverage (measured by adjusted debt
net of cash to operating EBITDAR) was 5.2x, down from the 5.3x
level seen at June 2008.  The ratings continue to be constrained
by Nine Dragons' aggressive capex program.  While capital
expenditure in FY2009 was reduced to CNY3.8 billion from FY2008's
CNY9.6 billion, the estimated CNY4.5 billion capital expenditure
for Paper Machines 27-30 over FY2010-FY2012 is expected to slow
down deleveraging.  In addition, the push-forward of the capex
plans originally delayed until 2011 reflects the company's
aggressive capex policy.  The ratings are also constrained by raw
material price risk as Old Corrugated Cardboard accounts for a
significant percentage of cost of goods sold.  Any increase in
demand driven by an improvement in the macro-economic outlook may
lead to increases in OCC cost prices, which would be likely to
compress the company's margins.

Nonetheless, the agency notes that Nine Dragons' liquidity was
adequate as of June 30, 2009.  The company had cash and cash
equivalents of CNY1.5 billion, against short-term debt of CNY1.3
billion, and its liquidity is further supported by CNY7.3 billion
of undrawn uncommitted facilities as of June 30, 2009.  Fitch also
notes that Nine Dragons is currently dependent on domestic banks'
willingness to lend, with domestic bank financing accounting for
75% of total borrowings in FY2009 as compared to 53% in FY2008.
The agency also notes that the debt maturity profile exhibits some
concentration risk with 57% of total debt due in FY2011.  The
affirmation of the senior unsecured rating on the US$ notes due
2013 is based on the agency's expectations that structural
subordination will continue to be significant, with domestic bank
financing ranking ahead of the senior unsecured bondholders in
terms of debt priority.

The agency expects the company to maintain its strong market
position in China's fragmented containerboard industry, which
supports its access to domestic bank financing.

The Stable Outlook reflects Fitch's expectation that Nine Dragons'
credit metrics will remain in the range appropriate for its
rating.  Any evidence that the Chinese banks' lending appetite has
reduced, and/or a net adjusted debt/EBITDAR higher than 6x or
EBITDA/interest coverage of less than 3x on a sustained basis, may
result in a negative rating action.  Conversely, improvement of
net adjusted debt/EBITDAR to 4x or EBITDA/interest coverage to 5x
on a sustained basis could result in a positive action.

Nine Dragons is China's largest manufacturer of containerboard
products.  In the financial year ended June 30, 2009, the company
achieved revenue of CNY13.1 billion and EBITDA of CNY2.4 billion.
Leverage, based on Fitch's calculations, was 5.2x at June 2009,
with no material change year-on-year.  Interest coverage in FY2009
was 2.6x, compared to 5.3x in FY2008.


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


ASHLEY 18: Members' Final General Meeting Set for November 30
-------------------------------------------------------------
Members of Ashley 18 Limited, which is in voluntary liquidation,
will hold their final meeting on November 30, 2009, at 3:00 p.m.,
at Allied Kajima Building, 138 Gloucester Road, in Hong Kong.

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


ASHLEY 199: Members' Final General Meeting Set for November 30
--------------------------------------------------------------
Members of Ashley 199 Limited, which is in voluntary liquidation,
will hold their final meeting on November 30, 2009, at 3:30 p.m.,
at Allied Kajima Building, 138 Gloucester Road, in Hong Kong.

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


CAPITAL HUMAN: Members' and Creditors Meeting Set for November 17
-----------------------------------------------------------------
Members and creditors of Capital Human Resources Company will hold
their annual meetings on November 17, 2009, at 2:00 p.m., and
2:30 p.m., respectively at the office of Hastings & Co., 5/F,
Gloucester Tower, The Landmark, 11 Pedder Street, in Hong Kong.

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


CHEERFUL WORLD: Creditors' Meeting Set for November 13
------------------------------------------------------
Creditors of Cheerful World Garment Limited will hold their
meeting on November 13, 2009, at 2:45 p.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251, 255A and 283 of
the Companies Ordinance.

The meeting will be held at the Unit 36, 16/F., One Grand Tower,
639 Nathan Road, Kowloon, in Hong Kong.


GODI ENTERPRISES: Annual Meeting Slated for November 6
------------------------------------------------------
Members and creditors of Godi Enterprises Limited will hold their
Annual meeting on November 6, 2009, at 9:00 a.m., and 9:30 a.m.,
respectively, at the Caroline Centre, 29/F, Lee Gardens Two, 28
Yun Ping Road, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HOI SING: Members' and Creditors Meeting Set for November 17
------------------------------------------------------------
Members and creditors of Hoi Sing Transportation Co., will hold
their annual meetings on November 17, 2009, at 2:00 p.m., and 2:30
p.m., respectively at the office of Hastings & Co., 5/F,
Gloucester Tower, The Landmark, 11 Pedder Street, in Hong Kong.

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


MATHARU'S PACKAGING: Court to Hear Wind-Up Petition on December 9
-----------------------------------------------------------------
A petition to wind up the operations of Matharu's Packaging
Consultancy Limited will be heard before the High Court of
Hong Kong on December 9, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         David Ravenscroft & Co
         Ka Wah Bank Centre
         Unit 1802, 18th Floor
         232 Des Voeux road
         Central Hong Kong


OG DEVELOPMENT: Creditors and Contributories to Meet Nov 20
-----------------------------------------------------------
Contributories and creditors of OG Development Company Limited
will hold their first meeting on November 20, 2009, at 2:00 p.m.,
and 2:30 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.


SKYNET LIMITED: Members' and Creditors Meeting Set for November 12
------------------------------------------------------------------
Members and creditors of Skynet Limited will hold their final
general meeting on November 12, 2009, at 10:00 a.m., and
10:30 a.m., respectively at Room 1903, 19/F., World-Wide House, 19
Des Voeux Road Central, in Hong Kong.

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


SURE SUCCESS: Beryl and Sammy Appointed as Liquidators
------------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy on August 3, 2009, were
appointed as liquidators of Sure Success Investment Limited.


TAKWAI GARMENT: Yuen and Kay Appointed as Liquidators
-----------------------------------------------------
Tai Hay Yuen and Leung Man Kay on October 7, 2009, were appointed
as liquidators of Takwai Garment Factory Company Limited.

The Liquidator can be reached at:

         Tai Hay Yuen
         Leung Man Kay
         Chinachem Tower, 21st Floor
         34-37 Connaught Road
         Central, Hong Kong


TREASURE TOP: Court to Hear Wind-Up Petition on December 2
----------------------------------------------------------
A petition to wind up the operations of Treasure Top Industrial
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:

         Arthur K.H. Chan & Co
         United Centre, Unit C1, 15th Floor
         No. 95 Queensway, Hong Kong


TOURO TESOURA: Yee and Kit Appointed as Liquidators
---------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy on October 22, 2009, were
appointed as liquidators of Touro Tesoura Manufactory Limited.


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


ANJANEYA ENTERPRISES: CRISIL Rates INR120MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the cash credit
facility of Anjaneya Enterprises (Anjaneya).

