TCRAP_Public/091111.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

           Wednesday, November 11, 2009, Vol. 12, No. 223

                            Headlines

A U S T R A L I A

FAIRFAX MEDIA: David Evans Resigns from Fairfax Media board
FAIRFAX MEDIA: Underlying Earnings Drop 15% in the First 4 Months
FORTESCUE METALS: Secures Off-take Agreements, US$50-Mln Funding
METAL STORM: Financial Lifeline from Filipino Investor Delayed


C H I N A

BANK OF CHINA: Moody's Puts D- BFSR on Review for Possible Upgrade
BANK OF COMMUNICATIONS: Moody's Puts D BFSR With Stable Outlook
CHINA CONSTRUCTION: Moody's Puts D- BFSR on Review
GENERAL MOTORS: China Sales Surpass 1.5 Million Units for 2009
INDUSTRIAL & COMMERCIAL: Moody's Puts D- BFSR on Review


H O N G  K O N G

F. PRECISION: Members' Final Meeting Set for December 11
FINANCE AND CONSULTING: Wan and Fung Appointed as Liquidators
FLOATA SEAFOOD: Cho Yim-kan Steps Down as Liquidator
FULLEASY LIMITED: Placed Under Voluntary Wind-Up Proceedings
GRANVILLE TEXTILES: Commences Wind-Up Proceedings

HANDSOME INTERNATIONAL: Cheung Tak Man Appointed as Liquidator
HARVESTINE COMPANY: Lam and Toohey Step Down as Liquidators


I N D I A

AIR INDIA: May Ground 650 Flights Per Week to Cut Costs
BHAGWATI POWER: ICRA Rates INR431 Million Term Loans at 'LBB+'
BALAJI AGRO: ICRA Assigns 'LBB+' Rating on INR36.9MM Term Loan
IDUPULAPADU COTTON: ICRA Puts 'LBB' Ratings on Various Bank Debts
JAY POLYCHEM: ICRA Downgrades Rating on LT Bank Debts to 'LBB'

PIONEER DISTILLERIES: Delays in Debt Payment Cue ICRA 'LB+' Rating
PRASUNA VAMSIKRISHNA: ICRA Reaffirms 'LBB' Rating on Term Loans
RAMPRASTHA PROMOTERS: ICRA Rates INR950MM Term Loan at 'LBB+'
SAKKU SPINNING: Weak Financial Profile Prompts ICRA 'LBB-' Ratings
TATA MOTORS: To Shut Down CV Plant in Pune for Three Days

TATA STEEL: Enters Into Joint Venture Agreement w/ New Millennium


I N D O N E S I A

ARPENI PRATAMA: S&P Junks Corporate Credit Rating From 'B-'
LIPPO KARAWACI: Fitch Affirms Issuer Default Rating at 'B+'


J A P A N

ANDANTE LTD: S&P Downgrades Ratings on Two Classes of Notes to 'D'
DAIWA SECURITIES: Fitch Assigns Support Rating Floor at 'B'
ISUZU MOTORS: Posts JPY27.8BB Net Loss in H1 Ended September 30
JAPAN AIRLINES: Analysts See Wider Annual Net Loss at JPY83-Bil.
JAPAN AIRLINES: CEO May Quit After ETIC Finishes Turnaround Plan

JAPAN AIRLINES: Development Bank of Japan to Extend Bridge Loans
JLOC 37: S&P Downgrades Ratings on Various Classes of Notes


K O R E A

GENERAL MOTORS: GM Daewoo to Recall 32,000 Cars Due to Defects
KOREA DEVELOPMENT: Moody's Affirms Bank Strength Rating at 'D'
KUMHO ASIANA: Abu Dhabi Fund Set to Acquire Daewoo Eng'g.


P H I L I P P I N E S

BANK OF THE PHILIPPINE: Fitch Affirms 'BB' Issuer Default Rating


S I N G A P O R E

AIR CONTROLS: Court Enters Wind-Up Order
ALLIANCE DIVINE: Court to Hear Wind-Up Petition on November 20
ARMADA PACIFIC: Court Enters Wind-Up Order
BEST ELEMENTS: Court to Hear Wind-Up Petition on November 20
BEZ-TECH ENGINEERING: Court Enters Wind-Up Order

GOLDLINK ITALIA: Court to Hear Wind-Up Petition on November 20
GOLDLINK TEXTILE: Court to Hear Wind-Up Petition on November 20
GREIF INVESTMENT: Creditors' Proofs of Debt Due on December 7
GREIF SEA: Creditors' Proofs of Debt Due on December 7
HONG LUAN: Creditors Get 8.8499% Recovery on Claims

LTF ENGINEERING: Court Enters Wind-Up Order
MINORI JAPANESE: Creditors' Proofs of Debt Due on November 20
NEW YORK PIZZA: Court Enters Wind-Up Order
NGEE LIAN: Creditors Get 28.77964% Recovery on Claims
THE SHANGHAI BOOK: Creditors' Meeting Set for November 17

TJ COSMETICS: Creditors' Proofs of Debt Due on November 20


T A I W A N

NANYA TECHNOLOGY: Secures NT$18 Bln Syndicated Loan from 14 Banks


T H A I L A N D

ADVANCE AGRO: S&P Changes Outlook to Stable; Affirms 'B-' Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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A U S T R A L I A
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FAIRFAX MEDIA: David Evans Resigns from Fairfax Media board
---------------------------------------------------------------
Fairfax Media director David Evans has been forced to resign from
the board after a ruling from the Australian Communications and
Media Authority, The Australian Associated Press reports.

According to the AAP, Mr. Evans said the ACMA determined that he
could not serve on both the Fairfax Media and Village Roadshow
boards.

The AAP relates Mr. Evans said ACMA informed him this was because
"Village has a substantial shareholding in Austereo, which owns
radio licences in some areas which overlap with radio licences
held by Fairfax".

"As a result I have been forced to make the difficult decision to
resign from Fairfax," Mr. Evans said.  "Fairfax is a wonderful
company and I was looking forward to meeting the challenges with
the other directors under the leadership of Roger Corbett."

The resignation is effective from Sunday, November 15.

Mr. Evans, a non-executive director, was appointed to the Fairfax
board on June 22, 2005.

                      Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

                       About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


FAIRFAX MEDIA: Underlying Earnings Drop 15% in the First 4 Months
-----------------------------------------------------------------
Fairfax Media chief executive Brian McCarthy said Tuesday
underlying earnings for the first four months of the financial
year had fallen 15% on an annual comparison, The Australian
reports.

The Australian relates Mr. McCarthy told shareholders at the
group's annual general meeting that "For the first four months of
this half, underlying earnings before interest, tax, depreciation
and amortization from continuing businesses has been below the
same period last year by approximately 15%."

"By way of comparison, EBITDA for the last four months of the 2009
year was below the same period last year by approximately 40 per
cent," Mr. McCarthy said.

The group expected improved business conditions to deliver modest
earnings growth in the second half of fiscal 2010 amid signs of
improved conditions and rising confidence among advertisers
according to The Australian.

                     Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

                       About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


FORTESCUE METALS: Secures Off-take Agreements, US$50-Mln Funding
----------------------------------------------------------------
BC Iron Limited and Fortescue Metals Group Ltd have secured off-
take agreements, including US$50 million funding for their
Nullagine joint venture.  The off-take agreements are with a Hong
Kong-based industrial and trading company.

BC Iron said in a statement that the off-take agreements are for
20 million tonnes of iron ore to be supplied over the next 8.5
years from the Project venturers and will allow the NJV -- a 50/50
joint venture between BC Iron and Fortescue Metals -- to continue
progressing to production in late 2010.

The US$50 million prepayments will be used for project
development, with the first tranche of US$15 million scheduled to
be drawn down in December this year and the rest spread throughout
2010.

BC Iron's Managing Director, Mr. Mike Young, said the agreements
were consistent with BC Iron's goal of securing off-take to
underpin project finance and the establishment of long-term
relationships with its customers.

"We are extremely pleased to have secured not only our first off-
take agreements but also a significant project finance facility on
very attractive terms.  The support of Fortescue Metals in these
transactions has been terrific," Mr. Young said.

"The nature of the combined off-take and project finance will
enable the NJV to push ahead with development of the Nullagine
project, without the complexity that comes with conventional
project finance agreements," Mr. Young added.

BC Iron has separately agreed to issue 8 million options to the
Hong Kong company on these conditions:

   -- 6 million options exercisable at $1.35 and 2 million at
      $1.50;

   -- Option term is 2 years from issue (at first drawdown)
      but only exercisable subject to full drawdown of
      US$50 million facility; and

   -- Shareholders of BC Iron reinstating the 15% security
      issue capacity at its AGM on November 18, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, Fortescue Metals and BC Iron Ltd signed an
agreement to establish a joint venture to develop BC Iron's
Nullagine Iron Ore Project in the east Pilbara region.

BC Iron said it expects to commence production at Nullagine in
early 2010, subject to completion of the feasibility study and
securing all relevant statutory approvals.

Under the agreement, BC Iron will manage the Nullagine joint
venture, including responsibility for all operations, road
haulage, marketing and ore sales.  Fortescue will manage all rail
and port operations, taking product from the project stockpile at
Fortescue's Chichester operation to ships in Port Hedland.

                           About BC Iron

BC Iron Limited is involved in mineral exploration and
development, focusing primarily on iron ore deposits near
Nullagine, Western Australia.  The Company's 100% owned Nullagine
Project is strategically located north east of the Cloud Break
operation, part of Fortescue Metal Group's Chichester Iron
Project.

                       About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


METAL STORM: Financial Lifeline from Filipino Investor Delayed
--------------------------------------------------------------
Liam Walsh at The Courier-Mail reports that cash-strapped Metal
Storm Ltd. has suffered a third delay to its US$35 million (AU$38
million) financial lifeline from a private Filipino investor
unknown by local business organizations.

Almost US$2 million in a first tranche for shares in Metal Storm
was first due in late October, the report says.  That deadline
shifted to November 3.

Metal Storm blamed cyclones in Manila and a public holiday for
Robert Rivero's payment missing that date, The Courier-Mail
reports.

The deadline then moved to November 6.

But Mr. Rivero's company, which is registered in the British
Virgin Islands, has now been granted an extension until this
Friday.

"We haven't finished the . . . banking processes that are
necessary," Metal Storm chairman Terry O'Dwyer was quoted by the
report as saying.  "We are clearly of a view that this will
settle."

