TCRAP_Public/091123.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

           Monday, November 23, 2009, Vol. 12, No. 231

                            Headlines

A U S T R A L I A

GREAT SOUTHERN: Creditors Opt to Liquidate 27 Companies
MACQUARIE MEDIA: US Unit Reaches Debt Forbearance Agreement
SAS GLOBAL: Three More Units Placed in Receivership


H O N G  K O N G

ALLIANCE WEALTH: Members' Final Meeting Set for December 22
CAMERON HEIGHTS: Creditors' Proofs of Debt Due December 21
CHEUNG FUNG: Tang and Man Appointed as Liquidators
CHINA METALLURGICAL: Court to Hear Wind-Up Petition on December 2
CHINA NATIONAL: Weng and Stephen Appointed as Liquidators

CITIC PACIFIC: Yung Seeks Transfer of Case to High Court
FORWARD MANAGEMENT: Court to Hear Wind-Up Petition on January 6
GAINDAY INVESTMENTS: Court to Hear Wind-Up Petition on Dec 2
GOLD HERO (ASIA): Court to Hear Wind-Up Petition on December 30
KIN CHING: Seng and Lo Step Down as Liquidators

LUN CHEUNG: Court to Hear Wind-Up Petition on January 13
NISHIMATSU PROPERTY: Seng and Lo Step Down as Liquidators
SUPREME TRINITY: Wai and Fun Appointed as Liquidators
TAI WALL (CHINA-H.K.): Wai and Fun Appointed as Liquidators
TOP DESIGN: Wai and Fun Appointed as Liquidators

UNIVERSAL GIFT: Wai and Fun Appointed as Liquidators


I N D I A

AIR INDIA: November 24 Pilot's Strike Deferred for Six Days
ANDREW YULE: Fitch Assigns 'D' National Long-Term Rating
CYBERABAD EXPRESSWAYS: CRISIL Puts 'B+(so)' Rating on Term Loan
DELTON CABLES: Fitch Assigns National Long-Term Rating at 'BB+'
GAYATRI JHANSI: CRISIL Cuts Rating on INR3.4BB Loan to 'BB(so)'

HYDERABAD EXPRESSWAYS: CRISIL Rates INR2.9BB Loan at 'BB+(so)'
LEENA POWER-TECH: CRISIL Rates INR40MM Cash Credit at 'BB+'
LOVELY ENTERPRISES: CRISIL Rates INR180MM Cash Credit at 'B+'
LOVELY INTERNATIONAL:CRISIL Assigns 'B+' Rating on Bank Debts
MYCON CONSTRUCTION: Weak Liquidity Prompts CRISIL 'C' Rating

NAVAKETAN NURSING: CRISIL Rates INR168MM Term Loan at 'BB'
SANGHAMITHRA RURAL: CRISIL Puts 'BB' Ratings on Various Bank Debts
SREE SUMANGALA: CRISIL Assigns 'BB' Ratings on Various Bank Debts
SRI DEVI: Weak Financial Risk Profile Cues CRISIL 'BB' Ratings
SUJALA PIPES: Delay in Loan Repayment Cues CRISIL 'C' Ratings

SUTLEJ TEXTILES: Fitch Gives Stable Outlook; Affirms 'BB-' Rating
TATA STEEL: Receives 56% Acceptance for Bond Exchange Offer


I N D O N E S I A

BANK TABUNGAN: Expects to Fetch IDR2.6 Trillion from IPO


J A P A N

ALL NIPPON: Moody's Downgrades Long-Term Debt Ratings to 'Ba2'
CAFES 2: S&P Downgrades Ratings on Class D Certificates to 'B+'
JAPAN AIRLINES: Will Up to 2 Mos. Before Deciding Whom to Marry
L-JAC 5: Moody's Reviews Ratings on Five Classes of Certificates


K O R E A

BEARINGPOINT INC: Closes Sale of Korea Unit to BPH Corp.


M O N G O L I A

KHAN BANK: Fitch Affirms Issuer Default Ratings at 'B'
XACBANK LLC: Fitch Affirms Issuer Default Ratings at 'B'


N E W  Z E A L A N D

CANTERBURY BUILDING: S&P Assigns 'BB+/B' Counterparty Ratings
OAKRIDGE RESORT: Receivers Close to Selling Assets


S I N G A P O R E

BTB MANAGEMENT SERVICES: Court Enters Wind-Up Order
ECON CORPORATION: Creditors' Proofs of Debt Due December 4
FINE RATTAN: Creditors Get 2.1601% Recovery on Claims
ITS MARKETING: Creditors' Proofs of Debt Due December 21
LEWEI INDUSTRIES: Creditors Get 100% Recovery on Claims

METER INVESTMENTS: Creditors' Proofs of Debt Due December 21
NIR*AVI INTERNATIONAL: Creditors' Proofs of Debt Due December 18
ORCHARD CUPPAGE: Court to Hear Wind-Up Petition on December 4
PACIFIC CENTURY: Court to Hear Wind-Up Petition on December 4
PRO ACCESS ENGRG: Court Enters Wind-Up Order

RANODA ELECTRONICS: Placed Under Judicial Management
RENEWABLE ENERGY: Creditors' Meeting Set for December 4
RENEWABLE ENERGY: Creditors' Proofs of Debt Due December 2
SPV FATIMA: Creditors' Proofs of Debt Due December 21
WY HENG: Creditors' Proofs of Debt Due December 21

Y.S.P REFRIGERATION: Court Enters Wind-Up Order


                         - - - - -


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


GREAT SOUTHERN: Creditors Opt to Liquidate 27 Companies
-------------------------------------------------------
The Sydney Morning Herald reports that the Great Southern group of
companies has been largely liquidated, but the fate of the company
schemes in which 52,000 investors invested billions of dollars is
now in the hands of receivers McGrath Nicoll.

The report relates that at a creditors' meeting in Melbourne on
Thursday, creditors voted to liquidate 27 of Great Southern's 35
companies that were in administration.

The liquidation of the responsible entity, Great Southern Managers
Australia Ltd, was, however, decided on the casting vote of
administrator and meeting chairman Martin Jones, of Ferrier
Hodgson, according to the report.

According to the report, Mr. Jones stressed that the liquidation
of the companies did not affect the viability of the schemes.
"The company will be wound up, not the schemes," Mr. Jones told
the meeting.

The future of the remaining eight companies will be dealt with at
a round of meetings in Perth on December 3, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, Great Southern administrators have recommended the
companies within the group be wound up.  Administrators Ferrier
Hodgson said in a report that each of the companies within the
Great Southern group was insolvent and that there had been no
acceptable proposal to continue to operate the group.

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


MACQUARIE MEDIA: US Unit Reaches Debt Forbearance Agreement
-----------------------------------------------------------
Sarah McDonald at Bloomberg News reports that Macquarie Media
Group Ltd. said unit American Consolidated Media LLC entered into
a forbearance contract with its lenders after breaching loan
covenants.

Bloomberg relates Macquarie Media said in a regulatory statement
filed on November 20 that in return for a fee and an increase in
the interest rate on the debt of about 2.3% a year, the lenders
won't exercise their rights under the loan breach.

According to the report, Macquarie Media said ACM's loan facility
totals $133.7 million and the company will continue talks with its
banks during the forbearance period.

"As previously advised to the market there can be no assurance
that any restructure, amendment, extension, waiver, further
forbearance or consent will be provided," it said.

The company "has no plans to provide any parent level cash
injections or other financial support or guarantee to ACM or its
lenders."

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 30, 2009, Macquarie Media its US subsidiary American
Consolidated Media LLC has breached loan covenants under its
US$133.7 million business level bank facility.

The Sydney Morning Herald said Macquarie Media plans to raise $294
million in new funding to pay down debt, as it prepares to take
back its management rights from Macquarie Group and simplify its
corporate structure.

The Herald said the capital raising comprises an underwritten
one-for-one renounceable entitlement offer at $1.55 per stapled
security.

According to the Herald, Macquarie Media chief executive Mark
Dorney said the capital raising, along with existing the group's
existing cash of $323 million, will be used to retire debt at its
Australian operations, Macquarie Southern Cross Media.

Net bank debt for the Australian business will be reduced to $306
million, from $860 million, the Herald noted.

