TCRAP_Public/091110.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 10, 2009, Vol. 12, No. 222

                            Headlines

A U S T R A L I A

ABC LEARNING: Milken Withdraws Bid for 705 ABC Centers
CEDENCO FOODS: Placed in Receivership; KordaMentha Appointed
CMC CAIRNS: Creditor Complains on Directors' Building Activity
GRIFFIN COAL: S&P Affirms Corporate Credit Rating at 'B-'


C H I N A

AES CORP: Sells US$1.58 Billion in Stock to China's CIC
CHINA MINSHENG: To Raise Up to US$4.07-Bil. in Hong Kong Sale


H O N G  K O N G

CARRER CABLES: Members' and Creditors Meeting Set for Dec. 12
CHINA HK PETROCHEMICAL: Members' Final Meeting Set for Dec. 14
CHINA NAM: Creditors' Proofs of Debt Due December 7
CHRISTIAN GRACE: Lau Wai Ming Appointed as Liquidator
CITIWIN MANAGEMENT: Richard Scott Myers Appointed as Liquidator

DRAGON WISE: Members' Final Meeting Set for December 11
ERAMET CHINA: Creditors' Proofs of Debt Due December 6
EXPANDING HONG KONG: Members' Final Meeting Set for December 7
FU JI FOOD: Convertible Bonds Slump After Liquidator Appointed
LEHMAN BROTHERS: HKMA October 23 Report on Progress of Probe


I N D I A

AIR INDIA: Pilots to Stage Strike on November 24
FINE JEWELLERY: CRISIL Assigns 'B+' Ratings on Various Bank Debts
HEMKUND DUPLEX: Weak Liquidity Cues CRISIL to Assign 'C' Ratings
KINGFISHER AIRLINES: To Raise Up to US$600 Mil. to Reduce Debts
LANCO HYDRO: CRISIL Rates INR4.16 Bln Long-Term Loan at 'BB+'

LION HOLDINGS: CRISIL Cuts Ratings on Various Bank Debts to 'BB'
LULU INTERNATIONAL: CRISIL Puts 'B' Rating on INR7.5BB Term Loan
MUSADDILAL JEWELLERS: CRISIL Rates INR100MM Cash Credit at 'B+'
MYSORE INTERCONTINENTAL: CRISIL Rates INR300MM LT Loan at 'BB'
P.V. SPINNING: Delay in Loan Payment Prompts CRISIL Junk Ratings

RAVIKUMAR DISTILLERIES: CRISIL Reaffirms 'BB-' Ratings on Debts
RAMAIAH FOUNDATION: Loan Default Cues CRISIL to Assign 'D' Rating
SASA MUSA: CRISIL Upgrades Rating on Rs.10.0 Mln Term Loan to 'B'
T. ABDUL WAHID: CRISIL Assigns 'P4' Ratings on Various Bank Debts
VENKATRAMA POULTRIES: CRISIL Reaffirms Ratings on INR400MM Loan


I N D O N E S I A

ARPENI PRATAMA: Fitch Downgrades Issuer Default Rating to 'B-'
INDO INTEGRATED: Moody's Assigns 'B2' Rating on Senior Notes


J A P A N

CSC SERIES: S&P Downgrades Ratings on Various Yen Bonds
JAPAN AIRLINES: Gov't. May Release JAL Rescue Package This week
JAPAN AIRLINES: Financing Aid Won't Be Decided This Year
SIGNUM VANGUARD: S&P Downgrades Ratings on 2006-07 Notes to 'CC'


K O R E A

KOREA DEVELOPMENT: Moody's Affirms 'D' Bank Strength Rating
KUMHO ASIANA: Deadline for Final Bid for Daewoo Eng'g. Extended
SSANGYONG MOTOR: Creditors Reject Turnaround Plan


M A L A Y S I A

OCI BERHAD: Sells Industrial Property for MYR12.0 Million
TIME ENGINEERING: Regularizes Financial Condition; Out of PN17


N E W  Z E A L A N D

RELISH GROUP: Debts Force Owners to Wind Up Five Companies


P H I L I P P I N E S

* POEA Orders Closure of 7 Recruitment Firms, Suspends 5 Others


X X X X X X X X

* BOND PRICING: For the Week November 2 to November 6, 2009


                         - - - - -


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A U S T R A L I A
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ABC LEARNING: Milken Withdraws Bid for 705 ABC Centers
------------------------------------------------------
Bloomberg News, citing The Australian newspaper, reports that US
billionaire Michael Milken has withdrawn from bidding for ABC
Learning Centres Ltd.

According to the report, the Australian said the Milken-chaired
Singapore-based Knowledge Universe group has withdrawn ahead of a
campaign by unions and rival childcare operators demanding the
government keep ABC Learning's 705 centers out of corporate
control.

Bloomberg relates the paper said receiver McGrathNicol & Partners
is now in talks with private equity firm Archer Capital and a
group of five charities led by Mission Australia.  McGrathNicol is
seeking to sell ABC Learning's centers by Christmas, it said.

As reported in the Troubled Company Reporter-Asia Pacific on
October 28, 2009, The Daily Telegraph said that Mr. Milken,
through his global education company Knowledge Universe, submitted
a $100 million bid for 705 ABC Learning childcare centres.

Mr. Milken, a US junk bond king who spent two years in prison for
corporate crimes, was among six bidders for ABC, the Telegraph
said.

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

                           *     *     *

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

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


CEDENCO FOODS: Placed in Receivership; KordaMentha Appointed
------------------------------------------------------------
ANZ Banking Group has placed Cedenco Foods Australia in
receivership, The Sydney Morning Herald reports.

Craig Shepard and Mark Korda of KordaMentha have been appointed
receivers and managers of Cedenco Australia and its related
trading entities, the Herald says.

The move came after ANZ Banking Group NZ subsidiary, ANZ National
Bank, called in receivers into Cedenco Foods.

"Following a breakdown in governance and ownership issues in the
related New Zealand entity, the secured creditor has appointed
receivers across the Cedenco group," the report quoted Mr. Shepard
as saying.  "The receivership will preserve the business and allow
it to continue to trade on a business as usual basis."

According to the report, the receivers said Cedenco's processing
facility in Echuca, on the Murray River in Victoria, will continue
to trade as usual and would be offered for sale as a going
concern.

ANZ Banking Group, had also appointed receivers into SK Foods
Australia Pty, Cedenco JV Australia Pty, and SS Farms Australia
Pty in Northern Victoria, Australia.

Cedenco Foods -- http://www.cedenco.co.nz--is a leading
New Zealand and Australian based food ingredient processing and
marketing company.  It produces and exports vegetable and fruit
powders, aseptic paste, purees and dice, frozen purees, and UHT
vegetable purees individually Quick Frozen (IQF) products to
customers globally.


CMC CAIRNS: Creditor Complains on Directors' Building Activity
--------------------------------------------------------------
The Cairns Post reports that the directors of CMC Cairns Pty Ltd
are continuing to finish building developments through other
company names, despite owing about AU$100 million.

The Post relates that Peter Watson and Wolf Odenthal, who are
reportedly still working out of their old CMC offices, are
believed to be completing as many as six buildings around Cairns
owned by their string of listed companies, all of which have "IT"
at the start of the name.

It has infuriated unsecured creditors who are owed about $18
million who claim the developers may end up profiting from unit
sales because they have skipped paying millions in building costs,
according to the Post.

According to the Post, liquidator David Stimpson, from SV
Partners, said it was not illegal for the directors to continue
with other developments and said he was liquidator of just two of
about 80 companies related to the directors.

Udo Bergmann, who is owed more than $130,000 for plumbing jobs,
said tougher laws should be introduced and has complained to the
Building Services Authority, the Cairns Post relates.

CMC Cairns Pty Ltd is a Queensland-based construction company.
The company went into voluntary administration in May, owing
between AU$17 million and AU$18 million to 400 creditors.  It also
owed nearly AU$98 million to its financiers.

The company was placed in liquidation two weeks ago after the
directors failed to sign a deed of company arrangement, according
to ABC News.


GRIFFIN COAL: S&P Affirms Corporate Credit Rating at 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed and
withdrawn its 'B-/Negative/--' corporate credit rating on The
Griffin Coal Mining Company Pty Ltd. and its 'B-' rating on
Griffin's US$475 million 9.5% 144A notes maturing December 2016.

The withdrawal of the ratings, despite the outstanding
US$475 million notes, reflects:

* A written request from the company to withdraw the ratings;

* The lack of sufficient publicly available information on the
  privately owned Griffin and associated companies; and

* Standard & Poor's access to financial information on Griffin was
  available only via a secure website to which S&P no longer have
  access.

For these reasons, Standard & Poor's is unable to maintain a
rating on the company.

The 'B-' rating on Griffin, prior to its withdrawal, reflected the
West Australian-based company's weak liquidity, limited financial
disclosure due to its private-company status, limited mine and
geographic diversity,  ongoing capital-expenditure requirements,
changing customer mix, and reliance on growth plans of key
industrial customers.  These weaknesses were partly mitigated by
the company's low-cost coal mining operations, strong market share
and contracted relationships with key industrial customers,
favorable proximity of mines to customers, long reserve life, and
successful commissioning of the Bluewaters 1 Power Station.
Privately owned by the Stowe family, Griffin is one of only two
coal mining companies in the state of Western Australia
(AAA/Stable/A-1+).