   Facilities                        Ratings
   ----------                        -------
   INR120.00 Million Cash Credit     B/Stable (Assigned)

The ratings reflect Anjaneya's weak financial risk profile, marked
by high gearing and weak debt protection measures, and exposure to
risks relating to the working-capital-intensive nature of its
operations, customer concentration in its revenue profile, and to
limited pricing power.  These weaknesses are, however, partially
offset by the firm's established presence in the tobacco industry
and integrated operations.

Outlook: Stable

CRISIL believes that Anjaneya will maintain a stable business risk
profile over the medium term, supported by the promoters'
experience, and established relationships with customers.
Improvement in the firm's financial risk profile through improved
gearing or high profitability may drive a revision in outlook to
'Positive'.  Conversely, the outlook may be revised to 'Negative'
if the firm's capital structure deteriorates on account of large
debt-funded capital expenditure, or if its profitability declines
substantially, leading to deterioration of its financial risk
profile.

Set up in 1980 by Mr. Venkata Krishna Rao as a partnership firm,
Anjaneya processes tobacco used in the manufacture of cigarettes,
pipe tobacco, and chewing tobacco.  Most of its customers are
cigar and cigarette manufacturers.  Anjaneya reported a
provisional profit after tax (PAT) of INR6 million on net sales of
INR350 million for 2008-09 (refers to financial year, April 1 to
March 31); it reported a PAT of INR6 million on net sales of
INR249 million in 2007-08.


ANUPAMA STEELS: ICRA Places 'LBB+' Rating on INR464MM Bank Debts
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR464 million fund-
based cash credit facilities of Anupama Steels Limited.  ICRA has
also assigned an A4+ rating to the INR1000 million non-fund based
bank limits of ASL.

The ratings favorably factors in the long track record of the
promoter in the ship breaking and steel trading businesses,
substantial cash balance of the company and its moderate gearing
levels.  However the rating is constrained by the relatively
moderate size of operations, volatility in turnover and profits,
thin operating profitability, decreasing Return of Capital
Employed in the last 3 years, and the susceptibility to adverse
movements in commodity prices and exchange rates.  The cyclicality
in steel industry and the availability of ships at acceptable
rates also causes volatility in earnings of ship breaking
companies. ICRA also notes that operations of ship breaking
companies are subject to number of approvals (including approvals
for beaching, pollution clearance and cutting) which could impact
continuity in operations.  However, ASL, by virtue of long
experience of its promoter, has largely been able to mitigate that
risk.

Anupama Steel Limited is engaged in ship breaking activities as
well as import and trading of ferrous and non ferrous metals and
scrap.  The company was incorporated in the year 1980 as a private
limited company and was later converted into a limited company in
the year 1986.  The company was taken over by Mr. O.P.Agarwal, the
present director, in the year 1996.

For FY 2009, ASL has reported profit before tax of INR6.1 million
(provisional) on the back of an operating income of INR407.3
million (provisional).


CONROS STEELS: Delays in Debt Servicing Cues ICRA 'LB' Rating
-------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR433.4 million, fund-
based facilities of Conros Steels Private Limited.  ICRA has also
assigned A4 rating to the INR1,014.5 million, non-fund based
facilities of CSPL.

The assigned ratings reflect the recent delays in debt servicing
and instances of devolvement of Letter of Credit (LC) on account
of the stretched liquidity profile of CSPL.  The company is
engaged in the manufacture of Electric Resistance Welded (ERW)
black and galvanized steel pipes and Mild Steel (MS) flat bars.
The financial profile of CSPL is characterized by moderate
operating profitability and high working capital intensity.  The
inventory levels of the company were high in 2008-09 on account of
cancellation of its export orders by a number of customers during
the second half of the year, following the global economic crisis.
The ratings are also constrained by the exposure of the company to
risks arising from variations in raw material prices as against
the fixed price nature of its contracts and significant
competition from other manufacturers.  However, the ratings also
take into account the strong revenue growth of CSPL; its moderate
capital structure and established relationships with reputed
material supplier and trading houses, which have augmented the
exports presence of CSPL.

Incorporated in 2005, CSPL belongs to the Conros Group of
Companies.  Its promoters are Mr. Shehzad S. Hemani and Mr. Porus
Buhariwala.  CSPL is engaged in the business of manufacturing
black and galvanized ERW steel tubes and pipes of diameter ranging
from 1/2" to 6" and MS Flat Bars.  CSPL is the flagship unit of
the Conros group and has its manufacturing facility at Khopoli in
the Raigad district near Mumbai.


ISLAND STAR: ICRA Assigns 'LBB+' Rating on INR3.4BB Long-Term Loan
------------------------------------------------------------------
ICRA has assigned LBB+ rating to INR3.4 billion long-term loan of
Island Star Mall Developers Private Limited.

The rating is constrained by the execution risk of the project
given that it is in the initial stages of development.  This is
further accentuated by the fact that the approval from Bangalore
Development Authority for high-rise construction is still pending.
Moreover, successful financial closure of the project is dependent
on receipt of advances through sale of proposed hotel and
residential space being developed as part of the project.  ICRA
has also taken into account the fact that the debt servicing
capability of the project crucially depends on ISMD's ability to
get adequate lease rentals and its ability to attain strong
occupancy levels in the proposed retail mall space.

The rating favorably factors in the financial strength of the
promoters and the fact that the project has achieved partial
financial closure with a portion of sanctioned loan amount already
disbursed for the construction purpose.

ISMD is developing a large, integrated market complex, namely
Market City' at Whitefield in Bangalore.  The project is in close
proximity to the International Technology Park at Whitefield and
is conceptualized as a borough for food, beverages, fashion and
lifestyle.  The company is promoted by Phoenix Mills Ltd, Horizon
Venture Capital Fund and HBS Realtors Ltd. and together they hold
60.62% share in ISMD. Remaining 39.38% of ISMD's stake is held by
strategic investors namely IL&FS Infrastructure Realty Fund,
Pinnacle Real Estate Developers Pvt Ltd, Sharyans Resource Limited
and Edelweiss Capital Limited.  The project is located in the
Whitefield area of Eastern Bangalore which is at present
witnessing heightened activity of residential real estate
development and retail mall real construction.  The total built-up
area of the project is approximately 2.48 million sq. ft. out of
which the proposed hotel structure is of area of 0.4 million sq.
ft.; retail space is of 0.85 million sq. ft. and residential space
is of 0.62 million-sq. ft.


JET AIRWAYS: 6-Months Notification Period Challenged in Court
-------------------------------------------------------------
The society for welfare of Indian pilots (swip) has dragged Jet
Airways (India) Ltd. and the Indian government challenging the six
months' notice period required to be served before leaving the
airline, The Economic Times reports.

Citing swip's petition, the report says the group alleged that
many airlines, including Jet Airways, were misusing the civil air
requirement (car), which provided an 'unfair advantage' to the
management, and using it to change their service conditions.