Macquarie Media also proposes to take back, or internalize, the
management of the company from Macquarie Group at a cost of $40.5
million, subject to securityholder's approval.

                       About Macquarie Media

Based in Sydney, Australia, Macquarie Media Group (ASX:MMG) --
http://www.macquarie.com.au/au/mmg/-- invests in a range of media
assets.  MMG comprises of Macquarie Media Trust (MMT), Macquarie
Media Holdings Limited (MMHL) and Macquarie Media International
Limited (MMIL). The Company operates in two service types: Free to
air commercial radio and television broadcasting (Free to air
broadcasting), which comprises the commercial radio and television
broadcast licenses held throughout regional Australia, and which
operates solely within the MMHL group and Community Newspapers,
which are located in the United States, and operates within the
MMIL group.  MMG operates mainly in Australia and United States.


SAS GLOBAL: Three More Units Placed in Receivership
---------------------------------------------------
WA Business News reported that three more entities of property
investment group SAS Global have been placed into receivership by
the National Australia Bank.

KordaMentha has been appointed receivers to SAS Global Coogee, SAS
Global Mandurah and SAS Global Seville Grove.  The three entities,
which were placed into administration earlier this month, owe
nearly AU$20 million to NAB.

According to the report, the three entities join SAS Global
Baldivis, which had receivers appointed earlier this month.  SAS
Global Baldivis owes AU$19 million to NAB.

The SAS Global group has established 11 land development companies
since being formed in 2003.


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


ALLIANCE WEALTH: Members' Final Meeting Set for December 22
-----------------------------------------------------------
Members of Alliance Wealth (Hong Kong) Limited will hold their
final meeting on December 22, 2009, at 11:00 a.m., at Flat D, 16/F
On Hing Building, 1 On Hing Terrace, Hong Kong.

At the meeting, William Nicholas Giles, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CAMERON HEIGHTS: Creditors' Proofs of Debt Due December 21
----------------------------------------------------------
Creditors of Cameron Heights Limited are required to file their
proofs of debt by December 21, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 13, 2009.

The company's liquidators are:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre Tower I
         18 Harcourt Road
         Hong Kong


CHEUNG FUNG: Tang and Man Appointed as Liquidators
--------------------------------------------------
Alan C W Tang and Wong Kwok Man on November 9, 2009, were
appointed as liquidators of Cheung Fung Technology (Holdings)
Limited.

The Liquidators can be reached at:

         Alan C W Tang
         Wong Kwok Man
         Nexxus Building, 6th Floor
         41 Connaught Road
         Central, Hong Kong


CHINA METALLURGICAL: Court to Hear Wind-Up Petition on December 2
-----------------------------------------------------------------
A petition to wind up the operations of China Metallurgical Group
Corporation 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:

         Herrington Orrick & Sutcliffe
         Gloucester Tower, 43rd Floor
         The Landmark
         15 Queen's Road
         Central, Hong Kong


CHINA NATIONAL: Weng and Stephen Appointed as Liquidators
---------------------------------------------------------
Wong Poh Weng and Wong Tak Man Stephen on November 12, 2009, were
appointed as liquidators of China National Aero-Technology H.K.
Group Limited.

The Liquidators can be reached at:

         Wong Poh Weng
         Wong Tak Man Stephen
         Caroline Centre, 29/F
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


CITIC PACIFIC: Yung Seeks Transfer of Case to High Court
--------------------------------------------------------
Debra Mao at Bloomberg News reports that Larry Yung, the former
chairman of Citic Pacific Ltd., has asked Hong Kong's Small Claims
Tribunal to transfer shareholders' demands for HK$115,516
(US$14,905) to the High Court.

According to Bloomberg, Mr. Yung, who can't use lawyers in the
tribunal, said in a filing the dispute involves "difficult and
intertwined issues of law and fact" and if he loses it may "set up
a precedent and lead to a spate of cases against Citic and me."

Bloomberg says adjudicator Wong Lai Wing on Friday gave the three
claimants -- Joseph Leung, So Wai Ching and Wong Kam Wan -- three
weeks to object to moving the case to the High Court.  Mr. Yung
then gets two weeks to respond before another hearing on Jan. 5,
the report notes.

According to the report, the claimants said they lost about
HK$40,000 each, putting them within the limit of HK$50,000 for
cases in the Small Claims Tribunal.

A transfer to the High Court would put the claimants at a
disadvantage because they would become liable to pay Yung's legal
costs if they lose, Bloomberg relates citing James To, a lawmaker
who is providing legal advice to the investors.

The Troubled Company Reporter-Asia Pacific, citing The New York
Times, reported on April 13, 2009, that Citic Pacific replaced its
top management amid an investigation by regulators into currency
losses at the company in October 2008.

Citic Pacific chairman, Larry Yung, the son of a former Chinese
vice president and once the richest man in mainland China, was
succeeded by Chang Zhenming, vice chairman of the parent company,
Citic Group.

                        About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd. --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2009, Standard & Poor's Ratings Services placed the 'BB+'
long-term corporate credit rating on CITIC Pacific on CreditWatch
with positive implications.  At the same time, S&P also put the
'BB+' issue rating on CITIC Pacific's outstanding senior unsecured
bonds on CreditWatch with positive implications.


FORWARD MANAGEMENT: Court to Hear Wind-Up Petition on January 6
---------------------------------------------------------------
A petition to wind up the operations of Forward Management
Services Limited will be heard before the High Court of Hong Kong
on January 6, 2010, at 9:30 a.m.


GAINDAY INVESTMENTS: Court to Hear Wind-Up Petition on Dec 2
------------------------------------------------------------
A petition to wind up the operations of Gainday Investments
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:

         DLA Piper Hong Kong
         Edinburgh Tower, 17th Floor
         The Landmark
         15 Queen's Road
         Central, Hong Kong


GOLD HERO (ASIA): Court to Hear Wind-Up Petition on December 30
---------------------------------------------------------------
A petition to wind up the operations of Gold Hero (Asia) Limited
will be heard before the High Court of Hong Kong on December 30,
2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Messrs. B. Mak & Co
         Units 3512-3513, 35th Floor
         West Tower, Shun Tak Centre
         Nos. 168-200 Connaught Road Central
         Sheung Wan, Hong Kong


KIN CHING: Seng and Lo Step Down as Liquidators
-----------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Kin Ching China Limited on November 13, 2009.


LUN CHEUNG: Court to Hear Wind-Up Petition on January 13
--------------------------------------------------------
A petition to wind up the operations of Lun Cheung Enterprises
Limited will be heard before the High Court of Hong Kong on
January 13, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Tsang, Chan & Wong
         Wing On House, 16th Floor
         No. 71 Des Voeux Road
         Central, Hong Kong


NISHIMATSU PROPERTY: Seng and Lo Step Down as Liquidators
----------------------------------------------------------
Leung Hok Lim and David Leong Ting Kwok stepped down as
liquidators of Nishimatsu Property (H.K.) Limited on November 16,
2009.


SUPREME TRINITY: Wai and Fun Appointed as Liquidators
-----------------------------------------------------
Li Man Wai and Tsang Lai Fun on November 5, 2009, were appointed
as liquidators of Supreme Trinity Limited.

The Liquidators can be reached at:

         Li Man Wai
         Tsang Lai Fun
         Raymond Li & Co., CPA
         Tai Yau Building, Room 1001, 10th Floor
         Wanchai, Hong Kong


TAI WALL (CHINA-H.K.): Wai and Fun Appointed as Liquidators
-----------------------------------------------------------
Li Man Wai and Tsang Lai Fun on November 2, 2009, were appointed
as liquidators of Tai Wall (China-H.K.) Container Services Co.,
Limited.

The Liquidators can be reached at:

         Li Man Wai
         Tsang Lai Fun
         Raymond Li & Co., CPA
         Tai Yau Building, Room 1001, 10th Floor
         Wanchai, Hong Kong


TOP DESIGN: Wai and Fun Appointed as Liquidators
------------------------------------------------
Li Man Wai and Tsang Lai Fun on October 30, 2009, were appointed
as liquidators of Top Design Incorporated Limited.

