TCRAP_Public/091117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, November 17, 2009, Vol. 12, No. 227

                            Headlines

A U S T R A L I A

ABC LEARNING: Top Executives to Get AU$250,000 Retention Bonus
BABCOCK & BROWN INFRA: 88% Proxy Votes Favor Recapitalization Plan
KLEENMAID GROUP: ATO Chases Andrew Young for AU$1-Mln Unpaid Taxes
STORM FINANCIAL: Former Planners Still Provide Investment Advice
STORM FINANCIAL: Founders Sue CBA for $17MM Over Investment Losses

C H I N A


LAS VEGAS SANDS: Sands China Files Web Proof Info Pack in SEHK
* U.S., Chinese to Cooperate in Cross-Border Brokerage Cases


H O N G  K O N G

GOLDEN JOINT STEEL: Court Enters Wind-Up Order
H3C HOLDINGS: S&P Puts 'BB-' Rating on CreditWatch Positive
HBK HONG KONG: Members' Final Meeting Set for December 14
HE-HE INTERNATIONAL: Court to Hear Wind-Up Petition on December 2
HK TAI GU MANAGEMENT: Court Enters Wind-Up Order

HONOUR JOIN: Court Enters Wind-Up Order
HTLC NETWORK HK: Creditors' Proofs of Debt Due December 4
INFINITIVE KNITTING: Court Enters Wind-Up Order
JADE ALLIANCE: Creditors and Contributories to Meet on November 26
JUNHALE LIMITED: Commences Wind-Up Proceedings

JUNHALE LIMITED: Creditors' Meeting Set for November 20
KAM FUNG FURNITURE: Court Enters Wind-Up Order
KAM WING LOGISTICS: Court Enters Wind-Up Order
KINGSPACK INDUSTRIAL: Inability to Pay Debts Prompts Wind-Up
KITAKE DEVELOPMENT: Court Enters Wind-Up Order

LUCKY DRAGON: Court Enters Wind-Up Order


I N D I A

A INFRASTRUCTURE: CRISIL Cuts Ratings on Various Debts to 'BB-'
ANTHEM BIOSCIENCES: CRISIL Affirms 'BB' Ratings
ANUPAMA WINE: Delay in Loan Repayment Prompts CRISIL 'D' Ratings
ARVIND LIMITED: CRISIL Upgrades Bank Facilities Ratings to 'B+'
ARVIND PRODUCTS: CRISIL Upgrades Ratings on Various Debts to 'B'

CROWN ALBA: CRISIL Reaffirms Rating on INR12MM Term Loan at 'BB'
DREAMZ ACHIEVERS: ICRA Assigns 'LBB-' Rating on INR349.3MM LT Loan
EMPEE SUGARS: ICRA Places 'LBB+' Rating on INR3.6 Bil. Term Loas
GOPANI IRON: ICRA Puts 'LBB+' Ratings on Various Bank Facilities
GLOSTER CABLES: CRISIL Cuts Ratings on Various Bank Debts to 'BB-'

HARI TAG: Low Profitability Cues ICRA to  Assign 'LBB' Ratings
MATRIX CLOTHING: ICRA Rates INR80.5MM Fund-based Debts at 'LBB+'
ROTOMAC EXPORTS: CRISIL Reaffirms 'BB' Rating on Cash Credit
SATYAM COMPUTER: SFIO to Start Prosecution This Month
SNC POWER: ICRA Rates INR100 Million Term Loan at 'LBB+'

VARUNA SPINNING: CRISIL Assigns 'B+' Rating on INR60.4MM Term Loan
VEEKAY GENERAL: CRISIL Rates INR100 Mln Cash Credit at 'BB+'


I N D O N E S I A

BANK CENTURY: Depositors Urge KPK to Takeover Police Probe


J A P A N

CITIGROUP INC: Sells 93.5% Stake in Bellsystem24 for US$1 Billion
HITACHI LTD: Plans to Raise Up to US$4.5 Billion
J-CORE12 TRUST: Fitch Downgrades Ratings on Two Trust Interests
JAPAN AIRLINES: Incurs JPY131.2 Bil. First-Half Loss
JAPAN AIRLINES: S&P Downgrades Corporate Credit Rating to 'CC'

REGIONAL FINANCIAL: Moody's Upgrades Ratings on Senior Certs.
SPANSION INC: Delays Q3 Report; Awaits Decision on Japan Unit Deal
TOSHIBA CORP: Cuts Flat TV Production Due to Falling Prices


K O R E A

HYNIX SEMICONDUCTOR: S&P Gives Stable Outlook; Keeps 'B+' Rating


M A L A Y S I A

OILCORP BERHAD: Unit Gets Winding-Up Petition from Mechmar Cochran
WWE HOLDINGS: Updates Bourse on Jeddah Branch Case


N E W  Z E A L A N D

* NEW ZEALAND: Three Auckland Pubs, Bars Placed in Receivership


P H I L I P P I N E S

BENGUET CORP: SEC Affirms PSE Order to Suspend Trading of Shares


S I N G A P O R E

GETECH INDUSTRIES: Creditors Get 100% Recovery on Claims
OAKTECH INDUSTRIES: Creditors' Proofs of Debt Due on November 27


X X X X X X X X

* BOND PRICING: For the Week November 9 to November 13, 2009


                         - - - - -


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


ABC LEARNING: Top Executives to Get AU$250,000 Retention Bonus
--------------------------------------------------------------
Natasha Bita at The Australian reports that top executives at ABC
Learning Centres will take home a AU$250,000 end-of-year bonus,
just weeks before the firesale of the company.

The Australian says taxpayers have spent AU$56 million propping up
Australia's biggest childcare corporation since it sank into
receivership a year ago, beneath a AU$1.6 billion pile of debt,

But chief executive Rowan Webb, company secretary Matthew Horton
and chief financial officer Peter Trimble each have been
authorized to receive a AU$250,000 "retention bonus" on top of
their hefty salaries, the report notes.

The Australian relates that Mr. Horton on Sunday confirmed the
payment, which he described as compensation for the executives'
job insecurity pending the company's sale next month.

"It's for working in a company where you're not guaranteed of a
long-term job, I suppose," he told The Australian.  "It's a
private arrangement between me and the receivers," he said.

The trio of executives was appointed shortly before ABC Learning
fell into receivership, the report discloses.

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

                           *     *     *

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

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


BABCOCK & BROWN INFRA: 88% Proxy Votes Favor Recapitalization Plan
------------------------------------------------------------------
Bill Lindsay at Dow Jones Newswires reports that Brown & Brown
Infrastructure Group said Monday that 88% of proxy votes lodged by
securityholders have voted to approve a AU$1.8 billion
recapitalization proposal from Canada's Brookfield Asset
Management, with only 2.8% of holders voting against the
resolution.

Dow Jones relates that no more than 4.1% of proxies lodged voted
against any of the four inter-conditional proposals required to be
passed.

According to Dow Jones, approval by holders of BBI exchangeable
preference shares is also required to enact the recapitalization.

Dow Jones notes BBI said in a separate statement on Monday that
that Royal Bank of Scotland PLC does not have an alternative
recapitalization proposal to put to its securityholders ahead of
yesterday's vote.

                     Recapitalization Proposal

The Troubled Company Reporter-Asia Pacific reported on Oct. 13,
2009, that Brookfield Asset Management Inc. and Brookfield
Infrastructure Partners L.P. have signed an agreement with Babcock
& Brown Infrastructure to sponsor a comprehensive restructuring
and recapitalization.

Under the agreement with BBI, Brookfield Asset Management and
Brookfield Infrastructure have jointly and severally subscribed
for a proposed investment in stapled securities and assets of BBI
of approximately US$1.1 billion.  The proposed investment is
comprised of the purchase of approximately AU$625 million to
AU$713 million (approximately US$555 million to $635 million) of
stapled securities for a 35% to 40% interest in the restructured
BBI and AU$295 million (approximately US$265 million) for the
direct purchase from BBI of a 49.9% economic interest in Dalrymple
Bay Coal Terminal, in Queensland, Australia, and 100% of PD Ports,
a leading ports business in northeast England.  Immediately
following the purchase of PD Ports, Brookfield will repay
GBP100 million (approximately US$160 million) of debt at PD Ports.

The principal elements of the Recapitalization plan are:

  * an equity raising by BBI of AU$1.5 billion comprised of:
    AU$625 million placement to Brookfield; AU$625 million
    placement to institutional investors; and AU$250 million
    Security Purchase Plan.  Brookfield has agreed to sub-
    underwrite up to AU$87.5 million of the SPP;

  * Brookfield, through convertible notes and other arrangements,
    obtains a 49.9% economic interest in DBCT and 100% of BBI's
    interests in PD Ports, for AU$295 million.  In addition,
    Brookfield will repay GBP100 million (approximately US$160
    million) of PD Ports debt on closing;

  * the repayment and restructuring of BBI's debt facilities,
    including the repayment of all existing corporate debt
    (excluding approximately AU$119 million of NZ bonds) and
    the repayment and extension of certain asset-level debt,
    all funded with proceeds from the equity raise and asset
    sales;

  * simplification of the capital structure, including the
    conversion of the BBI EPS Limited Exchangeable Preference
    Shares ("EPS") into BBI stapled securities;

  * separation of the Australian Energy Transmission and
    Distribution ("AET&D") and Cross Sound Cable ("CSC")
    assets and the associated indebtedness from the remaining
    BBI assets, which will be accounted for as "held for
    sale"; and

  * a name change, from Babcock & Brown Infrastructure to
    Prime Infrastructure.

               About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Moody's Investors Service placed Babcock and
Brown Infrastructure Group's B1 corporate family rating on review
with direction uncertain.  In addition, the B2 senior secured
rating of BBI Finance Pty Ltd is on review with direction
uncertain.

The review would focus on the outcome of the recapitalization
discussions and the impact that a proposal, or absence thereof,
would have on BBI's financial leverage and liquidity position.


KLEENMAID GROUP: ATO Chases Andrew Young for AU$1-Mln Unpaid Taxes
------------------------------------------------------------------
The Sunday Mail reports that Kleenmaid founder Andrew Young is
being chased by the Australian Taxation Office for more than
AU$1 million in unpaid taxes.

The report says the Deputy Commissioner of Taxation, in documents
filed in the Brisbane Supreme Court, alleges that Mr. Young owes
AU$1,033,855 in unpaid taxes between October 2007 and February
2009.

According to the report, the action follows multiple lawsuits
against Mr. Young and his brother Bradley Young after the collapse
of their appliance retail franchise in April.

The ATO is also chasing Bradley Young for over AU$1 million, the
report notes.

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard Hughes
and David Lombe as voluntary administrators.  A TCR-AP report on
May 26, 2009, said the creditors of Kleenmaid Group voted to wind
up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are now
owed AU$102 million, which included AU$3 million owed to Kleenmaid
employees.


STORM FINANCIAL: Former Planners Still Provide Investment Advice
----------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that at least seven
former Storm Financial franchisees and planners are still active
across Queensland providing investment advice to the public.

And there is no legal requirement for them to disclose to new
clients any details of their past association with the failed
firm, the report says.

The Courier-Mail relates that many Storm employees said they have
also lost a fortune and were simply "following orders" in
providing standardised advice issued from head office.

But, the report notes, Financial Planning Association chief
executive Jo-Anne Bloch said she was "concerned" about their
continued role in the industry.  "We have a number of
investigations under way," she said.

According to the report, Storm investor Bruce Milburn, who was
once worth nearly $7 million on paper and is now shackled with
almost $300,000 in debt, said the advisers' ongoing work in the
sector made him "very angry".

The report says the Mackay-based former sugarcane farmer denounced
Storm for "leaving a trail of destruction behind it".

