TCRAP_Public/091119.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

           Thursday, November 19, 2009, Vol. 12, No. 229

                            Headlines

A U S T R A L I A

BABCOCK AND BROWN: Moody's Continues Review on 'B1' Corp. Rating
BBI FINANCE: Moody's Continues Reviews on Senior Secured Ratings
ONE.TEL: ASIC Losses Cases Against Founder, Finance Director


C H I N A

CHINA MINSHENG: Hopu May Subscribe to $1.3BB in HK Stock Sale
LAS VEGAS SANDS: Pays $87.5MM to Macau Gov't. for Land Concession


H O N G  K O N G

ASIA PACIFIC: Members' Final Meeting Set for December 15
BASF CONSTRUCTION: Members' Annual Meeting Set for November 30
CRYSTAL GARMENTS: Creditors' Proofs of Debt Due December 14
DATUM NETWORKS: Members and Creditors Meeting Set for December 14
DBS ASIA: Members' Final General Meeting Set for December 14

FAST PACE: Inability to Pay Debts Prompts Wind-Up
INNOVATIONS WORLDWIDE: Inability to Pay Debts Prompts Wind-Up
TRUMP GRAND: Members' Final Meeting Set for December 16
VIDGO TRADING: Hung and Keng Appointed as Liquidators
XPORT2CHINA MEDIA: Court Enters Wind-Up Order


I N D I A

AIR INDIA: Pilots, Staff to Stage "Silent March" Today
BL INTERNATIONAL: CRISIL Assigns 'BB' Rating on INR9.5MM Term Loan
MEHTA & ASSOCIATES: ICRA Rates INR15MM LT Bank Debts at 'LBB+'
SARA EXPORTS: ICRA Assigns 'LBB+' Ratings on Various Bank Debts
SATYAM COMPUTER: Former Directors Seek Dismissal of U.S. Suits

SATYAM COMPUTER: Gets Legal Notices from 37 Firms
TATA MOTORS: JLR Secures GBP170 Mln Working Capital Facility


I N D O N E S I A

CENTRAL PROTEINAPRIMA: Fitch Cuts Issuer Default Rating to 'CC'


J A P A N

JAPAN AIRLINES: Delta, Partners Dangle $1.02-Bil. Funding Package
TAKEFUJI CORP: Likely Default Cues S&P to Junk Long-Term Ratings


K O R E A

HYUNDAI MOTOR: To Invest INR800cr for Small Cars in India
SSANGYONG MOTOR: Posts 8th Quarterly Loss of US$77.5 Million


N E W  Z E A L A N D

HANOVER FINANCE: Allied Farmers Proposes to Buy Finance Assets
WINDFLOW TECHNOLOGY: Receives NZ$1.8-Mln Payment from NZ Windfarms


T A I W A N

AMERICAN INT'L: Chinatrust to Buy 30% Stake in Taiwan Unit
CHUNGHWA PICTURE: President Chiu Chuang-yi Steps Down


                         - - - - -


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A U S T R A L I A
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BABCOCK AND BROWN: Moody's Continues Review on 'B1' Corp. Rating
----------------------------------------------------------------
Moody's Investors Service is continuing its review for possible
upgrade of Babcock and Brown Infrastructure Group's B1 corporate
family rating and BBI Finance Pty Ltd's B2 senior secured rating.

"The continuation of review follows the approval of the
recapitalization by BBI's security-holders and Exchangeable
Preference Share holders," says Clement Chong, Moody's VP/Senior
Analyst.

"Following the completion of the recapitalization, Moody's expects
to upgrade BBI's rating to Ba2, reflecting the material
improvement in its liquidity and overall financial profile."

Under the plan, the group will raise about AU$1.8 billion in
capital through equity raising (AU$1.5 billion on an underwritten
basis) and asset sales (AU$295 million).  The majority of proceeds
will be applied against debt reduction at the corporate level.

The last rating action with respect to BBI was taken on 9 October,
2009, when the review status on the group's ratings was changed to
review for upgrade from review with direction uncertain.

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

BBI, based in Sydney, is an infrastructure fund which owns a
series of infrastructure assets.


BBI FINANCE: Moody's Continues Reviews on Senior Secured Ratings
----------------------------------------------------------------
Moody's Investors Service is continuing its review for possible
downgrade of BBI Finance Pty Ltd's ("DBCT") senior secured Baa2
ratings.

This follows the approval of Babcock & Brown Infrastructure
Group's (rated B1/B2, on review for possible upgrade)
recapitalization plan by BBI's securityholders and Exchangeable
Preference Share holders.  BBI is presently the 100% owner of
DBCT.  As part of the Recapitalization, BBI will enter into a
number of arrangements with affiliates of Brookfield Asset
Management Inc. ("Brookfield", rated Baa2) which confer on
Brookfield a 49.9% economic interest in DBCT.

"Upon the completion of BBI's Recapitalization, Moody's expects to
confirm DBCT's Baa2 rating," says Clement Chong, a Moody's
VP/Senior Analyst, adding, "This reflects the expected improvement
in BBI's credit profile and the influence of a new shareholder in
Brookfield which are expected to mitigate the linkage -- through
ownership and financing documentation -- between DBCT and BBI."

The resolution of the review on DBCT's ratings depends on the
completion of the Recapitalization, which is expected to occur by
the end of November 2009.

DBCT has a standalone investment grade rating profile, reflecting
the competitive position of its coal terminal in the Bowen Basin
coal chain and its low business risk.

Moody's last rating action on DBCT was on 9 October, 2009 when the
review for downgrade on its rating was continued.

BBI Finance Pty Ltd rating was assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as 1) the business risk and competitive position of the
company versus others within the industry, 2) the capital
structure and financial risk of the company, 3) the projected
performance of the company over the near to medium term, 4)
management's track record and tolerance for risk, and 5) the
linkage to the credit profile of its parent.  These attributes
were compared against other issuers both within and outside of
DBCT's core industry.