The Liquidators can be reached at:

         Li Man Wai
         Tsang Lai Fun
         Raymond Li & Co., CPA
         Tai Yau Building, Room 1001, 10th Floor
         Wanchai, Hong Kong


UNIVERSAL GIFT: Wai and Fun Appointed as Liquidators
----------------------------------------------------
Li Man Wai and Tsang Lai Fun on November 2, 2009, were appointed
as liquidators of Universal Gift & Stationery Production Company
Limited.

The Liquidators can be reached at:

         Li Man Wai
         Tsang Lai Fun
         Raymond Li & Co., CPA
         Tai Yau Building, Room 1001, 10th Floor
         Wanchai, Hong Kong


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


AIR INDIA: November 24 Pilot's Strike Deferred for Six Days
-----------------------------------------------------------
The Economics Times reports that Air India pilots have deferred
their strike threat from November 24 by six days, even as the
conciliation talks remained inconclusive.

The report relates that Chief Labour Commissioner S K
Mukhopadhyay, in a six-hour long meeting held on Friday, appealed
to them to defer their strike call till the next round of
negotiations on November 30 as the management sought more time to
revert back on their demands, which include implementation of a
turnaround plan without a salary cut.

This was their second round of talks before the CLC after the
first meeting on November nine, the report says.

According to the report, Captain Shailendra Singh, President of
Indian Commercial Pilots Association (ICPA), claimed that the
talks failed as the management had come up with "ambiguous"
proposals on their demands.

"The third round of conciliation talks would be held on
November 30 and, if on that day management does not give us a
positive response then we will go on strike from midnight," the
report quoted Mr. Singh as saying.

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

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd. 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.

Air India incurred a net loss of INR55.48 billion for the fiscal
year ended March 30, 2009.

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.


ANDREW YULE: Fitch Assigns 'D' National Long-Term Rating
--------------------------------------------------------
Fitch Ratings has assigned a National Long-term rating of 'D' to
India's Andrew Yule & Co. Ltd., and a national long-term rating of
'C(ind)' to its Cash Credit Limits totalling INR212.2 million.

The National Long-term rating reflects AYCL's continuous operating
losses over the years, with a net loss from FY00-FY07.  The
company's net worth was completely eroded in FY02 (due to the
consecutive net losses from FY00), and in September 2004 AYCL was
registered with the Board for Industrial and Financial
Reconstruction under the Sick Industries Company Act.  AYCL is
still registered with BIFR and the company is trying to implement
the Rehabilitation Scheme for its revival, as approved by Board
for Reconstruction of Public Sector Enterprises, Union Cabinet and
BIFR.

The rating also reflects irregularities in depositing undisputed
statutory dues; this includes Provident funds, employees state
insurance, sales tax, wealth tax, income tax, cess and other
statutory dues by the company during the year with appropriate
authorities.  AYCL is still in default in repayment of some of its
dues to banks, even after taking into account the relief,
concessions and restructuring of dues payable to financial
institutions and banks as per the sanctioned scheme of BIFR.
However, the particular bank loan facility being rates is
performing and has been rated at C(ind).

A positive trigger for the National Long Term rating would include
the full implementation of the Rehabilitation Scheme enabling AYCL
to exit BIFR.

AYCL is headquartered in Kolkata and is the flagship company of
the Andrew Yule group.  AYCL was incorporated in 1919 as a private
limited company and converted into a public limited company in
1949.  In 1979, it became a Central Public Sector Undertaking
under the Ministry of Industry.  The government of India holds
98.62% of the equity shares, with the balance being held by
financial institutions and the public.  Its shares are listed on
the Bombay Stock Exchange, and it has around 12000 shareholders.
AYCL presently operates four divisions, namely Tea, Engineering,
Electrical and General Division.


CYBERABAD EXPRESSWAYS: CRISIL Puts 'B+(so)' Rating on Term Loan
---------------------------------------------------------------
CRISIL's rating on the term loan of Cyberabad Expressways Ltd
continues to reflect CEL's exposure to risks of time and cost
overruns in its project.

   Facilities                   Ratings
   ----------                   -------
   INR3760 Million Term Loan    B+(so)/Stable (Reaffirmed)

The uncertainty related to Maytas Infra Ltd (MIL), CEL's
engineering, procurement, and construction (EPC) contractor, has
been mitigated by the recent change in the shareholding pattern of
CEL on the inclusion of a new investor, Terra Projects Pvt Ltd
(TPPL); the EPC work has been sub-contracted to TPPL's group
company.  The rating also factors in CEL's revenue visibility
because of the annuity nature of the build, operate, and transfer
(BOT) contract and the strength of the escrow mechanism supporting
the repayment of the rated instrument.

Outlook: Stable

CRISIL expects CEL to complete the project by end of June 2010,
the scheduled date of completion.  The outlook may be revised to
'Positive' if the project is completed before or on time and
starts generating revenues.  Conversely, the outlook may be
revised to 'Negative' if CEL has any time and cost overruns in the
project.

                    About Cyberabad Expressways

Cyberabad Expressways Ltd was promoted by Gayatri Projects Ltd
(GPL) and MIL in 2006-07 (refers to financial year, April 1 to
March 31) to design, construct, develop and maintain the 11.7-
kilometre Kollur-Patancheru section of the eight-lane Hyderabad
outer ring road. GPL, MIL, and TPPL are the joint venture partners
with shareholdings of 50 per cent, 14 per cent, and 36 per cent,
respectively; the EPC contract was awarded to MIL and was sub-
contracted to Terra Infra Development Pvt Ltd (TIDPL), a TPPL
group company.  The stake sale to TPPL to the extent of 14 per
cent is yet to be approved by the Hyderabad Urban Development
Authority (HUDA), the apex body for the project. The project
entails development of the section on a BOT annuity basis, with an
annuity of INR395 million, payable semi-annually HUDA. The annuity
is to be deposited in an escrow account, from which holders of the
rated debt will be paid.


As stated by the management, the project was about 50 per cent
complete as on August 31, 2009. CEL, a special purpose vehicle
(SPV), has received right of way for almost full stretch of the
project.


DELTON CABLES: Fitch Assigns National Long-Term Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned India-based Delton Cables Limited
(Delton) a National Long-term rating of 'BB+(ind)'.  Fitch has
also assigned the company's outstanding term loan of INR17.14
million a 'BB+(ind)' rating, and assigned its fund based limits of
INR328 million ratings of 'BB+(ind)' and 'F4(ind)'.  The agency
has simultaneously assigned Delton's non fund based limits of
INR599 million ratings of 'BB+(ind)' and 'F4(ind)'.  The Outlook
is Stable.

Delton's ratings reflect its sponsors' track record of almost 60
years in the cable manufacturing industry, during which time
Delton has developed long-standing relationships with various
public sector undertakings.  The ratings also benefit from
Delton's diversified customer base across a wide range of
industries.

The company reduced its cash conversion cycle in FY09 due to
tighter inventory management which, coupled with low capex,
resulted in positive free cash flow in FY09.  Fitch notes that at
FYE09, Delton had a term loan of INR18.7 million with most of its
total adjusted debt being in the form of working capital debt.
The company has no plans for incurring any additional capex in the
near term.  As of October 2009, Delton had an order book of around
INR300m, to be executed completely over FY10.

The ratings are constrained by the company's small size of
operations and intense industry competition, resulting in low
EBITDA margins of less than 10% over the last five years.
Furthermore, around 50% of Delton's revenue was tender-driven as
at FYE09, which exposes it to order cyclicality.  The price of
copper, which constitutes around 70% of Delton's raw material
costs, has fluctuated significantly, along with movements in the
US$ against the Indian Rupee.  This has resulted in profit
volatility, although Delton has recently been able to partially
pass this on to its customers.  Delton's working capital
requirements have been high over the last five years (FY05: INR299
million; FY09: INR512 million) as a result of which its gross
financial leverage (total adjusted debt/operating EBITDAR) has
also remained high (FY05: 2.5x; FY09: 3.8x).  Interest expense has
also increased given the high leverage, leading to low net income
and a low interest coverage ratio (operating EBITDA/gross interest
expense).

Delton's liquidity is funded by working capital credit lines for
which it has a sanctioned fund-based working capital line of
INR328 million and non-fund based limits of INR599 million.
Delton's gross financial leverage was around 2.7x during FY06-
FY08, but rose to 3.8x in FY09 mainly due to reduced EBITDA
margins tied to the economic slowdown and increased working
capital requirements.  The average utilization of working capital
limits has been close to 82% during FY09.