Mr. Milburn's former Storm adviser, Stuart Drummond, is now an
authorised representative in Brisbane for Dover Financial
Advisers.

The Courier-Mail states that the Melbourne company has also
retained former Storm advisers David McCulloch and Terry Webb.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20.  Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up.  Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.


STORM FINANCIAL: Founders Sue CBA for $17MM Over Investment Losses
------------------------------------------------------------------
Storm Financial founders Emmanuel and Julie Cassimatis are
striking back at the Commonwealth Bank with a $17 million claim
for losses on their personal investment portfolio, Mitch Gaynor at
The Sunday Mail reports.

The report, citing documents filed in the Supreme Court late on
Friday, says the Cassimatis couple claim the CBA was negligent and
in breach of its contract for failing to provide accurate account
statements on the value of their portfolio.

Mr. Cassimatis told The Sunday Mail their claim would be the first
of 60 from former Storm clients who believe they have a case
against the CBA.

According to the report, the claim also reveals for the first time
the personal exposure of the Cassimatises through their own
investment -– a portfolio worth more than AU$30 million in August
2008 -– including a AU$24 million margin loan.

The report relates that Mr. Cassimatis's core argument is that
there was an implied obligation on the bank to give its clients
information each day about the true state of the accounts,
something the bank did not do for any Storm clients after
August 1, 2008.  Hundreds of the clients went into margin call,
the report notes.

According to the report, the Cassimatises claim the CBA was
sending through incorrect data on margin loan values in the months
leading up to the final sell-down of their investment, meaning
they and other clients were unable to make informed decisions.

The Cassimatises claim that nearly every day between August and
November the CBA provided data that incorrectly quoted the true
value of their investments by up to $2 million, the report says.

Mr. Cassimatis alleges that with timely access to the correct
value of their investment he would have sold out of the portfolio
sooner and reinvested back into the market.

The Cassimatises are claiming a further AU$3.8 million for the
unauthorized sale of their investments in December 2008.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20.  Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up.  Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.


=========
C H I N A
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LAS VEGAS SANDS: Sands China Files Web Proof Info Pack in SEHK
--------------------------------------------------------------
On November 2, 2009, Sands China Ltd., a recently formed indirect
subsidiary of Las Vegas Sands Corp., posted a Web Proof
Information Pack on the website of The Stock Exchange of Hong Kong
Limited in connection with the completion of the listing committee
hearing process for the proposed listing of the shares of Sands
China Ltd. on the Main Board of the SEHK in accordance with the
Rules Governing the Listing of Securities on the Hong Kong Stock
Exchange and other applicable requirements of the SEHK.

Sands China Ltd. was formed to hold the Company's Macau operations
in connection with the Listing.  Upon completion of certain
corporate reorganization transactions being entered into in
connection with the listing, Sands China Ltd., through its
operating subsidiaries, will be a developer, owner and operator of
integrated resorts and casinos in Macau.

The posting of the initial WPIP was carried out for the purpose of
providing information to the public in Hong Kong and was prepared
in accordance with the Hong Kong listing rules.

On November 9, 2009, Sands China Ltd. posted a revised Web Proof
Information Pack on the website of the SEHK.

The revised WPIP contains certain information about Las Vegas
Sands' operations in Macau, which will be owned by Sands China
Ltd. following the completion of Sands China Ltd.'s on-going
corporate reorganization.

A copy of the revised WPIP is available for free at:

             http://researcharchives.com/t/s?494b

The revised WPIP is in draft form and the information contained in
the revised WPIP is incomplete and subject to change, which
changes may be material.

                     About Las Vegas Sands

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

                         *     *     *

As reported by the TCR on Aug. 4, 2009, Moody's Investors Service
placed Las Vegas Sands, Corp.'s ratings, including its B3
Corporate Family Rating, on review for possible downgrade.  The
review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.

Las Vegas Sands reported a net loss of $76.5 million, or 19 cents
a share, on revenues of $908.26 million for thee months ended
Sept. 30, 2009, compared with a net loss of $32.2 million,
or 19 cents a share, on $805.26 million during the comparable
period last year.  With the third quarter results, Las Vegas Sands
has posted its seventh straight quarterly loss after U.S. gamblers
spent less and businesses canceled conferences in the recession.


* U.S., Chinese to Cooperate in Cross-Border Brokerage Cases
------------------------------------------------------------
The Securities Investor Protection Corporation and the China
Securities Investor Protection Fund Corporation have entered into
a memorandum of understanding that will act as a framework for
cross-border communication and cooperation with respect to the
similar functions undertaken by the groups and covered by the laws
of each country.  In the U.S., the Securities Investor Protection
Corporation (SIPC) maintains a special reserve fund authorized by
Congress to help investors at failed brokerage firms.

The new SIPC-SIPF MOU lays the groundwork for the two entities to
"...launch material cooperation projects in this field and jointly
push forward the securities investor protection in both China and
U.S. . . . (as) investors and investment companies begin engaging
in related investment portfolio and investment transactions
outside their native countries . . ."

SIPC President Stephen Harbeck said: "SIPC and SIPF recognize the
need for protection of investors in both countries from
insolvencies of member firms and the need for cooperation in
handling cross border claims from investors.  The parties accept
the responsibility of working with each other to ensure that
investors in both countries receive compensation promptly."

In his comments on the MOU, SIPF Chairman Chen Gongyan has stated:
"The signing (of this MOU) marks an increasingly closer
communication and cooperation in such areas as information
sharing, mutual visit, communication and consultation between the
two parties, and will be definitely a good beginning for China and
U.S. to strengthen bilateral investor protection cooperation, and
helps to promote the healthy and orderly development of securities
markets in both countries."

The full text of the SIPC-SIPF memorandum of understanding is
available online at:

        http://www.sipc.org/pdf/MOU%20China%202009.pdf.

                       About the Groups

The major responsibility of the China Securities Investor
Protection Fund Corporation is to raise, manage and operate a
securities investor protection fund; to monitor risks of
securities companies and participate in the risk disposition of
these companies; to indemnify creditors as required by China's
relevant policies in case a securities company is subject to
compulsory regulatory measures, including dissolution, closure,
bankruptcy, administrative takeover by the CSRC and trustee
operation; to organize and participate in the liquidation of the
dissolved, closed or bankrupt securities companies; to manage and
dispose of foreclosed assets and safeguard the fund's rights and
interests; to put forward regulatory and disposal suggestions to
the CSRC in case a securities company's operation and management
have material risks that may damage investor's interests and the
safety of the securities market; to join relevant authorities in
establishing a rectification mechanism for the potential risks
arising from operation of securities companies.

In the U.S., the Securities Investor Protection Corporation is the
investor's first line of defense in the event a brokerage firm
fails, owing customer cash and securities that are missing from
customer accounts.  SIPC either acts as trustee or works with an
independent court-appointed trustee in a brokerage insolvency case
to recover funds.  The statute that created SIPC provides that
customers of a failed brokerage firm receive all non-negotiable
securities -- such as stocks or bonds -- that are already
registered in their names or in the process of being registered.
At the same time, funds from the SIPC reserve are available to
satisfy the remaining claims of each customer up to a maximum of
$500,000.  This figure includes a maximum of $100,000 on claims
for cash.  From the time Congress created it in 1970 through
December 2008, SIPC has advanced $520 million in order to make
possible the recovery of $160 billion in assets for an estimated
761,000 investors.


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H O N G  K O N G
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GOLDEN JOINT STEEL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on October 20, 2009,
to have Golden Joint Steel Company Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


H3C HOLDINGS: S&P Puts 'BB-' Rating on CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating on H3C Holdings Ltd. and
the 'BB+' bank loan rating on the company's senior secured credit
facility on CreditWatch with positive implications.  H3C is a
global supplier of Internet protocol-based products and solutions.

"We placed the ratings on H3C on CreditWatch because S&P believes
the company could benefit from the proposed acquisition of its
parent, 3Com Corp. [not rated], by Hewlett-Packard Co.
[A/Stable/A-1]," said credit analyst Raymond Hsu.

Hewlett-Packard has a stronger credit profile than 3Com Corp.,
whose credit profile has been a rating constraint for H3C.  In
addition, Hewlett-Packard has a track record of guaranteeing the
outstanding debt of the companies it has acquired.  Under the
acquisition agreement, Hewlett-Packard will acquire 3Com Corp. for
about US$2.7 billion in cash.  The sale is targeted to close in
the first half of 2010, pending regulatory and shareholders'
approval.

In S&P's opinion, H3C has ample liquidity.  As at June 30, 2009,
the company had a net cash position comprising US$505.5 million in
cash and cash equivalent against total debt of US$200 million.
3Com also had a net cash position, with consolidated cash of about
US$665.8 million against total debt of US$200 million as at
Aug. 28, 2009.

On Aug. 19, 2009, S&P revised the outlook on H3C to positive from
stable and affirmed the 'BB-' long-term corporate credit rating on
the company to reflect H3C's improving credit metrics.  At the
same time, S&P also raised the recovery rating to '1' from '2' and
raised the bank loan rating on H3C's US$430 million senior secured
credit facility to 'BB+' from 'BB'.

S&P aims to resolve the Credit Watch within six months once it is
clear that either the acquisition is completed or will not
proceed.  Upon successful completion of the acquisition, S&P may
raise the rating on H3C by more than one notch.  If the
acquisition does not materialize, S&P is likely to affirm the
'BB-' corporate credit rating on H3C with a positive outlook.


HBK HONG KONG: Members' Final Meeting Set for December 14
---------------------------------------------------------
Members of HBK Hong Kong Limited will hold their final general
meeting on December 14, 2009, at 10:00 a.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators will give a report on the company's wind-up
proceedings and property disposal.


HE-HE INTERNATIONAL: Court to Hear Wind-Up Petition on December 2
-----------------------------------------------------------------
A petition to wind up the operations of He-He International
Holdings development Limited will be heard before the High Court
of Hong Kong on December 2, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Fred Kan & Co
         Suite 3104-7, 31st Floor
         Central Plaza
         18 Harbour Road
         Hong Kong


HK TAI GU MANAGEMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on October 9, 2009,
to have Hong Kong Tai Gu Management Organization Limited's
operations wound up.

The company's liquidator is Yuen Tsz Frank Chun.


HONOUR JOIN: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on October 20, 2009,
to have Honour Join Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


HTLC NETWORK HK: Creditors' Proofs of Debt Due December 4
---------------------------------------------------------
HTLC Network HK Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by December 4, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


INFINITIVE KNITTING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on October 9, 2009,
to have Infinitive Knitting Factory Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


JADE ALLIANCE: Creditors and Contributories to Meet on November 26
------------------------------------------------------------------
Creditors and contributories of Jade Alliance Limited will hold
their first meeting on November 26, 2009, at 10:00 a.m., and 11:00
a.m., respectively, at the 5th Floor, Ho Lee Commercial Building,
38-44 D'Aguilar Street in Central Hong Kong.

At the meeting, Yuen Tsz Frank Chun the company's liquidator will
give a report on the company's wind-up proceedings and property
disposal.


JUNHALE LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Members of Junhale Limited on November 10, 2009, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Danvil Chan Kin Hang
         Ginza Square, Room 2301, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


JUNHALE LIMITED: Creditors' Meeting Set for November 20
-------------------------------------------------------
Creditors of Junhale Limited will hold their meeting on
November 20, 2009, at 3:00 p.m., for the purposes provided for in
Sections 228, 242, 243, 244, and 255A of the Companies Ordinance.

The meeting will be held at Room 2301, 23/F., Ginza Square, 565-
567 Nathan Road, Yaumatei, Kowloon, Hong Kong.


KAM FUNG FURNITURE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on August 8, 2009, to
have Kam Fung Furniture International Limited's operations wound
up.

The company's liquidator is Lau Siu Hung.


KAM WING LOGISTICS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on October 7, 2009,
to have Kam Wing Logistics and Transportation Limited's operations
wound up.