Cris Frianeza, secretary-general of the Philippine Chamber of
Commerce and Industry, told The Courier-Mail his organization had
not been able to find any information about Mr. Rivero.

According to the report, Claudine David, executive director of the
Australian-New Zealand Chamber of Commerce Philippines, also said
she was "not familiar with him".

The report notes Mr. O'Dwyer declined to comment on their
statements, but he said he understood some "scepticism" about the
Metal Storm deal.

                         About Metal Storm

Based in Brisbane, Australia, Metal Storm Limited (ASX:MST) --
http://www.metalstorm.com/-- is a development stage enterprise,
which is engaged in defence technology.  The Company is working
with government agencies and departments, and the defence industry
to develop weapons systems utilizing the Metal Storm non-
mechanical, electronically initiated stacked projectile technology
with the principal focus on the 40 millimeter (mm) category of
weapons and munitions.  The Company operates through its
subsidiaries, which includes Metal Storm Inc., Metal Storm USA
Limited, Digigun LLC, and ProCam Machine LLC. The Company's
products include 3GL, FireStorm, MAUL, and 40mm and 18mm Lethal
and Less Lethal ammunition.

Metal Storm Limited's balance sheet at December 31, 2008, showed
current assets of US$8,701,884 and current liabilities of
US$22,397,651, resulting in a working capital deficit of
US$13,695,767.  At December 31, 2007, the Company reported a
working capital deficit of US$4,742,580.

The Company has incurred substantial losses since its formation
and anticipates incurring substantial additional losses over at
least the next few years as it continues its research and
development activities and conduct further trials of its
technology.  The Company's operations have been financed primarily
from capital contributions by investors, interest income earned on
cash and cash equivalents, and grants from government agencies.


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C H I N A
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BANK OF CHINA: Moody's Puts D- BFSR on Review for Possible Upgrade
------------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the A1 long-term deposit, senior unsecured, and issuer
ratings for seven Chinese banks.

The seven banks are: Industrial and Commercial Bank of China,
China Construction Bank, Bank of China, Agricultural Bank of
China, China Development Bank, Export-Import Bank of China, and
Agricultural Development Bank of China.

The action follows Moody's outlook changes for China's A1 long-
term government bond ratings and A1 foreign currency bank deposit
ceiling.

"For the four state-owned commercial banks, ICBC, CCB, BOC, and
ABC, the change in outlook reflects Moody's recognition of the
strong governmental support provided to these banks because of
their systemic importance," says Yvonne Zhang, a Moody's Vice
President and Senior Analyst.

"For the three policy banks, CDB, CEXIM, and ADBC, the outlook
change reflects Moody's view that they will continue to enjoy full
support from the government."

The outlook for the nine other Chinese banks rated by Moody's
remains unchanged.  These are the Bank of Communications, China
Merchants Bank, China CITIC Bank, Shanghai Pudong Development
Bank, China Everbright Bank, Guangdong Development Bank, Shenzhen
Development Bank, HSBC Bank China, and Hang Seng Bank China.

Latest Rating Actions:

Moody's last rating actions on ICBC, CCB and BOC, were taken on
October 22, 2009, when Moody's put their BFSRs on review for
possible upgrade.

Moody's last rating action on ABC was taken on October 22, 2009,
when Moody's upgraded its BFSR to E+ from E.

Moody's last rating action on CITICB was taken on November 18,
2008, when Moody's changed the outlook on its foreign currency
long-term deposit rating to negative from stable.

Moody's last rating action on CEB, BoCom, CMB, Shanghai Pudong
Development Bank, GDB, SZDB, HBCN, and HACN were taken on
October 22, 2009, when Moody's affirmed their BFSR.

Moody's last rating action on CDB was taken on July 26, 2007, when
Moody's upgraded its long-term foreign currency unsecured debt
rating to A1 from A2.

Moody's last rating action on CEXIM was taken on September 3,
2007, when Moody's assigned long-term domestic currency unsecured
debt rating of A1.

Moody's last rating action on ADBC was taken on March 26, 2008,
when Moody's assigned long-term foreign currency issuer rating and
a short-term foreign currency issuer rating of A1 and P-1
respectively.

The four state-owned commercial banks that were the subjects of
the rating actions are headquartered in Beijing.  As of June 2009,
ICBC reported assets of RMB 11.4 trillion (approximately
US$1.7 trillion); CCB RMB, 9.1 trillion (US$1.3 trillion); and
BOC, RMB 8.2 trillion (US$1.2 trillion).  As of December 2008, ABC
reported assets of RMB 7 trillion (US$1 trillion).

The three policy banks that were the subjects of the rating
actions are also headquartered in Beijing.  As of December 2008,
CDB reported assets of RMB 3,820 billion (approximately
US$588 billion); CEXIM RMB, 567 billion (US$83 billion); and ADBC
RMB1,355 billion (US$198 billion).

Below Is A List Of The 16 Banks An Their Ratings:

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- Senior Unsecured (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

  -- Bank Financial Strength E+
  -- LT Bank Deposits (Foreign) A1 with positive outlook
  -- ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

  -- Bank Financial Strength D+
  -- LT Bank Deposits (Foreign) Baa3
  -- ST Bank Deposits (Foreign) P-3

China CITIC Bank:

  -- Bank Financial Strength D with stable outlook
  -- LT Bank Deposits (Foreign) Baa2 with negative outlook
  -- ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba2
  -- ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

  -- Bank Financial Strength D- with positive outlook
  -- LT Bank Deposits (Foreign) Ba2 with positive outlook
  -- ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

China Development Bank

  -- Senior Unsecured (Foreign) A1 with positive outlook

Export-Import Bank of China

  -- Senior Unsecured (Domestic) A1 with positive outlook
  -- Senior Unsecured (Foreign) A1 with positive outlook

Agricultural Development Bank of China

  -- LT Issuer Rating (Foreign) A1 with positive outlook
  -- ST Issuer Rating (Foreign) P-1


BANK OF COMMUNICATIONS: Moody's Puts D BFSR With Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the A1 long-term deposit, senior unsecured, and issuer
ratings for seven Chinese banks.

The seven banks are: Industrial and Commercial Bank of China,
China Construction Bank, Bank of China, Agricultural Bank of
China, China Development Bank, Export-Import Bank of China, and
Agricultural Development Bank of China.

The action follows Moody's outlook changes for China's A1 long-
term government bond ratings and A1 foreign currency bank deposit
ceiling.

"For the four state-owned commercial banks, ICBC, CCB, BOC, and
ABC, the change in outlook reflects Moody's recognition of the
strong governmental support provided to these banks because of
their systemic importance," says Yvonne Zhang, a Moody's Vice
President and Senior Analyst.

"For the three policy banks, CDB, CEXIM, and ADBC, the outlook
change reflects Moody's view that they will continue to enjoy full
support from the government."

The outlook for the nine other Chinese banks rated by Moody's
remains unchanged.  These are the Bank of Communications, China
Merchants Bank, China CITIC Bank, Shanghai Pudong Development
Bank, China Everbright Bank, Guangdong Development Bank, Shenzhen
Development Bank, HSBC Bank China, and Hang Seng Bank China.

Latest Rating Actions:

Moody's last rating actions on ICBC, CCB and BOC, were taken on
October 22, 2009, when Moody's put their BFSRs on review for
possible upgrade.

Moody's last rating action on ABC was taken on October 22, 2009,
when Moody's upgraded its BFSR to E+ from E.

Moody's last rating action on CITICB was taken on November 18,
2008, when Moody's changed the outlook on its foreign currency
long-term deposit rating to negative from stable.

Moody's last rating action on CEB, BoCom, CMB, Shanghai Pudong
Development Bank, GDB, SZDB, HBCN, and HACN were taken on
October 22, 2009, when Moody's affirmed their BFSR.

Moody's last rating action on CDB was taken on July 26, 2007, when
Moody's upgraded its long-term foreign currency unsecured debt
rating to A1 from A2.

Moody's last rating action on CEXIM was taken on September 3,
2007, when Moody's assigned long-term domestic currency unsecured
debt rating of A1.

Moody's last rating action on ADBC was taken on March 26, 2008,
when Moody's assigned long-term foreign currency issuer rating and
a short-term foreign currency issuer rating of A1 and P-1
respectively.

The four state-owned commercial banks that were the subjects of
the rating actions are headquartered in Beijing.  As of June 2009,
ICBC reported assets of RMB 11.4 trillion (approximately
US$1.7 trillion); CCB RMB, 9.1 trillion (US$1.3 trillion); and
BOC, RMB 8.2 trillion (US$1.2 trillion).  As of December 2008, ABC
reported assets of RMB 7 trillion (US$1 trillion).

The three policy banks that were the subjects of the rating
actions are also headquartered in Beijing.  As of December 2008,
CDB reported assets of RMB 3,820 billion (approximately
US$588 billion); CEXIM RMB, 567 billion (US$83 billion); and ADBC
RMB1,355 billion (US$198 billion).

Below Is A List Of The 16 Banks An Their Ratings:

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- Senior Unsecured (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

  -- Bank Financial Strength E+
  -- LT Bank Deposits (Foreign) A1 with positive outlook
  -- ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

  -- Bank Financial Strength D+
  -- LT Bank Deposits (Foreign) Baa3
  -- ST Bank Deposits (Foreign) P-3

China CITIC Bank:

  -- Bank Financial Strength D with stable outlook
  -- LT Bank Deposits (Foreign) Baa2 with negative outlook
  -- ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba2
  -- ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

  -- Bank Financial Strength D- with positive outlook
  -- LT Bank Deposits (Foreign) Ba2 with positive outlook
  -- ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

China Development Bank

  -- Senior Unsecured (Foreign) A1 with positive outlook

Export-Import Bank of China

  -- Senior Unsecured (Domestic) A1 with positive outlook
  -- Senior Unsecured (Foreign) A1 with positive outlook

Agricultural Development Bank of China

  -- LT Issuer Rating (Foreign) A1 with positive outlook
  -- ST Issuer Rating (Foreign) P-1


CHINA CONSTRUCTION: Moody's Puts D- BFSR on Review
--------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the A1 long-term deposit, senior unsecured, and issuer
ratings for seven Chinese banks.

The seven banks are: Industrial and Commercial Bank of China,
China Construction Bank, Bank of China, Agricultural Bank of
China, China Development Bank, Export-Import Bank of China, and
Agricultural Development Bank of China.

The action follows Moody's outlook changes for China's A1 long-
term government bond ratings and A1 foreign currency bank deposit
ceiling.