Positive rating triggers include a substantial increase in
revenues along with a reduction in financial leverage.  On the
other hand, debt-led capex or a fall in profitability -- which
would increase financial leverage -- would be negative for the
ratings.

Delton was set up in 1948 and is in the business of cable
manufacturing.  In FY09, Delton recorded revenues of INR1,642
million, up 13.0% yoy, whilst its operating EBITDAR margin was
6.3% versus 8.9% yoy, and net income was INR17.5 million (FYE08:
INR30.5 million).


GAYATRI JHANSI: CRISIL Cuts Rating on INR3.4BB Loan to 'BB(so)'
---------------------------------------------------------------
CRISIL has downgraded its rating on the term loan facility of
Gayatri Jhansi Roadways Ltd to 'BB(so)' from 'BB+(so); the rating
outlook has been revised to 'Negative' from 'Stable'.

   Facilities                   Ratings
   ----------                   -------
   INR3410 Million Term Loan    BB(so)/Negative (Downgraded from
                                                'BB+(so)/Stable')

The downgrade reflects GJRL's stretched liquidity, owing to delay
of an estimated 12 months in its build-operate-transfer (BOT)
project in Uttar Pradesh; the project is now expected to be
commissioned by end-September 2010. GJRL may also face cost
overruns on the project.  The rating action also reflects CRISIL's
belief that GJRL's debt repayment ability will be constrained in
the absence of receipt of annuity from National Highways Authority
of India (NHAI) by March 2010; GJRL's term debt obligations will
become due for repayment from April 2010.

The rating continues to factor in GJRL's exposure to risks
relating to delays in project completion, aggressive funding, and
debt repayment structure. The impact of these weaknesses is
mitigated by the annuity nature of the BOT project, and the strong
counterparty, NHAI.

Outlook: Negative

CRISIL believes that GJRL's credit risk profile will remain
constrained because of time overrun in its project; the delay may
also lead to a cost overrun.  The rating may be downgraded if GJRL
faces higher-than-estimated time and cost overruns, or if it does
not receive annuity by March 2010. Conversely, the outlook may be
revised to 'Stable' if GJRL is granted extension in project
construction period, or receives annuity from NHAI, or if its term
loan obligations are rescheduled by lender banks.

                      About Gayatri Jhansi

GJRL is a special-purpose vehicle (SPV) promoted by Gayatri
Projects Limited (GPL) and Infrastructure Development Finance Co
Ltd (IDFC) to design, develop, construct, operate, and maintain a
50-kilometer (km) stretch of road between Jhansi and Lalitpur, on
National Highways 25 and 26 (NH-25 and NH-26) in Uttar Pradesh.
The project road, named UP2, starts from 88.5 km of the Shivpuri-
Jhansi road (NH-25) and ends at 49.7 km of NH-26. The project
involves strengthening and widening of the existing two-lane
highway, construction of two additional lanes, and provision of
service roads in specific urban and semi-urban areas to cater to
local traffic. The project was awarded under National Highway
Development Project II (NHDP-II) for an annuity of INR299.5
million payable semi-annually by NHAI to the consortium of IDFC
and GPL. NHAI has a 20-year Concession Agreement (CA) with the
consortium, with GJRL as the concessionaire for implementation,
operation and maintenance of the project. As stated by the
management, the project is about 65 per cent complete as on August
2009.


HYDERABAD EXPRESSWAYS: CRISIL Rates INR2.9BB Loan at 'BB+(so)'
--------------------------------------------------------------
CRISIL's rating on the term loan of Hyderabad Expressways Ltd
continues to reflect HEL's exposure to risks of time and cost
overruns in its project.

   Facilities                      Ratings
   ----------                      -------
   INR2900.00 Million Term Loan    BB+(so)/Stable (Reaffirmed)

The impact of these weaknesses is mitigated by the experience of
Hyderabad Expressways' engineering, procurement, and construction
(EPC) contractor, Gayatri Projects Ltd (GPL) in undertaking large
construction projects, and the fixed-cost nature of HEL's
contracts. The rating also factors in the sale by Maytas Infra Ltd
(MIL) of a part of its stake in HEL to Terra Projects Pvt Ltd
(TPPL), a Jayaswal Neco group company; subsequently, the
uncertainty over equity contribution has been resolved with TPPL
bringing in its share of equity in the SPV.

Outlook: Stable

CRISIL expects HEL to complete the project by end of June 2010,
the scheduled date of completion. The outlook may be revised to
'Positive' if the project is completed before or on time and
starts receiving annuity. Conversely, the outlook may be revised
to 'Negative' if HEL has time and cost overruns on the project.

                    About Hyderabad Expressways

Hyderabad Expressways Ltd is a special purpose vehicle (SPV)
promoted by GPL and MIL in 2006-07 (refers to financial year,
April 1 to March 31) to build the 13-kilometre-long Bongulur to
Tukkuguda section of the eight-lane Hyderabad outer ring road. GPL
and MIL originally had a 50:50 joint venture arrangement in the
project; the EPC contract has been awarded to GPL. However, in
July 2009, MIL sold part of its share to TPPL. TPPL has brought in
its share of funds into SPV. The project entails development of
the section on a build, operate, and transfer basis, with an
annuity of INR304.9 million, payable by Hyderabad Urban
Development Authority (HUDA) semi-annually. The annuity is to be
deposited in an escrow account, from which holders of the rated
debt will be paid.

As stated by the management, the project was about 67 per cent
complete as on August 31, 2009. HEL has received right of way for
about 98 per cent of the stretch to be constructed by it.


LEENA POWER-TECH: CRISIL Rates INR40MM Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Leena Powertech Engineers Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR40.0 Million Cash Credit     BB+/Stable (Assigned)
   INR60.0 Million Bank Guarantee  P4+ (Assigned)

The ratings reflects Leena's high geographical and customer
concentration risk in its revenue profile, and the vulnerability
of its operating margin to volatility in raw material prices
because of its fixed-price sales contracts however partially
mitigated by customized nature of projects.  The impact of these
weaknesses is partially mitigated by Leena's good revenue
visibility backed by a healthy order book, and its moderate
financial risk profile marked by low gearing and healthy debt
coverage indicators

Outlook: Stable

CRISIL believes that Leena's financial risk profile will remain
moderate, marked by low gearing and healthy debt coverage
indicators, over the medium term.  The company's bank limits,
however, are expected to be fully utilized over the medium term.
The outlook could be revised to 'Negative' if the company's
financial risk profile deteriorates significantly because of
increase in gearing without commensurate increase in cash
accruals, or deterioration in debt servicing ability driven by
larger-than-expected borrowings.  Conversely, the outlook could be
revised to 'Positive' in case of higher-than-expected improvement
in Leena's profitability or earlier-than-expected equity infusion
by the promoters.

                       About Leena Powertech

Leena Powertech Engineers Pvt Ltd was incorporated in 1999 by Mr.
Amit Teckchandani (Chairman and Managing Director).  The company
undertakes civil construction work for sub-stations,
electrification, and power supply and distribution for various
private and public bodies such as IVRCL Infrastructures and
Projects Ltd., Larsen & Toubro Ltd., State Bank of India, Reserve
Bank of India, City & Industrial Development Corporation of
Maharashtra Ltd., Indian Railways, and Maharashtra State
Electricity Distribution Company Ltd. Leena is registered as a
class 'A' contractor with various government departments.

Leena reported a profit after tax (PAT) of INR9.9 million on net
sales of INR218.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR12.2 million on net
sales of INR314.3 million for 2007-08.


LOVELY ENTERPRISES: CRISIL Rates INR180MM Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Lovely Enterprises Pvt Ltd, which is part of the
Lovely group.

   Facilities                   Ratings
   ----------                   -------
   INR180 Million Cash Credit*     B+/Stable (Assigned)
   INR40 Million Letter of Credit  P4 (Assigned)

   *includes Letter of Credit of INR40 million interchangeable
    with Cash Credit.