"Airlines, including respondent 3 (Jet Airways), for malafide
reasons, have sought to misuse the provisions of the impugned
notification (car) and have imposed a compulsory notice period of
six months on pilots," the report cited swip in its petition filed
through its firm link legal.

"(car) is being misused by air operators, as it provides an unfair
advantage to them, who have unilaterally started changing the
terms and condition of service of pilots employed by them and also
reducing their salaries and other emoluments in the garb of
recession."

Justice Sanjiv Khanna has issued notices to the Center, director
general of civil aviation and Jet Airways directing them to file
their replies to the petition being filed by swip, the Times
relates.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


MALIWAL IMPEX: ICRA Rates INR105MM Proposed LT Bank Debt at 'LBB'
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR105.00 million
proposed long term fund based limit and an A4 rating to the
INR125.00 million sanctioned short term non-fund based limit of
Maliwal Impex Private Limited.

The assigned rating reflects the firm's moderate profitability and
its vulnerability to cyclical nature of the non ferrous metals
industry.  The ratings are also constrained by MIPL's high working
capital intensity and weak cash flow indicators which have
resulted in excessive utilization of working capital limits. The
ratings also take into account the high level of fragmentation and
intensely competitive nature of the industry due to low entry
barriers.  The ratings, however, draw comfort from the promoter's
long track record in the non ferrous metals industry and steps
taken by the management to forward integrate by venturing into
aluminium extrusion products.

Ahmedabad based MIPL is primarily engaged in the manufacturing of
non ferrous alloys from metal scrap.  The firm's products include
aluminium ingots, shots, notch bars, powder and ferro aluminium
alloys. MIPL has two plants located near Ahmedabad.  In FY2009,
MIPL established an aluminium extrusion plant as part of its
effort towards forward integration.  MIPL also undertakes trading
of imported aluminium scrap, which is the main raw material used
in the manufacturing process. MIPL is promoted by Mr. Om Prakash
Maliwal who has a 68% share holding in the firm.  Mr. Maliwal has
more than 20 years of experience in the metal industry and was
engaged in trading of non-ferrous metals though a group company
Sun Metal Industries prior to establishing MIPL.

In FY2009, MIPL reported a net income of around INR3.7 million on
net sales of around INR585 million.


METAL ORE: ICRA Assigns 'LBB+' Rating on INR100MM Fund-based Debt
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR100 million fund-
based cash credit facilities of Metal Ore. ICRA has also assigned
an A4+ rating to the INR350 million, non-fund based bank limits of
Metal Ore.

The ratings reflect the firm's relatively moderate size of
operations, thin operating profitability, high gearing levels,
exposure to cyclicality inherent in steel prices further
heightened by the company's high inventory levels required to
sustain operations, and the susceptibility to adverse movements in
exchange rates.  ICRA notes that the recent disagreement with
Metal Ore's principal supplier might lead to higher operating
challenges and therefore exert pressure on the top line of the
company.  While assigning the rating, ICRA has also noted Metal
Ore's legal status as a partnership firm and the significant price
risk that the firm is exposed to on account of its business
requirement of holding steel inventory for future orders.  The
ratings also factor in the positive demand outlook for the
company's traded products, the long track record of the partners
in the boiler quality steel trading business.  The company's
diverse base of reputed customers reduces the concentration risk
and its long association with international steel producers,
enables the company to meet specific customer requirements

Metal Ore was incorporated as a partnership firm in 1994, for
trading in steel and steel products including Boiler Quality
Plates (B.Q Plates), structure steel plates, alloy steel plates,
ship building steels and quenched and tempered steels.  The focus
of the company is mainly on trading of boiler/pressure vessel
quality steel and structural steel plates, with thickness varying
from 5 mm to 200 mm. The company has four warehouses at Panvel.

In FY 2009, Metal Ore reported a net profit of INR5.6 million on
an operating income of INR1.01 billion.


NETALKAR POWER: ICRA Assigns 'LBB' Rating on INR149.5MM Bank Lines
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR149.5 million bank
lines of Netalkar Power Transmission.

The rating factors in the highly competitive nature of the
industry, NPT's high client concentration risk and modest scale of
operations. While assigning the rating, ICRA has also taken into
consideration the cyclical nature of the automotive industry which
has resulted in volatility in the company's revenues in the past.
NPT's credit profile is also tempered by its relatively high
gearing.  The rating is however supported by NPT's experienced
management, its cost-efficient operations and its strong business
relationship with its main clients i.e. Mahindra and Mahindra
Limited (M&M) and Tata Motors Limited.

Netalkar Power Transmission is a partnership firm engaged in
manufacturing of crankshafts on job work basis. NPT was promoted
by one of its current partners Mr. Satish D. Netalkar, who has
been carrying out the business since 1965.  NPT has a plant in
Belgaum in Karnataka which has a capacity of 800 semi-finished
crankshafts and the firm is establishing a second plant in the
same city with a capacity of 300 fully-finished and 500 semi-
finished crankshafts. In FY2009, it achieved a turnover of
INR59.42 million and a PAT of INR0.26 million.


RADHAMANI EXPORTS: CRISIL Rates INR123.9MM LT Loan at 'BB'
----------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Radhamani Exports Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR420.0 Million Overdraft         BB/Stable (Assigned)
    /Working Capital Facility
   INR123.9 Million Long Term Loan    BB/Stable (Assigned)

The ratings reflect REL's modest scale of operations in the ready
made garments industry, and moderate business risk profile.  These
weaknesses are, however, partially offset by the benefits that the
company derives from its promoters' experience in the garment
exports business.

Outlook: Stable

CRISIL believes that REL will maintain a stable credit risk
profile, backed by the promoter's strong experience in the garment
exports business.  The outlook may be revised to 'Positive' if the
company's financial risk profile improves, led by a significant
increase in operating margins and higher than expected growth in
operating revenues.  Conversely, the outlook may be revised to
'Negative' if there is a sharp deterioration in the debt
protection measures undertaken by REL.

                      About Radhamani Exports

Set up in 1996 as a private limited company by the Poddar family,
REL converted to a closely-held deemed limited company in 1998.
The company manufactures and exports readymade garments. REL has
its registered office in Kolkata, and a corporate office in
Mumbai.  Its manufacturing unit in Bangalore has an installed
capacity of 0.25 million pieces per month.

REL reported a profit after tax (PAT) of INR9.9 million on net
sales of INR352.44 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR32.88 million on net
sales of INR415.56 million for 2006-07.