BBI Finance Pty Limited is the financing affiliate of BBI
Management Pty Limited and BBI Trust, (together DBCT Group), which
together hold a long-term lease on the Dalrymple Bay Coal Terminal
in north Queensland.  Babcock & Brown Infrastructure Ltd and
Babcock & Brown Infrastructure Trust own 100% of the DBCT Group,
which comprises BBI Management Pty Ltd, BBI Trust, and BBI Finance
Pty Ltd.

DBCT, near Mackay in north Queensland, has a current capacity of
85 million tonnes per annum and services the central Bowen Basin
coal fields.


ONE.TEL: ASIC Losses Cases Against Founder, Finance Director
------------------------------------------------------------
The Sydney Morning Herald reports that the Australian Securities
and Investments Commission has failed in its civil action against
One.Tel founder Jodee Rich and the failed teleco's finance
director Mark Silbermann.

According to the report, NSW Supreme Court judge Robert Austin on
Wednesday handed down his judgment in the long running case
launched by ASIC in December 2001.

"I have reached the conclusion that ASIC has failed to prove any
aspect of its pleaded case against either defendant," the report
quoted Judge Austin as saying.

SHM notes the judgment runs to 3,105 pages.

A hearing on costs will go to court on November 27, SMH says.

ASIC said in statement Wednesday that it will review the lengthy
judgement in detail and consider whether to appeal as soon as
possible.

As reported in the Troubled Company Reporter - Asia Pacific on
February 8, 2006, the ASIC has initiated actions against Messrs.
Rich and Silbermann for allegedly allowing the company to trade
while it was insolvent and for providing misleading financial
information to the Company's Board of Directors.

The ASIC wants to ban Messrs. Rich and Silbermann from holding
directorships and is seeking compensation of AU$92 million, the
value allegedly lost by the telco by continuing to trade after
February 2001, when ASIC alleged it became insolvent, the TCR-AP
said.

Messrs. Rich and Silbermann had denied the allegations, arguing
One.Tel would have survived if the telco's board had not decided
to abandon a AU$132 million rights issue, the SMH relates.

                           About One.Tel

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the
Australian telecommunications industry, most of which are
currently under external administration by court appointed
liquidators.

One.tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


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CHINA MINSHENG: Hopu May Subscribe to $1.3BB in HK Stock Sale
-------------------------------------------------------------
Hopu Investment Management Co., the China-focused fund backed by
Temasek Holdings Pte, is seeking to invest as much as US$1.3
billion in China Minsheng Banking Corp.'s Hong Kong stock sale,
Bloomberg News reports, citing two people familiar with the
matter.

According to the report, one of the people said the private-equity
fund wants to buy about 4% of Minsheng, which is planning to raise
as much as US$4.07 billion in a Hong Kong initial share sale this
month.  The size of Hopu's investment is subject to final
allocation of shares to other institutional investors, Bloomberg
notes.

Bloomberg relates that Hopu had initially put in a US$500 million
order for Minsheng shares and later increased the amount to about
US$1.3 billion to ensure a bigger allocation, one of the people
said.

The purchase, says Bloomberg, is the fund's third in a Chinese
bank this year as CNY4 trillion (US$586 billion) of government
stimulus spending spurs loan demand.  The US$2.5 billion fund, run
by former Goldman Sachs Group Inc. Asia investment banking head
Richard Ong, bought shares in Bank of China Ltd. and China
Construction Bank Corp. this year, the report adds.

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

                           *     *     *

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


LAS VEGAS SANDS: Pays $87.5MM to Macau Gov't. for Land Concession
-----------------------------------------------------------------
Two indirect subsidiaries of Las Vegas Sands Corp., Venetian
Orient Limited and Venetian Macau Limited, on November 11, 2009,
received, for acceptance, the final draft of the Land Concession
Agreement from the government of the Macau Special Administrative
Region of the People's Republic of China.

Pursuant to the Parcels 5&6 Land Concession, Venetian Orient was
awarded a concession by way of a lease to a portion of the east
side of the reclaimed land between the islands of Taipa and
Coloane in Macau, including the site on which Venetian Orient is
building an integrated resort in phases.

Phase I of the integrated resort is expected to feature
approximately 300,000 square feet of gaming space, two hotel
towers with over 3,700 Sheraton, Shangri-La and Traders-branded
hotel rooms, retail, entertainment and dining facilities, MICE
space and a multi-purpose theater.  Phase II is expected to
include a 2,300 room Sheraton-branded hotel tower and Phase III is
expected to include a luxury St. Regis-branded hotel and mixed use
tower.

On November 16, 2009, the Company accepted the terms and
conditions of the Parcels 5&6 Land Concession and made an initial
land concession premium payment of 700,000,000 patacas
(approximately $87.5 million).

The Parcels 5&6 Land Concession will not become effective until
the date it is published in Macau's Official Gazette, which is
part of the standard Macau land grant process.  The initial term
of the Parcels 5&6 Land Concession is 25 years from the
Publication Date, and it may be successively renewed for an
unlimited number of ten year terms in accordance with applicable
Macau laws.  Under the Parcels 5&6 Land Concession, Venetian
Orient is obligated to complete the development of the Land within
48 months of the Publication Date, which is expected to occur in
the first quarter of 2010. Venetian Orient is obligated to pay
land premiums in consideration of the Parcels 5&6 Land Concession
aggregating a total of 1,870,402,962 patacas (approximately $233.5
million), inclusive of the 700,000,000 patacas initial premium
payment described above.  The remainder of the land premium in the
amount of 1,170,402,962 patacas (approximately $146.1 million)
will accrue interest at the rate of 5%, and will be payable in
seven semi-annual installments in the amount of 184,333,117
patacas each (or approximately $23.0 million), with the first
installment payment due on the six month anniversary of the
Publication Date.

In addition, the Parcels 5&6 Land Concession requires Venetian
Orient to pay an annual rent of 4,504,020 patacas (approximately
$0.6 million) during the period in which the Land is under
development, and an annual rent of 16,872,880 patacas
(approximately $2.1 million) after completion of the development
of the Land.