"For the four state-owned commercial banks, ICBC, CCB, BOC, and
ABC, the change in outlook reflects Moody's recognition of the
strong governmental support provided to these banks because of
their systemic importance," says Yvonne Zhang, a Moody's Vice
President and Senior Analyst.

"For the three policy banks, CDB, CEXIM, and ADBC, the outlook
change reflects Moody's view that they will continue to enjoy full
support from the government."

The outlook for the nine other Chinese banks rated by Moody's
remains unchanged.  These are the Bank of Communications, China
Merchants Bank, China CITIC Bank, Shanghai Pudong Development
Bank, China Everbright Bank, Guangdong Development Bank, Shenzhen
Development Bank, HSBC Bank China, and Hang Seng Bank China.

Latest Rating Actions:

Moody's last rating actions on ICBC, CCB and BOC, were taken on
October 22, 2009, when Moody's put their BFSRs on review for
possible upgrade.

Moody's last rating action on ABC was taken on October 22, 2009,
when Moody's upgraded its BFSR to E+ from E.

Moody's last rating action on CITICB was taken on November 18,
2008, when Moody's changed the outlook on its foreign currency
long-term deposit rating to negative from stable.

Moody's last rating action on CEB, BoCom, CMB, Shanghai Pudong
Development Bank, GDB, SZDB, HBCN, and HACN were taken on
October 22, 2009, when Moody's affirmed their BFSR.

Moody's last rating action on CDB was taken on July 26, 2007, when
Moody's upgraded its long-term foreign currency unsecured debt
rating to A1 from A2.

Moody's last rating action on CEXIM was taken on September 3,
2007, when Moody's assigned long-term domestic currency unsecured
debt rating of A1.

Moody's last rating action on ADBC was taken on March 26, 2008,
when Moody's assigned long-term foreign currency issuer rating and
a short-term foreign currency issuer rating of A1 and P-1
respectively.

The four state-owned commercial banks that were the subjects of
the rating actions are headquartered in Beijing.  As of June 2009,
ICBC reported assets of RMB 11.4 trillion (approximately
US$1.7 trillion); CCB RMB, 9.1 trillion (US$1.3 trillion); and
BOC, RMB 8.2 trillion (US$1.2 trillion).  As of December 2008, ABC
reported assets of RMB 7 trillion (US$1 trillion).

The three policy banks that were the subjects of the rating
actions are also headquartered in Beijing.  As of December 2008,
CDB reported assets of RMB 3,820 billion (approximately
US$588 billion); CEXIM RMB, 567 billion (US$83 billion); and ADBC
RMB1,355 billion (US$198 billion).

Below Is A List Of The 16 Banks An Their Ratings:

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- Senior Unsecured (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

  -- Bank Financial Strength E+
  -- LT Bank Deposits (Foreign) A1 with positive outlook
  -- ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

  -- Bank Financial Strength D+
  -- LT Bank Deposits (Foreign) Baa3
  -- ST Bank Deposits (Foreign) P-3

China CITIC Bank:

  -- Bank Financial Strength D with stable outlook
  -- LT Bank Deposits (Foreign) Baa2 with negative outlook
  -- ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba2
  -- ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

  -- Bank Financial Strength D- with positive outlook
  -- LT Bank Deposits (Foreign) Ba2 with positive outlook
  -- ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

China Development Bank

  -- Senior Unsecured (Foreign) A1 with positive outlook

Export-Import Bank of China

  -- Senior Unsecured (Domestic) A1 with positive outlook
  -- Senior Unsecured (Foreign) A1 with positive outlook

Agricultural Development Bank of China

  -- LT Issuer Rating (Foreign) A1 with positive outlook
  -- ST Issuer Rating (Foreign) P-1


GENERAL MOTORS: China Sales Surpass 1.5 Million Units for 2009
--------------------------------------------------------------
General Motors Company and its joint ventures in China surpassed
1.5 million units in sales for 2009.  With a strong October, the
GM China family continued its string of record monthly sales that
began at the start of the year.

"This has been a year of records for GM in China," said Kevin
Wale, President and Managing Director of the GM China Group.  "It
is GM's priority to put the customer at the center of everything
we do.  This is reflected in our vehicle design, engineering and
production."

Mr. Wale added, "With our new engine and transmission
technologies, we are able to present winning products that offer
good fuel efficiency to satisfy local market needs.  Many of our
new products offer best-in-class fuel economy, including the new
Buick LaCROSSE with an S6 transmission and the Buick New Regal
2.0L."

For the first 10 months of 2009, GM's domestic sales in China
totaled 1,459,460 units.  This was a rise of 59.8% from the first
10 months of 2008 and a new record for the period. Despite the
National Day holiday at the beginning of the month, the automaker
and its joint ventures ended October with 166,911 vehicles sold.
This was more than double the number sold in October 2008.

Shanghai GM sales in the first 10 months rose 46.5% from the same
period last year to 548,707 units.  The passenger car joint
venture sold 68,505 vehicles domestically in October, which
represented an increase of 109.7% from the same month last year.
Shanghai GM finished the month number one in sales among domestic
passenger car manufacturers. Sales of both the Buick New Regal and
new Buick LaCROSSE topped 6,000 units in October, while the Buick
Excelle surpassed sales of 1 million units since its introduction
in 2003.  GM's other mainstream brand in China also continued to
perform strongly, with both the Chevrolet Cruze and Chevrolet Lova
topping 10,000 units in sales in October for the second month in a
row.

In the first 10 months, SAIC-GM-Wuling, GM's mini-commercial
vehicle joint venture, registered domestic sales of 891,285 units,
representing an increase of 65.9% on an annual basis.  It sold
89,416 vehicles in China last month, a rise of 78.5% from October
2008.  Domestic sales of China's best-selling vehicle, the Wuling
Sunshine minivan, surpassed 500,000 units for the year, while
sales of the Wuling Rong Guang minivan topped 20,000 units in
October for the fourth consecutive month.

FAW-GM Light Duty Commercial Vehicle Co. Ltd. sold 8,687 vehicles
in October, taking the new joint venture's sales to 17,467 units
since its establishment in August.

                       About General Motors

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

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

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

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

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

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


INDUSTRIAL & COMMERCIAL: Moody's Puts D- BFSR on Review
-------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the A1 long-term deposit, senior unsecured, and issuer
ratings for seven Chinese banks.

The seven banks are: Industrial and Commercial Bank of China,
China Construction Bank, Bank of China, Agricultural Bank of
China, China Development Bank, Export-Import Bank of China, and
Agricultural Development Bank of China.

The action follows Moody's outlook changes for China's A1 long-
term government bond ratings and A1 foreign currency bank deposit
ceiling.

"For the four state-owned commercial banks, ICBC, CCB, BOC, and
ABC, the change in outlook reflects Moody's recognition of the
strong governmental support provided to these banks because of
their systemic importance," says Yvonne Zhang, a Moody's Vice
President and Senior Analyst.

"For the three policy banks, CDB, CEXIM, and ADBC, the outlook
change reflects Moody's view that they will continue to enjoy full
support from the government."

The outlook for the nine other Chinese banks rated by Moody's
remains unchanged.  These are the Bank of Communications, China
Merchants Bank, China CITIC Bank, Shanghai Pudong Development
Bank, China Everbright Bank, Guangdong Development Bank, Shenzhen
Development Bank, HSBC Bank China, and Hang Seng Bank China.

Latest Rating Actions:

Moody's last rating actions on ICBC, CCB and BOC, were taken on
October 22, 2009, when Moody's put their BFSRs on review for
possible upgrade.

Moody's last rating action on ABC was taken on October 22, 2009,
when Moody's upgraded its BFSR to E+ from E.

Moody's last rating action on CITICB was taken on November 18,
2008, when Moody's changed the outlook on its foreign currency
long-term deposit rating to negative from stable.

Moody's last rating action on CEB, BoCom, CMB, Shanghai Pudong
Development Bank, GDB, SZDB, HBCN, and HACN were taken on
October 22, 2009, when Moody's affirmed their BFSR.

Moody's last rating action on CDB was taken on July 26, 2007, when
Moody's upgraded its long-term foreign currency unsecured debt
rating to A1 from A2.

Moody's last rating action on CEXIM was taken on September 3,
2007, when Moody's assigned long-term domestic currency unsecured
debt rating of A1.

Moody's last rating action on ADBC was taken on March 26, 2008,
when Moody's assigned long-term foreign currency issuer rating and
a short-term foreign currency issuer rating of A1 and P-1
respectively.

The four state-owned commercial banks that were the subjects of
the rating actions are headquartered in Beijing.  As of June 2009,
ICBC reported assets of RMB 11.4 trillion (approximately
US$1.7 trillion); CCB RMB, 9.1 trillion (US$1.3 trillion); and
BOC, RMB 8.2 trillion (US$1.2 trillion).  As of December 2008, ABC
reported assets of RMB 7 trillion (US$1 trillion).

The three policy banks that were the subjects of the rating
actions are also headquartered in Beijing.  As of December 2008,
CDB reported assets of RMB 3,820 billion (approximately
US$588 billion); CEXIM RMB, 567 billion (US$83 billion); and ADBC
RMB1,355 billion (US$198 billion).

Below Is A List Of The 16 Banks An Their Ratings:

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D- (placed on review for possible
     upgrade)

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- Senior Unsecured (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

  -- Bank Financial Strength E+
  -- LT Bank Deposits (Foreign) A1 with positive outlook
  -- ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

  -- Bank Financial Strength D+
  -- LT Bank Deposits (Foreign) Baa3
  -- ST Bank Deposits (Foreign) P-3

China CITIC Bank:

  -- Bank Financial Strength D with stable outlook
  -- LT Bank Deposits (Foreign) Baa2 with negative outlook
  -- ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba1
  -- ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) Ba2
  -- ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

  -- Bank Financial Strength D- with positive outlook
  -- LT Bank Deposits (Foreign) Ba2 with positive outlook
  -- ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) A1
  -- LT Bank Deposits (Local) A1
  -- ST Bank Deposits (Foreign) P-1
  -- ST Bank Deposits (Local) P-1

China Development Bank

  -- Senior Unsecured (Foreign) A1 with positive outlook

Export-Import Bank of China

  -- Senior Unsecured (Domestic) A1 with positive outlook
  -- Senior Unsecured (Foreign) A1 with positive outlook

Agricultural Development Bank of China

  -- LT Issuer Rating (Foreign) A1 with positive outlook
  -- ST Issuer Rating (Foreign) P-1


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


F. PRECISION: Members' Final Meeting Set for December 11
--------------------------------------------------------
Members of F. Precision Limited will hold their final meeting on
December 11, 2009, at 11:30 a.m., at the 26th Floor, Citicorp
Centre, 18 Whitfield Road, Causeway Bay, Hong Kong.