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AES CORP: Sells US$1.58 Billion in Stock to China's CIC
-------------------------------------------------------
The AES Corporation on November 6 announced a binding stock
purchase agreement with a wholly owned investment subsidiary of
China Investment Corporation to raise $1.58 billion of new equity
to fund growth opportunities and extend its global leadership in
the power sector.

At close, CIC will acquire 125.5 million shares of AES stock for
$12.60 per share for an approximate 15% stake in the company.  AES
also announced the signing of a letter of intent with CIC to raise
an additional $571 million of equity for an approximate 35%
interest in its wind generation business.

The stock purchase agreement is subject to completion of
regulatory reviews and receipt of applicable approvals, including
the Committee on Foreign Investment in the United States (CFIUS)
and the antitrust review under Hart-Scott-Rodino Act.  Approvals
are expected to be completed during the first half of 2010.  The
letter of intent is concerning CIC's investment in AES Wind
Generation. The final execution of the terms in the letter of
intent would be subject to additional due diligence, completion of
final documentation and regulatory approval.

Dow Jones Newswires reports that Paul Hanrahan, President and
Chief Executive Officer of AES Corp., said that the company's deal
to sell US$1.58 billion in stock to China's sovereign-wealth fund
will strengthen its ties to the Asian market.

According to Dow Jones, Mr. Paul Hanrahan described Asia as the
future of the global power industry, while adding the infusion of
new capital will unlock the value of AES's development pipeline
and provide money for possible merger and acquisition
opportunities.  He said he doesn't see national security concerns
holding up the deal, which will face review from the U.S.
Committee on Foreign Investment.

Dow Jones notes Mr. Hanrahan said under the agreement AES won't
issue additional equity for 12 months.

                        About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
global power company.  During the year ended December 31, 2008,
the Company owned a portfolio of electricity generation and
distribution businesses on five continents in 29 countries, with
generation capacity totaling approximately 43,000 megawatts (MW)
and distribution networks serving over 11 million people.  In
addition, AES have more than 3,000 MW under construction in 10
countries.  The Company operates in two lines of business:
generation and utilities. In the generation business, the Company
owns and/or operates power plants to generate and sell power to
wholesale customers such as utilities and other intermediaries. In
the utilities business, the Company owns and/or operates utilities
to distribute, transmit and sell electricity to the customers in
the residential, commercial, industrial and governmental sectors
in a defined service area.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.


CHINA MINSHENG: To Raise Up to US$4.07-Bil. in Hong Kong Sale
-------------------------------------------------------------
Bloomberg News reports that China Minsheng Banking Corp. plans to
raise as much as HK$31.54 billion (US$4.07 billion) in Hong Kong's
biggest public sale of shares since April 2007.

Citing two people familiar with the bank's plan, Bloomberg
discloses that Minsheng will sell 3.32 billion new shares, or a
15% stake, at HK$8.50 to HK$9.50 each.  Minsheng may increase the
number of shares on offer by 15% to meet demand, they said.

According to Bloomberg, China Minsheng Chairman Dong Wenbiao is
seeking to plug a shortfall in the bank's capital adequacy ratio,
which fell to the second-lowest among the nation's 14 listed
lenders in the second quarter and threatens to stunt profit
growth.  The planned sale, shelved four years ago because of
market conditions, comes as the Hang Seng Finance Index rose 58%
this year, the report notes.

"Proceeds from placement will provide the bank with new expansion
opportunities," Bloomberg cited Grace Li, a Shanghai-based analyst
at Shenyin & Wanguo Securities Co., in an Oct. 29 report.  Mr. Li
estimates Minsheng's profit to increase 43% in 2009.

Minsheng, founded by 59 private investors including pig- feed
tycoon Liu Yonghao, aims to increase profit by at least 40% this
year to CNY11 billion (US$1.6 billion) after growth slowed to 25%
in 2008, according to Bloomberg.

                       About China Minsheng

Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.

                           *     *     *

China Minsheng Banking Corporation Ltd continues to carry Fitch
Ratings' individual rating of "D" and support rating at "3".


================
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CARRER CABLES: Members' and Creditors Meeting Set for Dec. 12
-------------------------------------------------------------
Members and creditors of Carrer Cables & Connectors Limited will
hold their annual meetings on December 12, 2009, at 11:00 a.m.,
and 12:00 a.m., respectively at the Room 1103, Hang Seng Monkok
Building, 677 Nathan Road, Mongkok, Kowloon.

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


CHINA HK PETROCHEMICAL: Members' Final Meeting Set for Dec. 14
--------------------------------------------------------------
Members of China Hong Kong Petrochemical Logistics Technology
Association Limited will hold their final meeting on December 14,
2009, at 7:00 p.m., at the 6/F, On Lok Yuen Building, 25 Des Voeux
Road Central, Hong Kong.

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


CHINA NAM: Creditors' Proofs of Debt Due December 7
---------------------------------------------------
China Nam Hoi Trading Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by December 7, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Zhong Baoguo
         Wing On House, Room 403, 4/F
         71 Des Voeux Road
         Central, Hong Kong


CHRISTIAN GRACE: Lau Wai Ming Appointed as Liquidator
-----------------------------------------------------
Terence Ho Yue Wan and Henry Fung on October 30, 2009, were
appointed as liquidator of Christian Grace Association for the
Elderly Limited.

The liquidator may be reached at:

         Lau Wai Ming
         Hang Seng Wanchai Building, Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong



CITIWIN MANAGEMENT: Richard Scott Myers Appointed as Liquidator
---------------------------------------------------------------
Richard Scott Myers on October 27, 2009, was appointed as
liquidator of Citiwin Management Limited.

The liquidator may be reached at:

         Richard Scott Myers
         Tai Yau Building, 22/F
         181 Johnston Road
         Wanchai, Hong Kong


DRAGON WISE: Members' Final Meeting Set for December 11
-------------------------------------------------------
Members of Dragon Wise Trading Limited will hold their final
meeting on December 11, 2009, at 11:00 a.m., at the Flat 6, 16/F,
Wah Luen Industrial Centre, 15-21 Wong Chuk Yeung Street, Shatin,
New Territories.

At the meeting, Cheung Chui Ping Chaplin, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


ERAMET CHINA: Creditors' Proofs of Debt Due December 6
------------------------------------------------------
Eramet China Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by December 6,
2009, to be included in the company's dividend distribution.

The company's liquidator is Yu Shing Ko.


EXPANDING HONG KONG: Members' Final Meeting Set for December 7
--------------------------------------------------------------
Members of Expanding Hong Kong Limited will hold their final
meeting on December 7, 2009, at 9:30 a.m., at the Rooms 1901-2,
Park-In Commercial Centre, 56 Dundas Street, in Kowloon.

At the meeting, Alexander Lee Kwook On, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FU JI FOOD: Convertible Bonds Slump After Liquidator Appointed
--------------------------------------------------------------
Fu Ji Food & Catering Services Holdings Ltd.'s convertible bonds
have slumped in value after the company went into provisional
liquidation last month, Bloomberg News reports, citing the South
China Morning Post.

Bloomberg relates the SCMP said Fu Ji's convertible bonds were
offered for sale at six cents on the dollar while potential buyers
were offering four cents in the secondary market on November 5.
According to Bloomberg, the English-language daily said that
HK$2.2 billion of the securities is outstanding.

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

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

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


LEHMAN BROTHERS: HKMA October 23 Report on Progress of Probe
------------------------------------------------------------
The Hong Kong Monetary Authority announced that there are
currently 610 Lehman-Brothers-related non-minibond cases under
disciplinary consideration.  These are cases which have gone
through detailed investigation by the HKMA.

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

The HKMA has, up to 22 October 2009, received 21,729 complaints
concerning Lehman-Brothers-related products, of which 7,767 relate
to non-minibond products.  Of the Lehman-Brothers-related non-
minibond complaints, 7,720 cases have gone through the preliminary
assessment process and, as a result, the HKMA is currently
investigating 3,177 cases and seeking further information on 1,625
cases.  A total of 2,308 Lehman-Brothers-related non-minibond
complaints have been closed as there was not sufficient prima
facie evidence found after the preliminary assessment process or
no sufficient grounds and evidence found after detailed
investigations.  Of the minibond complaints, 12,898 cases are
eligible for the Lehman-Brothers Minibonds Repurchase Scheme or
the voluntary offer made by the distributing banks to customers
with whom they had reached settlements before the Scheme was
introduced.  One thousand and three minibond complaints involving
customers who are not eligible for, or have indicated that they do
not accept, the repurchase offer under the Scheme or whose cases
require clarification from the banks will continue to be handled
by the HKMA if the complaints cannot be resolved by the enhanced
complaint handling system introduced by the distributing banks as
agreed by the regulators.