Venetian Orient is obligated to obtain a bank guarantee in the
above referenced amount of 4,504,020 patacas to secure the annual
rent payment amount due during the period in which the Land is
under development.  The Parcels 5&6 Land Concession may be
forfeited or rescinded upon the occurrence of various events,
including the failure to pay land premium installment payments or
annual rent when due, the failure to comply with certain of the
Parcels 5&6 Land Concession's terms, such as an unauthorized
change to the permitted use of the Land or the unauthorized
transfer of the rights arising under the land concession to a
third party.

                       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.


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H O N G  K O N G
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ASIA PACIFIC: Members' Final Meeting Set for December 15
--------------------------------------------------------
Members of Asia Pacific Financial Investment Limited will hold
their final meeting on December 15, 2009, at 11:00 a.m., at the
1001 Admiralty Centre Tower I, 18 Harcourt Road, in Hong Kong.

At the meeting, Chan Kim Chee and Chiu Fan Wa, the company's
liquidators will give a report on the company's wind-up
proceedings and property disposal.


BASF CONSTRUCTION: Members' Annual Meeting Set for November 30
--------------------------------------------------------------
Members of BASF Construction chemicals (Hong Kong) Limited will
hold their annual general meeting on November 30, 2009, at
10:00 a.m., at the Room 1902, 19/F, Queen's Place, 74 Queen's Road
in  Central, Hong Kong.

At the meeting, Ng Wai Yan and Marcus Ha Man Kit, the company's
liquidators will give a report on the company's wind-up
proceedings and property disposal.


CRYSTAL GARMENTS: Creditors' Proofs of Debt Due December 14
-----------------------------------------------------------
Crystal Garments Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by December 14, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Wai Ling
         Fee Tat Commercial Centre, 21/F
         No. 613 Nathan Road
         Kowloon, Hong Kong


DATUM NETWORKS: Members and Creditors Meeting Set for December 14
-----------------------------------------------------------------
Members and creditors of Datum Networks Corp. Limited will hold
their final meeting on December 14, 2009, at 10:30 a.m., and 11:00
a.m., respectively at the 29th Floor, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, Hong Kong.

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


DBS ASIA: Members' Final General Meeting Set for December 14
------------------------------------------------------------
Members of DBS Asia Limited will hold their final general meeting
on December 14, 2009, at 11:00 a.m., at 20/F, Prince's Building,
Central, Hong Kong.

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


FAST PACE: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------
Members of Fast Pace Far East Limited on November 3, 2009,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when due.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         1801 Wing On House, 18/F
         71 Des Voeux Road
         Central, Hong Kong


INNOVATIONS WORLDWIDE: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------------
Members of Innovations Worldwide Limited on November 3, 2009,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when due.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         1801 Wing On House, 18/F
         71 Des Voeux Road
         Central, Hong Kong


TRUMP GRAND: Members' Final Meeting Set for December 16
-------------------------------------------------------
Members of Trump Grand Properties Limited will hold their final
general meeting on December 16, 2009, at 11:00 a.m., at the Suite
301, Dina House, 11 Duddell Street, in Central, Hong Kong.

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


VIDGO TRADING: Hung and Keng Appointed as Liquidators
-----------------------------------------------------
Lau Siu Hung and Liang Yang Keng on May 7, 2007, were appointed as
liquidators of Vidgo Trading (Hong Kong) Limited.

The company's liquidators are:

         Lau Siu Hung
         Liang Yang Keng
         Wing Yee Commercial Building, 2/F
         5 Wing Kut Street
         Central, Hong Kong


XPORT2CHINA MEDIA: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on September 22,
2009, to have Xport2china media Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


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AIR INDIA: Pilots, Staff to Stage "Silent March" Today
----------------------------------------=-------------
The Financial Express reports that a section of Air India pilots
and employees will stage a "silent march" to Parliament today,
seeking immediate government action to save the airlines and to
protest against the management's decisions affecting the cash-
strapped national carrier.

According to the report, the Indian Commercial Pilot's Association
(ICPA) -- pilots' group of erstwhile Indian Airlines -- and Air
Corporation Employees Union (ACEU) would stage the march to
Parliament today, November 19, when the winter session begins.

ACEU also decided to support the protest march by the ICPA, the
report notes.

The Express recalls that a group of Air India pilots on Tuesday
staged a silent march at the domestic airport in Mumbai to protest
delay in payment of their salaries and allowances.

According to the report, the pilots have threatened to go on
strike from November 24 if their due incentives and allowances
were not paid by the airlines management.

First round of conciliation process before the Central Labour
Commissioner between the airline management and the pilots ended
without result.  Both sides are to appear before the CLC on
November 20, the report discloses.

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

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

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

                         About Air India

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


BL INTERNATIONAL: CRISIL Assigns 'BB' Rating on INR9.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of BL International.

   Facilities                        Ratings
   ----------                        -------
   INR91.5 Million Term Loan         BB/Stable (Assigned)
   INR20.0 Million Overdraft         BB/Stable (Assigned)
   INR320.0 Million Bill Discounting P4+ (Assigned)
   INR150.0 Million Packing Credit   P4+ (Assigned)
   INR1.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect BLI's weak financial risk profile, and
exposure to risks relating to customer concentration in revenue
profile, and to export realizations emanating from volatility in
the foreign exchange rates. These weaknesses are partially offset
by the benefits the firm derives from its established customer
base and promoters' experience in the readymade garments business.

Outlook: Stable

CRISIL believes that BLI will maintain its credit risk profile
over the medium term supported by its established customer base
and promoters' industry experience. The outlook may be revised to
'Positive' if BLI's capital structure improves or if it
diversifies its revenues while maintaining profitability.
Conversely, the outlook may be revised to 'Negative' if the firm's
profitability declines, or if it undertakes debt-funded capital
expenditure, weakening its capital structure.

                      About BL International

Set up in 1989 by Mr. Deepak Aggarwal, BLI manufactures and
exports ready-made garments. BLI manufactures women's woven and
knits garments. It has six production units in Noida (Uttar
Pradesh), with a combined capacity to produce 400,000 pieces per
month.

BLI reported a profit after tax (PAT) of INR65.8 million on net
sales of INR1.1 billion for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR18.8 million on net
sales of INR762 million for 2006-07.