At the meeting, David Leong Ting Kwok, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FINANCE AND CONSULTING: Wan and Fung Appointed as Liquidators
-------------------------------------------------------------
Terence Ho Yue Wan and Henry Fung on October 23, 2009, were
appointed as liquidators of Finance and Consulting Limited.

The liquidators may be reached at:

         Terence Ho Yue Wan
         Henry Fung
         Manulife Provident Funds Place, Rooms 1001-1003, 10/F
         345 Nathan Road
         Kowloon, Hong Kong


FLOATA SEAFOOD: Cho Yim-kan Steps Down as Liquidator
----------------------------------------------------
Cho Yim-kan stepped down as liquidator of Floata Seafood
Restaurant Limited on October 28, 2009.


FULLEASY LIMITED: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on October 30, 2009,
members of Fulleasy Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Lam Man Chau
         Flora Plaza, Room A
         36/F., Block 10
         Fanling, New Territories
         Hong Kong


GRANVILLE TEXTILES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Granville Textiles Limited on October 30, 2009, passed
a resolution that voluntarily winds up the company's operations.

The company's liquidators are:

         Johnson Kong Chi How
         Wing On Centre, 25th Floor
         111 Connaught Road
         Central, Hong Kong


HANDSOME INTERNATIONAL: Cheung Tak Man Appointed as Liquidator
--------------------------------------------------------------
Cheung Tak Man on October 22, 2009, was appointed as liquidator of
Handsome International Limited.

The liquidator may be reached at:

         Cheung Tak Man
         Desmond of Suites 908-912, 9th Floor
         One Pacific Place
         88 Queensway
         Hong Kong


HARVESTINE COMPANY: Lam and Toohey Step Down as Liquidators
-----------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey stepped down as
liquidators of Harvestine Company Limited on October 27, 2009.


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


AIR INDIA: May Ground 650 Flights Per Week to Cut Costs
-------------------------------------------------------
The Economic Times reports that Air India may ground 650 flights
per week under a restructuring plan.

The report says the steps could be part of a civil aviation
ministry restructuring plan that will be taken up by a Group of
Ministers (GoM) next Thursday to decide on Air India's future
course and its immediate demand for a INR5,000-crore equity
infusion.

According to the report, a senior official said that the carrier
plans to scrap 650 flights operating on non-essential routes.
Such sectors costs the company by INR2,000 crore per year, he
said.

The carrier is estimated to have accumulated losses of INR7,200
crore as on March, 2009, due to low yield, high fuel price and
poor demand, the report states.

Among the routes that may be scrapped are the non-stop flights it
launched to New York from Mumbai and New Delhi, which reportedly
incurs a loss of INR750 crore per year.

A top government official told ET that the national flag carrier's
route rationalization plan includes shifting full-service flights
to the airline's low-cost subsidiary Air India Express on Gulf
sectors, which is expected to save the airline INR113 crore per
year.

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.


BHAGWATI POWER: ICRA Rates INR431 Million Term Loans at 'LBB+'
--------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR431 million term loans
and the INR130 million fund based limits of Bhagwati Power & Steel
Limited.  ICRA has also assigned an A4+ rating to the INR20
million non-fund based bank limits of BPSL.

The ratings take into consideration the track record of the
company in the sponge iron industry and established raw material
linkages from nearby iron ore and coal mines, which reduce the raw
material freight cost.  The ratings also reflect the healthy
profitability and comfortable coverage indicators of the company.
The ratings are, however, constrained by the cyclicality of the
steel industry, which is currently going through a difficult
phase; low capacity utilization of the sponge iron units;
relatively small scale of BPSL's operations and the company's
committed capital expenditure for a proposed captive power project
(CPP), which is quite significant relative to its current scale of
operations and balance sheet size.  The proposed CPP with an
estimated cost of INR477.7 million would be funded through a debt
equity ratio of 2.7:1, for which the debt amount of INR350 million
has been tied-up from the banking sources.  ICRA expects that the
large amount of fresh debt for the proposed CPP would have an
adverse impact on the capital structure of the company in the near
term, and therefore the company's ability to commission the
project without significant time and cost overruns and stabilized
operations post commissioning would be critical determinants of
its credit quality.

Incorporated in 2004, BPSL belongs to the Raipur-based Kejriwal
family. BPSL has a sponge iron manufacturing facility located at
Raipur, Chattisgarh with an annual capacity of 60,000 MT.  In
2008-09, BPSL reported a turnover of INR617.15 million and net
profit of INR49.14 million.


BALAJI AGRO: ICRA Assigns 'LBB+' Rating on INR36.9MM Term Loan
--------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR36.9 million term loan
program and INR92.0 million cash credit facilities of Balaji Agro
Oils Limited. ICRA has also assigned an A4+ rating to the INR10.0
million letters of credit facilities of BAGRO.

The ratings are reflect the fragmented nature of the edible oil
industry with availability of several grades of edible oils,
intense competition from larger and well-established players in
the branded segment, threat from cheaper substitutes particularly
palm oil, along with BAGRO's limited market penetration, its small
scale of operations and exposure to cyclicality of feedstock
leading to constraints in passing on cost variations to its
customers.  The ratings are also tempered by weak profitability,
and moderate financial risk profile. Nevertheless, the ratings
consider the strengths of the company such as favorable prospects
for rice bran oil (RBO) owing to its significant health benefits,
competitive pricing as compared to other edible oils such as
soybean and sunflower oil and modest diversification to other
businesses.

Balaji Agro Oils Limited (formerly Srihita Refineries) was
incorporated in 1995 by the first generation entrepreneur, Mr. V.
Venkataramaiah, as a solvent extraction plant of RBO with the
crude RBO being sold to refineries.  The company belongs to the
Balaji Group of entities which commenced operations in 1996 with
Balaji Raw & Par-boiled Rice Mill, a partnership concern.  The
manufacturing facilities of BAGRO, located in Davuluru
(Vijayawada, Andhra Pradesh), currently has solvent extraction
capacity of 200 metric tons per day.  In 2003, a 4.5 mega-watt
bio-mass based power plant was set-up and in 2005 a steel ingots
manufacturing unit was set up with a capacity of 4,000 metric tons
per annum. Currently, majority of the company's equity is held by
the promoter of the company.


IDUPULAPADU COTTON: ICRA Puts 'LBB' Ratings on Various Bank Debts
-----------------------------------------------------------------
ICRA has assigned an LBB rating to the INR462.0 million of bank
lines (including sanctioned CC limits of INR230.0 million and the
outstanding term loans of INR209.1 million) of Idupulapadu Cotton
Mills Limited.

The rating is constrained by the commoditized nature of industry
wherein the price of the major raw material-kappas is dependent on
the climatic condition and also subject to the policies of the
state governments.  The industry is characterized by intense
competition between the spinning units situated in and around
Guntur, which limits pricing flexibility and increases
vulnerability to demand decline in specific product segments.

ICM has huge capex of around INR900 million (~ 80% debt funded)
expected to be commissioned by FY 10.  The ratings are also
constrained by the stretched capital structure position of the
company (gearing would increase to over 3x in FY 10).  The textile
industry scenario remains challenging; with overcapacity situation
in the domestic market, surge in cotton prices which have squeezed
the profitability margins of the company.

                     About Idupulapadu Cotton

Idupulapadu Cotton Mills Limited, promoted in the year 1994 is
engaged in the spinning of cotton yarn. Located at Guntur- the
major cotton growing belt of Andhra Pradesh, ICM saves on
transportation cost and is able to get other logistic advantage.
Initially started off with only trading of cotton, ICM has over
the years set up capacities across the value chain of cotton yarn
manufacturing, which includes ginning, spinning and de-linting.
The company is also in the process of setting up capacities to
extract oil from the cotton seed.  The major raw material Kappas
is procured directly from the cotton growers in Guntur, Warangal.
Prakasam, Nalgonda, Vikarabad, Karimnagar, Shadnagar and
Jadcheria.

In FY09, ICM recorded a net profit of INR29.5 million on an
operating income of INR1355.4 million.


JAY POLYCHEM: ICRA Downgrades Rating on LT Bank Debts to 'LBB'
--------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR2.14 billion
long-term fund based limits of Jay Polychem (India) Limited from
LBBB- to LBB.  ICRA has also downgraded the rating assigned to the
INR3.97 billion short-term non-fund based facilities of the
company from A3+ to A4.

The revision in ratings primarily reflects the continued stretched
liquidity and cash flow position of the company; and the lower
than anticipated improvement in its overall financial risk
profile, which were identified as the key concerns from a credit
perspective by ICRA during the last rating review.  Although the
promoters have infused a part of the indicated fresh equity, the
same has not resulted in an improvement in the company's capital
structure to the extent anticipated by ICRA.  Further, the
company's working capital utilization levels continue to remain
high, which coupled with the high reliance on ad-hoc fund based
facilities, reflect the liquidity pressures being faced by the
company.

Besides, the ratings continue to factor in the company's
vulnerability to commodity price risk and foreign exchange
fluctuations.  ICRA also notes that the company has recently
diversified into exploration and production (E&P) activities, and
has been provisionally awarded one block under NELP VIII round of
bidding. The proposed diversification could create further funding
constraints for the company.  The ratings, however, continue to
take into account the established presence of the company in
trading and distribution of chemicals and plastics; its moderately
large scale of operations, and the modest turnover-growth achieved
during first half of financial year 2009-10 (H1 2009-10) vis a vis
the same period last fiscal.

                        About Jay Polychem
Jay Polychem (India) Limited is engaged in the business of import
and distribution of chemicals and plastics.  It was initially
incorporated as a Private Limited Company in the year 1991 under
the name of M/s. Jay Polychem (India) Private Limited.  Later in
the year 1999, the company was converted into a Limited Liability
Company and was named Jay Polychem (India) Limited.  Jay Polychem
is a closely held company with promoters and their investment
companies holding a 100% stake.  The company has two divisions,
namely, chemicals and plastics.  The main chemicals traded by the
company are Toluene, Mixed Xylene, Heavy Aromatic Solvents,
Methanol and Acetone.  Some of the major plastic products traded
by the company are Polymethyl Methacrylate (PMMA), Polycarbonate
(PC), Acrylonitrile butadiene styrene (ABS), and Polyvinyl
Chloride (PVC).