The company's liquidator is Lau Siu Hung.


KINGSPACK INDUSTRIAL: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------------
Kingspack Industrial Limited on November 9, 2009, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it fall due.

The company's liquidator is:

         Au Ping Yun
         Wing Sing Commercial Centre, 4th Floor
         12-16 Wing Lok Street
         Hong Kong


KITAKE DEVELOPMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on September 21,
2009, to have Kitake Development Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


LUCKY DRAGON: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 24, 2009, to
have Lucky Dragon Boat (Sai Wan) Restaurant Limited's operations
wound up.

The company's liquidator is Lau Siu Hung.


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


A INFRASTRUCTURE: CRISIL Cuts Ratings on Various Debts to 'BB-'
---------------------------------------------------------------
CRISIL has downgraded its rating on A Infrastructure Ltd's (AIL's)
long-term bank facilities to 'BB-' from 'BB+', and revised the
outlook to 'Negative' from 'Stable'; the rating on the company's
short-term facility has been downgraded to 'P4' from 'P4+'.

   Facilities                       Ratings
   ----------                       -------
   INR183.0 Million Cash Credit     BB-/Negative (Downgraded  from
                          Limit                   'BB+/Stable')

   INR109.0 Million Working         BB-/Negative (Downgraded from
         Capital Demand Loan                      'BB+/Stable')

   INR78.0 Million FCNR(B)          BB-/Negative (Downgraded from
                                                  'BB+/Stable')

   INR70.0 Million Overdraft        BB-/Negative (Downgraded from
                                                  'BB+/Stable')

   INR342 .5 Million Term Loan      BB-/Negative (Downgraded from
                                                  'BB+/Stable')

   INR345.0 Million Letter of       P4 (Downgraded from P4+)
                     Credit
   INR105 Million Bank Guarantee    P4 (Downgraded from P4+)

The downgrade in the ratings reflects pressure on AIL's liquidity
owing to significantly low financial performance in 2008-09,
driven by weak demand for asbestos cement (AC) pipes from the end-
user industry following recent expansion in its AC pipes
capacities, and the incurrence of foreign exchange losses of INR65
million, leading to significant reduction in cash accruals.
Moreover, the company has faced a delay of almost six months in
completing its capacity expansion project.

The ratings reflect AIL's weak financial risk profile, and
exposure to risks relating to high dependence on the government
sector for off take of AC pressure pipes, to substitution risks
from cast iron (CI) and ductile iron (DI) pipes, and large working
capital requirements.  These weaknesses are partially offset by
the company's established presence in the AC pipes industry, and
sustained demand for AC pipes and sheets.

Outlook: Negative

CRISIL expects demand for AIL's AC pipes to remain weak leading to
the underutilization of expanded capacities and pressure on
company's liquidity.  The ratings may be downgraded if continued
underutilization of AIL's capacities leads to depressed cash
accruals vis-a-vis large debt-repayment obligations. Conversely,
the outlook may be revised to 'Stable' if AIL's sales and cash
accruals increase, alleviating the pressures on the company's
liquidity.

                      About A Infrastructure

A Infrastructure Ltd, formerly Shree Pipes Ltd, was promoted in
the joint sector by Mr B K Kanoria and Rajasthan State Industrial
Investment corporation (RIICO) in 1980 for manufacture of Asbestos
cement pressure pipes.  The company started its commercial
production in July 1985.  Company was manufacturing AC pressure
pipes till 2006 after which it started manufacturing AC roofing
sheets also.  AIL has a manufacturing plant in Bhilwara and it has
also taken two more plants in Ahmedabad and Auarangabad on lease
from Gujarat Composite Ltd and Roofit Industries Ltd respectively
to gain a close to monopolistic position in AC Pressure pipes
industry.  The Company is using the state govt. approved "MAAZA"
technology for production of AC Pressure pipes which is demanded
by Govt sector for water supply projects, it also manufactures
pipes for bore-well where steel pipes were used earlier.  AIL has
also setup additional capacity of 60,000 tpa at its existing
facility at Bhilwara, which commenced operations in September
2009.

AIL reported a profit after tax (PAT) of INR21 million on net
sales of INR1774 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR60 million on net
sales of INR1737 million for 2007-08.


ANTHEM BIOSCIENCES: CRISIL Affirms 'BB' Ratings
-----------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Anthem Biosciences Pvt Ltd to 'Positive' from
'Stable', while reaffirming the rating at 'BB'.

   Facilities                        Ratings
   ----------                        -------
   INR62.5 Million Cash Credit       BB/Positive (Outlook revised
   Enhanced from INR42.5 Million)                 from 'Stable')

   INR192.5 Million Long-Term Loan   BB/Positive (Reaffirmed,
                                                  Outlook revised
                                                  from 'Stable')

   INR15 Million Letter of Credit    P4+ (Reclassified from 'P4')
   INR7.5 Million Bank Guarantee     P4+ (Reclassified from 'P4')

The rating on the short-term facilities has been reclassified as
'P4+' from the earlier 'P4'.  The outlook revision reflects
CRISIL's expectation of a further, significant improvement in
Anthem's financial risk profile, given the company's healthy cash
accruals, strong order book, and renewal of contracts by
customers.  The revision also factors in the increase in Anthem's
business volumes, profitability, and liquidity, over the past few
quarters.

The ratings continue to reflect Anthem's short track record, and
limited financial flexibility because of small net worth and high
debt.  The impact of these weaknesses is mitigated by the
experience of Anthem's promoters in biotechnology and early-stage
drug discovery research.  The ratings also continue to reflect the
company's low-risk business model, and strong project pipeline
with orders from multinational pharmaceutical companies.

Outlook: Positive

CRISIL believes that Anthem will establish a strong market
position in the contract research outsourcing segment over the
medium term on the back of its promoters' industry experience.
The revision also reflects CRISIL's expectation of a further,
significant improvement in Anthem's financial risk profile.  The
ratings may be revised upwards if Anthem continues to generate
healthy revenue growth and profitability, and widens its customer
base.  Conversely, the outlook could be revised to 'Stable' if the
company faces pressure on liquidity, or if its capital structure
deteriorates.

                           About Anthem

Incorporated in June 2006, Anthem began commercial operations in
October 2007. The company provides early-stage drug discovery
services to international innovator pharmaceutical and
biotechnology companies.  The company is an export-oriented unit
with facilities located in Bengaluru.


ANUPAMA WINE: Delay in Loan Repayment Prompts CRISIL 'D' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D' to the bank facilities of
Anupama Wine Distributors.  The ratings reflect delay in term loan
repayments.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Million Long Term Loan    D (Assigned)
   INR20.0 Million Cash Credit       D (Assigned)

                        About Anupama Wine

A partnership firm set up in 1986, Anupama Wines is a Bangalore-
based partnership firm that liaisons between the Karnataka State
Beverages Corporation Limited (KSBCL) and retailers selling
alcoholic beverages in Karnataka; the firm promotes brands and
receives commission income from distilleries for sale of products.
Its key suppliers include Diageo India Pvt Ltd, Crown Beers India
Ltd, and Beam Global Spirits and Wines.  For 2007-08, (refers to
financial year, April 1 to March 31) Anupama Wines reported a
profit after tax (PAT) of INR0.8 million on net sales of INR12.0
million, as against a PAT of INR3.3 million on net sales of
INR129.3 million for 2006-07.


ARVIND LIMITED: CRISIL Upgrades Bank Facilities Ratings to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Arvind
Ltd (Arvind, formerly The Arvind Mills Ltd) to 'B+/Stable/P4' from
'D/P5'.  The upgrade reflects Arvind's track record of timely
servicing of debt after the payments were rescheduled.

   Facilities                       Ratings
   ----------                       -------
   INR2113.4 Million Cash Credit    B+/Stable (Upgraded from 'D')
                          Limit*

   INR1619.5 Million Foreign        B+/Stable (Upgraded from 'D')
              Currency Loan
   INR10534.6 Million Rupee Term    B+/Stable (Upgraded from 'D')
                   Loan

   INR1417 Million Letter of        P4 (Upgraded from 'P5')
               Credit Limit

   INR232.5 Million Bank Guarantee  P4 (Upgraded from 'P5')
                   Limit

   INR5718.1 Million Export         P4 (Upgraded from 'P5')
             Packing Credit

   *Interchangeable with working capital demand loans.

The ratings also reflect overcapacity in the denim industry in the
domestic and international market (denim accounts for 35% of
Arvind's revenues) and the company's weak financial risk profile
marked by high gearing and low interest coverage.  The impact of
these weaknesses is mitigated by Arvind's diversified operations
with increasing presence in shirting, branded garments, voiles,
and bottom weights; the ratings are also supported by the
company's improving operational efficiency, backed by economies of
scale and integrated operations.

For arriving at its ratings, CRISIL has combined the financials of
Arvind and Asman Investments, Arvind Products Ltd, The Anup
Engineering Ltd, Arvind Worldwide, Arvind Worldwide (M) Inc,
Arvind Retail Ltd, Arvind Lifestyle Brand Ltd, Arvind Accel Ltd,
Syntel Telecom Ltd.

Outlook: Stable

CRISIL believes that Arvind's operating margins are likely to
improve given the revival in demand in the textile industry,
stable cotton prices, and reduced energy costs.  These
developments will help Arvind maintain its business risk profile
over the medium term.  The financial risk profile, though, is
likely to remain constrained by high debt and weak debt protection
measures.  The outlook may be revised to 'Negative' if the company
raises large fresh debt, resulting in further deterioration in its
financial risk profile. Conversely, the outlook may be revised to
'Positive' if the company's cash accruals increase significantly,
or it sells its surplus land and uses the realizations to reduce
debt.

                         About Arvind Ltd

Arvind, the flagship company of the INR20-billion Lalbhai group,
was established in 1931. Denim and garments (include knits and
brands) are the company's largest business segments, accounting
for 35% and 26% of its sales, followed by shirting, which accounts
for 18 per cent. Yarn and surpluses account for the remainder.

For 2008-09 (refers to financial year, April 1 to March 31),
Arvind reported a net loss of INR2 billion after adjusting a loss
of INR801 million on account of extraordinary expense and INR114
million cash adjustment (net profit of INR186 million in the
previous year) on net sales of INR27 billion (INR26 billion).  For
the six months ended September 30, 2009, the company, on a
standalone basis, reported a net profit of INR243.6 million
(INR54.8 million for the corresponding period in the previous
year) on net sales of INR11.77 billion (INR11.44 billion).


ARVIND PRODUCTS: CRISIL Upgrades Ratings on Various Debts to 'B'
----------------------------------------------------------------
CRISIL has upgraded its ratings on Arvind Products Ltd's bank
facilities to 'B/Stable/P4' from 'D/P5'.  The upgrade reflects
APL's track record of timely servicing of debt after the
rescheduling of the payments.

   Facilities                           Ratings
   ----------                           -------
   INR288 Million Cash Credit Limits    B/Stable (Upgraded from
                                                  'D')
   INR273 Million Working Capital       B/Stable (Upgraded from
                   Demand Loans                   'D')

   INR240.9 Million Foreign Currency    B/Stable (Upgraded from
                    Loan                          'D')

   INR1207.3 Million Rupee Term Loan    B/Stable (Upgraded from
                                                  'D')

   INR189 Million Export Packing        P4 (Upgraded from 'P5')
                     Credit

   INR150 Million Letter of Credit      P4 (Upgraded from 'P5')
                     Limits
   INR50 Million Bank Guarantee Limits  P4 (Upgraded from 'P5')

The ratings also reflect APLs' weak financial risk profile, low
financial flexibility, and high cost of operations in the yarn
division.  The impact of these weaknesses is mitigated by the
strong managerial and financial support APL derives from its
majority stakeholder Arvind Ltd (Arvind, rated 'B+/Stable/P4' by
CRISIL).  The stability in the company's voiles division also
supports the ratings.