The ratings reflect LEPL's constrained financial risk profile and
exposure to risks relating to intense competition in the timber
industry.  These weaknesses are, however, partially offset by the
benefits that the company derives from the promoters' intensive
experience in the timber industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LEPL and Lovely International Pvt Ltd
(LIPL).  This is because the two companies, together referred to
as the Lovely group, are in same line of business, under a common
management, and have significant operational fungibility.

Outlook: Stable

CRISIL believes that the Lovely group will maintain a stable
business risk profile, supported by the promoters' intensive
experience in the timber industry.  However, CRISIL also believes
that group's credit risk profile will continue to be constrained
by its financial risk profile.  The outlook may be revised to
'Positive' if the group's revenues and profitability increase, or
its capital structure improves.  Conversely, the outlook may be
revised to 'Negative', if the group undertakes any huge debt-
funded capital expenditure, over and above expected, or its
profitability declines sharply.

                          About the Group

The group, based in West Bengal, is promoted by Mr. Kishan Gopal
Biyani and his son Mr. Samir Biyani.  The promoters have
experience of more than a decade in the timber industry. The group
is involved in trading of timber logs and swan timber. The group
has recently also entered into trading of coal, marble and iron
and steel products.  The group caters mainly to the market in West
Bengal, and proposes to enter the market in Bihar and Orissa.

The Lovely group reported a profit after tax (PAT) of INR14.1
million on net sales of INR1591.1 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.3
million on net sales of INR1195.2 million for 2007-08.

                     About Lovely Enterprises

Lovely Enterprises Pvt Ltd incorporated in 2003 is engaged in
trading of swan timber, coal and iron and steel products. The
company procures timber domestically.


LEPL reported a PAT of INR5.9 million on net sales of INR1080.0
million for 2008-09, as against a PAT of INR5.7 million on net
sales of INR783.8 million for 2007-08.


LOVELY INTERNATIONAL:CRISIL Assigns 'B+' Rating on Bank Debts
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Lovely International Pvt Ltd, which is part of the
Lovely group.

   Facilities                       Ratings
   ----------                       -------
   INR290 Million Cash Credit*      B+/Stable (Assigned)
   INR50 Million Inland Bill        B+/Stable (Assigned)
                 Discounting
   INR140 Million Letter of Credit  P4 (Assigned)

   *Includes Letter of Credit of INR140 Million interchangeable
     with Cash Credit.

The ratings reflect LIPL's constrained financial risk profile and
exposure to risks relating to intense competition in the timber
industry.  These weaknesses are, however, partially offset by the
benefits that the company derives from the promoters' intensive
experience in the timber industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LIPL and Lovely Enterprises Pvt Ltd
(LEPL). This is because the two companies, together referred to as
the Lovely group, are in same line of business, under a common
management, and have significant operational fungibility.


Outlook: Stable

CRISIL believes that the Lovely group will maintain a stable
business risk profile, supported by the promoters' experience in
the timber industry. However, CRISIL also believes that group's
credit risk profile will continue to be constrained by its
financial risk profile. The outlook may be revised to 'Positive'
if the group's revenues and profitability increase, or its capital
structure improves. Conversely, the outlook may be revised to
'Negative', if the group undertakes any huge debt-funded capital
expenditure, over and above expected, or its profitability
declines sharply.

                          About the Group

The group, based in West Bengal, is promoted by Mr. Kishan Gopal
Biyani and his son Mr. Samir Biyani.  The promoters have
experience of more than a decade in the timber industry.  The
group is involved in trading of timber logs and sawn timber.  The
group has recently also entered into trading of coal, marble and
iron and steel products. The group caters mainly to the market in
West Bengal, and proposes to enter the market in Bihar and Orissa.

The Lovely group reported a profit after tax (PAT) of INR14.1
million on net sales of INR1591.1 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.3
million on net sales of INR1195.2 million for 2007-08.

                    About Lovely International

Lovely International Pvt Ltd incorporated in 1999 is engaged in
trading of sawn timber and timber logs.  It purchases almost 85-
90% of timber from domestic market while remaining is imported
from Malaysia and Singapore.


LIPL reported a PAT of INR8.2 million on net sales of INR511.2
million for 2008-09, as against a PAT of INR3.9 million on net
sales of INR411.4 million for 2007-08.


MYCON CONSTRUCTION: Weak Liquidity Prompts CRISIL 'C' Rating
------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Mycon Construction Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR100.00 Million Overdraft Facility    C (Assigned)
   INR600.00 Million Bank Guarantee*       P4 (Assigned)

   * Includes sublimit of INR37.50 Million for Letter of Credit
     Limit

The ratings reflect MCL's exposure to risks relating to its weak
liquidity, the working capital-intensive nature of its operations,
and geographical and customer concentration in its revenue
profile.  These weaknesses are partially offset by the benefits
that the company derives from its comfortable order book,
providing revenue visibility.

                     About Mycon Construction

Set up in 1946, as a partnership firm, by Mr. P C Malpani, Mycon
Construction Ltd undertakes civil and structural construction for
public and private sector entities in Karnataka, Tamil Nadu, and
Orissa.  The work involves the construction of dams, bridges,
power plants, and buildings.  MCL converted into a closely held
public limited company in 1989.


MCL reported a profit after tax (PAT) of INR 11 million on net
sales of INR 981 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR 15 million on net
sales of INR 794 million for 2007-08.


NAVAKETAN NURSING: CRISIL Rates INR168MM Term Loan at 'BB'
----------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loan
facility of Navaketan Nursing Home Pvt Ltd.

   Facilities                   Ratings
   ----------                   -------
   INR168 Million Term Loan     BB/Stable (Assigned)

The rating reflects NNHPL's limited track record and weak
financial risk profile in the healthcare industry. The impact of
the rating weaknesses is, however, mitigated by the operational,
technical, and financial support that the hospital receives from
its parent, Columbia Asia Hospitals Pvt Ltd (CAH).

Outlook: Stable

CRISIL believes that NNHPL's capital structure will remain
leveraged, and its debt protection measures will remain weak over
the medium term, because of large, accumulated and negative
accruals in the initial years of operations. The outlook may be
revised to 'Positive' if the hospital demonstrates sustained
improvement in accruals after attaining breakeven. Conversely, the
outlook may be revised to 'Negative' if NNHPL's operations take
longer than expected time to stabilize and attain cash breakeven.

                      About Navaketan Nursing

Incorporated in 1991, Navaketan Nursing Home Pvt Ltd operates an
85-bed multispecialty hospital at Salt Lake City, Kolkata.  The
company was initially promoted by Mr. Kamal Kishore Gandhi and his
associates.  In 2007, CAH acquired a 74 per cent stake in NNHPL;
the remaining 26 per cent remains with the original promoter
group. NNHPL offers primary and secondary healthcare services
under the Columbia Asia Hospital.

NNHPL became operational in 2008-09 (refers to financial year,
April 1 to March 31). It reported a net loss of INR149.5 million
on revenues of INR16.5 million for 2008-09.


SANGHAMITHRA RURAL: CRISIL Puts 'BB' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the proposed long-
term bank loan facilities of Sanghamithra Rural Financial
Services.

   Facilities                     Ratings
   ----------                     -------
   INR560 Million Cash Credit     BB/Stable (Assigned)
   INR220 Million Long Term Loan  BB/Stable (Assigned)
   INR20 Million Proposed Long    BB/Stable (Assigned)
           Term Bank Facility

The rating reflects the continued support SRFS is expected to
enjoy from promoter non-governmental organization (NGO), MYRADA
(formerly Mysore Resettlement and Development Agency) and its
comfortable resource profile. These rating strengths are partially
offset by SRFS' small and regionally concentrated scale of
operations, weak asset quality, modest capital position, and
increasing competition from banks and other micro finance
institutions (MFIs).

Outlook: Stable

CRISIL believes that SRFS will continue to derive support from
MYRADA and maintain a comfortable resource profile. Asset quality
is expected to remain stressed and competitive pressures from
banks and other MFIs are expected to continue over the medium
term. The outlook may be revised to 'Positive' if SRFS is able to
significantly improve its market position and asset quality.
Conversely, the outlook may be revised to 'Negative' if SRFS'
business risk profile is unable to sustain competitive pressures
and its asset quality deteriorates sharply from current levels.