REGEN POWERTECH: CARE Rates INR85.8cr Fund-based Debts at 'BB+'
---------------------------------------------------------------
CARE has assigned a 'CARE BB+'rating to the long-term bank
facilities of Regen Powertech Private Ltd.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations and carry high credit risk.  Also,
CARE has assigned 'PR4' rating to the short-term bank facilities
of Regen.  Facilities with this rating would have inadequate
capacity for timely repayment of short term debt obligations and
carry very high credit risk.  Such instruments are susceptible to
default.  These ratings are assigned for an aggregate amount of
INR158.8 cr. CARE assigns '+' or '-' signs after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

   Facility                       Amount        Rating
   --------                       ------        ------
   Fund Based facilities          INR85.8cr     CARE BB+
   Non-Fund based facilities      INR73.0cr     CARE BB+/PR4

Rating Rationale

The ratings are constrained by Regen's limited operational
history, operating loss in the first year of operations,
relatively new technology of its wind energy generators,
limited pricing flexibility and limited control on component cost
as a result of dependence on third-party outsourcing. The rating
also factors in Regen's single product offering and growing
competition in the market.  The ratings also take into
account the rich experience of the promoters and management team,
claimed technology superiority of its product and growing order
book position.

Regen's ability to translate the technology superiority of its
product to grow its market share and manage a profitable operation
is likely to positively impact the credit outlook on the company.

                       About Regen Powertech

Regen was incorporated in December 2006 to provide wind power
solutions on turnkey basis and commissioned its first Wind Energy
Converter (WEC) in August 2008.  Till March 2009, the company has
commissioned 16 WECs of aggregate capacity 24 MW.  The company is
a 66.67% subsidiary of NSL Power Equipment Trading Pvt Ltd in
which Nuziveedu Seeds Ltd (NSL) is a 66.67% shareholder with the
balance being owned by Madhusudhan Khemka & Associates and
Mr.Sundaresh.  Private equity firm M/s.Indivision India Partners
of Future Capital Group is the other shareholder with 33.33% stake
in Regen. In its first year of operation (FY09), the company made
a loss of INR23cr on a total income of INR161cr.


SATYAM MOTORS: CARE Assigns 'CARE BB+' to LT Bank Loans
-------------------------------------------------------
CARE assigns a 'CARE BB+' rating to the long-term bank loans /
facilities and 'PR4' rating to the short-term bank loans /
facilities of Satyam Motors Pvt. Ltd. for an aggregate amount of
INR15.71 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.


                                     Amount
   Sr. No.   Facility             (INR. crore)    Rating
   -------   --------             ------------    ------
     1.    Long Term Rupee Loans     3.21         CARE BB+
     2.    Overdraft                10.00         PR4
     3.    Letter of Credit          2.50         PR4

Rating Rationale

SMPL's ratings factor in its short track record, lack of
experience of promoters in dealership business, working capital
intensive nature of business, low coverage ratios, low profit
margins and high competition in dealership business.  These
weaknesses are, however, partially offset by the dealership with
the market leader viz. Maruti Udyog Ltd. and positive PAT achieved
in FY09 (provisional results).

                        About Satyam Motors

Satyam Motors Pvt Limited was incorporated as a partnership firm,
M/s My Choice, on November 11, 2006 by five partners. Later,
partnership deed was amended on October 3, 2007 and the name of
the firm was changed to M/s Satyam Motors.  On September 23, 2008,
the partnership firm was converted into a private limited company
by the name of SMPL under the leadership of Shri Sudeep
Maheshwari.  The promoters of the company also run an engineering
institute Globus Engineering College in Bhopal. SMPL is one of the
authorized dealers for vehicles of Maruti Udyog Ltd. in Bhopal,
Madhya Pradesh.


SHIVA SPECIALITY: ICRA Assigns 'LB+' Rating on INR192MM Term Loan
-----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR192.0 million term loan and
INR140.0 million fund based facilities of Shiva Speciality Yarns
Limited.  ICRA has also assigned an A4 rating to INR100.0 million
non-fund based facilities of SSYL.

The assigned ratings factor in irregularity in the debt servicing
by the company, weak financial profile characterized by high
gearing and low operating profit margin.  SSYL is vulnerable to
intensely competitive spun yarn industry given the moderate scale
of operations and limited pricing power in a fragmented industry.
The ratings however favorably factor in the promoters active
involvement and significant experience in the spinning industry
and the group support in the form of centralized procurement of
raw materials and common marketing operations.

SSYL was incorporated in 2005 and is engaged in the manufacturing
of spun synthetic yarn with an average count of 20s.  The company
has a spinning mill in Barnala district of Punjab with an
installed capacity of 23,000 spindles.  SSYL is part of the Shiva
Group which is engaged in the manufacturing of spun yarn. SSYL,
earlier known as Punjab Cotspin Limited, was taken over by Mr.
Akhil Malhotra in November 2007.  Since then most of the machinery
has either been modernized or replaced by new machines and the
production has been completely shifted from cotton yarn to
synthetic yarn.


SHREE CHANCHAL: Low Net Worth Prompts CRISIL 'BB' Rating
--------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank facility
of Shree Chanchal Industries Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR250.00 Million Cash Credit Limit    BB/Stable (Assigned)

The rating reflects SCIPL's weak financial risk profile, marked by
low net worth, and high gearing. The rating also factors in
SCIPL's exposure to risks relating to low operating margins owing
to the conversion nature of its business, and presence in a price-
sensitive market segment. However, these weaknesses are partially
offset by the benefits that SCIPL derives from its established
presence in the stainless steel sheets segment, its promoters'
experience, and strong relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that SCIPL will maintain a stable business risk
profile, backed by its established presence in the stainless steel
sheets segment, its promoters' experience, and steady operating
profit margins. The outlook may be revised to 'Positive' if
SCIPL's financial risk profile improves, backed by increasing net
worth and reduced gearing; or to 'Negative' if SCIPL undertakes
large, debt-funded capital expenditure over the medium term,
leading to fixed debt repayment obligations.

                       About Shree Chanchal

Shree Chanchal Industries P Ltd, incorporated in 2000, is the
flagship company of Chopra group.  The company is in the business
of manufacturing Stainless steel sheets of 200 Series which is
mainly used for manufacturing kitchen utensils.  The Chopra group
has 6 units in Jodhpur for manufacturing stainless steel sheets
with an overall capacity of 42000 MT p.a.  The group shifted all
operations of manufacturing SS sheets in SCIPL in 2005. The other
5 units are engaged in carrying out job work for SCIPL.

For 2008-09, SCIPL reported a profit after tax (PAT) of INR1.99
million on net sales of 1881.9 million (refers to financial year,
April 1 to March 31), as against a PAT of INR5.4 million on net
sales of INR1670 million for 2007-08.


SREE NIVAS: Delay in Loan Repayment Cues CRISIL Junk Rating
-----------------------------------------------------------
CRISIL has assigned its rating of 'D' to the bank facility of Sree
Nivas Buildtech India Pvt Ltd..

   Facilities                          Ratings
   ----------                          -------
   INR70.00 Million Long Term Loan     D (Assigned)

The rating reflects delay by Sreenivas Buildtech in repayment of
term loan obligations owing to weak liquidity.

Set up in 2000 by Mr.R.Venugopal, Sreenivas Buildtech undertakes
real estate construction works.  The company has executed around
four real estate projects in Puducherry. Sreenivas Buildtech is
executing five new projects at Puducherry.