APL has a high gearing and weak debt protection measures.  The
gearing was at 23.23 times as on March 31, 2009, while the net
cash accruals to total debt and interest coverage ratios were 0.03
times and 1.38 times, respectively, in 2008-09 (refers to
financial year, April 1 to March 31). The gearing and debt
protection measures are expected to remain strained over the
medium term. APL also has low financial flexibility. Moreover, the
company has been unable to recover the high fixed costs of the
yarn division.

Arvind, which holds a 53.66 per cent stake in APL, has, several
times in the past, provided financial support to the company
through loans; current liabilities to Arvind for goods supplied
stood at INR695 million as on March 31, 2009. Arvind had also
provided a guarantee for a long-term loan of INR400 million raised
by APL in 2007-08.  Furthermore, APL sells yarn to Arvind; these
sales constitute around 16 per cent of APL's total sales.
Moreover, although Mr. Sanjay Lalbhai, Managing Director of
Arvind, does not have a representation on the board of APL, he is
involved in the strategic decisions of the company. APL is also
expected to be merged with Arvind in the medium term.

APL's business risk profile is supported by the voiles business
(42 per cent of 2008-09 sales), which has been a stable cash-
generating division for the company, having generated INR190 to
260 million of operating profits in the past five years. The
company also manufactures bottom weights, which too contributed 42
per cent to its sales in 2008-09.

Outlook: Stable

CRISIL believes that high gearing and relatively low accruals will
prevent improvement in APL's financial risk profile. The support
from Arvind is expected to continue. The outlook may be revised to
'Positive' if APL's profitability improves leading to a
significant improvement in its debt protection measures and
gearing over the medium term. Conversely, the outlook may be
revised to 'Negative' if support from Arvind Ltd. reduces or the
company raises large debt, which would adversely affect its
financial risk profile.

                       About Arvind Products

APL is a 53.66% subsidiary of Arvind. APL has four divisions:
Ankur Textiles, at Ahmedabad, Gujarat, which manufactures voiles;
Arvind Polycot, at Santej, Gujarat, which manufactures bottom
weights and khakis; Arvind Intex, at Ahmedabad, and Arvind Cotspin
at Kolhapur, Maharashtra, which manufacture cotton yarn.

For 2008-09, APL reported a net loss of INR249.29 million
(INR29.34 million profit for 2007-08) on net sales of INR3.47
billion (INR3.99 billion).  For the six months ended September 30,
2009, the company reported a net loss of INR82.9 million (net loss
of INR56.6 million in the corresponding period of the previous
year) on net sales of INR2.24 billion (INR2 billion).


CROWN ALBA: CRISIL Reaffirms Rating on INR12MM Term Loan at 'BB'
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Crown Alba Writing Instruments India Pvt Ltd (Crown Alba; part
of the Rotomac group) at 'BB/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR5.0 Million Cash Credit        BB/Stable (Reaffirmed)
   INR12.0 Million Term Loan         BB/Stable (Reaffirmed)
   INR35.0 Million EPC               P4+ (Reclassified from 'P4')
   INR900.0 Million Letter of Credit P4+ (Reclassified from 'P4')

The rating on the short-term facilities has been reclassified as
'P4+' from the earlier 'P4'.  The reclassification is a result of
CRISIL's decision to introduce the 'P4+' rating in its short-term
rating scale.  The reclassification does not imply any change in
Crown Alba's credit quality.  The ratings continue to reflect the
Rotomac group's exposure to debtor risk, susceptibility of its
operating margins to foreign exchange volatility, unstable client
base, and moderate financial risk profile. The impact of these
weaknesses is mitigated by the group's established market position
in pen industry.

For arriving at the ratings, CRISIL has combined the financial
profiles of Rotomac Global Pvt Ltd, its subsidiary Crown Alba, and
associate company Rotomac Exports Pvt Ltd, as part of this rating
exercise.  This is because the three entities, together referred
to as the Rotomac group, are in the same line of business, and
have a common management and procurement and customer base.
Moreover, RGL's promoters have a 60 per cent stake in REL, and
propose to merge the companies over the medium term.

Outlook: Stable

CRISIL believes that the Rotomac group's business risk profile
will remain constrained over the medium term given the limitations
inherent in a trading business.  The outlook may be revised to
'Positive' if the group improves its business model, which will
make its cash flow stable.  Conversely, the outlook may be revised
to 'Negative' in case of a significant increase in receivables, or
if the Rotomac group incurs large foreign exchange loss, leading
to increased pressure on liquidity.

                          About the Group

Promoted by Mr. M M Kothari in 1992, and currently managed by his
son Mr. Vikram Kothari, RGL began operations by manufacturing
pens. Since then, it has diversified into trading in agri-
commodities, primarily soya meal and Brazilian wheat.  Mr. Vikram
Kothari set up REL in 2002 to undertake trading in agricultural
products. He set up Crown Alba in March 2004 to manufacture pens
for export markets.  RGL has a 49:51 joint venture, Rotorina Pen
Manufacturing PLC, with the Ethopia-based Rina International and
provides technical support to Rotorina.  In 2007-08, Crown Alba
diversified into trading in agri-commoditites.

For 2007-08 (refers to financial year, April 1 to March 31), the
Rotomac group reported a profit after tax (PAT) of INR242 million
on net sales of INR25.4 billion, against a PAT of INR249 million
on net sales of INR13.2 billion for 2006-07.


DREAMZ ACHIEVERS: ICRA Assigns 'LBB-' Rating on INR349.3MM LT Loan
------------------------------------------------------------------
ICRA has assigned LBB- rating to the Rs 349.3 million long term
sanctioned bank limits of Dreamz Achievers India Private Limited.

The ratings reflect the leveraged capital structure of the company
due to debt funded capex of the proposed 4-star hotel facility and
the execution risk faced by the company wherein a significant
delay in construction could adversely impact debt servicing.
However, ICRA draws comfort from the strong profitability and the
positive fund flow from operations being generated by the Lonavala
resort and experience of the promoters in hospitality business.
While the proposed new hotel enjoys favorable location on the
Western Express Highway with proximity (about 7 km) from the
international as well as domestic airport in Mumbai, the overall
investment in the project is large compared to its existing
balance sheet size.  This coupled with significant reliance on
debt for its funding significantly deteriorates the financial risk
profile of the company.

Dreamz Achievers India Private Limited is promoted by Mr. Sunil
Pherwani and Mrs. Karina S. Pherwani. DAIPL is presently running
Whispering Woods Resort at Lonavala, Maharashtra and is in the
process of setting up a 99 room 4-star hotel in the Goregaon
Suburb of Mumbai.  The resort at Lonavala is affiliated with about
70 clubs all over India while the Goregaon hotel project is under
construction and is expected to become operational during the
first half of FY11.  During 2008-09, the company achieved net
sales of INR 394 million and net profit of INR10.9 million.


EMPEE SUGARS: ICRA Places 'LBB+' Rating on INR3.6 Bil. Term Loas
----------------------------------------------------------------
ICRA has assigned rating of LBB+ to the INR3.680 billion term
loans of Empee Sugars and Chemicals Limited.

The rating takes into account the long experience of promoters in
sugar industry, improved financial performance in FY 2009
following increased sugar prices and the improved outlook on the
sugar sector in the near term.  The rating also takes into account
the fact that the company's operations from SY 2009-10 will have
the advantage of being substantially forward integrated and
supplying power from cogeneration projects at healthy rates.
However the rating is constrained by execution risks associated
with its green-field sugar cum forward integration project at
Ambasamudram, Tamil Nadu whose capex is over four times the
existing gross block at its Naidupet unit in Andhra Pradesh.
Further, while this project will enjoy the benefits of forward
integration and limited competition for cane, the ability of this
project to generate optimal returns will be contingent upon its
ability to complete the project within stipulated cost and time,
achieve stabilized operations and also ensure adequate
availability of the basic raw material namely sugarcane.  Further,
given that the project is significantly debt funded, the
implementation of this project will result in higher gearing and
also modest profitability coverage indicators in its initial
years, when the project is yet to achieve full utilization, given
that it takes a couple of seasons for cane availability to be
optimized.

The rating is however constrained by ESCL's small size of existing
operations and vulnerability to agro-climatic risks which may
impact availability of its basic raw material cane and thus its
profits.  The profitability of the sugar business would also
continue to remain vulnerable to the cyclicality inherent in the
business as well as government policies relating to cane pricing,
sugar release mechanism and subsidy support for exports. The
rating is also constrained on account of high gearing† level in
the past and significant debt being raised by the company to fund
a green-field sugar plant in Ambasamudram, Tamil Nadu.

                        About Empee Sugars

Empee Sugars & Chemicals Limited is engaged in the manufacturing
of sugar and industrial alcohol.  The Company started its cane
crushing operation in 1992 at Naidupet Unit in Andhra Pradesh and
later ventured into the production of Spirits namely Rectified
Spirits and Extra Neutral Alcohol.  During the financial year FY
2007-08, the Company went for a modernization of its Distillery
unit and commenced the production of Ethanol at its Naidupet unit.
In addition, ESCL has a wholly owned subsidiary: Empee Power Co.
(India) Ltd (EPCIL) which has recently commissioned a 20MW Bagasse
based Cogen Plant at the existing sugar factory in Naidupet,
Andhra Pradesh.

The company is expanding its cane crushing capacity by
commissioning an integrated sugar complex at Idaikkal Village,
Ambasamudram Taluk, Turunelveli District, Tamilnadu.  The project
envisages setting up of a Sugar unit with an installed capacity of
5000 TCD initially along with a bagasse based cogeneration power
plant of 50 MW and a 100 KL Distillery unit for manufacture of
Ethanol/Extra Neutral Alcohol and with the provision for expansion
of the Sugar crushing capacity to 8000 TCD in future.
During FY 2008-09, ESCL posted a PAT of INR9.55 million over
operating income of INR 464.52 million.


GOPANI IRON: ICRA Puts 'LBB+' Ratings on Various Bank Facilities
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the long term sanctioned bank
limits of INR860 million comprising term loans of INR650 million,
cash credit facilities of INR170 million and long term non fund
based limits of INR 40 million of Gopani Iron & Power (India)
Private Limited.  ICRA has also assigned a rating of A4+  to the
short term non-fund based bank facilities of INR260 million of
GIPIPL.

The ratings take into account the inherent cyclicality in the
steel industry that impacts profitability and cash flow of players
including GIPIPL, aggressive capital structure of GIPIPL and
higher working capital intensity over the last one year.  The
delays in the commissioning of the steel billet and captive power
plant have affected the sponge iron production, in turn affecting
GIPIPL's profits and cash accruals for both FY09 and part of FY10.
GIPIPL's debt coverage indicators are at moderate levels, however
they have also shown considerable deterioration during FY09.
Currently the company's produce is primarily sold to a single
customer, directly or indirectly, leading to high sales
concentration risk.

The ratings also reflect GIPIPL's forward and backward integration
initiatives and promoters' experience in the sponge iron business.
ICRA notes that the projects are eligible for a mega project
status in the state of Maharashtra which would enable the company
to benefit from a number of fiscal incentives from the state
government.  The company has also received an iron ore mining
linkage, which is likely to reduce its cost of operations post
commissioning of the mining project.  GIPIPL is likely to generate
power at competitive rates in the captive power plant (CPP)
following its commissioning, since it would be based on the flue
gases from the sponge iron kilns.  Besides reducing the cost of
operation, this is likely to enable the company to earn carbon
credits, thereby improving its overall profitability. ICRA also
notes the advanced stage of completion of the new projects,
however delay in their commissioning has lead to cost and time
overrun.