Since 7 August 2009, 16 minibond distributing banks have begun the
issue of repurchase offer letters to eligible customers (about
25,000 customers) under the Scheme.  Up to 21 October 2009, 24,329
customers have responded to the repurchase offers, of whom 24,102
customers or 99.1% have accepted the offers.  As of 15 October
2009, for customers who had accepted the offer, 99% of them
already received payment from the banks concerned, while
the remaining payments will be settled soon (in any case no later
than 30 days after having received the duly completed acceptance
forms from these customers).  Separately, about 4,800 customers
who had reached settlements with the banks prior to the
introduction of the Scheme are eligible to the voluntary offer
made by the banks, with a view to bringing them in line with the
eligible customers who accept the repurchase offer under the
Scheme.  For customers whose previous settlement amount was less
than 60% (for customers aged below 65) or 70% (for customers aged
65 or above) of the principal invested, 97% of them already
received top-up payments from the banks concerned as of 15
October 2009.

"The repurchase offer has begun to expire since 6 October
2009.  Customers who are still eligible to the offer should
consider carefully the terms of the offer and his or her personal
circumstances before deciding whether to accept the offer from
the distributing banks," added the HKMA spokesperson.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


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AIR INDIA: Pilots to Stage Strike on November 24
------------------------------------------------
The Indian Commercial Pilots' Association at state-owned airline
Air India said it will conduct a strike beginning November 24, a
report posted at livemint.com says.

The decision comes after a Monday meeting with the Central Labour
Commissioner and Air India management was inconclusive, the report
says.

"The talks were inconclusive.  The Central Labour Commissioner has
called for another meeting on November 20 but we are going ahead
with our strike decision and we will serve a strike notice
tomorrow [November 10] in two week advance," ICPA general
secretary R. S. Otaal told Mint on the telephone.  ICPA currently
has at least 800 members.

The Air India Board at its meeting held in Mumbai on Sept. 24
accepted the recommendation of the Committee headed by Mr. Anup
Srivastava, Director-Personnel, to review Productivity Linked
Incentive paid to employees.

The cut, applicable to all officers, including top management
personnel, in various management disciplines, will range from 25%
for those getting PLI of INR10,000 or less per month and 50% for
those receiving PLI or flying related allowances of INR2.00 lakhs
or more per month.  The cut for those receiving PLI of INR10,001
to INR25,000; INR25,001 to INR50,000; and INR50,001 to INR2.00
lakhs will be 35%, 40% and 45%, respectively.

The cut will be effective from PLI payable in August 2009 onwards.
The number of employees covered by the decision will be over
7,000.

                   Abolish PLI of Top Executives

The Press Trust of India, citing unnamed sources, reports that the
Air India management is mulling abolishing productivity-linked
incentives of top executives as a part of cost-saving plan.

"There is a proposal to abolish productivity-linked incentives of
the functional and executive directors altogether," a NACIL source
was quoted by PTI as saying.

According to PTI, sources said the proposal is likely to be
discussed in the Air India Board meeting to be held in Chennai on
Wednesday, November 11.

The National Aviation Company of India Ltd (NACIL) currently has
six functional directors and over 40 executive directors, PTI
discloses.

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

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

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

                         About Air India

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


FINE JEWELLERY: CRISIL Assigns 'B+' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Negative/P4' ratings to the bank
facilities of Fine Jewellery (India) Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR254.0 Million Cash Credit           B+/Negative (Assigned)
   INR40.0 Million Working Capital        B+/Negative (Assigned)
                    Demand Loan
   INR20.0 Million Packing Credit         B+/Negative (Assigned)
   INR15.0 Million Proposed Long          B+/Negative (Assigned)
         Term Bank Loan Facility
   INR20.0 Million Post Shipment Credit   P4 (Assigned)
   INR49.5 Million Bank Guarantee         P4 (Assigned)
   INR20.0 Million Letter of Credit       P4 (Assigned)

The ratings reflect FJIL's moderate financial risk profile, and
its exposure to risks related to intensifying competition from
established brands.  The impact of these weaknesses is mitigated
by the benefits that FJIL derives from its established market
presence and experienced management.

For arriving at its ratings, CRISIL has combined the financials of
FJIL and FJIL's wholly owned US-based subsidiary FJIL Inc.

Outlook: Negative

CRISIL believes that FJIL's credit risk profile will continue to
be influenced by the risk of invocation of the corporate guarantee
extended to group company, Fine Jewellery Manufacturing Ltd; the
group company is currently facing liquidity pressures. The ratings
may be downgraded in case of deterioration of FJIL's or FJML's
financial risk profile, or invocation of the corporate guarantee.
Conversely, the outlook may be revised to 'Stable' in case of
significant improvement in the financial risk profiles of FJIL and
FJML.

                       About Fine Jewellery

Fine Jewellery (India) Ltd, promoted by Mr. Premkumar Kothari in
1987, manufactures diamond-studded gold and platinum jewellery.
The company caters primarily to the domestic market and owns a
brand, Nirvana. FJIL has two manufacturing units in Mumbai.

FJIL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR825.1 million for 2008-09 (refers to financial year,
April 1 to March 31). In 2007-08, it had reported a PAT of
INR4.8 million on net sales of INR779.7 million.


HEMKUND DUPLEX: Weak Liquidity Cues CRISIL to Assign 'C' Ratings
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hemkund Duplex & Boards
Pvt Ltd continue to reflect HDBPL's weak liquidity because of its
high raw material inventory; the problem has been aggravated by
the loss of stock worth INR73 million in a fire at the company's
godown in May 2009.  The ratings also reflect HDBPL's weak debt
protection measures, limited financial flexibility, and small
scale of operations.  The impact of these weaknesses is mitigated
by the healthy growth prospects for the packaging materials and
duplex boards industry, and HDBPL's improving operating
efficiency.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         C (Assigned)
   (Enhanced from INR35.0 Million)

   INR35.0 Million Working Capital     C (Assigned)

   INR33.4 Million Long Term Loan      C (Reaffirmed)

   INR1.6 Million Proposed Long Term   C (Reaffirmed)
           Bank Loan Facility

   INR1.0 Million Bank Guarantee       P4 (Reaffirmed)

Hemkund Duplex & Boards Pvt Ltd was incorporated in 2002 for
acquiring the assets of Mansarover Paper and Industries Ltd, a
manufacturer of coated duplex boards that began incurring losses
in 1997 and turned sick thereafter.  HDBPL is entirely owned by
the Chadha group.  Its plant at Najibabad has capacity to produce
50 tonnes per day of duplex boards.  HDBPL reported a profit after
tax (PAT) of INR4.5 million on net sales of INR212 million in
2008-09 (refers to financial year, April 1 to March 31), against a
PAT of INR1.3 million on net sales of INR177 million in the
previous year.


KINGFISHER AIRLINES: To Raise Up to US$600 Mil. to Reduce Debts
---------------------------------------------------------------
Kingfisher Airlines plans to raise up to US$600 million through a
mix of private equity placements, rights issues and global
depository receipts, according to The Telegraph.

Kingfisher Airlines chairman Vijay Mallya told reporters at the
World Economic Forum that "Negotiations are at an advanced stage
with private equity investors.  Current discussions are for US$400
million."

According to the report, Mallya said the company has received
shareholders' approval to raise US$100 million through a rights
issue and another US$100 million through global depository
receipts.  The floats will be completed by the end of the fiscal,
he said.

"I have confirmed that we are raising money.  I will certainly use
a large part of that to reduce debt," The Telegraph quoted
Mr. Mallya as saying.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


LANCO HYDRO: CRISIL Rates INR4.16 Bln Long-Term Loan at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the long-term loan
of Lanco Hydro Energies Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR4.16 Billion Long-Term Loan      BB+/Stable (Assigned)

The rating reflects LHEPL's exposure to risks related to project
implementation and hydrology.  The rating also factors in the
company's weak financial risk profile.  The impact of these
weaknesses is mitigated by the support LHEPL receives from its
parent Lanco Infratech Ltd (LITL).

Outlook: Stable

CRISIL believes that Lanco Hydro Energies Pvt Ltd (LHEPL) faces
significant project completion challenges. The outlook may be
revised to 'Positive' if the company manages to implement the
project ahead of schedule and well within the estimated cost.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overruns on the project.

Lanco Hydro Energies Pvt Ltd. was incorporated in 2006 for the
implementation of two run-of-the-river hydroelectric projects of
76 megawatts (MW) each, on the River Mandakini in the Rudraprayag
district of Uttarakhand.  Currently, the company is implementing
the Phata Byung Hydro Electric Power Project.  The plant is
expected to start operations in 2012-13 (refers to financial year,
April 1 to March 31).  The other project, Rambara Hydro Electric
Power Project, will be undertaken on receipt of all statutory
clearances and approvals.  The projects were allotted to the Lanco
group by the Government of Uttarakhand in February 2006.  LHEPL
has entered into a 25-year power purchase agreement with Lanco
Electric Utility Ltd for complete off-take of the power it
generates.


LION HOLDINGS: CRISIL Cuts Ratings on Various Bank Debts to 'BB'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Lion
Holdings Pvt Ltd to 'BB/P4+' from 'BBB-/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR72.4 Million Cash Credit^      BB/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR92.1 Million Term Loan         BB/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR10.5 Million Standby Line      BB/Negative (Downgraded from
                      of Credit                   'BBB-/Negative')

   INR5.0 Million Bank Guarantee     P4+ (Downgraded from 'P3')

   ^ Including proposed limit of INR2.4 Million

The rating outlook on the long-term facilities remains 'Negative'.
The downgrade reflects LHPL's inefficient financial management and
weak liquidity as reflected in its low current ratio of 0.97 times
as on March 31, 2009, consistently high gross current assets of
around 200 days during the past three years, and high bank limit
utilization of 96 per cent on an average during the six months
through September 2009.