Jay Polychem reported a net profit of INR41.5 million on a net
sales of INR12.86 billion during 2008-09.  The company reported a
net profit of INR48.5 million on a net sales of INR8.92 billion
during H1 2009-10 (as per unaudited results).


PIONEER DISTILLERIES: Delays in Debt Payment Cue ICRA 'LB+' Rating
------------------------------------------------------------------
ICRA has assigned LB+ rating to INR633.9 million term loans and
INR150 million fund based limits of Pioneer Distilleries Limited.
ICRA has also assigned A4 rating to INR45 million short term loans
and INR35 million non fund based limits of PDL.

The ratings reflect recent delays in servicing of debt by PDL.
The ratings are also constrained by the exposure of the company to
volatility in molasses prices and availability of molasses owing
to the cyclicality in the sugar industry, intense competition
following large capacity additions which are being witnessed in
the ENA market, deterioration in the financial risk profile of the
company with significant drop in profitability owing to high
molasses prices and debt funded capex incurred in the past few
years leading to high financial leverage.  The high working
capital intensity of business due to significant increase in raw
material prices coupled with capital expenditure incurred had led
to strained liquidity situation which in turn has caused delays in
servicing of debt. With bulk of the supplies being made to large
IMFL manufacturers, the ENA producers suffer from weak pricing
power. The industry is subject to high government controls and
hence vulnerable to regulatory changes.  The financial profile of
PDL is expected to remain under strain on account of ongoing
capital expenditure plans which are to be funded through debt.
The ratings factors in PDL's strong presence in the ENA market in
Maharashtra (a large IMFL market), reputed clientele of PDL which
ensures stable revenue stream and also growing demand witnessed in
the IMFL segment.

Recent Results

For the half year ended September 2009, the company has reported a
net profit of INR30.3 million on an operating income of INR269.0
million.  For the corresponding period of 2008-09, the company
reported a net profit of INR51.3 million on an operating income of
INR361.3 million.

                    About Pioneer Distilleries

Pioneer Distilleries Ltd is one of the leading manufacturers of
Extra Neutral Alcohol (ENA), and also manufactures Rectified Sprit
(RS), Industrial Alcohol / Special Denatured Sprit (SDS), Ethanol,
and Carbon-di-Oxide (CO2.  The company has its plant located in
one of the back ward areas - Balapur Village of Nanded District,
Maharashtra. PDL initially started with plant capacity of 50 KLPD
of RS and 30 KLPD of ENA, later expanding it by increasing the ENA
capacity from 30 KLPD to 50 KLPD, operational from March 2005.
The company went in for second expansion with RS capacity
increasing from 50 KLPD to 100 KLPD operational from February 1,
2007.  The company plans to add further capacity in the RS and ENA
products in the current financial year.  PDL reported a net profit
of INR78.6 million on an operating income of INR762.7 million in
2008-09 as against a net profit of INR128.7 million on an
operating income of INR711.6 million in 2007-08.


PRASUNA VAMSIKRISHNA: ICRA Reaffirms 'LBB' Rating on Term Loans
---------------------------------------------------------------
ICRA has reaffirmed the LBB rating to the Rs.291.9 million term
loans and the Rs.110.0 million fund based limits of Prasuna
Vamsikrishna Spinning Mills Private Limited.  ICRA has also
reaffirmed the A4 rating to the Rs.19.5 million fund based limits
of PVSMPL.

The ratings reflect PVSMPL's small scale of operations, which
restricts economies of scale and financial flexibility.  The
Company operates in the spinning industry, which is highly
fragmented and surplus on capacities.  The spinning sector has
witnessed huge investments over the last few fiscals on account of
the interest subsidy granted under the Technology Upgradation Fund
Scheme. The excess of supply over demand has restricted the
pricing flexibility of the players.  The demand for yarn is also
subdued owing to the economic slowdown, which is expected to
impact PVSMPL's revenue growth and margins in the short-to-medium
term.  ICRA also observes that PVSMPL's export sales halved in
2008-09 on account of the weak macro-economic environment.  The
Company derived 19.3% of sales from its largest customer in 2008-
09 while the top 10 customers contributed to 74.1% of sales during
the same period; this amounts to high customer concentration,
thereby heightening the impact of any order volatility on revenue
growth.

The Company's operating income grew at a healthy pace albeit on a
smaller base in 2008-09 while the operating margin suffered
decline by over 800 basis points on account of high input costs
and subdued realizations.  Though the operating margin is still
healthy on account of the Company's predominant presence in the
finer counts of yarn, the high interest costs have resulted in
lower net accruals.  PVSMPL's capital structure is characterized
by high gearing and its coverage indicators are stretched.

The ratings favorably factor in the significant experience of
promoters in cotton trading / ginning, which is expected to result
in better procurement strategies.  The Company's mill in located
in Guntur (Andhra Pradesh), a cotton-growing area.  While the
proximity to raw material sources saves on logistics cost, mills
in the region benefit from comparatively lower power costs against
the peers in the neighboring state of Tamil Nadu.  The Company
derived significant portion of its revenues from production of
finer counts, which is expected to yield relatively higher
operating margin in the medium term.

The Company lowered its raw material inventory in March 2009
(i.e., the end of cotton procurement season) owing to the high
volatility in cotton costs in that fiscal, which resulted in
release of working capital.  Therefore, increased procurement of
cotton in future is expected to accentuate the working capital
requirement and increase the working capital borrowings
accordingly.

                    About Prasuna Vamsikrishna

Prasuna Vamsikrishna Spinning Mills Private Limited, incorporated
in February 2004, is engaged in producing cotton yarn.  Based in
Guntur (Andhra Pradesh), the Company commenced commercial
production in November 2005 with a capacity of 12,000 spindles and
enhanced it to 24,000 spindles in December 2006.  The Company
derived over 75 per cent of revenues from the domestic market in
2008-09.  The promoters (Mr. Kalahasthi Haribabu and Mr. P
Srinivas) and their relatives hold the entire share capital of the
Company.


RAMPRASTHA PROMOTERS: ICRA Rates INR950MM Term Loan at 'LBB+'
-------------------------------------------------------------
ICRA has assigned LBB+ rating to the INR950 million proposed term
loan of Ramprastha Promoters and Developers Private Limited.

The rating takes into account nascent stage of the project,
significant un-booked space in launched phases which along with
current demand slowdown being faced by the real estate sector
increases the market risk substantially.  Further, the competitive
pressures for RPDPL are heightened by significant supply of
residential space expected in the National Capital Region (NCR) in
the short to medium term.  While assigning the rating, ICRA has
also noted the possibility of increase in funding requirements as
construction is proposed to be funded significantly through
customer advances.  Besides, as construction is still at the
nascent stage, any delay in project execution can impact the
profitability of the project.  The rating, however, draws comfort
from the long track record of the promoters in real estate sector;
attractive location of the project and the fact that land cost has
been paid off.

                    About Ramprastha Promoters

Ramprastha Promoters & Developers Private Limited is a part of the
Ramprastha Group which is a growing real estate developer based
out of National Capital Region (NCR).  Ramprastha group has till
date completed 150 lac sq ft of development in last four decades.
The completed projects by the promoters comprising residential
township, Plotted colony, commercial development and group housing
are located in Ghaziabad, Gurgaon and New Delhi.

RPDPL was set up as a Special Purpose Vehicle (SPV) in June, 2007
to develop an integrated township "Ramprastha City" in sector 37D,
Gurgaon, spread across the land area of 350 acres.  The proposed
township includes development of group housing, plotted colony,
SEZ and commercial office and retail space.  While close to 50
acres is owned by the company itself and its wholly owned
subsidiary, the balance is owned by 13 group companies that have
already transferred licenses/development rights for the same in
favor of the company.  The company proposes to focus only on the
Group housing and plotted colony in the next couple of years. The
construction is still at the nascent stage of land excavation and
sample plot construction. The company has so far launched a
portion of group housing under the brand names- "The Edge Towers",
"The Atrium" and "The View".


SAKKU SPINNING: Weak Financial Profile Prompts ICRA 'LBB-' Ratings
------------------------------------------------------------------
ICRA has assigned LBB- rating to INR203.5 million term loan and
INR85.0 million fund based facilities of Sakku Spinning Mills
Limited.  ICRA has also assigned an A4 rating to INR10.0 million
non-fund based facilities of SSML.

The assigned ratings factor in SSML's weak financial profile
characterized by high gearing and stretched coverage indicators
and vulnerability to intensely competitive spun yarn industry.
SSML's small scale of operations and commoditized nature of the
cotton yarn limits the pricing power in a fragmented industry as
reflected in the fall in SSML's operating profit margin during
2008-09.  The ratings however, favorably factor in SSML's location
advantage on account of proximity to a major cotton growing area,
low power tariffs in the state and fiscal incentives offered by
the state government which helps in improving operating
profitability.

Sakku Spinning Mills Limited was incorporated in 2005-06 and is
engaged in the manufacturing of grey cotton yarn. SSML is promoted
by Mr. Venkata Rao who has been in the poultry business for over
three decades. SSML has a spinning mill in Guntur district of
Andhra Pradesh with an installed capacity of 16,800 spindles. The
company started commercial production of yarn in August 2007 with
an installed capacity of 14,400 spindles which was increased to
16,800 spindles as on March 31, 2008.


TATA MOTORS: To Shut Down CV Plant in Pune for Three Days
---------------------------------------------------------
Tata Motors Ltd. said Monday it will shut its commercial vehicle
manufacturing plant in Pune for three days from November 13 to 15
due to shortage of a critical engine component, according to The
Times of India.

According to the report, Tata Motors spokesperson said that the
supply of fuel injection pump from one of its vendors has been
affected due to the fire at oil depot of the Indian Oil
Corporation (IOC) in Jaipur on October 29.

The spokesperson, however, declined to name the supplier, the
Times notes.

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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


TATA STEEL: Enters Into Joint Venture Agreement w/ New Millennium
-----------------------------------------------------------------
Tata Steel Ltd, through its subsidiary, Tata Steel Global Minerals
Holdings has entered into a joint venture agreement with New
Millennium Capital Corp. and LabMag Limited Partnership (through
its General Partner) for development of the Direct Shipment Ore
(DSO) Project in Canada.