Sreenivas Buildtech reported a profit after tax (PAT) of INR22.3
million on net sales of INR203.3 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR10.6
million on net sales of INR224.9 million for 2007-08.


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


BUMI RESOURCES: Moody's Assigns 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 local currency
corporate family rating to PT Bumi Resources Tbk and a provisional
Ba3 senior secured rating to the proposed US$bond issued by Bumi
Capital Pte Ltd which is wholly owned and guaranteed by Bumi.  The
outlook for both ratings is stable.  This is the first time that
Moody's has assigned ratings to Bumi.

The bond proceeds will be primarily used to fund capital
expenditure and for general corporate purposes.  Moody's expects
to affirm the bond rating and remove it from provisional status
upon the closing of the proposed bond issue and review of the
final terms.

"The rating reflects Bumi's majority shareholdings in PT Kaltim
Prima Coal and PT Arutmin Indonesia, two of the world's lowest-
cost producers and largest exporters of coal.  Both Indonesian
based coal companies have long reserve lives and well established
operations with a track record of consistent production growth,"
says Laura Acres, a Moody's Vice President and Senior Credit
Officer.

"However, the rating also recognizes key challenges such as Bumi's
geographic concentration and single commodity focus, as well as
issues pertaining to the regulatory environment and emerging
market risks arising from operating in Indonesia (Ba2/stable),"
says Acres, also Moody's Lead Analyst for the company.  Adding,
"Moreover, Moody's also has concerns over the limited clarity
regarding long-term shareholder intentions and strategic direction
at the Bumi level.  Bumi's substantial expansion into metal ores
and oil and gas in other non-investment grade jurisdictions also
raise potential execution, political and expropriation risks.

Moody's also has concerns over the increase in debt levels at the
holding company level, given the structural separation from the
underlying coal assets which drive group cash flow.  This will
give rise to a high degree of refinancing risk at the Bumi level
in the medium-to-long term, notwithstanding the protections that
exist through the cash distribution account.  Furthermore, in
Moody's view the consolidated position does not reflect the full
economic reality of Bumi's credit profile given that only 70% of
KPC and Arutmin's cashflows (post opex, capex and taxes) accrue to
Bumi for debt service.

The stable outlook reflects Moody's expectation that Bumi will
deliver in line with its projected business model.

Upward pressure on the rating could arise should Bumi successfully
raise production at KPC and Arutmin such that cash distributions
to Bumi strengthen.  Financial metrics that Moody's would look for
include, adjusted consolidated debt/EBITDA falling below 2.0x on a
consistent basis and interest cover, as measured by adjusted EBIT/
interest (including all capitalized interest) rising above 4.0x.

In addition, Moody's would look for a consistent and stable
investment profile both at KPC and Arutmin as well as at the Bumi
levels, such that there is increased clarity with regard to
ownership and consistency of strategic direction across the
consolidated platform.

Downward pressure on the rating could arise should Bumi not grow
production capacity as planned or there is a material disruption
to its mining operations, or industry fundamentals deteriorate to
the extent that Bumi's financial metrics are not commensurate with
the current rating level.  Such trends could be evidenced in
adjusted debt/EBITDA increasing above 3.0x or adjusted interest
cover falling below 2.0x.  Moody's would also be concerned if Bumi
continued to raise debt to fund non-EBITDA accretive acquisitions/
investments which could pressure the holding company's debt
service metrics.

Other negative rating trends include: 1) event risk as a result of
the courts deciding against KPC or Arutmin on off-setting VAT
payments; and 2) any change in laws and regulations, particularly
on the mining concessions, that would affect the business.

Established in 1973 and listed on the Jakarta Stock Exchange in
1990, Bumi is, on a consolidated basis, Indonesia's largest
thermal coal producer and one of the top 3 largest thermal coal
exporters globally.  Bumi's principal assets are its 65% stake in
PT Kaltim Prima Coal and 70% stake in PT Arutmin, which in 2008
together accounted for approximately 27.5% of Indonesia's total
coal production.

Approximately 18.2% of Bumi's shares are held by Bakrie &
Brothers, which is controlled by members of the Bakrie family.  In
addition, further members of the Bakrie family own additional
shares in Bumi.


BUMI RESOURCES: S&P Assigns 'BB' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Indonesia-based coal mining company PT
Bumi Resources Tbk.  The outlook is stable.  Standard & Poor's
also assigned its 'BB' rating to the proposed issue of guaranteed
senior secured notes by Bumi Capital Pte., a wholly owned
subsidiary of Bumi.

Bumi is the largest producer and exporter of thermal coal in
Indonesia.  In 2008, Bumi produced over 25% of the country's total
coal.  The corporate credit rating on Bumi is one notch higher
than Indonesia's long-term foreign currency sovereign credit
rating (BB-/Positive), because of Bumi's historically high exports
(over 90%) primarily to highly-rated power plants in Asia and its
financial and operational resilience.

The ratings on the proposed notes reflect the irrevocable and
unconditional guarantee by Bumi.  The notes rank pari passu with
other debt which primarily comprises convertible bonds and a US$
1.9 billion loan from the China Investment Corp. The rating on the
notes is subject to finalization of documentation.  Proceeds from
the proposed notes will be used for general corporate purposes and
to bolster the company's financial flexibility.

The issue rating is the same as Bumi's issuer credit rating of
'BB', as Standard & Poor's believes that the purely operational
liabilities at Bumi's coal subsidiaries are unlikely to cause any
structural subordination at Bumi, because of the company's strong
mechanism to control cash flows.

The rating on Bumi reflects the company's exposure to regulatory
risks.  Bumi's coal mines are still exposed to Indonesia's
evolving regulatory framework relating to taxation, contract
mining and the environment.

"Although a "New Mining Law" has been passed in parliament, its
relevance and applicability to Bumi are still unclear.  The
company is also vulnerable to the general operating risks inherent
to the coal-mining industry.  In the past, Bumi's operations have
experienced disruptions due to various environmental factors such
as heavy rainfall and mud flow," said Standard & Poor's credit
analyst, Manuel Guerena.

The rating also incorporates high geographical single mineral risk
and heavy customer concentration with the three largest customers
accounting for about 36% of its sales in fiscal year ended
Dec. 31, 2008.  Bumi's operating and financial performance is very
susceptible to volatility in coal prices.

Bumi's sizable high quality coal reserves, favorable
infrastructure, high margins and exports mitigate some of its
weaknesses.

"The stable outlook reflects S&P's view that Bumi's steady cash
flow will be supported by the improving outlook for coal prices,
and the company's initiatives to improve its operating
efficiency," said Mr. Guerena.  The rating on Bumi could be
lowered if the company's credit measures deteriorate, including
debt to EBITDA consistently exceeding 3x, as a result of its
significant debt-funded expansion program or declining operating
performance.

The rating could be raised if Bumi maintains its favorable cost
profile along with a steady increase in production, and a
sustainable improvement in cash flow measures, accompanied by
greater clarity in, and the finalization of the Indonesian mining
laws.