MEHTA & ASSOCIATES: ICRA Rates INR15MM LT Bank Debts at 'LBB+'
--------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR15.00 million long term
fund based limit and INR65.00 million long term non-fund based
limit of Mehta & Associates Fire Protection Systems Private
Limited.  ICRA has also assigned an A4+ (pronounced A Four plus)
rating to the INR19.00 million short term non-fund based limit of
Mehta & Associates.

The ratings draw comfort from the firm's long track record in the
fire protection industry, its reputed clientele, strong revenue
growth in FY2008 and FY2009, moderate working capital intensity
and healthy order book position.  The ratings, however, are
constrained by the firm's moderate profitability, high client
concentration, over dependence on power sector projects and
competitive pressure from larger players in the fire protection
industry. The ratings also take into account the firm's moderate
scale of operations which limits its ability to execute large
projects.

Founded in 1984 by Mr. Jayant Mehta, Mehta & Associates is a
turnkey contractor for Fire Detection & Protection Systems.  Its
core business is the design, supply, installation, testing and
commissioning of Fire Detection and Protection Systems.  Prior to
establishing Mehta & Associates, Mr. Jayant Mehta worked with The
Grinnell Fire Protection Systems Co Inc, in Dallas, Texas (TYCO
Group) for over seven years. Mehta & Associates has two operating
divisions – Systems and Products.  The systems division which
undertakes turnkey projects for fire protection systems accounts
for more than 90% of the total turnover.  Apart from executing
turnkey projects, the firm also operates as a distributor of fire
protection products of international vendors like ProtectoWire,
Detectomat, Sergi Innosys and LIOS Technology.

The firm has been in the fire protection business for more than 25
years and has executed more than 300 projects.  The firm's
clientele includes state electricity boards and power companies
like NTPC Ltd, Adani Ltd. In certain projects, the firm is not a
direct bidder but a subcontractor to power equipment companies
like ABB and Siemens.

In FY2009, Mehta & Associates reported a net income of around
INR1.6 million on net sales of around INR159 million.


SARA EXPORTS: ICRA Assigns 'LBB+' Ratings on Various Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the long term instruments
(Fund Based limit-Rs 100.0 million and term loans-INR3.1 million)
and an A4+ rating to the short term instrument (Non Fund Based
limit-INR90.0 million) of Sara Exports Limited.

The ratings are constrained by SEL's relatively modest margins/
accruals emanating from its high business concentration on
Paracetamol -- a relatively commoditized and mature product,
resulting in limited pricing flexibility and exposure to market-
driven price volatility.  SEL's business has high vulnerability to
raw material price fluctuations, stemming from high dependence for
the imports of major intermediary from China.

The ratings however take into account SEL's good market position
and long-standing presence in the Paracetamol segment; location
advantage and the Company's revenue diversity in terms of customer
base.

Lately Himachal Pradesh and Uttarakhand have emerged as a cluster
for drug formulators due to the state incentives and other factors
like space constraint, environmental issues with traditional
clusters like Maharashtra, Goa etc.  Being closer to these
emerging belts, SEL is able to provide the bulk drugs within ~7-8
hours which helps their client to work on thin inventory and also
save on the storage cost for the raw material.

The turnover of the company has grown at a CAGR of -9% over a
period of 2006-09 and in absolute term the turnover has been quite
volatile over the years.  Lack of other high value added product
and operating in a matured and commoditized nature of product
segment, the margins has been very moderate and been in the range
of 6-8%.

The capital structure of the company adjusted for the loan from
the promoters is stretched with gearing around 1.2x in FY 09.
Going forward the proposed capex of -INR16 crore (-60 to -70%
would be debt funded) which as of now is in a very initial stage
would stress the capital structure of the company.  Though the
competition is limited to China (India and China caters to more
than 70% of the world's consumption of paracetamol) only, ICRA
recognizes the fact the paracetamol industry in India is dependent
and vulnerable to the price fluctuation in the key raw material
(Para Amino Phenol) imported from China.

                        About Sara Exports

Sara Exports Ltd. is a part of Globus Pharmachem Group, based out
of Ghaziabad.  The company is engaged in manufacturing of bulk
drugs and chemicals.  Currently the company has manufacturing
capacities for 3600 TPA of paracetamol.

The group GLOBUS Pharmachem is engaged in manufacturing of dye
intermediate, plasticizers, pharmaceuticals and industrial
chemicals (Paracetamol, Diclofenac, Chlorzoxazome, Chlorinated
Parathin Wax, Vinyl Sulphone, Acetanilide, Anhydride, Aceclofenace
and Nimesulide).  Some of the other group companies are M/s Sara
Exports Ltd., M/s Para Products Pvt. Ltd. and M/s Meditech
Chemicals Pvt. Ltd.  The Group has also won many prestigious
awards like PADAM BHUSHAN Award, UDYOG RATAN Award for its
endeavor and also has certification for risk management and
environment control from international and national bodies like
DET Norske Veritas (DNV), National Accreditation Board for
Certification Bodies (NABCB) and ISO-9001: 2000.  For financial
year ending 2008-09, the company reported a PAT of INR4.2 million
on an operating income of INR405.6 million.


SATYAM COMPUTER: Former Directors Seek Dismissal of U.S. Suits
--------------------------------------------------------------
Thom Weidlich at Bloomberg News reports that seven former
directors of Satyam Computer Services Ltd., including Harvard
Business School Professor Krishna Palepu and former dean of the
Indian School of Business M. Rammohan Rao, asked that investor
lawsuits in the U.S. be dismissed against them.

Citing court papers filed in New York federal court, Bloomberg
discloses that the suits don't make specific enough allegations
and fail to allege an intent to defraud as required by U.S.
securities law.

“The facts pled show no knowledge, awareness in or even notice of
any fraud as to any audit committee defendant,” according to the
court papers.

Bloomberg recalls that investors in the U.S. suits filed at least
a dozen class actions that have been consolidated before U.S.
District Judge Barbara Jones in Manhattan.  According to the
report, the ex-directors' filings are in response to the
investors' July 17 consolidated complaint.