"The feasibility study for the DSO Project is underway based upon
which Tata Steel may make its investment decision within 180 days
from delivery of feasibility to Tata Steel," the company said in a
statement.

The JVA envisages formation of a Joint Venture Company (JVC) upon
closing of the transaction subsequent to a notice of Joint Venture
Investment being delivered to NML by Tata Steel.

On the decision to develop, Tata Steel will arrange to fund 100%
of the project cost upto C$300 million for 80% equity stake in the
joint venture company with NML holding a 20% stake.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


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


ARPENI PRATAMA: S&P Junks Corporate Credit Rating From 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Indonesia-based PT Arpeni Pratama Ocean Line Tbk.
(Arpeni) to 'CC' from 'B-'.  The outlook remains negative.

In addition, Standard & Poor's lowered the issue rating on the
outstanding US$140.85 million senior secured notes, issued by
Arpeni Pratama Ocean Line Investment B.V.  and guaranteed by
Arpeni, due May 3, 2013, to 'C' from 'B-'.

"We lowered the ratings on Arpeni to 'CC' on the understanding
that the company missed a coupon payment on Nov. 3, 2009, on its
guaranteed secured notes due 2013," said Standard & Poor's credit
analyst Manuel Guerena.

Although Arpeni has a 30-day grace period, it is Standard & Poor's
opinion that the company is unlikely to be in position to pay the
missed coupon within the period, which ends on Dec. 3, 2009, given
its weak cash flow generation and limited financial flexibility,
where derivative transactions add to the company's financial
commitments.  This would expose Arpeni to possible repayment
acceleration on its remaining debts if cross-default provisions
are triggered, Mr.  Guerena said.  It would also make Arpeni
dependent on trade creditors and advances from customers to
support its working capital requirements and continue its
operations.

Arpeni's liquidity has been facing increasing stress on top of its
indebtedness, as the company funded its growing working capital
requirements over the past few quarters through short-term loans.
This situation was compounded by weaker operating margins through
this year.  The latest development suggested that the company's
cash reserve has been depleted faster than previously expected,
even at this low rating level.

The negative rating outlook reflects S&P's ongoing concerns on the
company's liquidity position amid challenging operating
environment and the likelihood that the coupon payment will not be
met before the end of the grace period, which would lead to
another downgrade and a potential acceleration of other debt
facilities outstanding.  Rating upside is limited.  If Arpeni pays
the mentioned coupon, Standard & Poor's believes that the
company's stressed credit profile would not change materially, in
the absence of external support, which is currently not expected.


LIPPO KARAWACI: Fitch Affirms Issuer Default Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Lippo Karawaci Tbk to
Stable from Negative, and affirmed its Long-term foreign currency
and local currency Issuer Default Ratings at 'B+' and National
Long-term rating at 'BBB+(idn)'.  Fitch has also affirmed the
rating of 'B+' and recovery rating of 'RR4' on the US$250 million
senior unsecured notes due 2011 issued by Lippo Karawaci Finance
B.V.  and guaranteed by LK.

The Outlook revision reflects LK's ability in maintaining its
financial performance and good liquidity profile despite the
weakening Jakarta property market since Q408.  Pre-sales from
property development improved to an average of IDR310 billion per
quarter during Q109-Q309, compared to a low of IDR230 billion in
Q408.

LK's improving pre-sales was supported by the company's
diversified property portfolio, which offers it flexibility in
launching projects that suit the changed market demand.  The
weakness in pre-sales from the apartment sector was offset by the
relatively good pre-sales from LK's residential landed house
projects in its existing township developments.  The improvement
in pre-sales was further aided by a sign of recovery in the
domestic property sector underpinned by a relatively low inflation
rate, decreasing mortgage interest rates, more relaxed credit
approval from banks, and relatively stable domestic macroeconomic
conditions.

LK has good short-term liquidity as reflected by its cash balance
of IDR1,537bn at end-September 2009, compared with its current
portion of long-term debt of IDR86bn, which implies that it will
be able to fund its near term capex programme.  Fitch acknowledges
that the predictable cash inflow and cash balance may not be
sufficient in meeting the bullet repayment of the US$250m notes
when it matures in March 2011, and as such LK may require
refinancing.  However, if the company successfully executes its
asset monetization strategy of its existing and future hotels,
retail malls and hospitals, refinancing risk would be low.

LK's ratings are also supported by significant cash flows from its
recurring businesses of healthcare, hospitality, township
infrastructure, retail mall and property management, which should
partially mitigate the risk of cash flow fluctuations generated
from property development.  Around 57% of LK's EBITDA in the first
nine months of 2009 (9M09) was derived from its recurring
businesses.

The ratings are constrained by the cyclical nature of property
development, which could create volatility in earnings and cash
flows, working capital movement, and result in project specific
risks such as cost overruns.  LK's business strategy to move
towards large-scale integrated development projects increases the
execution risk as this would require higher working capital
spending and liquidity support than traditional urban development
projects.  LK's plan to phase out the construction and selling of
its large-scale development projects partially mitigates this
risk.  Other key operational risks include its exposure to forex
risks on its 8.875% coupon payment of its US$250m notes, as well
as the SGD24.6m annual rental payment to its sponsored REIT.  A
further depreciation of the Rupiah will effectively inflate its
interest expenses and rental payments relative to its Rupiah
denominated income.

The Stable Outlook reflects Fitch's expectation that LK will
continue to perform in line with its historical performance while
maintaining its good liquidity profile.  A deterioration of its
liquidity profile with cash balance falling below US$100m
equivalent and/or cumulative pre-sales activities of less then
IDR500bn in two consecutive quarters may result in a negative
rating action.  A positive rating action is not envisaged over the
next 18 to 24 months given LK's smaller scale relative to
international peers.

LK is the largest listed property company in Indonesia with
business interests in urban development, large scale integrated
development, retail malls, healthcare, hospitality and
infrastructure and property management.  In 9M09, LK's revenue
grew 8.5% yoy to IDR1,962bn underpinned by its healthcare business
revenue which rose by 21.6% yoy to IDR665.3bn.  However, its
EBITDA was relatively stable at IDR475bn (9M08: IDR459bn) due to
lower profitability from property development, although recurring
income posted a higher EBITDA margin.


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


ANDANTE LTD: S&P Downgrades Ratings on Two Classes of Notes to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
ratings on the class A-1 and A-2 collateralized credit-linked
notes, issued under the Andante Ltd. series 2 transaction.  This
is an arbitrage synthetic CDO transaction referencing 60 global
names, and it has a total issuance amount of JPY5 billion.  S&P
lowered its ratings on the aforementioned notes to 'D' because the
amounts of accumulated losses for both tranches have exceeded
their loss threshold amounts.

                          Ratings Lowered

                            Andante Ltd.
    JPY5 billion credit-linked secured notes series 2 due 2010

                 Class   To   From   Issue Amount
                 -----   --   ----   ------------
                 A-1     D    CC     JPY1.7 bil.
                 A-2     D    CC     JPY1.3 bil.


DAIWA SECURITIES: Fitch Assigns Support Rating Floor at 'B'
-----------------------------------------------------------
Fitch Ratings has assigned Daiwa Securities SMBC Co. Ltd., 'A-'
Long-term foreign and local currency Issuer Default Ratings, 'F2'
Short-term foreign and local currency IDRs, an Individual rating
of 'C', a Support rating of '4' and a Support Rating Floor of 'B'.
The Outlook is Negative.  Daiwa SMBC will change its name to Daiwa
Securities Capital Markets Co. Ltd., as of 1 January 2010.

Daiwa SMBC's ratings reflect its position as one of the leaders in
the domestic wholesale securities and investment banking business,
its conservative liquidity and finance strategy, prudent risk
management and adequate capitalization; the strong capitalization
of its parent, Daiwa Securities Group Inc. ('BBB+'/Negative/'F2')
has also been factored in.  The ratings also take into
consideration the inherent market risks and credit risks in the
company's trading and underwriting business, its weak
profitability and impact from the breakdown of its partnership
with Sumitomo Mitsui Financial Group ('A'/Stable/'F1').  The
Support Rating of '4' reflects Fitch's view that as a major
registered broker-dealer, some sovereign support may be
forthcoming in case of need, but notes that there is a significant
uncertainty about the level of support.

Fitch will monitor the launch and execution of Daiwa SMBC's new
strategy of reshaping its business model as an investment bank not
affiliated to a large commercial bank.  Its ratings could be
downgraded if Fitch notes that the company's franchise is
weakening, or that its liquidity or capitalization are
deteriorating, or if the company's profitability worsens.

Fitch considers Daiwa SMBC's liquidity position as comfortable,
supported by its large holdings of liquid assets, including JGBs
and other liquid trading assets.  As a large registered broker-
dealer, it also has direct access to BOJ financing.  The agency
believes Daiwa SMBC has sufficient funds to meet short-term
funding needs and other commitments.  Although Daiwa SMBC's
leverage is higher (adjusted leverage of 17.1x at end March 2009
on a non-consolidated basis) given the wholesale nature of its
business, Fitch takes into consideration DSGI's consolidated
capitalization as the parent can reallocate capital among its
subsidiaries, and Daiwa SMBC as a strategically important
subsidiary of DSGI (78% of group assets at end-Mar-09) is strongly
positioned within the group to receive capital support from the
parent, if necessary.  DSGI's adjusted leverage at end-March 2009
was a low 10.5x, while the quality of its capital is high with no
preferred shares included.  Daiwa SMBC's regulatory capital
adequacy ratio was at a high level of 380.7% at end-September
2009.

Fitch considers Daiwa SMBC's recent performance as weak.  The
company returned to profit in the first quarter of the financial
year ending March 2010 (Q1FYE10) after five consecutive quarters
of net losses, but has again made a small net loss of JPY0.9bn in
Q2FYE10.  However the agency notes that the volatile principal
investments business, the main contributor to net losses of the
last several quarters, will be carved out into a separate JV
between DSGI and SMFG at end-December 2009.  At the same time,
Daiwa SMBC is expected to earn substantial capital gains during
Q3FYE10 from the exit of its investments in Sanyo Electric Co.
Ltd.  Fitch also recognizes Daiwa SMBC's conservative business
strategy and implementation of prudent risk management policies,
which helped it avoid the significant losses that hit most of its
peers during the recent credit markets crisis.


ISUZU MOTORS: Posts JPY27.8BB Net Loss in H1 Ended September 30
---------------------------------------------------------------
Isuzu Motors Ltd reported a net loss of JPY27.77 billion in the
six months ended September 30, 2009, compared with a net income of
JPY30.1 billion in the same period a year earlier.