LHPL has large working capital requirements because of its high
inventory of raw materials, coupled with the long credit period
extended to export customers.  Furthermore, the company's
liquidity was under stress in the early part of 2009-10 (refers to
financial year, April 1 to March 31) because of reduced sales
following slowdown in the consumer goods industry. Although LHPL's
expected cash accruals of INR35 to 40 million in 2009-10 seem
adequate for meeting its debt obligations for the year, CRISIL
believes that utilization of funds to meet the LHPL's ongoing
capital expenditure (capex) could worsen LHPL's liquidity.

CRISIL's ratings continue to reflect LHPL's exposure to risks
relating to working capital intensive nature of its operations.
The impact of these rating weaknesses is mitigated by the
company's established presence in the specialty valves industry
and average financial risk profile.

For arriving at its ratings, CRISIL has combined the credit risk
profiles of LHPL and LHPL's wholly owned subsidiary Lion Care
Products Pvt Ltd.

Outlook: Negative

CRISIL believes that LHPL's liquidity will remain weak over the
medium term because of the company's increasing working capital
requirements and inadequate liquidity buffers.  The ratings could
be downgraded if there are cash flow mismatches on a month-on-
month basis; the mismatches could be caused by delays in
commissioning of the company's new unit and continued pressure on
its liquidity.  Conversely, the outlook may be revised to 'Stable'
if LHPL stabilizes the operations at its new packaging division on
schedule and scales up operations, while sustaining its operating
profitability.

                        About Lion Holdings

Incorporated in 1991, Lion Holdings Pvt Ltd operates two lines of
businesses: specialty valves (SV) and packaging.  The SV division
manufactures dispensers and sprayers used in homecare and
healthcare products, while the packaging division manufactures
injection-molded plastic products.  The company has manufacturing
facilities in Greater Noida and Baddi.  LHPL has a technical tie-
up with Mead Westvaco Calmar Inc, USA.

LHPL reported a consolidated profit after tax (PAT) of INR23.1
million on net sales of INR259.6 million for 2008-09, against a
PAT of INR19.2 million on net sales of INR204.0 million for
2007-08.


LULU INTERNATIONAL: CRISIL Puts 'B' Rating on INR7.5BB Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to INR7.5 billion term
loan of Lulu International Shopping Mall Pvt Ltd.

The rating reflects LISMPL's exposure to project implementation
risks because of its aggressive development plan and to moderate
demand risks emanating from the project's large leasable mall area
of 0.625 million square feet (sq ft).  The rating also factors in
the company's weak financial risk profile marked by the absence of
operating cash flows, as the project is in its initial stages of
development.  The impact of these weaknesses is mitigated by the
operational and financial support LISMPL receives from the
promoters of the Emke group.

Outlook: Stable

CRISIL expects LISMPL to execute its shopping-cum-hotel project on
schedule and within the budget. The outlook could be revised to
'Positive' if LISMPL achieves significant saleability for its
project. Conversely, the outlook could be revised to 'Negative' if
the parent group's financial risk profile deteriorates, or its
support to LISMPL weakens.

Set up in September 2004 by Mr. Yusuf Ali and Mr. Ashraf Ali, Lulu
International Shopping Mall Pvt Ltd. is part of the three-decade-
old Emke group, which operates 69 hypermarkets and five shopping
malls in the Middle East - Qatar, Oman, Bahrain, Kuwait, the
United Arab Emirates, and Saudi Arabia.  The company is developing
the Lulu Shopping Mall, a mega shopping-cum-hotel complex, in
Kochi, Kerala, at a cost of INR12.5 billion.  The mall has a total
area of around 1.18 million sq ft, which includes a mall of 0.625
million sq ft to be leased, while the company would manage a
hypermarket of 0.175 million sq ft and a premium category hotel of
0.375 million sq ft.


MUSADDILAL JEWELLERS: CRISIL Rates INR100MM Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Musaddilal Jewellers (India) Private Limited.

   Facilities                        Ratings
   ----------                        -------
   INR100.0 Million Cash Credit      B+/Stable (Assigned)
   INR20.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect Musaddilal's weak financial risk profile and
exposure to risks relating to working capital-intensive operations
and fluctuations in gold prices.  These weaknesses are, however,
partially offset by the promoters' extensive experience in the
jewellery market.

Outlook: Stable

CRISIL expects Musaddilal's financial risk profile to remain weak
over the medium term due to weak debt protection measures and high
gearing.  The outlook may be revised to 'Positive' if the company
enhances its operating margins and scale of operations and brings
down its gearing level.  Conversely, the outlook may be revised to
'Negative' if there is a fall in operating margins, or the company
undertakes large, debt-funded capital expenditure.

                         About Musaddilal

Musaddilal was established in 1970 as a partnership firm.  It
converted to a private limited company, and acquired its present
name in May 2008.  Promoted by Mr. Niranjan Lal Gupta, Musaddilal
has showroom at Basheer Bagh. Musaddilal reported a profit after
tax (PAT) of INR12 million on net sales of INR202 million for
2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR9 million on net sales of INR219 million for
2007-08.


MYSORE INTERCONTINENTAL: CRISIL Rates INR300MM LT Loan at 'BB'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative' to the INR300
million long term loan of Mysore Intercontinental Hotels Pvt Ltd,
part of the JP group.

The ratings reflect project-related risks, including market risk,
relating to its upcoming INR250 million information technology
(IT) park at Electronic City in Bengaluru, and the INR250 million
hotel in Mysore, besides weak profitability of the hotels and IT
park business in Bengaluru due to sluggish demand.  The impact of
the above mentioned weakness is mitigated by the adequate cash
flows from the JP Group's distillery businesses, and the group's
overall moderate financial risk profile.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of the JP group's distillery companies,
J.P. Distilleries Pvt. Ltd (J.P. Distilleries), Sri Lakshmi
Narasimha Distilleries Pvt Ltd (SLND), Viva Dholen Inc (Viva
Dholen), and J.P. Impex Incorp. (J.P. Impex); IT parks and
hospitality company MICH, its subsidiary, Bengaluru Villas Pvt Ltd
(BVPL) and its 95 per cent held partnership firm, Bindu
Constructions (Bindu).  This is because all the entities
collectively referred to as the JP group, share a common
management and treasury and have fungible funds.

Outlook: Negative

CRISIL believes that over the near to medium term, the credit risk
profile of MICH (as also the JP group) will be constrained by the
project risk related to the execution of the IT park at Bengaluru
and the hotel project at Mysore, and sluggish profitability of its
existing hospitality and IT park businesses.  Nevertheless, steady
accruals from the JP group's distillery businesses and the ability
of its promoters to infuse capital in a timely manner, is expected
to enable MICH complete its projects and honour its debt
obligations in a timely manner. The rating could be downgraded in
case of significant delays in MICH's ongoing projects leading to
cost overruns and additional funding, lower than expected
profitability from its businesses, or delays in infusion of funds
by promoters, thereby impacting the group's and MICH's overall
credit risk profile. Alternately, the rating outlook may be
revised to 'Stable' in case projects progress as scheduled and in
case the IT park and hospitality businesses register better than
expected profitability, improving the group's and MICH's overall
credit risk profile.

                          About the Group

Based in Bengaluru and promoted by Mr.J.P.Narayanaswamy, the JP
group is engaged in the manufacture and sale of IMFL; the group is
also involved in the hospitality sector, and has developed an IT
park. Mr. Narayanaswamy commenced business in 1976 by retailing
country liquor, and incorporated SLND and J.P. Distilleries in
1991.  The other group companies involved in the IMFL business
include Viva Dholen (established in 2003) and J.P. Impex (2009).
The JP group has a share of about 17 per cent in the 35 million
cases per annum Karnataka IMFL market.  The group diversified into
the hospitality and IT parks businesses by utilising the land bank
acquired in Bengaluru in the late 1990s. MICH is the group's
holding company for its venture into the hospitality and IT parks
businesses, and holds 95 per cent stake each in BVPL and Bindu.
The group' hospitality business consists of the 135-room J.P.
Cosmos and the 130-room J.P. Celestial (both in Bengaluru under
management with the ITC Welcom group), and a 108-room hotel being
constructed at a cost of INR250 million in Mysore.  The IT parks
business includes J.P. Techno park (a 130,522 square feet [sq ft]
IT park in Bengaluru) and J.P. IT park (a 248,812 sq ft park being
constructed in Electronic City, Bengaluru, at a cost of INR250
million).

In 2008-09 (refers to financial year, April 1 to March 31), the JP
group reported a provisional net profit of INR70.3 million on net
sales of INR2.9 billion; it had reported a net profit of INR78.2
million on net sales of INR2.0 billion, in 2007-08.


P.V. SPINNING: Delay in Loan Payment Prompts CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
P.V. Spinning Mill (India) Private Ltd.

   Facilities                                  Ratings
   ----------                                  -------
   INR86.10 Million Long Term Loan             D (Assigned)
   INR26.50 Million Cash Credit Limit          D (Assigned)
   INR15.00 Million Letter of Credit Limit     P5 (Assigned)
   INR17.50 Million Bank Guarantee Limit       P5 (Assigned)

The rating reflects delay by PV Spinning in repayment of its term
loan obligations, owing to constrained liquidity position.