                         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%
stake in Satyam Computer, beating strong rival L&T.  Tech Mahindra
would acquire the stake in an all-cash deal, followed by an open
offer for a 20% 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.


SATYAM COMPUTER: Gets Legal Notices from 37 Firms
-------------------------------------------------
Mahindra Satyam, formerly known as Satyam Computer Services
Limited, said it has received legal notices from 37 companies
claiming a refund of INR1,230.40 crores (US$265 million),
allegedly given as a temporary advance.

"The notices claim the money back to allegedly repay their
creditors, some of whom include Maytas Properties Ltd. and Maytas
Infra Ltd," the company said in a statement to the stock exchange.

"On November 14, 2009, Mahindra Satyam has replied to the legal
notices stating that the claims are legally untenable," it said.

Mahindra Satyam said the confession letter dated January 7, 2009,
of Mr. Ramalinga Raju, former Chairman of Satyam Computer, also
refers to net amount of INR1,230 crores arranged to the Company by
the 37 companies.

                         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%
stake in Satyam Computer, beating strong rival L&T.  Tech Mahindra
would acquire the stake in an all-cash deal, followed by an open
offer for a 20% 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.


TATA MOTORS: JLR Secures GBP170 Mln Working Capital Facility
------------------------------------------------------------
Martin Arnold at The Financial Times reports that Jaguar Land
Rover, the lossmaking car company owned by India's Tata Motors,
has secured a new GBP170 million working capital facility from GE
Capital.

According to the FT, the asset-backed distribution finance
facility from GE Capital -- the financing arm of General Electric
in the US -- will be drawn down by JLR as soon as vehicles roll
off its three UK production lines.  The FT says the five-year loan
will boost working capital within the company by shortening the
30- to 40-day gap it typically has to wait between producing
hundreds of thousands of cars a year and delivering them to
dealerships in 90 countries.

                            Turnaround

Vipin V. Nair and Sarah Rabil at Bloomberg News report that Tata
Motors is hopeful of turning around JLR as it cuts costs to battle
a slump in sales during the global recession.

Bloomberg relates Tata Motors hired KPMG International and Roland
Berger Strategy Consultants to reduce costs at the luxury unit,
which it bought for US$2.5 billion last year from Ford Motor Co.
JLR had a loss before interest, tax and exceptional items of 8.73
billion rupees ($189 million) in the quarter ended June, Bloomberg
discloses, citing the latest earnings report from Tata Motors.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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


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


CENTRAL PROTEINAPRIMA: Fitch Cuts Issuer Default Rating to 'CC'
---------------------------------------------------------------
Fitch Ratings has downgraded Indonesia's PT Central Proteinaprima
Tbk's Long-term foreign currency Issuer Default Rating to 'CC'
from 'CCC'.  Fitch has also downgraded the rating of CPP's US$325m
senior unsecured notes due 2012 (US$ Notes), issued by Blue Ocean
Resources Pte Ltd and guaranteed by CPP and its subsidiaries, to
'CC' from 'CCC'.  The ratings remain on Rating Watch Negative.
The recovery rating of the US$ Notes is 'RR4'.

"The downgrades reflect Fitch's concerns regarding the company's
ability to meet the next semi-annual coupon payment of US$17.9
million on the US$ Notes on December 28, 2009, as the recovery
from the infectious myonecrosis virus contamination in its ponds
remains uncertain," says Marchelius Mario, Associate Director in
Fitch's corporate ratings team in Jakarta.  In the last two
quarters, the IMNV contamination has resulted in historically low
shrimp production from the contaminated ponds at the core Central
Pertiwi Bahari asset with 5,185 metric tons (MT) and 2,238 MT in
Q209 and Q309, respectively, as compared to 15,677 MT in Q109.  In
September 2009, CPP detected the IMNV at the smaller Wachyuni
Mandira asset, which previously had not been contaminated.  This
may further affect the company's shrimp production in Q409.

"At end-September, CPP had unrestricted and restricted cash
balances of IDR189.9 billion and US$1.6 million, respectively.
However, this may not be sufficient in meeting the December coupon
payment as it is possible that free cash flow generation will
remain negative in Q409 despite CPP's efforts to reduce capex,"
adds Mr. Mario.  Moreover, the company continues to face
challenges in renewing its short-term bank working capital
facilities.  Any unfavorable reaction from its lenders will be
detrimental to CPP's already tight liquidity profile.

The ratings remain on RWN as CPP may have to review its debt
sources, including the US$ Notes, to improve its liquidity,
especially if earnings do not improve.  Further negative rating
actions may be taken if the company's liquidity position
deteriorates.  Fitch will remove the RWN if the company renews its
existing short-term bank loan facilities, meets the December
coupon payment and resolves the IMNV contamination.


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


JAPAN AIRLINES: Delta, Partners Dangle $1.02-Bil. Funding Package
-----------------------------------------------------------------
Dow Jones Newswires' Doug Cameron and Yoshio Takahashi and The
Wall Street Journal's Mariko Sanchanta report that Delta Air Lines
Inc. and its airline partners said they could provide a $1.02
billion funding package to Japan Airlines Corp., in an aggressive
bid meant to show their financial muscle as they try and wrest JAL
away from its partnership with rival American Airlines.

According to the report, the proposal by Delta and SkyTeam members
-- including Air France-KLM -- includes a $500 million injection
from the alliance.  Delta would provide a $300 million revenue
guarantee, $200 million in asset-backed funding and cover
$20 million or more in costs for a switch.

"The move signals the first time that Delta and its SkyTeam
partners have quantified the amount they would be willing to
inject into JAL, which is weighed down by more than one trillion
yen ($11.19 billion) in debt and pension liabilities. It also
underlines Delta's determination to tie up with JAL in order to
tap into the Japanese carrier's lucrative Asian and trans-Pacific
routes," the report says.

According to the report, Delta President Edward Bastian said at a
briefing in Tokyo Wednesday that he believes that the bigger
economies of scale provided by SkyTeam would bring greater
benefits to the struggling Japanese carrier.