The company also reported an operating loss of JPY20.0 billion in
the first half of fiscal year ended March 2010, compared with a
net profit of JPY39.2 billion in the same period in 2008.  The
company's sales dropped 48.5% to JPY442.85 billion in the first
half, from JPY859.72 billion a year earlier.

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

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


JAPAN AIRLINES: Analysts See Wider Annual Net Loss at JPY83-Bil.
----------------------------------------------------------------
The Wall Street Journal's Mariko Sanchanta and Dow Jones
Newswires' Yoshio Takahashi report that a mean estimate from
analysts polled by Thomson Reuters puts Japan Airlines Corp.'s net
loss at JPY83 billion for the fiscal year through March, wider
than the JPY63 billion net loss the airline forecast in August.
Restructuring costs could force the loss even wider.

Last week, JAL said it will discontinue 16 routes to cut operating
costs and cut losses.  Combined with previously announced
measures, the cuts will improve JAL's annual operating profit by
JPY12.2 billion, Messrs. Sanchanta and Takahashi report.

Still, the airline is expected to drastically reduce its earnings
projection for the fiscal year through March, the report adds.

The report notes that JAL posted its largest quarterly net loss to
date, JPY99 billion, in the three months to June 30 amid a
continued decline in travel brought about by the economic downturn
and swine-flu outbreak.  It was the airline's third consecutive
quarterly loss, according to the report.

The Troubled Company Reporter and the Troubled Company Reporter-
Asia Pacific have reported that Delta Air Lines Inc. and AMR
Corp.'s American Airlines are vying to strike a partnership with
JAL.

JAL is weighed down by one trillion yen ($11 billion) in net debt
and legacy pension costs, according to the report.

                             About JAL

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 by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


JAPAN AIRLINES: CEO May Quit After ETIC Finishes Turnaround Plan
----------------------------------------------------------------
The Wall Street Journal's Mariko Sanchanta and Dow Jones
Newswires' Yoshio Takahashi report that CEO Haruka Nishimatsu, who
has been a longtime employee at Japan Airlines Corp., may step
down after a quasi-government investment fund -- Enterprise
Turnaround Initiative Corp. of Japan -- finalizes a restructuring
plan in the next two months, said the person familiar with the
matter.

According to the report, the government officials in Japan who are
overseeing the restructuring of JAL are considering removing the
CEO, according to a person familiar with the matter, even as Tokyo
offered to extend additional financial aid to the carrier.

According to the report, Japanese Deputy Prime Minister Naoto Kan
said Tuesday it may take about two months until ETIC finalizes the
details of a JAL rescue plan.  ETIC is jointly funded by the
government and the private sector to support companies that face
excessive debt.

Messrs. Sanchanta and Takahashi relate that 70 JAL executives,
including Mr. Nishimatsu, are forgoing their December pay to take
responsibility for the carrier's woes.  JAL's senior management
met with unions Tuesday to ask them to forego their winter
bonuses.  The unions haven't yet responded to the proposal, the
report notes.

The Troubled Company Reporter and the Troubled Company Reporter-
Asia Pacific have reported that Delta Air Lines Inc. and AMR
Corp.'s American Airlines are vying to strike a partnership with
JAL.

On Monday, AMR chairman and CEO Gerard Arpey said the Oneworld
alliance, which includes American Airlines, is the best partner
for Japan Airlines "by a wide margin," Messrs. Sanchanta and
Takahashi relate.

Last week, JAL said it will discontinue 16 routes to cut operating
costs and cut losses.  Combined with previously announced
measures, the cuts will improve JAL's annual operating profit by
JPY12.2 billion, Messrs. Sanchanta and Takahashi report.

                             About JAL

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 by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


JAPAN AIRLINES: Development Bank of Japan to Extend Bridge Loans
----------------------------------------------------------------
The Wall Street Journal's Mariko Sanchanta and Dow Jones
Newswires' Yoshio Takahashi report that Seiji Maehara, Japan's
transport minister, said on Tuesday the government-backed
Development Bank of Japan will provide bridge loans to Japan
Airlines Corp.  Mr. Maehara said the bridge loans are set to be
provided without government guarantees "at first," but he added
that the government would consider future guarantees.

JAL is weighed down by one trillion yen ($11 billion) in net debt
and legacy pension costs, according to the report.

The government is also considering whether it should enforce a cut
in JAL's pension benefits -- and therefore obligations -- through
legislation, the report adds.

                             About JAL

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 by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


JLOC 37: S&P Downgrades Ratings on Various Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A1 to D2 notes issued under the JLOC 37 LLC transaction and
removed the ratings from CreditWatch with negative implications.
The ratings on classes B1 to D2 were placed on CreditWatch
negative on July 6, 2009, while those on classes A1 and A2 were
placed on CreditWatch negative on Oct. 26, 2009.  At the same
time, Standard & Poor's affirmed its ratings on the class X notes
issued under the same transaction.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes B1 to D2 of JLOC 37 LLC, on CreditWatch with
negative implications.

One of the transaction's seven remaining underlying nonrecourse
loans (representing about 9.5% of the total initial issuance
amount of the notes) is due to mature by the end of August 2010
and is a "loan considered to be in default," as stated in the
aforementioned report.

In addition, another four underlying loans (representing a
combined 43.6% or so of the total initial issuance amount of the
notes) have defaulted, and collection procedures relating to the
sale of the collateral properties backing the defaulted loans are
underway, in accordance with rules specified in the servicing
agreement.

Standard & Poor's downgraded classes A1 to D2 because: (1) one of
the aforementioned four loans is a property sales-type loan that
defaulted on Oct. 1, 2009, before progress was made in the sale of
the properties backing the loan.  As such, collection from the
loan would have to be made with a loan-to-value (LTV) ratio that
is higher than S&P's initial assumption.  In addition, S&P
believes that uncertainty is mounting over the recovery prospects
of the related collateral properties; (2) there appears to be
uncertainty over the recovery prospects of the collateral
properties backing the other three defaulted loans as well; (3)
S&P view the recovery prospects of the collateral properties
backing the "loan considered to be in default" with considerable
uncertainty, based on the possibility that the loan may indeed not
be repaid on the maturity date and the properties may need to be
liquidated; and (4) as the two remaining performing loans (loans
that have not defaulted or are not "loans considered to be in
default") have low LTV ratios, S&P see little risk of non-
repayment by the loans' respective maturity dates.  Even so, since
the transaction uses a pro-rata redemption method, the senior
classes may be affected in these ways even if the loans are repaid
by their maturity dates: (a) credit enhancement levels may not
rise; and (b) LTV ratios may increase, although any increase may
be slight.

In reviewing the ratings on the tranches relating to this
transaction, Standard & Poor's assumed that the recovery amount
from the properties that back the defaulted loans and the "loan
considered to be in default" would be approximately 62.8% of the
initial estimate of the properties' total value.

Although S&P affirmed its rating on class X, S&P is considering
amending the rating methodology for interest-only (IO)
certificates, which include class X of this transaction.  If the
proposal is adopted, it could affect the rating on class X.

JLOC 37 LLC is a multi-borrower CMBS transaction.  The notes were
originally secured by loans extended to 10 obligors, which were
initially backed by 61 real estate properties and real estate
trust certificates.  The transaction was arranged by Morgan
Stanley Japan Securities Co. Ltd., and ORIX Asset Management &
Loan Services Corp. acts as the servicer for this transaction.

            Ratings Lowered, Off Creditwatch Negative

                           JLOC 37 LLC
  JPY81.22 billion notes issued on July 11, 2007, due January 2015

       Class   To    From            Initial issue amount
       -----   --    ----            --------------------
       A1      AA    AAA/Watch Neg   JPY53,800 mil.
       A2      AA    AAA/Watch Neg   EUR12.1 mil.
       B1      BBB   AA/Watch Neg    JPY7,900 mil.
       B2      BBB   AA/Watch Neg    EUR4.85 mil.
       C1      B+    A/Watch Neg     JPY7,000 mil.
       C2      B+    A/Watch Neg     EUR8.45 mil.
       D1      CCC   B/Watch Neg     JPY8,000 mil.
       D2      CCC   B/Watch Neg     EUR1.95 mil.

                         Rating Affirmed

    Class   Rating   Initial Issue Amount
    -----   ------   --------------------
    X*      AAA      JPY81,220 mil.  (initial notional principal)

                          * Interest-only


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


GENERAL MOTORS: GM Daewoo to Recall 32,000 Cars Due to Defects
--------------------------------------------------------------
GM Daewoo Auto & Technology Co., the South Korean unit of General
Motors Co., will recall 32,272 units of its Lacetti Premiere
sedans due to a defect found in their seat belts, according to The
Chosun Ilbo.

According to the report, the Ministry of Land, Transport and
Maritime Affairs said the vehicles to be recalled were
manufactured between Nov. 5 of last year and Sept. 10 of this
year.

Owners of those cars will be able to have the defect repaired free
of charge at GM Daewoo service centers across Korea starting
Tuesday, Chosun Ilbo relates.

                          About GM Daewoo

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

                      About General Motors

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

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

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

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

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

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


KOREA DEVELOPMENT: Moody's Affirms Bank Strength Rating at 'D'
--------------------------------------------------------------
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
May 31, 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
May 20, 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: Abu Dhabi Fund Set to Acquire Daewoo Eng'g.
---------------------------------------------------------
Kim Tae-gyu at The Korea Times reports that two Middle Eastern
entities are set to acquire Daewoo Engineering and Construction.

"Out of the four players, two consortiums are from Middle East
headed by the Abu Dhabi Investment Authority (ADIA) and S&C
International Group, respectively," the report quoted a source
familiar with the issue as saying.

"The other two are a U.S. property developer dubbed AC
International Group and a domestic hedge fund.  They have
conducted due diligences ahead of the final auction for Daewoo due
next week," the source added.

According to the report, the anonymous source declined to
elaborate which is the top contender but rumors have swirled that
the Abu Dhabi-based ADIA has a shot at the acquisition.

The S&C consortium and the Korean hedge fund, says the Times, have
reportedly given up their efforts, leaving only the consortiums
spearheaded by the ADIA and AC International.

The ADIA is a sovereign wealth fund owned by Abu Dhabi, the United
Arab Emirates.

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.

                           Union Strike

The Korea Herald, citing Yonhap News Agency, reports that the
union leadership of Daewoo Engineering said started a sit-in
strike late Monday to protest a possible sale of the troubled
builder's controlling stake to "foreign speculative funds."