Set up in 2005 by Mr. KP Balasubramaniam in Tamil Nadu, PV
Spinning began commercial production in 2007.  It manufactures
cotton yarn and outsources the production of cotton hosiery cloth.
The company currently has a production capacity of 8400 spindles.
Sales of cotton yarn contribute around 25 per cent to PV
Spinning's revenues, while sales of cotton hosiery cloth
contribute 75 per cent.

PV Spinning reported a net loss of INR 0.8 million on net sales of
INR107 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a net loss of INR3.3 million on net sales of
INR94 million for 2007-08.


RAVIKUMAR DISTILLERIES: CRISIL Reaffirms 'BB-' Ratings on Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ravikumar Distilleries
Ltd continue to reflect Ravikumar Distilleries' weak financial
risk profile, small scale of operations and exposure to regulatory
risks in the distillery industry.  The impact of these weaknesses
is mitigated by Ravikumar Distilleries' established presence in
the distillery business and its sound operating capabilities.

   Facilities                            Ratings
   ----------                            -------
   INR170 Million Cash Credit Facility   BB-/Stable (Reaffirmed)
   INR9.70 Million Long-Term Loan        BB-/Stable (Reaffirmed)
   INR9 Million Bank Guarantee           P4 (Reaffirmed)

Outlook: Stable

CRISIL expects Ravikumar Distilleries to maintain its business
risk profile backed by its established presence and sound
operating capabilities. The outlook may be revised to 'Positive'
if there is sustained increase in revenues and profitability as
well as improvement in capital structure. Conversely, any
unexpected, large debt-funded capital expenditure, or decline in
its margins may result in a revision in the outlook to 'Negative'.

                         About the Company

Incorporated in 1993, Ravikumar Distilleries is a closely held
public limited company promoted by Mr. R V Ravikumar.  It
manufactures Indian-made foreign liquor (IMFL) at its facility at
Puducherry, which has an installed capacity of 720,000 cases per
annum. For 2008-09 (refers to financial year, April 1 to
March 31),  Ravikumar Distilleries reported a profit after tax
(PAT) of INR17.70 million on net sales of INR428.69 million,
against a PAT of INR13.69 million on net sales of INR384.25
million for the previous year.


RAMAIAH FOUNDATION: Loan Default Cues CRISIL to Assign 'D' Rating
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the INR325.0 million long
term loan facility of M.S. Ramaiah Foundation.

The rating reflects default in servicing term loans by MSRF. The
default has been caused by weak liquidity because of cash flow
mismatches and delays in the project for setting up MSRF's new
college.

Set up in May 2007 by Mr. M R Pattabhiram, M.S. Ramaiah Foundation
operates an educational institution, Ramaiah Institute of
Management Studies, in Bengaluru.  The institution commenced
operations in July 2007.  The foundation is currently constructing
a new college, International Knowledge City, in Devanahalli, which
will offer technical and management courses; the cost of the
building is INR550 million. MSRF is part of the Ramaiah group of
institutions that offer educational courses in several subjects
such as medicine, dentistry, pharmacy, engineering, teachers'
training, and law.  The group was formed by Mr. M S Ramaiah in the
1950s.

MSRF reported a profit after tax (PAT) of INR45 million on net
revenues of INR145 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net
revenues of INR36 million for 2007-08.


SASA MUSA: CRISIL Upgrades Rating on Rs.10.0 Mln Term Loan to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on Sasa Musa Sugar Works Ltd's
long-term bank facilities to 'B/Stable', from 'C'; the ratings on
SMSWL's short-term bank facilities have, however, been reaffirmed
at'P4'. The upgrade reflects timely repayment of its term loan
installments by SMSWL over the past one year.

   Facilities                             Ratings
   ----------                             -------
   INR370.0 Million Cash Credit Limit     B/Stable (Upgraded from
                                                    'C')
   INR10.0 Million Term Loan              B/Stable (Upgraded from
                                                    'C')
   INR87.3 Million Proposed Long Term     B/Stable (Upgraded from
                    Bank Loan Facility              'C')
   INR2.7 Million Bank Guarantee          P4 (Reaffirmed)

CRISIL's ratings continue to reflect SMSWL's weak financial risk
profile, and exposure to risks relating to unfavorable changes in
government regulations, and to cyclicality in the sugar industry.
These weaknesses are partially offset by the benefits the company
derives from its promoters' experience in the sugar industry, and
presence of its plant in sugar cane belt in North Bihar.

Outlook: Stable

CRISIL believes that SMSWL will maintain a stable credit risk
profile, on the back of improved sugar prices leading to healthy
profitability over medium term.  The outlook may be revised to
'Positive' if the company's cash accruals and capital structure
improve significantly.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large debt-funded capital
expenditure or if its operating margins decline sharply.

                          About Sasa Musa

Set up in 1933 by Late Sheikh Mohammad Ibrahim, Sasa Musa Sugar
Works Ltd is engaged into production of sugar. The company's
factory at Sasa Musa (Bihar) has a crushing capacity of 2450
tonnes of cane crushed per day (TCD). It has 412 villages
allocated to it as its command area by the Cane Commissioner, with
no other sugar mill within 15 kilometres radius limit of its
factory. SMSWL also sells molasses and bagasse, the by products of
sugar production, in open market.

SMSWL reported a profit after tax (PAT) of INR13.4 million on net
sales of INR394.0 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.7 million on net
sales of INR297.9 million for 2007-08.


T. ABDUL WAHID: CRISIL Assigns 'P4' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
T. Abdul Wahid & Company.

   Facilities                             Ratings
   ----------                             -------
   INR110.00 Million Export Packing       P4 (Assigned)
                     Credit Limit

   INR10.00 Million Foreign Usance        P4 (Assigned)
       Bill Discounting (L/C) Limit

   INR80.00 Million Foreign Usance Bill   P4 (Assigned)
          Discounting (Non L/C) Limit*

   INR40.00 Million Standby Line of       P4 (Assigned)
                    Credit Limit

   INR70.00 Million Import Letter of      P4 (Assigned)
                     Credit Limit

   INR10.00 Million Proposed Short Term   P4 (Assigned)
                    Bank Loan Facility

   * One way interchangeable with Export Packing Credit
     to the extent of INR50.00 Million.

The rating reflects the concentration in TAWC's revenue profile,
and its susceptibility to volatility in raw material prices.  The
impact of these rating weaknesses is mitigated by TAWC's average
business risk profile, supported by its promoter's experience in
the leather industry.

                       About T. Abdul Wahid

T. Abdul Wahid & Company is a partnership firm set up in 1949 in
Tamil Nadu by Late Mr. T.Abdul Wahid and is managed by his son
Mr.T. Rafeeq Ahmed along with Mr. T.Faizan Ahmed and Mr. T.Adnan
Ahmed, sons of Mr. T Rafeeq Ahmed.  The firm is in the business of
manufacturing leather footwear and leather shoe upper for men and
women. It also has a tannery division which manufactures finished
hides and skins.  The firm has annual production capacity of
600,000 pairs of leather footwear, 1.5 million pairs of shoe
uppers, and 5.5 million pieces of skins in two tannery units. The
firm exports mainly to the US and European markets; the leather
footwear segment contributes around 87 per cent to TAWC's total
revenue.

TAWC reported a profit after tax (PAT) of INR2.8 million on net
sales of INR896 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.4 million on net sales
of INR717 million for 2007-08.


VENKATRAMA POULTRIES: CRISIL Reaffirms Ratings on INR400MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Venkatrama Poultries Ltd
continues to reflect VPL's below-average, albeit improving,
financial risk profile marked by high gearing and weak debt
protection measures, and the company's exposure to inherent risks
in the poultry farm industry.  These weaknesses are partially
offset by VPL's established position in the layer segment of
poultry farming.

   Facilities                           Ratings
   ----------                           -------
   INR400 Million Long-Term Loan        BB+/Stable (Reaffirmed)
   INR240 Million Cash Credit Limits    BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects VPL to maintain its business risk profile over the
medium term, supported by its established position in the layer
segment of poultry farming.  Improvement in the financial risk
profile and in the company's capital structure as a result of
equity infusion or high accruals may result in a revision in the
outlook to 'Positive'.  Conversely, lower-than-expected
profitability, leading to deterioration in debt protection
measures, or larger-than-expected debt to fund the capital
expenditure may drive a revision in the outlook to 'Negative'.

                    About Venkatrama Poultries

Established as a proprietorship firm in 1979, and converted to a
private limited company, and later, to a closely held public
limited company, VPL is engaged in the business of poultry farming
in the layer segment.  Its operations are vertically integrated,
and its infrastructure includes layer farms, warehousing
facilities, and feed mills.  VPL has facilities at Guntur and
Suryapet in Andhra Pradesh, and Biladi in Chhattisgarh.  It is
setting up a fourth unit at Sahaspur in Chhattisgarh.  For 2008-09
(refers to financial year, April 1 to March 31), VPL reported a
profit after tax (PAT) of INR38 million on net sales of INR111
million, against a PAT of INR40 million on net sales of INR743
million for 2007-08.