                         About Gopani Iron

Gopani Iron & Power (India) Private Limited was incorporated in
1988 and taken over by the current promoters in 2004.  The company
has a sponge iron unit at Chandrapur district of Maharashtra with
an installed capacity 0.12 million tonnes per annum.  GIPIPL is
setting up two projects - a steel billet plant of 75000 tonnes per
annum capacity and a 15MW captive power plant.  During FY09,
GIPIPL reported profit after tax (PAT) of INR52.3 million on an
operating income (OI) of INR1657.2 million as compared to PAT of
INR63.8 million on an OI of INR1864.1 million during FY08.


GLOSTER CABLES: CRISIL Cuts Ratings on Various Bank Debts to 'BB-'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Gloster Cables Ltd's  bank
loan facilities to 'BB-/Negative/P4' from 'BB/Stable/P4+'.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Cash Credit      BB-/Negative (Downgraded from
                                                  'BB/Stable')

   INR358.0 Million Working         BB-/Negative (Downgraded from
        Capital Demand Loan                       'BB/Stable')

   INR120.0 Million Term Loan*      BB-/Negative (Downgraded from
                                                  'BB/Stable')

   INR120.0 Million Letter of       P4 (Downgraded from 'P4+')
                    Credit

   INR80.0 Million Bank Guarantee   P4 (Downgraded from 'P4+')

   *Includes proposed limit of INR34.4 million.

The downgrade reflects GCL's lower-than-expected financial
performance in the first half of 2009-10 (refers to financial
year, April 1 to March 31) because of operating losses.  The
downgrade also reflects CRISIL's expectation of further
deterioration in GCL's financial risk profile during the remaining
period of 2009-10.  GCL also rescheduled its term loan repayments
in June 2009, because of liquidity pressures.

The revised rating also reflects GCL's weak financial risk profile
with large working capital requirements, susceptibility to
volatility in copper prices, its main raw material, and intense
competition in the cable industry.  The impact of these weaknesses
is partially mitigated by regular infusion of funds by the
promoters, and the company's established market position in the
low-tension (LT) and high-tension (HT) cable segments in India.

Outlook: Negative

CRISIL believes that GCL's financial risk profile and liquidity
will further deteriorate over the medium term because of the
losses incurred in 2008-09 and the first half of 2009-10, and the
consequent increase in the company's gearing.  The rating may be
downgraded if there is steeper-than-expected deterioration in the
company's financial risk profile.  Conversely, the outlook may be
revised to 'Stable' if GCL's financial risk profile improves,
supported by significant improvement in its capital structure
backed by equity infusions from promoters.

                       About Gloster Cables

Gloster Cables Ltd, incorporated in 1995 by Mr. Ashish Modi and
Mr. Radhakishan Rathi, manufactures LT and HT cables.  In 1996 the
company entered into a technical and marketing collaboration with
Fort Gloster Industries Ltd (FGIL), Kolkata. GCL's cables are sold
under the brand name "Gloster".  In 2008, GCL set up a dedicated
plant for manufacturing smaller cross-section cables, thereby
enhancing its installed capacity to 18,500 kilometers per annum
from 15,100 km a year earlier.

GCL reported a net loss of INR60 million on net sales of INR2069
million for 2008-09, against a profit after tax of INR98.4 million
on net sales of INR1903 million for 2007-08.


HARI TAG: Low Profitability Cues ICRA to  Assign 'LBB' Ratings
--------------------------------------------------------------
ICRA has assigned an LBB rating to the INR50.6 million fund based
working capital limits and INR80.5 million term loan of Hari Tag
Exports Private Limited.  ICRA has also assigned an A4 rating to
INR7.5 million non fund based limits of HTEPL.

The ratings factor in intensely competitive nature of the industry
and slowdown in demand faced by the industry in the recent past;
HTEPL's low profitability, high gearing, high working capital
intensity and susceptibility of its earnings to adverse movement
in foreign exchange rates.  However, the ratings derive comfort
from the significant experience of HTEPL's promoters in the
granite industry and its diversified market base across USA,
Europe and Middle East.

Hari Tag Exports Private Limited was promoted by Mr. Pranav Raval
and Mr. Frank Kosuda in the year 2006.  Mr. Raval and Mr. Kosuda
had been involved in stone industry for more than 25 years.  HTEPL
enjoys the status of 100% Export Oriented Unit (EOU) and is
involved in the business of processing rough granite blocks into
granite slabs and tiles.  The company has set up its manufacturing
facility at Hosur, Tamilnadu.  During FY 2009, HTEPL reported
Profit after Tax of INR 4.74 million on an operating income of
INR 135.71 million.


MATRIX CLOTHING: ICRA Rates INR80.5MM Fund-based Debts at 'LBB+'
----------------------------------------------------------------
ICRA has assigned LBB+ for the INR80.5 million fund based
facilities and A4+ rating for the INR384 million fund based and
INR55 million non fund based facilities of Matrix Clothing Private
Limited.

The assigned ratings factor in MCPL's established relationships
with leading international brands, experienced management in
garment exports industry and designing capabilities.  However, the
ratings are constrained by the company's moderate scale of
operations, weak financial risk profile owing to high dependence
on debt for working capital requirements and vulnerability to
foreign exchange fluctuations.  Moreover, company's ability to
pass on the adverse exchange movement to the clientele composed of
global apparel majors, remains limited.  However, the company's
continued focus on credit worthy customers as evident from the
careful selection of clients and its initiative of taking credit
insurance for the customers partially offset the concerns.

MCPL reported net sales of INR359 million Q1 2009-10, 31% higher
than the corresponding previous period.  The company reported a
net profit of INR7 million in Q1 2009-10 as against a loss of
INR2.4 million in the corresponding previous quarter.

MCPL, incorporated in 1980 is engaged in themanufacture of apparel
for the international market.  The company's current product
portfolio consists of knitwear and wovens; and it has three
dedicated divisions for each of the following product lines -
men's knitwear, men's woven and women's apparel.  The company
manufactures all its products in the facility located in Gurgaon.
MCPL's associate company Tex Corp, engaged in the manufacture of
coil, plastic moulded and metallic zippers is also a part of the
Matrix Clothing group of Companies.


ROTOMAC EXPORTS: CRISIL Reaffirms 'BB' Rating on Cash Credit
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Rotomac Exports Pvt Ltd (REL; part of the Rotomac group) at
'BB/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        BB/Stable (Reaffirmed)
   INR70.0 Million EPC/FBP          P4+ (Reclassified from 'P4')
   INR780.0 Million Letter of       P4+ (Reclassified from 'P4')
                    Credit*
   INR20.0 Million Bank Guarantee   P4+ (Reclassified from 'P4')

   * Including INR280 million proposed Letter of Credit/ Bank
     Guarantee.

The rating on the short-term facilities has been reclassified as
'P4+' from the earlier 'P4'.  The reclassification is a result of
CRISIL's decision to introduce the 'P4+' rating in its short-term
rating scale.  The reclassification does not imply any change in
REL's credit quality.  The ratings continue to reflect the Rotomac
group's exposure to debtor risk, susceptibility of its operating
margins to foreign exchange volatility. unstable client base, and
moderate financial risk profile.  The impact of these weaknesses
is mitigated by the group's established market position in pen
industry.

CRISIL has combined the financial risk profiles of REL, its group
company Rotomac Global Pvt Ltd and its subsidiary Crown Alba
Writing Instruments India Private Limited as part of this rating
exercise.  This is because the three entities, together referred
to as the Rotomac group, are in the same line of business, and
have a common management and procurement and customer base.
Moreover, RGL's promoters have a 60 per cent stake in REL, and
propose to merge the companies over the medium term.

Outlook: Stable

CRISIL believes that the Rotomac group's business risk profile
will remain constrained over the medium term given the limitations
inherent in a trading business.  The outlook may be revised to
'Positive' if the group improves its business model, which will
make its cash flow stable.  Conversely, the outlook may be revised
to 'Negative' in case of a significant increase in receivables, or
if the Rotomac group incurs large foreign exchange loss, leading
to increased pressure on liquidity.

                          About the Group

Promoted by Mr. M M Kothari in 1992, and currently managed by his
son Mr. Vikram Kothari, RGL began operations by manufacturing
pens.  Since then, it has diversified into trading in agri-
commodities, primarily soya meal and Brazilian wheat.  Mr. Vikram
Kothari set up REL in 2002 to undertake trading in agricultural
products.   He set up Crown Alba in March 2004 to manufacture pens
for export markets. RGL has a 49:51 joint venture, Rotorina Pen
Manufacturing PLC (Rotorina), with the Ethopia-based Rina
International and provides technical support to Rotorina.

For 2007-08 (refers to financial year, April 1 to March 31), the
Rotomac group reported a profit after tax (PAT) of INR242 million
on net sales of INR25.4 billion, against a PAT of INR249 million
on net sales of INR13.2 billion for 2006-07.


SATYAM COMPUTER: SFIO to Start Prosecution This Month
-----------------------------------------------------
The Times of India reports that the Serious Fraud Investigation
Office (SFIO) will begin prosecution into the Satyam Computer scam
this month.

"During this month, the SFIO will begin the prosecution on those
or those areas of company laws that the SFIO is expected to and
have been authorised to proceed with," Corporate affairs minister
Salman Khurshid was quoted by the Times as saying.  The agency is
"dutifully and diligently" pursuing what it is supposed to do in
the Satyam case, he said.

According to the report, the SFIO, an arm of the corporate affairs
ministry, had investigated the multi-crore rupee Satyam accounting
fraud and submitted its reports to the government detailing
violations of company law by founder chairman B Ramalinga Raju and
others.

The report, citing sources, says the investigating agency will
initiate proceedings on about 30 charges, mostly under the
Companies Act of 1956, while the Central Bureau of Investigation
(CBI) will be acting on five or six charges involving criminal
offences under the penal code.

                          Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

  (1) inflated (non existent) cash and bank
      balances of 50.40 billion rupees (US$1.04 billion)
      (as against 53.61 billion reflected in the books);

  (2) an accrued interest of 3.76 billion rupees which
      is non existent;

  (3) an understated liability of 12.30 billion rupees
      on account of funds arranged by Mr. Raju; and

  (4) an overstated debtors position of
      4.90 billion rupees (as against 26.51 billion
      reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for
re-evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell stake in itself, as the company seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31
per cent stake in Satyam Computer Services Limited, beating strong
rival L&T.  Tech Mahindra would acquire the stake in an all-cash
deal, followed by an open offer for a 20 percent stake to take
management control of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                        About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired approximately
31.04% of the Company's outstanding shares of common stock.


SNC POWER: ICRA Rates INR100 Million Term Loan at 'LBB+'
--------------------------------------------------------
ICRA has assigned an LBB+ rating each to the to the INR310 million
Working Capital Facilities and INR100 million Term Loan and A4+
rating to the INR1550 million Non-Fund Based Limits of SNC Power
Corporation (P) Limited.

The ratings take into account SNC's established position in the
construction business, its professional and experienced management
and its healthy order book position which provides visibility to
its earnings over the medium term.  However, the ratings are
constrained by SNC's low profitability, its relatively high
gearing level and its inadequate debt coverage indicators.
Moreover, the competitive nature of industry, high client
concentration risk and execution risk associated with the growing
order book size increases the business risks of the company.

                          About SNC Power

SNC Power Corporation (P) Ltd., incorporated on March 24, 2006, is
engaged in civil work for infrastructure projects such as power
plants, roads & highways, railways and buildings.  In FY2008-09,
the company posted a Profit After Tax of INR48 million on an
operating income of INR1,601 million.


VARUNA SPINNING: CRISIL Assigns 'B+' Rating on INR60.4MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Varuna Spinning Mills Pvt Ltd.  The ratings reflect
Varuna Spinning's average financial risk profile, and small scale
of operations in the yarn industry.  These weaknesses are
partially offset by the benefits the company derives from its
promoters' experience in the yarn industry.