The Herald notes the labor union of Daewoo Engineering said the
strike at its headquarters in Seoul is aimed at preventing the
group from selling the stake to "overseas speculative capital."

"Kumho Asiana and KDB are bent only on hastily completing the sale
despite the fact that the foreign funds are speculative in
nature," the union was quoted by the Herald as saying.

Apart from the strike, the Herald relates the union said it will
hold a rally today, November 11, to call for Kumho to proceed with
the sale in a more prudent manner.

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 related Kumho Asiana has sold properties and stakes in
affiliates to help it repay debt stemming from its 2006 purchase
of Daewoo Engineering.  Bloomberg said 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.


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


BANK OF THE PHILIPPINE: Fitch Affirms 'BB' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the Bank of the Philippine Islands'
Long-term foreign currency Issuer Default Rating at 'BB', Long-
term local currency IDR at 'BB+', National Long-term Rating at
'AAA(phl)', Individual Rating at 'C', Support Rating at '3',
Support Rating Floor at 'BB-' and subordinated notes at 'AA+
(phl)'.  The Outlook is Stable.

BPI's ratings reflect its status as the third-largest local bank
by assets with a good lending and deposit franchise, diversified
earnings base, sound balance sheet strength and conservative
management, all of which should help the bank negotiate difficult
market conditions better than its peers.

BPI's financial performance has held up fairly well.  Asset
quality has deteriorated only slightly and much less than the
agency's expectations, despite the difficult economic environment,
and profitability was higher in H109 versus 2008 thanks to a
rebound in trading gains.  Credit costs, the main threat to
earnings, could ease somewhat in H209 over H109 in view of lead
indicators of a tentative economic recovery and limited
delinquency impact of the recent typhoons in the Philippines.
Hence, capital impairment risks continue to be low for the bank.
This, together with the bank's strong capital position -- Tier 1
capital adequacy ratio of 13.6% at end-H109 -- underpins its
above-average loss absorption capacity and therefore the
maintenance of the Stable Outlook on its ratings.

Established in 1851, BPI is the oldest Philippine bank with 831
branches and 1,573 ATMs, and accounts for 13% of banking system
assets.  Its main shareholders are the conglomerate Ayala group
(33%), Singapore's DBS Bank ('AA-'/Stable, 20%) and the Roman
Catholic Archdiocese of Manila (8.5%).


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


AIR CONTROLS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on October 30, 2009
to have Air Controls Engineering Pte Ltd's operations wound up.

Belimo Actuators Ltd filed the petition against the company.

The company's liquidator is:

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


ALLIANCE DIVINE: Court to Hear Wind-Up Petition on November 20
--------------------------------------------------------------
A petition to wind up the operations of Alliance Divine
Corporation Pte Ltd will be heard before the High Court of
Singapore on Nov. 20, 2009, at 10:00 a.m.

Priscilla Christopher and Chin Julie Marie filed the petition
against the company on October 27, 2009.

The Petitioner's solicitors are:

         M/s Harjeet Singh & Co
         531 Upper Cross Street
         #04-05 Hong Lim Complex
         Singapore 050531


ARMADA PACIFIC: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on October 30, 2009
to have Armada Pacific Bulk Carriers (Singapore) Pte Ltd's
operations wound up.

Armada (Singapore) Pte Ltd filed the petition against the company.

The company's liquidators are:

         Tam Chee Chong
         Lim Loo Khoon
         Deloitte & Touche LLP
         c/o 6 Shenton Way #32-00
         DBS Building
         Singapore 068809


BEST ELEMENTS: Court to Hear Wind-Up Petition on November 20
------------------------------------------------------------
A petition to wind up the operations of Best Elements Pte Ltd will
be heard before the High Court of Singapore on Nov. 20, 2009, at
10:00 a.m.

Thomson Medical Centre Limited filed the petition against the
company on October 30, 2009.

The Petitioner's solicitors are:

         Messrs Bih Li & Lee
         79 Robinson Road
         #24-08 CPF Building
         Singapore 068897


BEZ-TECH ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on October 28, 2009
to have Bez-Tech Engineering & Construction Pte Ltd's operations
wound up.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre, East Wing
         Singapore 069118


GOLDLINK ITALIA: Court to Hear Wind-Up Petition on November 20
--------------------------------------------------------------
A petition to wind up the operations of Goldlink Italia Marketing
Pte Ltd will be heard before the High Court of Singapore on
Nov. 20, 2009, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on October 30, 2009.

The Petitioner's solicitors are:

         Robert Wang & Woo LLC
         9 Temasek Boulevard
         #32-01 Suntec Tower 2
         Singapore 038989


GOLDLINK TEXTILE: Court to Hear Wind-Up Petition on November 20
---------------------------------------------------------------
A petition to wind up the operations of Goldlink Textile Pte Ltd
will be heard before the High Court of Singapore on Nov. 20, 2009,
at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on October 30, 2009.

The Petitioner's solicitors are:

         Robert Wang & Woo LLC
         9 Temasek Boulevard
         #32-01 Suntec Tower 2
         Singapore 038989


GREIF INVESTMENT: Creditors' Proofs of Debt Due on December 7
-------------------------------------------------------------
Creditors of Greif Investment Holdings (s) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 7, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

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


GREIF SEA: Creditors' Proofs of Debt Due on December 7
------------------------------------------------------
Creditors of Greif Sea Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 7, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

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


HONG LUAN: Creditors Get 8.8499% Recovery on Claims
---------------------------------------------------
Hong Luan Pte Ltd declared the preferential dividend on
November 3, 2009.

The company paid 8.8499% to the received claims.

The company's liquidator is:

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


LTF ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on October 30, 2009
to have LTF Engineering Construction Pte Ltd's operations wound
up.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre, East Wing
         Singapore 069118


MINORI JAPANESE: Creditors' Proofs of Debt Due on November 20
-------------------------------------------------------------
Creditors of Minori Japanese Restaurant Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by November 20, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

         Victor Goh
         C/o Phoenix Corporate Advisory Pte Ltd
         101 Upper Cross Street
         #08-15 People's Park Centre
         Singapore 058357


NEW YORK PIZZA: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on October 30, 2009
to have New York Pizza & Co Pte Ltd's operations wound up.

Box-Pak (Johore) Sdn. Bhd filed the petition against the company.

The company's liquidator is:

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


NGEE LIAN: Creditors Get 28.77964% Recovery on Claims
-----------------------------------------------------
Ngee Lian Builders Pte Ltd declared the preferential dividend on
October 22, 2009.

The company paid 28.77964% to the received claims.

The company's liquidator is:

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


THE SHANGHAI BOOK: Creditors' Meeting Set for November 17
---------------------------------------------------------
The Shanghai Book (CNPIEC) Co. Pte Ltd, which is under provisional
liquidation, will hold a meeting for its creditors on November 17,
2009, at 4:00 p.m.

Shanghai Book will also hold a meeting for its Contributories on
November 17, 2009, at 3:00 p.m.

The company's provisional liquidator is:

         Lai Seng Kwoon
         c/o 8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


TJ COSMETICS: Creditors' Proofs of Debt Due on November 20
----------------------------------------------------------
Creditors of TJ Cosmetics Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by November 20, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Victor Goh
         C/o Phoenix Corporate Advisory Pte Ltd
         101 Upper Cross Street
         #08-15 People's Park Centre
         Singapore 058357


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


NANYA TECHNOLOGY: Secures NT$18 Bln Syndicated Loan from 14 Banks
-----------------------------------------------------------------
Nanya Technology Co. has signed an agreement for a NT$18 billion
syndicated loan from 14 banks, The China Post reports, citing lead
arranger Bank of Taiwan in a faxed statement.

Nanya reported a net loss of NT$6.5 billion for the second quarter
ended June 30, 2009, compared with a net loss of NT$7.29 billion
in the period in 2008.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.  The company
reported net sales of NT$36.31 billion in the fiscal year ended
Dec. 31, 2008, compared with a net sales of NT$52.89 billion in
fiscal year 2007.

                      About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


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


ADVANCE AGRO: S&P Changes Outlook to Stable; Affirms 'B-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
corporate credit rating on Advance Agro Public Co. Ltd. to stable
from negative.  At the same time, Standard & Poor's affirmed its
'B-' corporate credit rating on Advance Agro, and the 'B-' rating
on its long-term senior unsecured debt.

"We expect the company's liquidity to improve in the near term,
based on better operating performance supported by higher volumes,
lower raw material costs, and the company's ability to maintain
prices despite challenging macroeconomic conditions," said
Standard & Poor's credit analyst Yasmin Wirjawan.  "Its near-term
liquidity position is also supported by proceeds from the recent
sale of its three power plants, and the company's ability to roll-
over its packing credit facilities," she added.

The rating on Advance Agro reflects the company's exposure to
volatile and cyclical paper and pulp prices, weak cash flow
measures, and single site concentration.  These weaknesses are
tempered by Advance Agro's integrated and efficient operations,
favorable domestic market position, and geographical diversity of
revenues.  "We expect Advance Agro's cash flow measures to remain
weak, with debt to EBITDA of about 4x in the near term," said Ms.
Wirjawan.  After the sale of its power plants, the company has
revived its plans to build a new paper mill, which will increase
its capacity by 30%.  This will be funded mostly by its internal
cash.

In S&P's view, Advance Agro's liquidity is weak, as it has to rely
on the smooth roll-over of its packing credit facilities, which
provide a revolving credit line plus export credit insurance
benefits to enhance Thai exporters' confidence in their overseas
markets.  As at June 30, 2009, the company's cash and cash
equivalents of Thai baht (THB) 947.3 million were much lower than
the debt of THB5.2 billion due within the next 12 months.  The
company has received THB1.3 billion for the sale of its power
plants and is expected to receive the remaining THB2.7 billion by
the end of 2009.  It also generates average funds from operations
of about THB2.5 billion annually.

The stable outlook incorporates S&P's expectation that Advance
Agro can maintain adequate liquidity in the near term, despite
higher capital expenditures, and that its operating performance
will stabilize in 2010.  The rating could be raised if the company
executes its planned expansion program without any deterioration
in its credit metrics, while maintaining its liquidity position.
The rating could be lowered if the company's financial metrics and
liquidity position weaken materially due to a sharp deterioration
in the operating environment or aggressive capital expenditure.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 27-29, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Distressed Investing Conference, Bellagio, Las Vegas
       Contact: http://www.turnaround.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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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