INDOSAT TBK: Low Q3 Results Won't Affect Moody's 'Ba1' Rating
-------------------------------------------------------------
Moody's Investors Service notes that Indosat Tbk's third-quarter
2009 results were below Moody's expectations.

However, while the earnings announcement has no immediate impact
on Indosat's Ba1 rating and stable outlook, the results highlight
a negative trend in the company's performance relative to its
competitors.

"Although Indosat's results came in below Moody's expectations,
Moody's also acknowledge signs of stabilization in the company's
cellular business," says Ivan Palacios, a Moody's AVP/Analyst.

Cellular revenue posted growth on a quarter-on-quarter basis and
also registered its best quarter since Q4 2008.

"We recognize that Indosat's change in business strategy -- a
shift towards providing value-added services to higher-yield
subscribers, and away from a role as a low-cost and high-volume
provider -- is a long-term one", says Palacios.  "Therefore, the
success or failure of this strategic shift can only be evaluated
over a longer time frame."

"However, this change in strategy is impacting the company's near-
term performance, eroding the headroom under Moody's downward
rating triggers.  In particular, leverage worsened with debt-to-
EBITDA deteriorating to 2.8x on a trailing 12-month basis, up from
about 2.5x in Q2 2009," adds Palacios, also lead analyst for
Indosat.

Leverage rose as flat EBITDA generation was unable to offset the
increased cash outflow for capex during the year.

"In the event Indosat is unable to gain traction in its operating
performance and leverage metrics, such that leverage continues to
trend towards 3.0x, negative pressure may build on the current
stable outlook", says Palacios.

Indosat continued to churn subscribers in Q3 2009 -- now the third
consecutive quarter subject to the company's database cleanup --
while ARPU rose, the first time since Q2 2007.  The improvement in
ARPU did not translate into revenue growth year-over-year, as a
decline in the company's subscriber base of 21% from its all-time
high at end-2008, was more substantial.

Downward pressure on the local currency corporate family rating
could result from a deterioration in Indosat's credit metrics,
such that (FFO + interest expense)/interest expense drops below
3.5x and Debt/EBITDA increases above 3.0x on a sustained basis.

Upward pressure, although unlikely in the near term given the
recent performance, will primarily be driven by consistent
improvements in Indosat's underlying credit strength.  Specific
ratios that Moody's would consider include: (FFO + interest
expense)/interest expense remaining above 5.0x; Debt/EBITDA
remaining below 2.0x; and positive free cash flow on a consistent
basis.

The last rating action with respect to Indosat was taken on
September 16, 2009, when Moody's affirmed Indosat's Ba1 corporate
family rating, and upgraded Indosat's bond rating to Ba1 in line
with the upgrade of Indonesia's foreign currency ceiling to Ba1.

Indosat is a fully-integrated telecommunications network and
services provider in Indonesia.  The company is the second largest
cellular operator in the country, as well as its leading provider
of international call services.  It also provides multi-media,
data communications, and internet services.


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


ISUZU MOTORS: May Incur Up to JPY23 Billion H1 Operating Loss
-------------------------------------------------------------
Antara News reports that Isuzu Motors Ltd. likely suffered a group
operating loss of around JPY20 billion to JPY23 billion
(US$216.92-$249.45 million) in the April-September half, beating
an earlier prediction calling for JPY29 billion in red ink.

The news agency says sales are expected to slide around 50% on the
year to about JPY450 billion, missing a prior forecast for JPY480
billion.

Domestic commercial vehicle sales likely fell short of their
target, plunging 40% to roughly 17, 000 units, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 13, 2009, Kyodo News said Isuzu Motors reported a group net
loss of JPY26.86 billion for fiscal 2008 ended March 31, its first
such loss in six years.  The news agency said Isuzu Motors also
expected the group to remain in the red in the current business
year to next March with a net loss of JPY20 billion as business
environments would stay grim due to the continued deterioration of
the economic slump and the worsening of the global financial
crisis.

Headquartered in Tokyo, Japan, Isuzu Motors Limited --
http://www.isuzu.co.jp/-- is engaged in the manufacture and sale
of automobile, automobile parts, as well as industrial
engines.  The company carries products such as light commercial
vehicles (LCVs) and commercial vehicles, which include large-size
trucks and buses, small-size trucks and pickup trucks, among
others.  It also manufactures and sells engines and components.
Through its subsidiaries, the company is also engaged in the
provision of logistics services and other services.  The company
has offices in Japan, the United States, Mexico, Belgium, and
Thailand, among others.


JAPAN AIRLINES: Moody's Junks Long-Term Debt Ratings From 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. to
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.

JALI is fully owned by Japan Airlines Corporation (not rated by
Moody's).

The rating action reflects Moody's increasing concern that the
multiple challenges facing JAL -- including its leverage level,
inefficient service network and pension liabilities -- are such
that it appears increasingly unlikely they can be resolved without
a reduction of these material obligations, and even with expected
government support.

As such, Moody's believes that the risk of a debt restructuring,
such as debt forgiveness and/or a debt exchange, has increased
materially.

On October 29, 2009, JAL announced that the company had started
negotiations with Enterprise Turnaround Initiative Corporation of
Japan on restructuring.

In its review, Moody's will look at the expected new restructuring
plan and the potential level of debt forgiveness that may occur.

JALI's rating may be downgraded further, depending on the level of
loss incurred by lenders.  The review will also consider whether
bond holders may be treated differently -- such that they would
recover all of their principal -- as compared to bank lenders.

Moody's last rating action with respect to JALI was taken on
October 16, 2009, when its ratings were downgraded to B1.

Headquartered in Tokyo, Japan Airlines International Co., Ltd., is
the country's largest airline, and is fully owned by Japan
Airlines Corporation.


JAPAN POST: State Minister Seeks Board Members Resignation
----------------------------------------------------------
Japan's financial services minister will ask about half of Japan
Post Holdings Co.'s board members to resign as the government
seeks to overhaul the privatization process, The Japan Times
reports, citing Shizuka Kamei, the state minister in charge of
postal reform.

"I think four or five will resign," the report quoted Mr. Kamei as
saying at a news conference when asked about the fate of Japan
Post's nine board members after former Vice Finance Minister Jiro
Saito takes over from Yoshifumi Nishikawa as Japan Post president
on Wednesday.

According to the report, Mr. Kamei acknowledged he has asked for
the resignation of Japan Post Deputy President Shokichi Takagi.

Ushio Inc. Chairman Jiro Ushio, Itochu Corp. Chairman Uichiro Niwa
and The R Co. President Reiko Okutani, all of whom serve as
outside directors, have also been asked to step down, the report
says.

As reported in the Troubled Company Reporter-Asia Pacific on
October 22, 2009, Bloomberg News said Mr. Kamei ordered Mr.
Nishikawa and other executives to quit by October 31 after the
newly elected Democratic Party of Japan decided to submit a bill
to the Diet freezing asset sales and shelving any plans for an
initial public offering.  Bloomberg said Mr. Kamei plans to
appoint a new executive team last month.