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


ARPENI PRATAMA: Fitch Downgrades Issuer Default Rating to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded PT Arpeni Pratama Ocean Line Tbk's
foreign and local currency Issuer Default Ratings to 'B-' from 'B'
and its National Long-term rating to 'BBB-(idn)' from 'BBB+
(idn)'.  The rating on the US$ senior unsecured notes due 2013 has
also been downgraded to 'CCC' from 'B-'.  The Recovery Rating
remains unchanged at 'RR5'.  All ratings have been placed on
Rating Watch Negative.

The rating actions follow Arpeni's failure to pay the semi-annual
coupon on the US$ notes which was due on 03 November 2009, as
confirmed by the management.  Arpeni has 30 days from the due date
to pay the coupon in order to avoid a default on the notes.

Arpeni had cash reserves of around US$70 million as at June 30,
2009, but the company's management has not provided specific
reasons as to why the coupon payment was not made.  However, Fitch
believes that Arpeni may have faced a temporary liquidity issue,
which could be related to its derivatives contracts.

Fitch will resolve the RWN after management articulates the
reasons behind the missed coupon payment, and demonstrates its
ability to maintain future payments on time.  The ratings may be
downgraded further if Fitch finds that Arpeni's liquidity position
has weakened significantly.  The payment of the missed coupon
within the grace period alone is not a sufficient condition to
remove the RWN.


INDO INTEGRATED: Moody's Assigns 'B2' Rating on Senior Notes
------------------------------------------------------------
Moody's Investors Service has assigned its B2 rating for the 7
year, 9.75%, US$230 million Guaranteed Senior Notes issued by Indo
Integrated Energy II B.V and guaranteed by its parent PT Indika
Energy TbK.  The bond rating has been removed from its provisional
status following the completion of the bond issue.  The outlook on
the rating is positive.

The bond proceeds will be used for capex and general corporate
purposes.

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

The last rating action was taken on 22nd October 2009 when
Indika's corporate family and senior secured ratings were affirmed
at B2 and the outlook on the ratings changed to positive; at the
same time a provisional senior rating of B2/positive was assigned
to the proposed US$230 million bond issuance.

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


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


CSC SERIES: S&P Downgrades Ratings on Various Yen Bonds
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B-2 to class G-3 yen-denominated bonds issued under the CSC,
Series 1 GK transaction.  At the same time, S&P affirmed the
ratings on classes A-2 and A-3, and removed the ratings on classes
A-2 to G-3 from CreditWatch with negative implications.  S&P had
placed the ratings on classes A-2 to G-3 on CreditWatch negative
since March 26, 2009.  Meanwhile, Standard & Poor's also affirmed
its rating on class X issued under the same transaction.

As of Nov. 2, 2009, all the transaction's remaining underlying
loans (nine loans actually treated as four loans; representing a
combined 87.0% or so of the total initial issuance amount of the
bonds) had defaulted.  Collection procedures relating to the sale
of the properties backing the defaulted loans are underway, in
accordance with rules specified in the servicing agreement.  S&P
holds the view that uncertainty is mounting over the recovery
prospects of the 64 related collateral properties.  Hence, S&P has
lowered its assumptions with respect to the likely recovery
amounts from the properties in light of their location, type, and
other specifications.  The downgrades reflect lower recovery
assumptions for the 64 underlying properties.

Meanwhile, Standard & Poor's also affirmed its ratings on classes
A-2 and A-3 because: (1) the outstanding principal amount of the
higher tranches has declined as two of the underlying loans
(representing a combined 12.8% or so of the total initial issuance
amount of the bonds) were repaid at the outset of the transaction;
and (2) credit support is provided by the subordinate tranches to
the higher tranches through the transaction's senior/subordinate
structure.  Standard & Poor's assumed the recovery value of the
transaction's 64 underlying properties to be about 74% of the
initial estimate of the properties' total value.

S&P intends to continue to monitor the progress of collection, as
well as the performance and recovery prospects of the
transaction's underlying properties.

At this point, Standard & Poor's has affirmed its rating on class
X.  However, S&P is considering amending the rating methodology
for interest-only certificates, which include class X of this
transaction.  If the proposal is adopted, it could affect the
rating on class X.

CSC, Series 1 GK is a multi-borrower CMBS transaction.  The bonds
were initially secured by 11 nonrecourse loans (actually treated
as six loans) extended to six obligors.  (Now, the bonds are
secured by nine loans, which are actually treated as four loans
extended to four obligors.) Originally, the loans securing the
bonds were backed by 72 real estate trust certificates and real
estate properties (64 real estate trust certificates and real
estate properties at present).  The transaction was arranged by
Credit Suisse Securities, and ORIX Asset Management & Loan
Services Corp. is the transaction servicer.

             Ratings Lowered, Off Creditwatch Negative

                         CSC, Series 1 GK
   JPY36.2 billion yen-dominated bonds issued on Dec. 28, 2006*,
                         Due November 2012

       Class   To    From             Initial Issue Amount
       -----   --    ----             --------------------
       B-2     AA-   AA/Watch Neg     JPY1.7 bil.
       B-3     AA-   AA/Watch Neg     JPY1.5 bil.
       C-2     BBB   A/Watch Neg      JPY3.2 bil.
       D-2     B+    BBB/Watch Neg    JPY3.2 bil.
       E-2     B-    BBB-/Watch Neg   JPY0.9 bil.
       E-3     B-    BBB-/Watch Neg   JPY0.6 bil.
       F-3     B-    BB/Watch Neg     JPY1.9 bil.
       G-3     CCC   B/Watch Neg      JPY1.2 bil.

  * Additional bonds were issued on March 14 and March 20, 2007.

            Ratings Affirmed, Off Creditwatch Negative

       Class   To    From             Initial Issue Amount
       -----   --    ----             --------------------
       A-2     AAA   AAA/Watch Neg    JPY18.1 bil.
       A-3     AAA   AAA/Watch Neg    JPY3.9 bil.

                          Rating Affirmed

    Class   Rating   Initial Issue Amount
    -----   ------   --------------------
    X**     AAA      JPY36.2 bil. (Initial notional principal)

                         ** Interest only


JAPAN AIRLINES: Gov't. May Release JAL Rescue Package This week
---------------------------------------------------------------
Kyodo News reports that government officials said Prime Minister
Yukio Hatoyama instructed Cabinet ministers Sunday night to make
further efforts to resolve the issue of how to rescue ailing Japan
Airlines Corp.

The news agency relates that transport minister Seiji Maehara told
reporters after meeting with Prime Minister Hatoyama and other
ministers that the government will aim to release a JAL rescue
package by Friday, the same day the airline is scheduled to report
its earnings results for the April-September first half of the
current fiscal year.

According to Kyodo, the planned package is expected to center on
special legislation to enable a mandatory reduction in JAL's high
corporate pension benefits in exchange for the injection of public
funds.  It is also expected to include a reduction in landing fees
and aviation fuel taxes, Kyodo states.

The officials said State Minister for National Policy Naoto Kan,
Finance Minister Hirohisa Fujii and Administrative Reform Minister
Yoshito Sengoku also participated in Sunday's meeting, Kyodo adds.

                          Monthly Pay Cut

Kyodo News reports that JAL officials revealed Sunday that the
airline has decided to skip monthly pay for all its executives,
including President Haruka Nishimatsu, for December.

Given poor business results, says Kyodo, the company has decided
to skip executives' monthly pay for the first time since its
merger with Japan Air System in 2002.  About 70 top executives
will be subject to the plan.

Kyodo further says that Mr. Nishimatsu last week notified the
company's labor unions of a plan to forgo winter bonus payments
for employees, the first move of its kind since the airline was
fully privatized in 1987.

                    Bridging Loans from Lenders

Japan's Senior Vice Transport Minister Kiyomi Tsujimoto on Friday
asked banks to provide bridging loans to Japan Airlines Corp.,
Bloomberg News reports, citing three people familiar with the
situation.

Bloomberg relates the people said Development Bank of Japan,
Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc.
and Mitsubishi UFJ Financial Group Inc. representatives attended a
meeting at the Transport Ministry in Tokyo on November 6.  No
figure was decided upon, they added.

                       About Japan Airlines

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

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

                          *     *     *

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

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


JAPAN AIRLINES: Financing Aid Won't Be Decided This Year
--------------------------------------------------------
Japan Airlines Corp.'s application for financing from a state-
affiliated fund won't be decided upon before next year, Bloomberg
News reports, citing Hiroshige Nishizawa, president of Enterprise
Turnaround Initiative Corp. of Japan.

"Due diligence won't be quick," Mr. Nishizawa told Bloomberg in an
interview.  "We're not going to be able to make a decision on
whether to provide aid by the end of this year."

Bloomberg notes Mr.  Nishizawa said the group will also draw up a
new plan for the carrier, instead of relying on one completed by a
government-appointed taskforce last month.

The due-diligence team will be decided upon "soon," Mr. Nishizawa
added.

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

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

                          *     *     *

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

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


SIGNUM VANGUARD: S&P Downgrades Ratings on 2006-07 Notes to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC-' its
rating on the secured fixed rate credit-linked notes, issued under
the Signum Vanguard Ltd. Series 2006-07 transaction.  This is an
arbitrage synthetic CDO transaction referencing 100 global names,
and it has a total issuance amount of JPY500 million.  The notes
were downgraded because credit event notices have been issued
under the terms of the transaction, and the cash settlement date
is scheduled on Nov. 11, 2009.