   Facilities                          Ratings
   ----------                          -------
   INR60.4 Million Term Loan           B+/Stable (Assigned)
   INR45.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR6.0 Million Bank Guarantee       P4 (Assigned)
   INR10.0 Million Letter of Credit    P4 (Assigned)

Outlook: Stable

CRISIL believes that Varuna Spinning will maintain its business
risk profile, backed by its promoters' industry experience.
However, its financial risk profile is expected to remain
constrained due to pressure on liquidity.  The outlook may be
revised to 'Positive' if the company increases its turnover and
profitability while improving its capital structure, by means of
equity infusion by promoters.  Conversely, the outlook maybe
revised to 'Negative' if the company undertakes a large, debt-
funded capital expenditure program, deteriorating its financial
risk profile.

                       About Varuna Spinning

Set up in 1994, Varuna Spinning manufactures polyester yarn,
viscose yarn, and polyester-viscose (PV) yarn. The company's plant
at Lucknow (Uttar Pradesh) has the capacity of 20,000 spindles.

Varuna Spinning reported a profit after tax (PAT) of INR1.8
million on net sales of INR246.0 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.3
million on net sales of INR288.6 million for 2007-08.


VEEKAY GENERAL: CRISIL Rates INR100 Mln Cash Credit at 'BB+'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of M/s. Veekay General Industries.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Million Cash Credit        BB+/Stable (Assigned)
   INR200.0 Million Letter of Credit   P4+ (Assigned)
   INR100.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Veekay's exposure to risks relating to
customer and supplier concentration in its revenue profile, and to
fluctuations in the prices of raw materials and fluctuation in
exchange rates.  These weaknesses are partially offset by the
benefits that the company derives from its promoters' experience
in the copper wires and conductors business.

Outlook: Stable

CRISIL believes that Veekay will maintain a stable credit risk
profile, on the back of promoter's experience in manufacturing
copper wires and conductors.  The outlook may be revised to
'Positive' if the company's financial risk profile improves, led
by significant increase in net cash accruals while maintaining or
improving the debt protection measures. Conversely, the outlook
may be revised to 'Negative' if there is a sharp deterioration in
Veekay's debt protection measures.

                       About Veekay General

Set up in 1957 as a proprietorship firm by the late Mr. Gopichand
Mittal, Veekay manufactured different types copper wires,
relatively on a small level, in its initial years.  Since 1970, it
converted into a partnership firm and expanded its scale of
operations; it started manufacturing copper wires and conductors.
The company is currently managed by his four sons Mr. Vijender
Mittal, Mr. M M Mittal, Mr. Rakesh Mittal and Mr. Surendra Mittal.

Veekay reported a profit after tax (PAT) of INR 96.8 million on
net sales of INR 1509 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR9.3 million on
net sales of INR 705 million for 2007-08.


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


BANK CENTURY: Depositors Urge KPK to Takeover Police Probe
----------------------------------------------------------
Public pressure has been building for the Corruption Eradication
Commission to take over police investigations into the collapse
and bailout of PT Bank Century, Jakarta Globe reports.

The Globe relates that at least 20 bank depositors visited the
headquarters of the commission, known as the KPK, to demand the
transfer of the police investigations to the KPK.

Represented by lawyer Gigih Guntoro, the depositors filed a joint
complaint at the KPK on Friday, the Globe says.

"We have more faith in the KPK because the police and the AGO
failed us and they failed in unravelling the case," the Globe
quoted Mr. Guntoro as saying.

According to the Globe, KPK interim chief Tumpak Hatorangan
Panggabean, however, has said the KPK was waiting for the Supreme
Audit Agency (BPK) to conclude its investigation, which is
expected by the end of the year.

The Globe further states that anti-graft groups and some
politicians also have demanded that the KPK take charge of
investigating the collapse and the controversial IDR6.7 trillion
(US$716.9 million) bailout of the bank, which has been renamed PT
Bank Mutiara.

                           House Inquiry

Meanwhile, Antara News reports that a member of the Indonesian
Democratic Party of Struggle (PDIP) faction in the House, Maruarar
Sirait, said PDIP and a number of legislators from six other party
factions had proposed exercising the House's right of inquiry
regarding the bailout funds that the government had given to the
bank that had the potential to make the state to lose around
IDR6.7 trillion.

Mr. Sirait said based on the initial report from BPK to House
Commission XI there were indications that a crime had been
committed behind the flow of state funds to the bank, Antara
relates.

Mr. Sirait, as cited by Antara, said the PDIP faction and a number
of legislators from the other six factions had proposed the
exercise of the right so that the case became clear.

The proposal was submitted to the DPR leadership Thursday evening
and signed by 138 legislators.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government decided to take
over Bank Century -- the first such move since the 1997-1998
crisis -- to save it from collapse and restore confidence in the
banking sector.  Bank Century received a capital injection of
IDR6.76 trillion from the Deposit Insurance Corporation (LPS).

The House Commission XI on financial affairs last August 2009
asked BPK to carry out an investigative audit on the bailing out
of Bank Century, according to Antara News.  A preliminary report
to the House by the BPK indicated that banking crimes had been
committed in the Bank Century case.

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


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


CITIGROUP INC: Sells 93.5% Stake in Bellsystem24 for US$1 Billion
-----------------------------------------------------------------
Citigroup Inc. said Sunday it has reached an agreement to tender
all of its shares of BELLSYSTEM24, Inc., owned through Citigroup
Capital Partners Japan Ltd., in a tender offer to be launched in
Japan by an acquisition corporation owned by investment funds
advised by Bain Capital Partners LLC.

In accordance with the terms of the tender offer, Citi will
receive cash consideration of JPY93.5 billion for its 93.5% stake
in BELLSYSTEM24 (US$1.0 billion at an exchange rate of JPY89.81 to
US$1.00 as of November 13, 2009).

The tender offer is subject to regulatory review and customary
conditions, and is anticipated to launch on or before November 20,
2009 and be settled on December 30, 2009.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  At June 30, 2009, Citigroup had
total assets of US$1.84 trillion and total liabilities of
US$1.69 trillion.

In November 2008, the U.S. government entered into an agreement
with Citigroup to provide a package of guarantees, liquidity
access, and capital.  The U.S. Treasury and the Federal Deposit
Insurance Corporation agreed to provide protection against the
possibility of unusually large losses on an asset pool of roughly
US$306 billion of loans and securities backed by residential and
commercial real estate and other such assets, which will remain on
Citigroup's balance sheet.  As a fee for this arrangement,
Citigroup issued preferred shares to the Treasury and FDIC.  The
Federal Reserve agreed to backstop residual risk in the asset pool
through a non-recourse loan.

Citigroup, the third-biggest U.S. bank, received US$52 billion in
bailout aid.  Other bailed-out banks, including Bank of America
Corp., Wells Fargo & Co., have pledged to repay TARP money.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley,
repaid TARP funds in June.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


HITACHI LTD: Plans to Raise Up to US$4.5 Billion
------------------------------------------------
Hitachi Ltd plans to raise up to JPY400 billion (US$4.5 billion)
by issuing new shares and convertible bonds to shore up its
battered capital base, Reuters reports citing two sources familiar
with the matter.

Reuters relates Hitachi, which is headed for its fourth straight
annual loss, said it will raise up to JPY416 billion after fees,
issuing JPY318 billion worth of shares and convertible bonds worth
JPY100 billion.

The recent announcement came as the Company's shares headed for
their biggest single-day slide in six months after sources told
Reuters about the public stock issue, Hitachi's first in 27 years.

According to the report, Hitachi said it will use the funds it
raises to boost production capacity of nuclear reactors and
lithium-ion batteries, to expand its software services operations
and to spend more on research on its train systems.

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the 2007 fiscal year
ended March 31, 2008, Hitachi posted a net loss of JPY58.12
billion, compared with a net loss of JPY32.79 billion for year
ended March 31, 2007.


J-CORE12 TRUST: Fitch Downgrades Ratings on Two Trust Interests
---------------------------------------------------------------
Fitch Ratings has downgraded J-CORE12 Trust's Class D and E trust
beneficiary interests due February 2014, and has maintained the
Rating Watch Negative status on classes B to E TBIs.  At the same
time, the agency has affirmed the ratings on Class A and X TBIs.
This follows the implementation of Fitch's recently published
criteria for Japanese CMBS surveillance.  The rating actions are:

  -- JPY10.38 billion* Class A TBIs affirmed at 'AAA'; off RWN;
Outlook
     Stable;

  -- JPY2.12 billion* Class B TBIs 'AA'; remains on RWN;

  -- JPY2.18 billion* Class C TBIs 'A'; remains on RWN;

  -- JPY1.78 billion* Class D TBIs downgraded to 'BB' from 'BB+';
     remains on RWN;

  -- JPY1.23 billion* Class E TBIs downgraded to 'B-' from 'B+';
     remains on RWN; and

  -- Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of November 12, 2009

The rating actions reflect the agency's revisions to the
valuations of the underlying collateral properties, and the
prospect of the ongoing disposition of the underlying assets.

Three underlying loans have defaulted to date, of which one loan
was fully recovered in October 2009.  Fitch understands that some
investors have expressed an interest in buying the full underlying
portion of the second defaulted loan, and a large part of the
underlying properties backing the third loan.  Fitch believes that
the outcome of these potential sales will significantly affect the
credit of the TBIs.

The actual cash flows of some of the underlying collateral
properties are below Fitch's initial expectations.  The agency has
revised the cash flow expectations downwards for 14 of the 26
underlying properties, given their historical performances and
current rent rolls.  It has also revised the cap rates of all
underlying properties, taking into consideration the remaining
period to maturity of each loan, loan status and Japan's currently
stressed commercial real estate market.  As a result, for the
purpose of this review, Fitch adopted values of the underlying
properties that are on average 40% lower than those used for the
initial analysis, which is in line with its recently published
surveillance criteria.

Fitch has resolved the RWN status on the Class A TBIs since the
likelihood of additional negative rating actions has declined due
to the relatively low LTV.  The revaluation of collateral
properties had a negative impact on classes B to E, and the agency
downgraded Class D and E.  However, Fitch has decided to maintain
the RWN status on classes B to E until the outcome of the expected
dispositions is known.  The realization of the dispositions, the
period of time needed to complete them, the actual recovered
amount, and the excess cash from the defaulted loans, will be
important factors when determining whether additional negative
rating actions are needed on these classes.  Fitch expects that
the dispositions will be completed in Q110.

Fitch assigned a Stable Outlook to the Class A TBIs, reflecting
the agency's expectations that credit enhancement levels will
improve, as repayments from the defaulted loans will be allocated
on a sequential basis.

The TBIs were issued in May 2007 and the transaction was initially
a securitization of three loans and one specified bond (TMK Bond)
backed by 47 properties.  To date, one loan has been recovered in
full, and the transaction is currently backed by two loans and one
specified bond, ultimately secured by 26 commercial real estate
properties.

The rating on the dividend only Class X TBIs addresses only the
likelihood of receiving dividend payments, as per the trust
agreement.


JAPAN AIRLINES: Incurs JPY131.2 Bil. First-Half Loss
----------------------------------------------------
Japan Airlines Corp. swung into the red in the first-half ended
September 30, 2009.

JAL had a group net loss of JPY131.22 billion in the six months to
September compare with a profit of JPY36.7 billion a year ago.

For the six months ended September 30, 2009, JAL logged an
operating loss of JPY95.7 billion and ordinary loss of JPY114.4
billion compared with an operating income of JPY30.2 billion and
ordinary income of JPY18.0 billion in the same period in 2008.

The company's consolidated operating revenues in the six-month
period decreased by JPY309.6 billion from last year to JPY763.9
billion.