Japan Post Holdings Co. offers postal and package delivery
services, banking services, and life insurance.  Japan Post
Holdings was formed in October 2007 to oversee the four operating
companies, which were created from a state agency known as Japan
Post.  The holding company structure was implemented as a step
toward the eventual privatization of the underlying businesses.

The government has formulated a policy of closing or selling all
the remaining accommodation facilities owned by Japan Post within
five years of the April 2007 start to the 10-year privatization
process.


SANYO ELECTRIC: Panasonic to Launch Tender Offer This Week
----------------------------------------------------------
Kyodo News reports that Panasonic Corp. will launch a tender offer
for Sanyo Electric Co. this week because the acquisition is all
but assured of clearing antitrust probes overseas.

Citing unnamed sources, Kyodo relates that although the buyout
plan is still being scrutinized by the U.S. government, approval
by Washington is almost certain.  China, the sources said, has
already given conditional approval as well, Kyodo notes.

According to the news agency, the sources said Panasonic will call
a board meeting Wednesday to decide on the timing of the offer,
which is expected to start Thursday.

The tender offer is likely to continue until early December, they
said, adding that Sanyo's major shareholders, including Goldman
Sachs, have decided to sell their stakes to Panasonic, Kyodo
relates.

Meanwhile, Kyodo News reports that the Chinese Commerce Ministry
on Friday said it has decided to conditionally approve Panasonic's
bid to take over Sanyo because Beijing has found no problem with
regard to its antimonopoly regulations.

Kyodo relates the ministry said it wants Panasonic to sell its
rechargeable hybrid car battery operations in Chigasaki, Kanagawa
Prefecture to a third part as one of its condition.

                             Peugeot Deal

Sanyo Electric Co. will supply nickel-metal hydride batteries for
PSA Peugeot Citroen Group's diesel-electric hybrid cars starting
in 2011, The China Post reports, citing Japanese business daily
Nikkei.

According to the Post, the business daily said Sanyo and Peugeot
Citroen have agreed that Sanyo will ship batteries for several
tens of thousands of cars per year.

The Nikkei, as cited by the Post, said the batteries will be used
in the Peugeot 3008 sports utility vehicle and the Citroen DS5
luxury car, models the group plans to roll out in 2011.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2008, Sanyo Electric Co.'s three major shareholders
agreed to sell their stakes in the company to Panasonic Corp.

Panasonic will buy 70% stake in Sanyo from Goldman Sachs Group
Inc., Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC Co.
for JPY131 (US$1.48) a share.  The deal values Sanyo at about
JPY800 billion (US$9.01 billion).

The Wall Street Journal reported on August 31 that Panasonic said
it is still awaiting approval from antitrust regulators in four
countries on its tender offer to acquire Sanyo Electric and will
report by late October on the progress of the deal.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

Sanyo Electric continues to carry Moody's Investors Service "Ba1"
long term bank deposits rating and "D" Bank Financial Strength
rating.  It also continues to carry Fitch Ratings "D" Individual
rating.


===============
M O N G O L I A
===============


MONGOLIA: Moody's Changes Outlook on 'B1' Rating to Stable
----------------------------------------------------------
Moody's Investors Service has changed its outlook on Mongolia's B1
government bond ratings as well as on its Ba2 and B2 foreign
currency bond and bank deposit ceilings to stable from negative.

"The rating action was supported by the government's policy
tightening which has contributed to a shoring-up of the country's
balance of payments, the containment of its burgeoning fiscal
deficit, and the elimination of nearly runaway inflation," says
Tom Byrne, a Moody's Senior Vice President.

These policy actions were essential to bringing stability to an
economy that has undergone a boom-bust cycle, and which is
characterized by weak fundamentals and insufficient institutional
strengths.

"Moreover, the parliament's ratification of the strategic
investment pact in October between the government and foreign
investors in the Oyu Tolgoi copper mining project and the likely
development of other strategic mining projects will bring very
sizable fiscal benefits and lead to a surge in foreign exchange
earnings.  But, the development of the mining sector will also
pose policy challenges in terms of maintaining macroeconomic
stability in the years ahead," says Mr. Byrne.

Mongolia's success in gaining support from the IMF in April and in
completing two program reviews -- the most recent on September 21
-- also holds promise for the placing of government finances on a
firmer footing for the rest of 2009 and into 2010.

Moreover, if the government is successful in passing into law its
draft fiscal responsibility act, then budgetary stability over the
long run would be enhanced, and the oscillations endemic to a
commodity-dependent economy would be dampened.  Such a development
would most likely improve Mongolia's long-term credit
fundamentals.

Looking ahead, Moody's believes that credit positive events over
the rating outlook horizon would include continued control over
inflation, stability in the exchange rate, and the maintenance of
an ample and prudent level of official foreign exchange reserves.

"The ability of the government to contain its budget deficit and
restore a favorable trend in its financial metrics would also be
viewed positively.  In addition, progress in government efforts to
shore up the financial sector with the help of multilateral
development banks, as well as improve the independence and
regulatory capabilities of the central bank, would be necessary
for an improvement in Mongolia's credit fundamentals," says Byrne.

On the other hand, a relapse into economic and financial sector
instability and a fraying of the policy framework would renew
negative ratings pressure.

Moody's had initially assigned Mongolia's B1 ratings in October
2005 and they have been unchanged since.  In effect, the ratings
have looked through the commodity price boom-and-bust cycle, which
occurred over the past several years.

The last rating action with respect to Mongolia was on June 10,
2009, when Moody's concluded a review for possible downgrade of
Mongolia's ratings by affirming the government's B1 rating, while
maintaining a negative outlook.


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


KUO HUA: Shareholder Calls FSC Takeover Illegal
-----------------------------------------------
The China Post reports that a key shareholder of Kuo Hua Life
Insurance Co. has criticized the Financial Supervisory Commission
(FSC) for taking over the firm in August without providing any
substantial reasons.

According to the report, Kuo Hua shareholder Wong Ta-ming said the
takeover of the firm by FSC was "inappropriate and illegal."

The report notes Mr. Wong said the company had been under more
stringent restrictions on investment activities.  But the firm was
still able to generate profits in two of the past three years.

The FSC caused Kuo Hua to suffer a financial loss in 2008 because
it forced the company to rid of overseas assets at loss, he said.

Mr. Wong, according to the Post, challenged the commission to take
judicial action and lock him up if it has any solid evidence to
support its allegations that he had diverted corporate funds.

A senior official at the SFC, however, said the government's
takeover of Kuo Hua Life was carried out in accordance with
regulations, the Post relates.

The Troubled Company Reporter-Asia Pacific reported on Aug. 6,
2009, that the Financial Supervisory Commission took over Kuo Hua
Life Insurance Co. due to its weak finances.

The Insurance Stabilization Fund took over the management and
business operations of Kuo Hua Life with the assistance from
Taiwan Insurance Institute (TII).  The commission said Kuo Hua has
failed several times to raise its capital as requested.

Kuo Hua's total assets amount to about NT$246 billion but had run
into a net deficit of NT$57.9 billion as of the end of June.