                          Rating Lowered

                       Signum Vanguard Ltd.

       Series 2006-07 secured fixed rate credit-linked notes

                     To   From   Issue Amount
                     --   ----   ------------
                     CC   CCC-   JPY500.0 mil.


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


KOREA DEVELOPMENT: Moody's Affirms 'D' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed these ratings of the Korea
Development Bank: bank financial strength rating of D; baseline
credit assessment rating of Ba2; global local currency deposit
rating of A1; foreign currency long-term senior debt rating of A2;
and foreign currency long-term/short-term deposit rating of
A2/Prime-1.

The outlook on KDB's BFSR and BCA remains stable, and the deposit
and debt ratings continue to carry a negative outlook.

The rating action follows KDB's handing over of its policy-related
assets -- mainly equity stakes -- and certain liabilities to a new
public entity, Korea Finance Corporation, on October 28, 2009.
KDB also established its holding company, the KDB Financial Group,
on the same date to strengthen synergies among its sister
companies.

"Moody's affirmation of KDB's debt and deposit ratings reflects
its view that the negative outlook on the bank's deposit and debt
ratings already takes into account the ratings migration risk
arising from the government's privatization plan," says Youngil
Choi, a Moody's Vice President/Senior Analyst.

"It is uncertain when the government will lower its ownership of
KDBFG below 50%, but Moody's do not exclude the possibility of
this occurrence within five years," added Choi.

In accordance with Moody's JDA rating methodology, Moody's will
continue to assess the bank's financial strength and its systemic
support assumption to determine the possible impact on its credit
ratings.  Moody's will focus its analysis on the rating
implications arising from these factors:

(1) Timing of the government's initial sales of KDBFG shares

(2) Interval between the point of the government's initial sales
    and the point of it becoming a minority shareholder

(3) Government influence directly or through KoFC while
    maintaining the majority shares of KDBFG

(4) Progress in improving the bank's financial fundamentals before
    the government becomes the minority shareholder; specifically,
    reducing the high dependence on wholesale funding and high
    credit concentration risk as well as strengthening its
    profitability

For the foreseeable future, creditors will continue to benefit
from government support because the KDB Act, which also requires
the government to replenish the bank's deficits if its reserves
are insufficient to cover losses, will remain intact as long as
government ownership stays above 50%.  There is no fixed timeline
for the government to lower its ownership below 50%, although the
Act requires the government to begin selling its stake in KDBFG by
31 May, 2014.

For the bank's foreign currency debts with original maturity equal
to, or exceeding one year at the point of the government's initial
ownership disposal, the government will provide a guarantee within
the limit to be approved by the National Assembly.  If KDB has
difficulty repaying these debts while the government owns the
majority stake, then the government may provide a guarantee on new
foreign currency debts to repay the outstanding debts, as
determined by the government and the National Assembly.

Moody's last rating action with respect to KDB was taken on 20
May, 2009, when its GLC deposit rating was lowered to A1 from Aa1.

KDB was established in 1954 pursuant to the KDB Act and had
KRW152.9 trillion in assets (US$128.6 billion) as of October 28,
2009 (after the establishment of the Korea Finance Corporation and
the Korea Development Bank Financial Group).

Below are KDB's ratings:

  -- Bank Financial Strength D
  -- Long-Term/Short-Term Bank Deposits (Foreign) A2/P-1
  -- Long-Term/Short-Term Bank Deposits (Domestic) A1/P-1
  -- Long-Term/Short-Term Senior Debt (Foreign) A2/P-1


KUMHO ASIANA: Deadline for Final Bid for Daewoo Eng'g. Extended
---------------------------------------------------------------
Yonhap News Agency reports that Kumho Asiana Group has decided to
extend the deadline for final bids for a controlling stake in its
construction unit, Daewoo Engineering & Construction Co., until
Nov. 18.

The report relates Kumho Asiana said in a statement that the one-
week extension came as prospective buyers demanded that the
deadline for preliminary due diligence be pushed back to Nov. 10
from Nov. 3.

The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, three years after acquiring it for KRW6.4 trillion,
according to the Korea Herald.

Bloomberg relates Kumho Asiana has sold properties and stakes in
affiliates to help it repay debt stemming from its 2006 purchase
of Daewoo Engineering.  Bloomberg says creditors including Shinhan
Bank may force the company to repay KRW3.9 trillion (US$3.2
billion) by June if they exercise an option to sell Daewoo
Engineering shares they hold back to Kumho Asiana.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


SSANGYONG MOTOR: Creditors Reject Turnaround Plan
-------------------------------------------------
Ssangyong Motor Co. failed to win approval from the majority of
its bond and shareholders for its turnaround plan in a meeting
held on November 6, JoongAng Daily reports.

JoongAng Daily says the company needed approval of more than
three-quarters of its collateral-based bondholders, two-thirds of
non-collateral bondholders and half of its shareholders in order
to win support from the bankruptcy court.

The Seoul Central District Court said it will hold a final meeting
on Dec. 11 to vote again on the turnaround plan, according to the
Daily.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  On
Feb. 6, 2009, the TCR-AP reported that the Seoul Central District
Court accepted Ssangyong's application to rehabilitate under court
protection.  The court named former Hyundai Motor Co. executive
Lee Yoo-il and Ssangyong executive Park Young-tae to run the
automaker.

Ssangyong Motor on Sep. 15, 2009 filed revival plans to the Seoul
Central District Court.


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


OCI BERHAD: Sells Industrial Property for MYR12.0 Million
---------------------------------------------------------
OCI Berhad said in a regulatory filing that on November 5, 2009,
it entered into a conditional sale and purchase agreement with
Ultimate Print for the proposed disposal of one parcel of
industrial land with office and ancillary buildings and factory
held under leasehold title No. HS (D) 167499 -, Industrial Site,
Shah Alam, Mukim of Damansara, District of Petaling, State of
Selangor measuring approximately 11607.855 square meters and
bearing postal address of No. 3, Jalan Renggam 15/5, Kawasan
Perindustrian Seksyen 15, 40000 Shah Alam, Selangor Darul Ehsan
for a total cash consideration of MYR12.0 million.

The proceeds of the proposed disposal are intended to be used for:

   -- full settlement of outstanding bank borrowings worth
      MYR12.0 million owed to Bank Islam Malaysia Berhad in
      relation to the Property; and

   -- estimated expenses [and real property gains tax] worth
      worth MYR360,000 in relation to the Proposed Disposal.

The proposed disposal is expected to be completed by
second quarter of 2010.

Ultimate Print was incorporated in Malaysia under the Act on 9
September 1980 as a private limited company.  The principal
activities of Ultimate Print are printing service.

                         About OCI Berhad

OCI Berhad is a Malaysia-based company principally engaged in the
manufacturing and trading of chemical products.  The Company
operates through its subsidiaries, which include Witaco
Corporation Sdn. Bhd., Bosschem Sdn. Bhd., Orgavyl Packaging
Industries Sdn. Bhd., OCI Plastic & Packaging Sdn. Bhd. and OCI
Total Logistics (M) Sdn. Bhd.  The Company also owns a 70%
interest in OCI USA Inc.

                           *     *     *

OCI Berhad is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


TIME ENGINEERING: Regularizes Financial Condition; Out of PN17
--------------------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that TIME Engineering
Berhad, a Practice Note No. 17/2005 company, has regularized its
financial condition pursuant to PN17.

Following the implementation of the company's restructuring
exercise, the bourse said TIME Engineering has regularized its
financial condition and no longer triggers any of the criteria
under paragraph 2.1 of PN17.

As reported in the Troubled Company Reporter-Asia Pacific on
May 9, 2008, TIME Engineering Berhad was considered as an
affected listed issuer of the Practice Note No. 17/2005 of Bursa
Malaysia Securities Berhad as the auditors have expressed a
modified opinion on the company's going concern status and on
its shareholders' equity, which is less than 50% of its total
issued and paid-up share capital.

TIME Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services.  The company operates through three segments.  The
information communication technology segment is engaged in the
supply, delivery, installation, testing, commissioning and
maintenance of teaching aids equipment; development, management
and provision of business to business e-commerce, and
computerized transaction facilitation services; provision of
media and electronic communications services; provisioning of
managed and Internet-related services, and total systems
integrators and information technology consultancy.  The
telecommunication segment is engaged in the provision of
telecommunications, Internet and multimedia facilities, and
services of an associate.  The others segment is engaged in the
supply, installation and maintenance of engineering and other
equipment for expressways, telecommunications network and other
general engineering works.


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


RELISH GROUP: Debts Force Owners to Wind Up Five Companies
----------------------------------------------------------
The New Zealand Herald reports that restaurateur David Williams
and his wife and business partner Harbans have placed their five
businesses into liquidation due to recession.

The companies in receivership are:

   -- Opium NZ Ltd;
   -- Pontoon Ltd;
   -- Scoozi Restaurants (NZ) Ltd;
   -- Glorious Food NZ Ltd; and
   -- The Relish Group Ltd.

The Herald, citing a liquidator's report, says Pontoon Bar and
Restaurant at Pier 21 and Herne Bay restaurant Scoozi will
continue to operate under a new company connected to the couple.