"It's clear that SkyTeam is by far the strongest partner for Japan
Airlines and the best ally to ensure JAL's growth and stability in
the decades to come," Mr. Bastian said.  He estimated that JAL's
annual revenue would grow by $400 million if the Japanese carrier
joins SkyTeam, the report adds.

As reported by the Troubled Company Reporter on November 6, 2009,
sources told the Wall Street Journal that American Airlines'
"Oneworld Total Value Proposition" presentation to government
officials and JAL senior management:

     -- shows that an American-JAL alliance would significantly
        boost JAL's revenue should the U.S. and Japan reach a new
        open-skies deal;

     -- underlines the fact that several oneworld members are keen
        to expand their relationship with JAL, including British
        Airways, which has expressed an interest in a joint
        venture with JAL.

     -- estimates a switch to the Delta alliance would cost JAL
        more than $500 million in lost revenue in the first two
        years from disentangling frequent-flier agreements and
        lost traffic shared with other airlines.

The Journal said it is unclear what the actual financial impact of
a JAL switch to SkyTeam from oneworld would be, but the process
could be complex.  "If JAL had been starting from zero, a SkyTeam
alliance would have made more sense," the Journal quoted Yoshihisa
Akai, the managing director of Japan Aviation Management Research,
a think tank, as saying.  "But extricating itself from oneworld
will be a massive task."

American and Delta are offering to buy minority equity stakes in
JAL.

The Journal said Delta has hired investment bank Goldman Sachs
Group Inc. and public-relations firm Fleishman-Hillard to advise
it on a possible alliance with JAL.  American has tapped Global
Advisory Japan, a unit of Rothschild, the Journal said.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

                       About Delta Air Lines

With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008.  From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year.   The merger closed on
October 29, 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's.

                             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.


TAKEFUJI CORP: Likely Default Cues S&P to Junk Long-Term Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Takefuji Corp. by four notches to
'CC' from 'B-'.  The rating remains on CreditWatch with negative
implications.

This rating action reflects the high likelihood that a debt
exchange that Takefuji offered on Nov. 16, 2009, will be
recognized as a default under Standard & Poor's criteria, if it
goes ahead.  At the same time, S&P lowered its rating on the
outstanding senior unsecured bonds (straight bonds) issued by
Takefuji by two notches to 'CCC', given slower progress in
Takefuji's fund-raising than S&P expected, and removed the rating
from CreditWatch with negative implications.  The rated long-term
senior unsecured bonds are all straight bonds, and are not subject
to the debt exchange.  The long-term rating on Takefuji was placed
on CreditWatch with negative implication after it was downgraded
to 'B-' on Oct. 1, 2009.

Regarding Takefuji's convertible bonds maturing in 2018 (NR),
investors have an early redemption option to be exercisable in
June 2010.  S&P believes that there is increased likelihood that
investors will exercise the early redemption option, given stock
price trends, which raises concerns over Takefuji's liquidity
position.  Takefuji started to offer an exchange of a part of (up
to JPY40 billion) of the convertible bonds worth JPY70 billion,
either with 1) over JPY50 in cash per JPY100 face value, or 2) a
combination of JPY25 in cash per JPY100 face value and a Euro-yen
denominated straight bond, which is scheduled to be issued with a
final maturity date of April 11, 2011, and a coupon rate of 10%.
The total amount of cash that will be paid for this exchange is
set at up to JPY18 billion.  Standard & Poor's will recognize at
least the 1) debt exchange as a default, if it goes ahead, because
the value that investors receive would fall below the contractual
value.  According to Takefuji's press release of Nov. 16, 2009,
only the 1) debt exchange will be offered in Japan, and the 2)
method will not be applied in Japan.

Standard & Poor's lowered by two notches its rating on Takefuji's
outstanding senior unsecured bonds, given slower progress in
Takefuji's fund-raising than S&P expected, and removed the rating
from CreditWatch with negative implications.  The company's
liquidity at hand stood at JPY59.1 billion as of Sept. 30, 2009,
against interest-bearing debt of JPY189 billion, maturing within
one year, including the convertible bonds to be exchanged.  The
debt exchange, if successful, would support Takefuji's liquidity
toward June 2010, as funds to retire maturing bonds in June 2010
would be reduced by up to JPY40 billion.  However, liquidity at
hand will decrease by up to JPY18 billion if the debt exchange is
conducted in December 2009 as scheduled.  In addition, the
corporate bonds to be issued in line with the debt exchange will
mature relatively early, in April 2011.  As such, the debt
exchange is unlikely to positively affect Takefuji's financial
position to a great extent in the short to medium term.

In the consumer finance industry, even major players continue to
face severe business conditions due to the continued high level of
refunds of overcharged interest and uncertainties over the amended
Money Lending Business Law, which will be fully implemented by
mid-2010.  The long-term counterparty credit rating on Takefuji is
highly likely to be lowered to 'SD' if the debt exchange, which is
scheduled for Dec. 14, 2009, goes ahead.  Standard & Poor's will
then review its ratings on Takefuji, after scrutinizing the
company's financial conditions in light of its debt restructuring.

                          Ratings List

                           Downgraded

                         Takefuji Corp.

                               To                 From
                               --                 ----
Counterparty Credit Rating     CC/Watch Neg/--    B-/Watch Neg/--
Senior Unsecured               CCC                B-/Watch Neg


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


HYUNDAI MOTOR: To Invest INR800cr for Small Cars in India
---------------------------------------------------------
The Economic Times reports that Hyundai Motor Co. will invest
around INR800 crore to develop a small car for the Indian market
that is likely to be launched in the next two years.

The report says the firm, which has operations in India through a
wholly-owned subsidiary, Hyundai Motor India Ltd, will manufacture
the car, which will be smaller than the Santro, at its plant in
India.

"We are developing a small car and approximately INR800 crore will
be invested at the Korean plant for development," newly appointed
Managing Director and CEO of Hyundai Motor India Ltd (HMIL) Han-
Woo Park was quoted by the ET as saying.

HMIL, which sells popular compact cars like Santro, i10, i20, has
made India a small car hub for the Korean firm and has been
exporting the cars to overseas markets.