Kuo Hua's non-life insurance affiliate was already taken over by
the government earlier for financial woes.  In January, the FSC
asked the Taiwan Insurance Institute to take over the operation of
financially troubled Walsun Insurance Limited, a non-life insurer,
to help deal with its liabilities and assets and safeguard
customers' interests.

Kuo Hua Insurance Co. Ltd is a Taiwan-based life insurer.


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


FORD MOTOR: Asia Pacific Africa Posts US$27MM Q3 Pre-Tax Profit
---------------------------------------------------------------
Ford Motor Company on Tuesday said for the third quarter, Ford
Asia Pacific Africa reported a pre-tax operating profit of US$27
million, compared with a profit of US$4 million a year ago.  The
increase primarily reflects favorable net pricing, China joint
venture profits, and cost reductions, offset partially by
unfavorable exchange. Third quarter revenue was US$1.5 billion,
down from US$1.7 billion a year ago.

Ford said record growth in China continued as third quarter sales
jumped 63 percent.

During the quarter, Ford announced investment of US$500 million at
Ford India's Chennai assembly plant to build the new Ford Figo, a
small car targeted at the heart of the Indian market, debuting in
2010.  Ford also announced a new US$490 million assembly plant in
Chongqing, China, which will be completed by 2012, and will
produce the Ford Focus for the Chinese market.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                           *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


READER'S DIGEST: Names New Heads for Europe, Asia & Canada
----------------------------------------------------------
The Reader's Digest Association, Inc., named three of its most
accomplished executives to lead its international divisions, which
are responsible for the company's business in more than 70
countries.  The new appointees are Dawn M. Zier, President,
Europe; Andrea C. Martin, President, Asia Pacific; and Patricia
Hespanha, President, Canada-Latin America.  All three will serve
on the company's Executive Committee and report to Mary G. Berner,
RDA's President and Chief Executive Officer.

"I am pleased to announce the appointment of these highly
experienced and talented executives to lead our International
divisions," Ms. Berner said.  "With records of consistent
accomplishment and innovation within RDA, they have the proven
skills to help intensify our progress against the company's
transformational goals, most notably leveraging the digital
channel to drive revenues and profits."

Zier, currently serving as President of Global Consumer Marketing
and CEO, Direct Holdings, will succeed Michael Brennan as
President, Europe, the company's largest international division.
The appointment is effective November 2.  Brennan is completing a
two-year assignment in Europe and will be returning to the United
States to assume a new role as Senior Vice President, Corporate
Strategy, reporting to Berner.

Zier has a strong track record of delivering results in general
management and consumer marketing leadership roles, including
significantly growing the digital channel to bring in new
customers, supporting and driving growth of the U.S. affinity
businesses, and increasing retail sales in a down market.  Zier
was the driving force behind the recent launch of Taste of Home
Holiday, a new subscription-driven publication that quickly
reached a circulation of 500,000 through non-traditional channels
and also spearheaded the record-setting circulation launch
strategy for Every Day with Rachael Ray.  Other accomplishments
include the successful phase-out of direct mail sweepstakes at
U.S. Reader's Digest magazine as well as leading successful
turnaround and integration efforts across several RDA businesses.

In March 2007, Zier was appointed President, North American
Consumer Marketing, responsible for marketing North American
magazines and products, as well as managing market research,
database and Customer Care.  In 2008, she was promoted to
President, Global Consumer Marketing, where she added
international marketing to her responsibilities.  In June 2009,
she was also named President and CEO of Direct Holdings, which
markets the Time Life business under license.  Earlier, she served
as President, Reader's Digest Canada and U.S. Books and Home
Entertainment.

Martin, currently President of Canada and Latin America (CALA),
will become President of Asia Pacific, effective immediately.  She
succeeds Paul Heath, who will be leaving RDA after a brief
transition.  Martin has led businesses in Canada and
Latin America to strong results during her 26-year career with
RDA.  As President of CALA since 2007, she oversaw the launch of
Best Health, a multi-platform brand that serves a community of
women 35-55 through a website, magazine and other elements, the
launch of More of Our Canada (she earlier had launched Our
Canada), and Reader's Digest magazine in Chile.

Martin was promoted to Managing Director of Reader's Digest Canada
in 2004 and produced strong business results, growing all product
lines.  During her tenure, she transformed the business from an
off-line direct mail company to a multi-platform direct marketing
company that has built on-line communities around various brands.
She was named Vice President of Marketing in 2001 and played a
central role in positioning Reader's Digest Canada as one of the
country's largest and most successful publishers and direct
marketers.  Earlier, she was Marketing Director of Books & Home
Entertainment, Marketing Manager of Home Entertainment, and
Product Manager for Video.  She joined the company in 1983.

Hespanha for the past year has been Managing Director, Mexico.
She will succeed Martin as President of CALA, effective
immediately, and will retain her responsibilities as Managing
Director, Mexico.  Hespanha, who has been with the company for 13
years, has strengthened the Mexico business through growth
initiatives, including the relaunch of Selecciones (the Spanish-
language Reader's Digest), and by restructuring the business and
bringing in new management.  Previously, as Managing Director in
Brazil, Hespanha led that company to significant growth, turning
around the business by implementing a direct-debit system,
introducing new product lines and revenue sources, instilling a
culture of cost reduction, and maintaining a focus on Customer
Care.  Under her leadership, RD Brazil grew across all platforms -
- magazines, books, music, video, advertising, marketing services,
retail sales and Web -- and was a digital pioneer in RDA with
early successful Web offerings.

Previously, Hespanha served as Magazine Circulation Director for
RD Europe and spent three years in London working with RDA's
European businesses to improve circulation performance.  During
this time, she played a key role in testing a new, customer-
supplied content model that led to the creation of Our Canada
magazine in Canada and similar "Our Country" magazines.  She
joined the company in 1996.

               About The Reader's Digest Association

RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world.  The
company builds multi-platform communities based on branded
content.  With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries.  It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year.  Its global headquarters are in Pleasantville, N.Y.

Reader's Digest said that as of June 30, 2009, it had total assets
of US$2.2 billion against total debts of US$3.4 billion.

Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP has been engaged as general restructuring
counsel.  Mallet-Prevost, Colt & Mosle LLP has been tapped as
conflicts counsel.  Ernst & Young LLP is auditor.  Miller Buckfire
& Co, LLC, is financial advisor.  AlixPartners, LLC, is
restructuring consultant.  Kurtzman Carson Consultants is notice
and claims agent.

The Official Committee of Unsecured Creditors is tapping BDO
Seidman, LLP, as financial advisor, Trenwith Securities, LLP, as
investment banker and Otterbourg, Steindler, Houston & Rosen,
P.C., as counsel.

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


* BOND PRICING: For the Week October 26 to October 30, 2009
-----------------------------------------------------------

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


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


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


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


  INDONESIA
  ---------

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


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

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


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


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


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


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


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


                         *********

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

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

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


                            *********


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

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

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

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

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





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