                     About Sanghamithra Rural

SRFS is a section 25 company based in Bangalore, Karnataka. It was
promoted by MYRADA, a leading developmental agency managing rural
development projects in South India in 1995. SRFS lends to self-
help groups, mainly comprising women borrowers, promoted by MYRADA
and other partner NGOs. As on June 30, 2009, SRFS had a presence
in three states, viz. Karnataka, Tamil Nadu and Andhra Pradesh
with a loan portfolio outstanding of INR 523.0 million. The
company provided credit linkage to 8043 SHGs in 2008-09 (refers to
financial year, April 1 to March 31). SRFS' reported disbursements
of INR540.6 million and net surplus of INR5.09 million in 2008-09
compared with INR491.3 million and INR0.26 million respectively in
2007-08.


SREE SUMANGALA: CRISIL Assigns 'BB' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Sree Sumangala Metals & Industries Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR 11.50 Million Long Term Loan     BB/Stable (Assigned)
   INR 70.00 Million Cash Credit Limit  BB/Stable (Assigned)
   INR 105.00 Million Letter of Credit  P4+ (Assigned)

The ratings reflect the geographic concentration in SSMIPL's
revenue profile, the company's exposure to intense competition,
its small scale of operations, and its susceptibility to
volatility in steel prices and foreign exchange rates. The impact
of these weaknesses is mitigated by SSMIPL's above-average
financial risk profile, moderate operating efficiency, and the
experience of its promoters in the steel trading industry.

Outlook: Stable

CRISIL believes that SSMIPL will maintain its stable business risk
profile over the medium term on the back of its established
relationships with suppliers and customers.  The outlook may be
revised to 'Positive' if SSMIPL's revenue and margins increase and
its revenue diversification is enhanced.  Conversely, the outlook
may be revised to 'Negative' if SSMIPL's financial risk profile
deteriorates because of large borrowings for capital expenditure,
sharp decline in margins, or delay in stabilization of freshly
expanded capacities.

                       About Sree Sumangala

Incorporated in 1985 by Mr. Karthik Sabanayagam in Chennai, Sree
Sumangala Metals & Industries Pvt Ltd (formerly, Sumangala & Fuchs
Systems Ltd) trades in steel and flat products, and scrap metal.
The company derives around 75 per cent of its revenue from
trading, and the balance from the manufacture of automotive and
other components.

SSMIPL reported a profit after tax (PAT) of INR5.5 million on net
sales of INR394 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR7 million on net sales
of INR381 million for 2007-08.


SRI DEVI: Weak Financial Risk Profile Cues CRISIL 'BB' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Sri Devi Oil
Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR160.0 Million Cash Credit       BB/Stable (Assigned)
   INR30.0 Million Term Loan          BB/Stable (Assigned)
   INR300.0 Million Letter of Credit  P4+ (Assigned)

   * Includes a sub limit of INR5.0 million of bank guarantee
     and INR150.0 million is interchangeable with cash credit

The ratings reflect SDOPL's weak financial risk profile, and
exposure to risks relating to fluctuations in raw material prices
and in the value of the Indian rupee, intense competition in the
edible oil industry, and to geographical concentration in its
revenue profile.  These weaknesses are partially offset by the
benefits that the company derives from its promoters' experience
in the edible oil industry.

Outlook: Stable

CRISIL believes that SDOPL will maintain its established presence
in the edible oil market backed by healthy demand for its product
and promoter's industry experience.  The outlook may be revised to
'Positive' if there is a substantial improvement in SDOPL's
financial risk profile due to significant improvement in capital
structure and increase in cash accruals. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a large
debt-funded capital expenditure programme, or if its margins and
revenues decline, or if realisation of receivables is delayed.

                          About Sri Devi

Set up in 1993 by Mr. V Dhandayuthapani, SDOPL refines crude palm
oil, and extracts palm fatty oil, and vanaspati.  Its facility at
Namakkal (Tamil Nadu) has a processing capacity of 120 tonnes per
day.

SDOPL reported a profit after tax (PAT) of INR10.2 million on net
sales of INR1.8 billion for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.9 million on net
sales of INR1.45 billion for 2007-08.


SUJALA PIPES: Delay in Loan Repayment Cues CRISIL 'C' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Sujala Pipes Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit        C (Assigned)
   INR10.0 Million Working Capital    C (Assigned)
                    Demand Loan
   INR7.9 Million Term Loan           C (Assigned)
   INR80.0 Million Letter of Credit   P4 (Assigned)
   INR1.5 Million Bank Guarantee      P4 (Assigned)

The ratings reflect previous instances of delay by Sujala Pipes in
repayment of term loan installments owing to weak liquidity.  The
ratings also factor in the company's weak financial risk profile,
and exposure to risks relating to intense competition in the
polyvinyl chloride (PVC) pipes industry.  These weaknesses are,
however, partially offset by the promoters' experience in the PVC
pipes and fittings business.

                        About Sujala Pipes

Set up in 1982 by Mr. S P Y Reddy as a partnership firm, Sujala
Pipes converted to a private limited company in 1990. The company
manufactures PVC pipes and fittings, and has a capacity of around
32,000 tonnes per month.


Sujala Pipes reported a profit after tax (PAT) of INR7 million on
operating income of INR1942 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR3
million on operating income of INR1780 million for 2007-08.


SUTLEJ TEXTILES: Fitch Gives Stable Outlook; Affirms 'BB-' Rating
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook for Sutlej Textiles and
Industries Ltd to Stable from Negative, and affirmed its National
Long-term rating of 'BB-(ind)'.  The agency has simultaneously
affirmed the ratings of STIL's long-term bank loans aggregating
INR7,297 million and fund based working capital limits (cash
credit) of INR500 million at 'BB-(ind)'.  Additionally, Fitch has
affirmed STIL's fund-based limits (including working capital
demand loan and packing credit) aggregating INR2,000 million,
gold card export credit limit of INR310m, short-term loan of
INR300 million and STIL's non-fund based working capital limits of
INR330 million at 'F4(ind)'.

The revision of STIL's Outlook is driven by the company's improved
operating and financial performance during the latest two quarters
ended September 2009.  This demonstrated STIL's ability to rebound
after its profitability bottomed out and leverage peaked in FY09,
amid an industry downturn.  The company registered a sales growth
of 20.3% yoy to INR5.3 billion in the six months ended 30
September 2009 (H1FY10).  The improvement in EBITDA margins to
11.5% during this period, as compared to 4.4% in H1FY09 led to a
dramatic recovery of financial leverage to 6.6x (on the basis of
annualized EBITDA) in H1FY10 from 20.6x in FY09.  Interest
coverage in H1FY10 has also improved to 2.7x from 1.4x in FY09.

Nevertheless, the high level of debt (INR8,176 million as at
September 30, 2009), and an expected INR271 million drawdown will
likely sustain the company's high gearing ratio (Debt/Equity: 6.2x
on September 30, 2009) in the medium-term.  Furthermore, lower-
than-expected EBITDA margins can lead to a sharp deterioration in
STIL's credit profile, given its high level of debt and
significant annual debt maturities.  Other risks include an
uptrend in the raw cotton prices (15% of the product mix),
volatility in the synthetic fiber prices (linked to crude oil
prices), price risk on inventories, and vulnerability to foreign
exchange movements (a quarter of its revenues are from exports).

In Q1FY10, STIL completed its capex programme to boost production
after a one year delay.  However, the original INR3,500 million
expansion plan was significantly scaled back (INR1,050 million
worth of projects have been shelved) in light of the current
market conditions, as well as the company's debt position.

Fitch notes the promoters' vast experience in the textiles
business, the fact that three-quarters of its revenue comes from
the relatively stable domestic market, and that no debt
restructuring has been undertaken despite the sharp downturn,
which brought STIL's debt service coverage ratios down below 1x.
Fitch expects STIL to benefit from the likely rise in demand for
synthetic yarns due to softening prices, as compared to natural
fibers.  Cotton prices have been rising again since August 2009,
which is likely to make synthetic yarn more popular, especially in
the mass clothing and home textiles segments.

The rating could be upgraded if the company is able to achieve the
projected revenues and operating margins for FY10, leading to a
sustainable improvement in the leverage and coverage metrics.
Negative rating drivers include a significant fall in margins, led
by a pressure on realizations or an inability to pass on input
cost hikes to the customers, which in turn constrains the
liquidity and debt protection measures.