In October, the company sold a total of 51,736 units, an 11 per
cent growth compared with same month last year. Its exports,
however, dipped by 11.9 per cent to 23,435 units during the month.

                         About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, Moody's Investors Service revised to stable from
negative the outlook of the Baa3 issuer and senior unsecured bond
ratings for Hyundai Motor Company and its guaranteed subsidiary
Hyundai Motor Manufacturing Alabama LLC.  Moody's also revised the
Ba1 Corporate Family Rating outlook of Kia Motors Corp. to stable
from negative.

The TCR-AP reported on Jan. 16, 2009, that Fitch Ratings
downgraded Hyundai Motor's long-term foreign currency Issuer
Default Ratings to 'BB+' from 'BBB-' (BBB minus), and the Short-
term ratings to 'B' from 'F3'.  The rating agency revised the
Outlook to Negative from Stable.


SSANGYONG MOTOR: Posts 8th Quarterly Loss of US$77.5 Million
------------------------------------------------------------
Ssangyong Motor Co. reported its eighth straight quarterly loss
for the third quarter of this year, casting another shadow on the
company's efforts to emerge from bankruptcy, a report posted at
tradingmarkets.com says.

The report says Ssanyong's third-quarter net loss widened to
KRW89.7 billion (US$77.5 million) in the July-September period,
compared with a loss of KRW28.1 billion for the same period last
year.

The company's operating loss, however, narrowed to KRW41.7 billion
for the quarter from KRW48.4 billion a year ago.  Sales plunged
66.1% percent to KRW227.6 billon.

According to the report, officials at Ssangyong blamed a 77-day
strike in summer that paralyzed the company's production.

Meanwhile, tradingmarkets.com says that a local bankruptcy court
last week delayed its ruling on whether to approve a turnaround
plan by Ssangyong as it failed to win enough support for its
capital reduction and debt-to-equity swap plan from foreign
bondholders.

                       SUV Assembly in Russia

Bloomberg News, citing Yonhap News, reports that OAO Sollers will
begin assembly of Ssangyong Motor Co. sport-utility vehicles in
Vladivostok, Russia, within the year.

Bloomberg relates the Korean-language news agency said Sollers,
which now assembles Ssangyong SUVs under license in Tatarstan,
plans to make 9,500 units a year in Vladivostok.

Yonhap said the Russian company plans to install lines for Isuzu
Motors Ltd. trucks and Fiat SpA minibuses at the plant in the
first half of next year, Bloomberg adds.

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

                           *     *     *

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

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


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


HANOVER FINANCE: Allied Farmers Proposes to Buy Finance Assets
--------------------------------------------------------------
Hanover Finance confirmed Wednesday that Allied Farmers Ltd had
forwarded a proposal to acquire the finance assets of Hanover
Finance Limited and United Finance Limited.

Chairman David Henry said the Allied Farmers' Proposal would
exchange investors Hanover Finance's secured deposits and
subordinated notes, United Finance's secured deposits, and Hanover
Capital bonds for listed shares in Allied Farmers issued at market
value.

"If approved, the Allied Farmers' Proposal would see Hanover
Finance Secured Depositors receive 78 cents in value for every
$1.00 of original principal owed, while United Finance Secured
Deposit holders would receive 90 cents in value for every $1.00 of
original principal owed (these amounts are inclusive of payments
of six cents already made under the Debt Restructuring Plan (DRP)
in place since December last year)," Mr. Henry said.

Hanover Finance Subordinated Note holders and Hanover Capital Bond
holders would receive 30 cents in value.

Mr. Henry said Allied Farmers would acquire loans and property,
finance assets, operating assets and the escrowed cash and
property assets as described in the shareholder support package of
the DRP.

"Directors have commissioned independent experts Grant Samuel to
provide a report for investors on the merits of the Allied
Farmers' Proposal.  This would include an assessment of the Allied
Farmers Proposal compared to the existing DRP."

"Following receipt of Grant Samuel's independent expert report and
consideration of this report, the independent directors will make
recommendations to investors regarding the Allied Farmers'
Proposal.  At that time we will communicate fully to investors
prior to the vote required from them for the Allied Farmers'
Proposal to be approved."

"The Allied Farmers' Proposal is dependent on 75% of Hanover and
United Finance investors voting in favor of the proposal, 50% of
Allied Farmers' shareholders also voting to approve the proposal
and other usual conditions."

Mr. Henry noted that Hanover had recently released its latest
financial result confirming that a worsening property development
market meant that it no longer expected to achieve full repayment
of investors' capital has originally intended under the DRP.

Mr. Henry said the directors of Hanover will be writing to
investors in the near future to outline the nature of the Allied
Farmers' Proposal.

                        Financial Results

Hanover Finance disclosed its consolidated special purpose
financial statements for the year ended June 30, 2009.

The company swung to a net loss of NZ$102.03 million for the year
ended June 30, 2009, from net income of NZ$10.17 million a year
ago.  The company had an operating loss (before fair value
adjustments) of NZ$283.2 million, compared with an operating
profit of NZ$16.33 million.

The company's balance sheet as of June 30, 2009, showed total
assets of NZ$286.16 million and total liabilities of NZ$324.25
million, resulting in a total stockholders' deficit of NZ$38.08
million.

A full-text copy of the Company's Charging Group Consolidated
Special Purpose Financial Statements is available at no charge at
http://ResearchArchives.com/t/s?49ae

The Troubled Company Reporter-Asia Pacific, citing The New Zealand
Herald, reported on Nov. 12, 2009, that Hanover Finance said it is
no longer likely to fully repay investors under a debt
restructuring plan due to a deterioration in the commercial
property development market.

Hanover directors estimated the return to secured depositors is
likely to be about 70 cents in the dollar for Hanover Finance
investors while investors in subsidiary United Finance can expect
estimated returns of around 90c, according to SMH.

A TCR-AP report on Dec. 10, 2008, said Hanover Finance's investors
voted in favor of the company's Debt Restructure Proposals,
including a plan to fully repay NZ$552.6 million principal it owes
over five years.