JAL, which earlier this year projected an annual net loss of JPY63
billion, did not give forecasts for the year due to uncertainties
over its business outlook, Reuters reports.

JAL also confirmed an announcement from Japan's transport minister
that it is applying for out-of-court arbitration to delay or
otherwise restructure its debt, which reportedly totals about
US$15 billion, according to MarketWatch.

                             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: S&P Downgrades Corporate Credit Rating to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC' its
long-term corporate credit ratings on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, and to 'CCC' from 'CCC+' its senior unsecured ratings
on both companies.  The long-term corporate credit ratings remain
on CreditWatch with negative implications, where they were placed
on Sept. 18, 2009, and maintained on Oct. 16, 2009, and Nov. 4,
2009.  Standard & Poor's also revised the CreditWatch status on
the senior unsecured debt ratings on JAL to developing from
negative.  The rating actions and continued CreditWatch statuses
are based on JAL's application for alternative dispute resolution
procedures, and the acceptance of the application.

As JAL's application to start ADR procedures has been accepted,
principal payments on borrowings from financial institutions will
be suspended.  Standard & Poor's revised downward its corporate
credit rating on the company by two notches given the growing
possibility of a breach of the terms and conditions of the
original debt payment agreements.  A repayment extension of bank
borrowings is likely to underpin the probability of JAL honoring
other debt.  However, Standard & Poor's lowered its senior
unsecured debt ratings on the company by one notch and revised the
CreditWatch status to developing from negative based on S&P's view
that it is difficult to completely rule out the possibility that
debt reduction measures might include the cancellation of existing
corporate bonds issued by the company, which account for slightly
over 10% of the company's outstanding debt on its balance sheet.

Standard & Poor's will lower its corporate credit rating on JAL to
'SD' (Selective Default) if repayments on any of its debt are
actually delayed.  S&P will reflect its view on the senior
unsecured debt ratings on the company upon monitoring the
company's debt reduction policy in its revitalization plan.
Standard & Poor's will lower both its corporate credit and senior
unsecured debt ratings to 'D' if negotiations related to the
restructuring plan prove to be challenging and the company chooses
to file for bankruptcy protection, although S&P considers this
scenario to be unlikely at this point.

                           Ratings List

                  Downgraded; CreditWatch action

                       Japan Airlines Corp.

                               To                 From
                               --                 ----
Corporate Credit Rating       C/Watch Neg/--     CCC/Watch Neg/--
Senior Unsecured              CCC/Watch Dev      CCC+/Watch Neg

               Japan Airlines International Co. Ltd.

                               To                 From
                               --                 ----
Corporate Credit Rating       CC/Watch Neg/NR    CCC/Watch Neg/NR
Senior Unsecured              CC/Watch Dev       CCC+/Watch Neg


REGIONAL FINANCIAL: Moody's Upgrades Ratings on Senior Certs.
-------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of senior and mezzanine trust certificates of "CLO in
September 2006 of Regional Financial Institutions."

The rating actions are:

CLO in September 2006 of Regional Financial Institutions

  -- JPY 10,500,000,000 Senior Trust Certificates, Upgraded to A1;
     previously on April 30, 2009, downgraded to A3 from Aa1 under
     review for possible downgrade.

  -- JPY 250,000,000 Mezzanine Trust Certificates, Upgraded to
     Ba2; previously on April 30, 2009, downgraded to B2 from Baa2
     under review for possible downgrade.

This transaction is backed by corporate SME loans originated by
regional financial institutions and purchased by Japan Finance
Corporation (formerly, Japan Finance Corporation for Small and
Medium Enterprise) under its "purchase scheme" securitization
program.  The loans were originated with the intention to
securitize them.

The rating actions reflect the improved credit enhancement
stemming from a decline in the number of underlying assets
defaulting and continuing amortization since Moody's last rating
action in April.  Moody's notes that after experiencing
significant stress in late 2008 and the first quarter of 2009, the
Japanese economy has been gradually recovering amid improvements
in production and a rise in exports.  The Japanese government's
policy to support SME funding also shore up the SME funding
environment.  As a result, the number of corporate bankruptcies
has declined.  In this particular transaction, only two defaults,
or approximately JPY19 million, have occurred in the past six
months, well within Moody's expectation.  The credit enhancement
for the Senior and Mezzanine Trust Certificates has clearly
improved since March 2009.

Even though the defaults in the portfolio have declined and
overall economic environment is improving, Moody's notes that the
amount of delinquent assets in the pool, which had been rising
since 4Q/2008, is still high, suggesting that more defaults are
likely to occur going forward.  Thus, although no new
delinquencies have occurred in 3Q/2009, Moody's believes the
uncertainty of future defaults in this transaction remains high
and expects that default probability for the underlying pool will
be the same in the near term as the average default rate for
Fiscal Year 2008 (ranging from 2% to 3%).

In reaching its rating decision, Moody's took into account both
asset delinquency trend and changes in credit enhancement, which
comprises current subordination and excess spread, in addition to
default probability for the underlying assets discussed above.

This transaction is backed by amortizing loans that have equal
principal repayment schedule and is being paid down sequentially.
In such a transaction, the subordination ratio of the senior
tranches could increase as the underlying assets amortize.  This
is especially true for this transaction because its remaining life
is now less than two years.  Moody's believes that, because of the
positive impact from the amortization, even if all of the current
delinquent assets default in a stress scenario, the impact on the
ratings may be limited.


SPANSION INC: Delays Q3 Report; Awaits Decision on Japan Unit Deal
------------------------------------------------------------------
Spansion Inc. said in a regulatory filing with the Securities and
Exchange Commission it will file its quarterly report on Form 10-Q
for the period ended September 27, 2009, after the U.S. Bankruptcy
Court for the District of Delaware rules on its bid to reject an
agreement with its Japanese affiliate.

The Bankruptcy Court will hold a hearing on Spansion Inc.'s motion
to reject its Prepetition Foundry Agreement with Spansion Japan
Limited on December 2, 2009.  The Company believes that bankruptcy
laws provide for the rejection of the Prepetition Foundry
Agreement if the Company's management believes it to be in the
Company's best interest, as it does.

Assuming the Bankruptcy Court grants the Company's motion to
reject the Prepetition Foundry Agreement, the Company's management
believes that under applicable bankruptcy laws the pricing of any
wafers and related services provided by Spansion Japan and sold to
the Company following the commencement of the Bankruptcy Cases is
fair market value.  If the Bankruptcy Court grants the Company's
motion to reject the Prepetition Foundry Agreement, the Company
intends to include the fair market value in its quarterly
financial statements and believes it will be in a position to
complete its financial reporting for the quarters ended March 29,
2009, June 28, 2009, and September 27, 2009 within a few weeks
following the Bankruptcy Court's decision.  The Company will work
to complete these filings as expeditiously as possible.

On February 9, 2009, Spansion Japan, an indirect wholly owned
subsidiary of the Company, entered into a proceeding under the
Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain
protection from Spansion Japan's creditors.  On March 1, 2009, the
Company and each of its domestic subsidiaries filed a voluntary
petition for relief under chapter 11 of the U.S. Bankruptcy Code.

Prior to the Spansion Japan Proceeding and the Bankruptcy Cases,
Spansion Japan supplied wafers to Spansion LLC, a wholly owned
subsidiary of the Company, pursuant to the terms of a foundry
agreement, which was effective as of September 28, 2006, as
amended.  The prices the Company paid to Spansion Japan for the
wafers and related services under the Prepetition Foundry
Agreement are a material component of the Company's "cost of goods
sold" and have been the subject of ongoing discussion between the
Company and Spansion Japan since the commencement of the
Bankruptcy Cases.  The Company believes that it had reached an
understanding -- although not reduced to an executed agreement in
writing -- with Spansion Japan on the pricing of the wafers and
services that approximated the then-market price for the wafers
and services.

Spansion Japan disputes that a binding agreement was reached.
Spansion Japan and its creditors have further asserted that the
pricing for wafers and services under the Prepetition Foundry
Agreement continues to apply.

In October 2009, the Company filed a motion with the Bankruptcy
Court to reject the Prepetition Foundry Agreement.  The dispute
between the two companies with respect to the applicable pricing
for goods and services supplied by Spansion Japan to the Company
following the filing of the Bankruptcy Cases, and the uncertainty
of "cost of goods sold" to the Company as a result, is the
principal reason for the Company's delay in completing its
financial reporting for the quarters ended March 29, 2009, June
28, 2009 and September 27, 2009.

The Company also has not yet filed its Quarterly Reports on Form
10-Q for the fiscal quarters ended March 29, 2009 and June 28,
2009.

The Company expects that there will be significant changes in the
results of operations (in particular, net sales, operating income
and net income) from the corresponding period for the last fiscal
year as a result of the impact of the Bankruptcy Cases and the
Spansion Japan Proceeding.  As of November 10, 2009, the Company
has not completed its financial reporting process for the fiscal
quarter ended September 27, 2009, so it is not yet able to
quantify the specific differences between the comparable periods.

                       About Spansion Inc.

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

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

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

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


TOSHIBA CORP: Cuts Flat TV Production Due to Falling Prices
-----------------------------------------------------------
Bloomberg News, citing the Nikkei newspaper, reports that Hitachi
Ltd. and Toshiba Corp. are scaling back production of flat-panel
television sets because of falling prices.

Bloomberg relates the newspaper said Hitachi closed all its
television plants this year except for a factory in Japan while
Toshiba will soon stop production in Vietnam.  The Japanese
companies will instead increase outsourcing, the Nikkei said.

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

                           *     *     *

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

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

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

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

   -- Senior unsecured notes affirmed at 'BB'.


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


HYNIX SEMICONDUCTOR: S&P Gives Stable Outlook; Keeps 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from negative
the outlook on its long-term corporate credit rating on Hynix
Semiconductor Inc. following the recovery of the DRAM market and
the company's profitability.  At the same time, Standard & Poor's
affirmed its 'B+' long-term corporate and 'B' senior unsecured
debt ratings on Hynix.

The outlook change mainly reflects Standard & Poor's opinion that
the risk of further deterioration in Hynix's financial risk
profile is mitigated by the strong rebound in DRAM prices.  DRAM
prices have rebounded sharply, with an approximate threefold
increase from their bottom in March.  As a result, Hynix moved
into the black in the third quarter of 2009, posting an operating
profit of Korean won (KRW) 209 billion.  This followed seven
consecutive quarters of operating losses.  At the current price
level, which S&P expects to remain stable for the next 12 months
due to reduced industry capacity and overall demand recovery, S&P
believes the company's profitability and free operating cash flow
should continue to improve over the next few quarters.

The stable outlook reflects S&P's expectation that Hynix should
maintain its current strong market position in the global DRAM
industry, based on its strong technology leadership, and gradually
improve its highly leveraged capital structure over the next 12
months.  The ratings could be raised if the company further
strengthens its market position in both the global DRAM and NAND
flash markets, or if there is significant improvement in the
company's leverage ratio over the next 12 months.  Conversely, the
ratings could be lowered if global DRAM demand rapidly declines
due to unexpected sluggishness in the global economy, resulting in
further deterioration in the company's financial profile.


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


OILCORP BERHAD: Unit Gets Winding-Up Petition from Mechmar Cochran
------------------------------------------------------------------
OilCorp Berhad disclosed in a regulatory filing that a winding up
petition has been served against Oil-Line Engineering & Associates
Sdn. Bhd, a wholly owned subsidiary of the Company, by Mechmar
Cochran Boilers (M) Sdn. Bhd.

The petition was presented to the Shah Alam High Court on
October 14, 2009 and the winding-up petition was served and
received by OFSB on November 11, 2009.