STIL manufactures synthetic and cotton yarns, fabrics, home
textiles and garments, and has facilities in Rajasthan, Jammu,
Kashmir and Gujarat.


TATA STEEL: Receives 56% Acceptance for Bond Exchange Offer
-----------------------------------------------------------
Tata Steel Ltd. received 56% acceptance for a bond exchange on
debt raised to fund its purchase of Corus Group Ltd, Debarati Roy
at Bloomberg News reports.

Citing Tata Steel's statement to the Singapore stock exchange,
Bloomberg discloses that the company sold $546.9 million of new
2014 convertible bonds to repay investors who agreed to take $493
million of the $875 million of 1% convertible alternative
reference securities due 2012.  About $382 million of bonds remain
outstanding, the report adds.

The Troubled Company Reporter-Asia Pacific reported on Nov. 16,
2009, that Tata Steel approved an exchange offer of new foreign
currency convertible bonds for any or all of the existing
US$875,000,000 Convertible Alternative Reference Securities due
2012.

The CARS have a yield to maturity of 5.15% per annum and are
convertible into qualifying securities or ordinary shares of the
issuer.

The company said it is making the exchange offer to:

   (i) lengthen its debt maturity profile;

  (ii) reduce the cost to the issuer; and

(iii) potentially reduce future repayment obligations.

The exchange bonds have a coupon of 4.5% each and will mature on
November 21, 2014.

Standard Chartered Bank, ABN Amro Bank NV, Hong Kong Branch and
Citigroup Global Markets Ltd are acting as dealer managers and
Calyon Singapore as the co-manager for the offer. Citibank NA,
London Branch is the exchange agent.

                          About Tata Steel

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

                           *     *     *

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


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


BANK TABUNGAN: Expects to Fetch IDR2.6 Trillion from IPO
--------------------------------------------------------
The Jakarta Post reports that PT Bank Tabungan Negara has started
the preparatory process for the sale of its 27% stake to the
public set to take place next month and planned to generate up to
IDR2.6 trillion (US$266 million) in proceeds.

"We are offering IDR750 to IDR1,100 per share," the Post cited
Iman Rahman, director for investment banking at PT Mandiri
Sekuritas, as saying at a media conference on the theme of Go-
Public BTN in Jakarta.

The report relates Mr. Iman, as confirmed by BTN treasury director
Saut Pardede, said the price range is planned to result in
proceeds of between IDR1.8 trillion and IDR2.6 trillion.

Of the total stake sales, 4% will be offered to employees under a
special stock option program, the report notes.

"We plan to register our stakes at the Indonesia Stock Exchange
(IDX) on Dec. 17 this year.  The book building started Thursday
and continues until Dec. 3," the report quoted Mr. Iman as saying.
BTN would also offer the stake to foreign investors, he added.

Mandiri and CIMB Securities have already been appointed as the
underwriters for the initial public offering (IPO), the Post says.

                             About BTN

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

                           *     *     *

As reported by the Troubled Company Reporter–Asia Pacific on
May 15, 2009, Fitch Ratings affirmed PT Bank Tabungan Negara's
Individual Rating at 'D' and Support Rating at '3'.  The Outlook
is Stable.

On Sept. 18, 2009, the TCR-AP reported that Moody's Investors
Service lowered Bank Tabungan Negara's global local currency
deposit ratings to Baa3 from Baa2.  The revised rating carry
stable outlook.  Moody's also raised the bank's foreign currency
long-term deposit ratings to Ba3 from B1.  All other ratings are
unaffected and carry stable outlooks: foreign currency  short-term
deposit of Not Prime and BFSR of D-.


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


ALL NIPPON: Moody's Downgrades Long-Term Debt Ratings to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt
ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.  The
outlook is stable.

The rating action concludes the review for possible downgrade
initiated by Moody's on November 2, 2009.

The downgrade has been driven by ANA's weakening credit quality,
due in turn to the deterioration in its earnings, and increasing
uncertainty as to the extent and timing of government support to
the airline industry, given the recent experience of Japan
Airlines Corporation (not rated by Moody's), the holding company
which owns Japan Airlines International Co., Ltd. (Caa1 on review
for possible downgrade).

Accordingly, Moody's has moved ANA's rating to one closer to its
fundamental rating, and which assumes less likelihood of such
support on a timely basis.

On October 30, 2009, ANA announced a downward revision of its
estimated results for all of FYE March 2010 from a JPY35 billion
operating profit to a JPY20 billion operating loss due to a
decline in yield.

ANA plans to reduce operating expenses by JPY105 billion in FYE
3/2010 from JPY1.4 trillion in FYE 3/2009.  As it expects the
operating environment may become more severe, an additional
JPY100 billion contingency plan will be implemented in FYE 3/2011.

But, Moody's cautions that the deterioration in its class mix is
likely to continue for some time, especially the decline in
revenue from its business and non-package tour passengers, and who
both generate higher profits.

Despite ongoing and additional measures, it will take time for ANA
to rebuild its profit fundamentals, which allowed it to post
annual JPY8-90 billion operating profits from 3/2005 to 3/2008.

A high level of capital expenditure has been maintained due to
fleet reprogramming for the expansion of Tokyo's two major
international airports in 2010.  Moody's believes that these
investments may improve operating efficiency and profitability
over the medium term, although they may be also constrain
financial flexibility.

Moody's notes financial leverage remains considerably high -- when
compared to its global peers -- even after the new stock issuance
in July and August.

For example, debt to capitalization in September 2009 was 76.7%,
which is much higher than 67.6% for Lufthansa (Ba1, stable).
Instead, ANA is close to the 79.2% of British Airways (Ba3, under
review for possible downgrade).

ANA -- as a leading airline -- still fulfills an important policy
role.  However, Moody's has seen in the case of JAL that financial
support through government-owned financial institutions was not
immediate and that the risk of a debt restructuring, such as debt
forgiveness and/or a debt exchange, has increased materially.
Moody's notes that despite the better financial position of ANA --
compared to JAL -- uncertainty on the extent and timeliness of
support from the government, in case of financial difficulty in
the future, has increased.

ANA's rating would be downgraded if the airline cannot demonstrate
consistent progress in restoring profitability and reducing
leverage.  At the same time, if debt to EBITDA is kept below 7x,
the rating would experience positive pressure.

In addition, if the government's position on support changes,
Moody's would look again at the rating, and in view of whether the
change is supportive or negative for the airline.

Moody's last rating action with respect to ANA took place on
November 2, 2009, when the Baa3 rating was placed under review for
possible downgrade.

Headquartered in Tokyo, All Nippon Airways Co., Ltd., is Japan's
second-largest airline by revenue.


CAFES 2: S&P Downgrades Ratings on Class D Certificates to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BBB-' its
rating on Cafes 2's class D floating-rate trust certificates, due
August 2013, and affirmed its 'B' rating on class E.  At the same
time, S&P removed the ratings on these two classes from
CreditWatch with negative implications, where they were kept on
Aug. 24, 2009, after S&P downgraded both classes on that day.
Standard & Poor's also affirmed its ratings on the class A to C
and X certificates issued under the same transaction.

On Aug. 24, 2009, S&P had downgraded and kept classes D and E on
CreditWatch with negative implications because one of the
transaction's underlying loans (representing about 7.3% of the
certificates' initial issuance amount) had defaulted in July 2009,
and there appeared to be uncertainty over the recovery prospects
of the related collateral properties.  Since then, S&P understands
from the servicer that the collection amount relating to the
securitized portion of the loan has been fully recovered through
the sale of the related collateral properties in September 2009.

While there were originally nine underlying loans in the
transaction, there are now three loans (two of the three loans are
due to mature in January 2011 and the other in July 2011).
Standard & Poor's has examined the two remaining underlying loans,
backed by regional entertainment facilities, maturing in January
2011.  The rating actions on class D and E reflect S&P's view that
there appears to be uncertainty over the recovery prospects of the
related collateral properties based on the possibility that the
two loans may not be repaid by their maturity date (S&P assumes
that the potential recovery amount from the collateral properties
would be about 78% of S&P's initial valuation).

As for the remaining underlying loan maturing in July 2011, it is
backed by an office building located in Chuo-ward, Tokyo.  As the
loan has a low LTV ratio, it is S&P's view that the risk of non-
repayment is limited.