The liquidator's report shows debts totaling NZ$2.725 million in
aggregate for the five companies in liquidation.

According to the report, financial strain showed up earlier this
year when Auckland City Council took legal action against one of
Mr. Williams' companies, Pinot New Zealand, over an unpaid debt
relating to Pinot, a council-owned function and wedding venue in
Orakei.  That company, Pinot New Zealand Limited, was liquidated
in September.

The Herald relates that the council and the IRD were collectively
owed almost NZ$45,000 and seven other unsecured creditors,
including power companies and alcohol suppliers, were owed more
than NZ$230,000.

The liquidator's report said the reason for the Pinot liquidation
was a general downturn in the economy leading to a reduction in
demand for the function/dining services, the Herald notes.

The Relish Group -- http://www.relishgroup.com/--operates string
of venues and restaurants in New Zealand.


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


* POEA Orders Closure of 7 Recruitment Firms, Suspends 5 Others
---------------------------------------------------------------
The Philippine Overseas Employment Administration has ordered the
closure of seven recruitment agencies and the suspension of five
others, Mayen Jaymalin at The Philippine Star reports.

The seven recruitment firms, who were allegedly offering non-
existent jobs in Dubai to 137 Filipino bus drivers, are:

   -- CYM International Services and Placement Agency;
   -- SGA-Sahara International Manpower Services;
   -- Across Universe International Manpower Agency;
   -- Jenvic International Manpower Services;
   -- BML Worldwide Manpower Services Inc.;
   -- Richfield Overseas Employment Co.; and
   -- Al Anwar International Manpower.

The Star relates POEA deputy administrator Han Cacdac said they
have revoked the business licenses of the seven recruitment firms
after they were found liable for violating recruitment
regulations.

According to the report, Mr. Cacdac said the POEA has also
suspended the business license of five other agencies involved in
the illegal deployment of the 137 bus drivers.

The POEA suspended and fined Vigor International Manpower
Services, Bridgewood Human Resources Co., Expert Placement Agency,
Dreams Manpower and Recruitment Agency, and Hana Star Corp, the
Star discloses.


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


* BOND PRICING: For the Week November 2 to November 6, 2009
-----------------------------------------------------------


   AUSTRALIA
   ---------

Ainsworth Game                8.000%   12/31/09   AUD       0.80
AMP Group Financ              9.803%   04/01/19   NZD       0.92
Antares Energy               10.000%   10/31/13   AUD       2.00
Aurox Resources               7.000%   06/30/10   AUD       0.77
Becton Property Group         9.500%   06/30/10   AUD       0.16
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      72.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.16
China Century                12.000%   09/30/10   AUD       0.60
First Australian             15.000%   01/31/12   AUD       0.34
Griffin Coal Min              9.500%   12/01/16   USD      70.87
Heemskirk Consol              8.000%   04/29/11   AUD       2.21
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       5.75
Minerals Corp                10.500%   12/31/09   AUD       0.76
New S Wales Trea              1.000%   09/02/19   AUD      61.13
National Cap II               5.486%   12/29/49   USD      72.28
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       0.74
Sun Resources NL             12.000%   06/30/11   AUD       0.60
Sydney Airport F              3.120%   11/20/30   AUD      67.96
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      66.46


   CHINA
   -----

China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangxi Copper                1.000%   09/22/16   CNY      69.61
Sichuan Changhon              0.800%   07/31/15   CNY      71.67


   HONG KONG
   ---------

Resparcs Funding              8.000%   12/29/49   USD      24.74


   INDIA
   -----

Aftek Infosys                 1.000%   06/25/10   USD      65.00
AKSH Optifibre                1.000%   01/29/10   USD      65.50
Flex Industries               4.000%   03/09/12   USD      74.25
Gemini Commnica               6.000%   07/18/12   EUR      63.50
Kei Industries                1.000%   11/30/11   USD      72.83
Subex Azure                   2.000%   03/09/12   USD      67.50
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   JAPAN
   -----

Acom Co Ltd                   1.66     02/10/15   JPY      73.34
Aiful Corp                    3.000%   02/10/10   JPY      69.76
Aiful Corp                    5.000%   08/10/10   USD      58.00
Aiful Corp                    5.000%   08/10/10   USD      58.00
Aiful Corp                    1.500%   10/20/11   JPY      41.34
Aiful Corp                    6.000%   12/12/11   USD      45.50
Aiful Corp                    6.000%   12/12/11   USD      45.50
Aiful Corp                    1.200%   01/26/12   JPY      36.60
Aiful Corp                    1.990%   03/23/12   JPY      36.49
Aiful Corp                    1.220%   04/20/12   JPY      34.29
Aiful Corp                    1.630%   11/22/12   JPY      33.98
Aiful Corp                    1.740%   05/28/13   JPY      30.93
Aiful Corp                    1.990%   10/19/15   JPY      30.33
Covalent Material             2.870%   02/18/13   JPY      60.12
CSK Corporation               0.250%   09/30/13   JPY      60.35
Fukoku Mutual                 4.500%   09/28/25   EUR      67.00
JAL System                    2.940%   12/18/13   JPY      72.24
Japan Airlines                3.100%   01/22/18   JPY      71.81
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      57.16
JPN Exp Hld/Debt              0.500%   03/18/39   JPY      56.61
NIS Group                     8.060%   06/20/12   USD      73.75
Promise Co Ltd                2.050%   02/15/13   JPY      73.22
Promise Co Ltd                1.370%   06/04/13   JPY      68.68
Promise Co Ltd                2.740%   10/11/13   JPY      70.23
Promise Co Ltd                2.060%   03/20/14   JPY      63.88
Promise Co Ltd                2.100%   04/21/14   JPY      63.32
Shinsei Bank                  3.750%   02/23/16   JPY      74.75
Shinsei Bank                  5.625%   12/29/49   GBP      73.00
Takefuji Corp                 9.200%   04/15/11   USD      46.50
Takefuji Corp                 9.200%   04/15/11   USD      49.47
Takefuji Corp                 8.000%   11/01/17   USD      13.00
Takefuji Corp                 4.000%   06/05/22   JPY      52.77
Takefuji Corp                 4.500%   10/22/32   JPY      52.56
Willcom Inc                   2.350%   06/27/12   JPY      39.01

   MALAYSIA
   --------

Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.04
Berjaya Land                  5.000%   12/30/09   MYR       3.90
Crescendo Corp B              3.750%   01/11/16   MYR       0.73
Dutaland Bhd                  4.000%   04/11/13   MYR       0.78
Dutaland Bhd                  4.000%   04/11/13   MYR       0.40
Eastern & Orient              8.000%   07/25/11   MYR       1.02
Huat Lai Resources            5.000%   03/28/10   MYR       0.41
Kretam Holdings               1.000%   08/10/10   MYR       1.07
Kumpulan Jetson               5.000%   11/27/12   MYR       1.88
Lion Diversified              4.000%   12/17/13   MYR       1.71
Mithril Bhd                   3.000%   04/05/12   MYR       0.59
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.20
Olympia Industri              2.800%   04/11/13   MYR       0.19
Olympia Industri              4.000%   04/11/13   MYR       0.25
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.63
Rubberex Corp                 4.000%   08/14/12   MYR       1.10
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       1.28
Wah Seong Corp                3.000%   05/21/12   MYR       2.50
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.32
YTL Cement Bhd                4.000%   11/10/15   MYR       1.90


   NEW ZEALAND
   -----------

Allied Farmers                9.600%   11/15/11   NZD      50.49
Allied Nationwide            11.520%   12/29/49   NZD      49.40
Capital Prop NZ               8.000%   04/15/10   NZD      11.50
Fletcher Buildin              7.550%   03/15/11   NZD       7.50
Fletch Build Fin              8.850%   03/15/10   NZD       8.00
Fletcher Bui                  8.500%   03/15/15   NZD       8.20
Infrastr & Util               8.500%   09/15/13   NZD      10.50
Infratil Ltd                  8.500%   11/15/15   NZD      13.25
Infratil Ltd                 10.180%   12/29/49   NZD      60.10
Marac Finance                10.500%   07/15/13   NZD       0.92
Manukau City                  6.900%   09/15/15   NZD       1.00
NZ Finance Hldgs              9.750%   03/15/11   NZD      73.79
Provencocadmus                2.000%   04/15/10   NZD       0.77
Sky Network TV                4.010%   10/16/16   NZD      57.10
South Canterbury             10.500%   06/15/11   NZD       0.91
South Canterbury             10.430%   12/15/12   NZD       0.62
St Laurence Prop              9.250%   07/15/10   NZD      67.17
St Laurence Prop              9.250%   05/15/11   NZD      45.91
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       7.85
Trustpower Ltd                8.500%   03/15/14   NZD       7.00
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.90


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      30.02
Blue Ocean                   11.000%   06/28/12   USD      30.02
Sengkang Mall                 8.000%   11/20/12   SGD       0.10
United Eng Ltd                1.00%    03/03/14   SGD       1.25
WBL Corporation               2.500%   06/10/14   SGD       1.95


   SOUTH KOREA
   -----------
Woori Bank                    6.208%   05/02/37   USD      72.50
Woori Bank                    6.660%   03/31/39   KRW      10.24


                         *********

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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