The claim under the petition amounted to MYR663,000.00.  No
interest has been claimed.  In the petition, it is claimed that
OLEA is indebted to Mechmar for the sum, being the amount due for
the purchase and supply of one unit Titan MB2000/150 and
associates ancillary equipment pursuant to purchase for various
cost and advertisement space rental, and unable to pay its debts.

The matter is fixed for hearing on January 21, 2010.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


WWE HOLDINGS: Updates Bourse on Jeddah Branch Case
--------------------------------------------------
WWE Holdings Bhd provided Bursa Malaysia Securities Bhd an update
on the case of notification against the company’s Jeddah Branch by
Civil Works Company Limited.

WWE said that at the court session held on November 10, 2009, the
Jeddah Grievance Council agreed on these:

   -- revision of counterclaim by WWE’s Jeddah Branch against
      CWC to SR432,663,244.57 (approximately MYR389,722,282.87);

   -- CWC is to submit a new letter of guarantee for confiscation
      order issued by Jeddah Grievance Council against the
      machinery and equipment of WWE’s Jeddah Branch valued at
      SR19 million (approximately MYR17,114,288);

   -- the proposed appointment of a technical expert to look into
      the Case; and

   -- the Jeddah Grievance Council is to hear the SR20.4 million
      (approximately RM18,375,340.80) Performance Bond for the
      Project liquidated by CWC as a separate hearing from the
      Case.

The next hearing is slated for November 17, 2009.

WWE Holdings' branch office in Jeddah had been served with a case
of notification dated July 3, 2007, by the solicitors of Civil
Works Company Limited, Kingdom of Saudi Arabia as Plaintiff.

The case of notification is pertaining to the "The Construction of
Branch Sewer Networks in North Central Districts of Jeddah, Saudi
Arabia".  The Plaintiff is the main contractor and the company has
been appointed as the sub contractor for the JSN Project.  The
plaintiff claiming for damages of Saudi Riyal 125.94 million
(approximately MYR115.91 million).

                        About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


* NEW ZEALAND: Three Auckland Pubs, Bars Placed in Receivership
---------------------------------------------------------------
Greg Ninness at the Sunday Star Times reports that three prominent
Auckland bars have been placed into receivership by their
financier, South Canterbury Finance.  Receiver Brian Mayo-Smith,
of BDO Auckland, was appointed receiver to the companies.

The three bars are Lenin and the Minus 5 vodka bar, both located
on Princes Wharf, and O'Carroll's Irish pub in Vulcan Lane.

The report notes Mr. Mayo-Smith said the bars were continuing to
trade and new management had been put in place, but it was too
early to say what their long-term prospects were.

The Auckland bars, according to the report, are the latest in a
rash of high-profile hospitality venues which have struck
financial difficulties or been forced to close over the past few
months.  The list includes:

   -- the swish Opium cocktail bar on Auckland's Aotea Square
      and the upmarket Pinot function centre overlooking
      Auckland's Orakei Basin, both of which are in liquidation;
      and

   -- the collapse of Oasis Properties' pubs, which included
      such well-known venues as the Albion, the Carlton and
      Muddy Farmer in Auckland, the Brian Boru Hotel in
      Thames and the Spa Hotel in Taupo.

A handful of venues owned by Christchurch businessman Dave
Henderson have also been placed in receivership, the report notes.

According to the report, the hospitality industry has been one of
the hardest-hit retail sectors during the recession, with pubs and
bars bearing the brunt of the downturn.


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


BENGUET CORP: SEC Affirms PSE Order to Suspend Trading of Shares
----------------------------------------------------------------
The Securities and Exchange Commission has affirmed the order of
the Philippine Stock Exchange to suspend the trading of Benguet
Corp. shares for one month starting November 16, GMANews.TV
reports.

According to the report, the SEC said the mining company has
clearly violated the disclosure rules.

"The allegation of [Benguet] that the notices of default it
received from two creditors did not produce an event of default or
an actual default which effectively negates its obligation to
disclose is not tenable," the report cited SEC's statement.

"Notices were sent to [Benguet] due to the fact than an obligation
fell due and became demandable.  Obligations which become due and
demandable are material information that affect the financial
status of the company, which, in effect is an event that must be
disclosed under the Revised Disclosure Rules," it added.

The PSE has originally ordered to suspend Benguet’s shares
starting October 27 but the SEC halted the implementation
following an appeal filed by the mining company, GMANews.TV
states.

As reported in the Troubled Company Reporter-Asia Pacific on
October 22, 2009, BusinessMirror Online said the PSE ordered
trading suspension against Benguet Corp.'s shares due to
violations of disclosure regulations.

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

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

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

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

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

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

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

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

                           *     *     *

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


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


GETECH INDUSTRIES: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Getech Industries Pte Ltd declared the first and final dividend on
November 16, 2009.

The company paid 100% to the received claims.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


OAKTECH INDUSTRIES: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------------
The creditors of Oaktech Industries (S) Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
November 27, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

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


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


* BOND PRICING: For the Week November 9 to November 13, 2009
------------------------------------------------------------


   AUSTRALIA
   ---------

Ainsworth Game                8.000%   12/31/09   AUD       0.67
AMP Group Financ              9.803%   04/01/19   NZD       0.92
Antares Energy               10.000%   10/31/13   AUD       2.00
Aurox Resources               7.000%   06/30/10   AUD       0.77
Becton Property Group         9.500%   06/30/10   AUD       0.50
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      72.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.16
China Century                12.000%   09/30/10   AUD       0.60
First Australian             15.000%   01/31/12   AUD       0.34
Griffin Coal Min              9.500%   12/01/16   USD      66.75
Heemskirk Consol              8.000%   04/29/11   AUD       2.23
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       6.04
Minerals Corp                10.500%   12/31/09   AUD       0.80
National Cap II               5.486%   12/29/49   USD      72.03
New S Wales Trea              1.000%   09/02/19   AUD      61.72
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.85
Sun Resources NL             12.000%   06/30/11   AUD       0.60
Sydney Airport F              3.120%   11/20/30   AUD      67.94
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      66.84


   CHINA
   -----

China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangsu Com Hold              4.95%    11/18/13   CNY      63.03
Jiangxi Copper                1.000%   09/22/16   CNY      74.46
Sichuan Changhon              0.800%   07/31/15   CNY      72.35
Southern Power                5.600%   09/17/19   CNY      75.00

   HONG KONG
   ---------

Resparcs Funding              8.000%   12/29/49   USD      24.99


   INDIA
   -----

Aftek Infosys                 1.000%   06/25/10   USD      65.00
AKSH Optifibre                1.000%   01/29/10   USD      68.50
Gemini Commnica               6.000%   07/18/12   EUR      68.00
Kei Industries                1.000%   11/30/11   USD      72.50
Pyramid Saimira               1.750%   07/04/12   USD      10.75
Subex Azure                   2.000%   03/09/12   USD      67.50
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   JAPAN
   -----

Aiful Corp                    0.800%   07/10/10   JPY      55.89
Aiful Corp                    1.200%   01/26/12   JPY      36.60
Aiful Corp                    1.220%   04/20/12   JPY      33.43
Aiful Corp                    1.500%   10/20/11   JPY      41.34
Aiful Corp                    1.740%   05/28/13   JPY      30.93
Aiful Corp                    1.990%   03/23/12   JPY      36.49
Aiful Corp                    1.990%   10/19/15   JPY      30.33
Aiful Corp                    3.000%   02/10/10   JPY      71.43
Aiful Corp                    5.000%   08/10/10   USD      60.87
Aiful Corp                    5.000%   08/10/10   USD      60.87
Aiful Corp                    6.000%   12/12/11   USD      44.25
Aiful Corp                    6.000%   12/12/11   USD      44.25
Covalent Material             2.870%   02/18/13   JPY      59.88
CSK Corporation               0.250%   09/30/13   JPY      61.10
Fukoku Mutual                 4.500%   09/28/25   EUR      67.00
JAL System                    2.940%   12/18/13   JPY      72.32
Japan Airlines                3.100%   01/22/18   JPY      71.21
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      57.01
JPN Exp Hld/Debt              0.500%   03/18/39   JPY      57.55
Promise Co Ltd                2.050%   02/15/13   JPY      73.92
Promise Co Ltd                1.370%   06/04/13   JPY      69.05
Promise Co Ltd                2.740%   10/11/13   JPY      74.96
Shinsei Bank                  3.750%   02/23/16   JPY      74.75
Shinsei Bank                  5.625%   12/29/49   GBP      73.00
Takefuji Corp                 4.000%   06/05/22   JPY      52.77
Takefuji Corp                 4.500%   10/22/32   JPY      53.15
Takefuji Corp                 8.000%   11/01/17   USD      18.12
Takefuji Corp                 9.200%   04/15/11   USD      50.87
Takefuji Corp                 9.200%   04/15/11   USD      50.87
Tokyo Metro Govt              4.270%   11/29/35   EUR      70.61
Willcom Inc                   2.350%   06/27/12   JPY      43.38


   MALAYSIA
   --------

Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.10
Berjaya Land                  5.000%   12/30/09   MYR       3.84
Crescendo Corp B              3.750%   01/11/16   MYR       0.88
Dutaland Bhd                  4.000%   04/11/13   MYR       0.78
Dutaland Bhd                  4.000%   04/11/13   MYR       0.39
Eastern & Orient              8.000%   07/25/11   MYR       1.01
Huat Lai Resources            5.000%   03/28/10   MYR       0.43
Kretam Holdings               1.000%   08/10/10   MYR       1.10
Kumpulan Jetson               5.000%   11/27/12   MYR       2.68
Lion Diversified              4.000%   12/17/13   MYR       1.71
Mithril Bhd                   3.000%   04/05/12   MYR       0.59
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.24
Olympia Industri              2.800%   04/11/13   MYR       0.19
Olympia Industri              4.000%   04/11/13   MYR       0.25
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.63
Rubberex Corp                 4.000%   08/14/12   MYR       1.13
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.29
Wah Seong Corp                3.000%   05/21/12   MYR       2.51
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.31
YTL Cement Bhd                4.000%   11/10/15   MYR       1.94


   NEW ZEALAND
   -----------

Allied Farmers                9.600%   11/15/11   NZD      50.76
Allied Nationwide            11.520%   12/29/49   NZD      25.00
BBI Ntwks NZ Ltd              8.000%   11/30/12   NZD       0.47
Capital Prop NZ               8.000%   04/15/10   NZD      11.50
Contact Energy                8.000%   05/15/14   NZD       1.03
Fletch Build Fin              8.850%   03/15/10   NZD       8.00
Fletcher Bui                  8.500%   03/15/15   NZD       8.17
Infrastr & Util               8.500%   09/15/13   NZD      10.50
Infratil Ltd                  8.500%   11/15/15   NZD      13.25
Infratil Ltd                 10.180%   12/29/49   NZD      59.00
Manukau City                  6.900%   09/15/15   NZD       1.00
Marac Finance                10.500%   07/15/13   NZD       0.92
NZ Finance Hldgs              9.750%   03/15/11   NZD      74.09
Provencocadmus                2.000%   04/15/10   NZD       0.78
Sky Network TV                4.010%   10/16/16   NZD      56.62
South Canterbury             10.500%   06/15/11   NZD       0.66
South Canterbury             10.430%   12/15/12   NZD       0.92
St Laurence Prop              9.250%   05/15/11   NZD      49.03
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   03/15/14   NZD       7.40
Trustpower Ltd                8.500%   09/15/12   NZD       7.85
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.90


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      29.94
Blue Ocean                   11.000%   06/28/12   USD      30.12
Sengkang Mall                 8.000%   11/20/12   SGD       0.10
United Eng Ltd                1.00%    03/03/14   SGD       1.49
WBL Corporation               2.500%   06/10/14   SGD       1.95


   THAILAND
   --------

G Steel                      10.500%   10/04/10   USD      21.99


                         *********

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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