SMH, citing a report from PricewaterhouseCoopers, noted that the
repayment plan was optimistic but was a better option than putting
the company into receivership.

                            About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


WINDFLOW TECHNOLOGY: Receives NZ$1.8-Mln Payment from NZ Windfarms
------------------------------------------------------------------
Windflow Technology Ltd said it has received payment of NZ$1.8
million from NZ Windfarms Limited.

As a result of the payment, the High Court proceedings between the
companies have been discontinued, Windflow said in statement to
the stock exchange.

The companies are continuing efforts to resolve the outstanding
contractual issues, including the remaining sum outstanding, it
said.

Windfarms has been withholding payments to Windflow as it contests
the lack of International Electrification Commission certification
for the Windflow's pioneering two-bladed turbines, a report posted
at stuff.co.nz says.

According to the report, Windflow contends that its turbines are
performing to expectations and is confident IEC certification will
be received in due course.  The report relates that Windfarms'
claims also relate to the fact that some of its turbines differ
from the model that is subject to certification, although Windflow
contends this is having no impact on turbine performance.

Windfarms also warned in August that there was fundamental
uncertainty as to whether it could continue to trade, and has not
yet updated on that announcement, the report notes.

                          About Windflow

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power
development.  As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited.  The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited.  The principal activity of NZ Windfarms
Limited is the development of wind farms.  Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.

                          *     *     *

Windflow Technology incurred a net loss of NZ$2.04 million in
the financial year ended June 30, 2008, compared with the
NZ$3.28 million loss booked in the prior financial year.  The
company posted a net loss of NZ$1.23 million for the year ended
June 30, 2009.


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


AMERICAN INT'L: Chinatrust to Buy 30% Stake in Taiwan Unit
----------------------------------------------------------
Bloomberg News' Cathy Chan and Janet Ong report that Chinatrust
Financial Holding Co. plans to pay US$660 million for a 30% stake
in Nan Shan Life Insurance Co. after losing its bid to buy the
business from American International Group Inc.

Bloomberg relates Chinatrust, Taiwan's third-biggest financial
company by market value, said in a statement it will acquire the
30% investment from China Strategic Holdings Ltd.  China
Strategic, in a consortium with Primus Financial Holdings Ltd,
agreed last month to buy Nan Shan for $2.15 billion.

The report says China Strategic will buy 1.17 billion Chinatrust
shares, or a 9.95% stake, for about NT$20.8 billion (US$648
million) as part of the deal.  The share sale is part of a plan to
sell 2.5 billion shares at NT$17.74 apiece through private
placements, Chinatrust said.

                              About AIG

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


CHUNGHWA PICTURE: President Chiu Chuang-yi Steps Down
-----------------------------------------------------
Susie Pan at DIGITIMES reports that Chunghwa Picture Tubes Ltd.
has announced the resignation of its president Chiu Chuang-yi.
The company did not cite the reason for the resignation.

DIGITIMES says the vacancy will be temporarily filled in by VP Lin
Sheng-chang, who has been in charge of the small- to medium-size
LCD panel business.

According to DIGITIMES, CPT said on Monday its board of directors
had tried in vain to keep Chiu.

DIGITIMES relates that market observers speculated that the Tatung
Group, to which CPT belongs, may have decided to replace the panel
maker's management because it failed to turn a profit in the third
quarter when the LCD market recovered strongly.  CPT was the only
top-five panel makers in Taiwan that still made losses in the
third quarter, according to DIGITIMES.

Another executive, CFO James Wu, who has been on unpaid leave for
over a month, has also shown no intention of returning to work any
time soon, DIGITIMES adds.

Meanwhile, The Taipei Times reports that Chunghwa Picture expects
to cut back operational losses further this quarter as prices look
set to stabilize on rebounding demand and a rise in new orders.

Taipei Times relates that Chiu said an easing glass supply crunch
from Corning Inc. in the wake of a power disruption at a Taichung
plant, which limited the company's shipments last quarter, is
expected to help raise equipment utilization.

The company said Chunghwa Picture's sales fell 17.7% to NT$5.31
billion last month from September, representing a year-on-year
decline of about 29%, Taipei Times discloses.

Operating losses narrowed to NT$4.51 billion in the third quarter,
from losses of NT$8.65 billion in the second quarter, Taipei Times
cited Chunghwa Picture's financial statement.

Shipments of computer and TV panels are expected to grow by
between 5 and 15 % this quarter from 5.2 million units last
quarter, Taipei Times notes.

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2009, the China Post said Chunghwa Picture Tubes Ltd. was
seeking repayment extension of its NT$40 billion (US$1.1 billion)
loans to bolster its working capital.

According to the Post, Chief Financial Officer James Wu said the
company will need to soon repay NT$10 billion in one-year loans
and more than NT$30 billion over the longer term to several banks.

Mr. Wu said the company would like to repay part of the loans
while asking its creditors to allow the company to extend
repayments of the remaining loans by up to two years.  Chunghwa
Picture creditors include state-owned Bank of Taiwan, Land Bank of
Taiwan and Taiwan Cooperative Bank.  The company, however,
insisted it was not seeking for a government bailout.

Chunghwa Picture posted a loss of NT$11.98 billion in the fourth
quarter of 2008 and a net loss of NT$11.68 billion for the year.

                             About CPT

Based in Taipei, Taiwan, Chunghwa Picture Tubes Ltd. (TPE:2475) --
http://www.cptt.com.tw/-- is principally engaged in the
development and production of thin film transistor-liquid crystal
display (TFT-LCD) panels, LCD module assemblies and cathode ray
tubes (CRTs).  The Company's products include small and medium
size monitor panels, desktop personal computer (PC) monitor
panels, laptop PC monitor panels and LCD television (TV) panels.
Its TFT-LCD products are applied for consumption and industrial
products, including TVs, computer monitors, laptop computers,
mobile phones, personal digital assistants (PDAs), portable
digital video disc (DVD) players, portable videos, measurement
devices, analysis devices, medical equipment, driving meters and
radars, among others.  The Company distributes its products in
domestic markets and to overseas markets, including the rest of
Asia and Europe.


                         *********

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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