Meanwhile, Standard & Poor's rating affirmations of classes A to C
reflect credit support provided through the senior/subordinate
transaction structure.

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

Cafes 2 is a multi-borrower CMBS transaction originally backed by
nine non-recourse loans secured by 29 real estate properties.  The
nine loans are entrusted with Sumitomo Trust & Banking Co. Ltd.
The arranger is Calyon Capital Markets Asia B.V., Tokyo Branch,
and ORIX Asset Management & Loan Services Corp. is the servicer.

             Rating Lowered, Off Creditwatch Negative
                             Cafes 2
JPY16.4 billion floating-rate trust certificates due August 2013

       Class   To   From             Initial Issue Amount
       -----   --   ----             --------------------
       D       B+   BBB-/Watch Neg   JPY0.96 bil.

            Rating Affirmed, Off Creditwatch Negative

         Class   To   From          Initial Issue Amount
         -----   --   ----          --------------------
         E       B    B/Watch Neg   JPY0.16 bil.

                         Ratings Affirmed

              Class   Rating   Initial Issue Amount
              -----   ------   --------------------
              A       AAA      JPY12.33 bil.
              B       AA       JPY1.50 bil.
              C       A        JPY1.45 bil.
              X       AAA      JPY16.4 bil.*

                  * Initial notional principal

The issue date was Oct. 20, 2006.


JAPAN AIRLINES: Will Up to 2 Mos. Before Deciding Whom to Marry
---------------------------------------------------------------
Daily Bankruptcy Review reports Japan Airlines Corp. will take
between one and two months to decide on whether it will stay with
the Oneworld airline alliance or switch to SkyTeam, a senior
executive of the ailing carrier said Thursday.

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.


L-JAC 5: Moody's Reviews Ratings on Five Classes of Certificates
----------------------------------------------------------------
Moody's Investors Service has placed 5 classes of L-JAC 5 Trust on
review for possible downgrade.  The final maturity of the trust
certificates will take place in August 2015.

The individual rating actions are listed below.

  -- Class C, Review for Possible Downgrade; previously,
     Downgraded to Baa3 from A2 on July 8, 2009

  -- Class D-2, Review for Possible Downgrade; previously,
     Downgraded to Ba3 from Baa2 on July 8, 2009

  -- Class E-2, Review for Possible Downgrade; previously,
     Downgraded to B1 from Baa3 on July 8, 2009

  -- Class F-2, Review for Possible Downgrade; previously,
     Downgraded to B2 from Ba1 on July 8, 2009

  -- Class G-2, Review for Possible Downgrade; previously,
     Downgraded to B3 from Ba2 on July 8, 2009

L-JAC 5 Trust, effected in September 2007, represents the
securitization of loans to ten borrowers.  The transaction is
currently backed by 13 loans.  The underlying loan portfolio is
divided into three loan pools (A, B, and C).

Should an underlying loan be accelerated and judged no longer
recoverable by the Servicer, then the unrecoverable amount of the
defaulted loan will be recognized as a loss, which will then be
allocated to the most subordinated rated class corresponding to
the defaulted loan in reverse order of sequential pay priority.

Losses from Pool B will be allocated to Classes D-2, E-2, F-2, and
G-2; Classes A and C correspond for all pools.

The previous rating actions had reflected Moody's concern about
the likelihood of collateral recovery, based on recovery stresses
in the range of 14% to 29% and 16% for the weighted average
(excluding the specially serviced loans) on 82% of the loan pool
(regarded as having a high likelihood of default).

In this review, Moody's will consider expected recovery stress
higher than was assumed in the previous rating action, according
to the servicer's work-out strategies and appraisal reports on
underlying properties for two Pool B loans that had defaulted in
March and July of 2009.

Moody's will closely monitor the servicer's strategies and
activities, and reconsider the prospects for collateral recovery,
to decide whether to confirm or downgrade the rating of all the
Trust Certificates.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


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


BEARINGPOINT INC: Closes Sale of Korea Unit to BPH Corp.
--------------------------------------------------------
In a regulatory filing in the United States, BearingPoint, Inc.,
disclosed that on November 19, 2009, its wholly owned subsidiary
BE New York Holdings, Inc., closed the sale of the common stock of
BearingPoint, Inc., (Korea) to BPH Corporation.

On October 22, 2009, its wholly owned subsidiary BE New York
Holdings entered into a Stock Purchase Agreement with BPH relating
to the purchase and sale of the common stock of BearingPoint, Inc.
(Korea) for a nominal purchase price.  The U.S. Bankruptcy Court
for the Southern District of New York approved the BearingPoint
Korea transaction on November 9, 2009.

                        About BearingPoint

BearingPoint, Inc. -- http://www.BearingPoint.com/-- was one of
the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D.N.Y., Case No. 09-10691).  The Debtors' legal advisor
is Weil, Gotshal & Manges, LLP, their restructuring advisor is
AlixPartners LLP, and their financial advisor and investment
banker is Greenhill & Co., LLC. Jeffrey S. Sabin, Esq., at Bingham
McCutchen LLP represents the Creditors' Committee.  Garden City
Group serves as claims and notice agent.

BearingPoint disclosed total assets of $1.655 billion and debts
of $2.201 billion as of December 31, 2008.  A full-text copy of
the Company's 2008 annual report is available for free at
http://researcharchives.com/t/s?3db8

On the petition date, BearingPoint filed a Chapter 11 plan of
reorganization negotiated with lenders prepetition.  BearingPoint,
however, changed course and has instead pursued a sale of its
units, after determining that creditor recoveries would be
maximized through sales of the businesses.  BearingPoint Inc. is
presently soliciting votes for the liquidating Chapter 11 plan.
The confirmation hearing is scheduled for December 17.


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


KHAN BANK: Fitch Affirms Issuer Default Ratings at 'B'
------------------------------------------------------
Fitch Ratings has affirmed Khan Bank LLC's and XacBank LLC's
foreign currency Long-term Issuer Default Ratings at 'B', foreign
currency Short-term IDRs at 'B', and local currency Long-term IDRs
at 'B'.  The Outlook on the Long-term IDRs remains Negative.  At
the same time, the agency has downgraded both banks' Individual
Rating to 'D/E' from 'D' and their Support Rating to '5' from '4',
which is in line with Fitch's methodology.  Meanwhile, the Support
Rating Floor of both banks was affirmed at 'B-'.

"The downgrade of both banks' Individual Rating reflects their
limited financial flexibility due to weak loan quality, low
reserve coverage levels and vulnerable capitalization, especially
if the banks continue to grow their loans quickly without raising
adequate additional capital," says Sabine Bauer, Director in
Fitch's Financial Institutions Team.

There is a risk that Fitch will downgrade Khan Banks' and
XacBank's Long-term IDRs in six months if the banks fail to
materially strengthen their capital to bolster reserves.  However,
if loan quality were to stabilize on the back of an overall
improved economic environment, Fitch may consider revising the
Outlook to Stable.

Khan Bank's and XacBank's IDRs and Individual Ratings also take
into account the banks' solid revenues, good liquidity and good
corporate governance.  In XacBank's case, its ratings largely
reflect its small size and dependence on non-deposit funding, even
though borrowings from bilateral and multilateral institutions add
some stability.  However, Fitch notes that the bank recorded a
solid increase in customer deposits in 9M09 (42%).  Despite Khan
Bank's dominant franchise, its ratings reflect its somewhat weaker
loan quality.  Though, reported direct exposure to the problematic
construction sector is relatively low at the two banks (5% at Khan
Bank at end-H109 and 2% at XacBank at end-9M09), both rely heavily
on property collateral.

The quality of loans deteriorated substantially in 9M09 and Fitch
expects this trend to continue, even though the economy should
benefit from additional foreign direct investment in the country's
large-scale mining projects.  According to the regulatory loans
classification scheme, at end-9M09, substandard, doubtful and loss
loans stood at 6.6% of gross loans for Khan Bank, with an
additional 9.5% being classified as special mention loans (2008:
2.8% and 7.3%, respectively).  For XacBank the respective ratios
were 2.6% and 2.2% (2008: 1.2% and 0.8%).  Those ratios are not
fully comparable, since banks do have some flexibility in how they
classify their loans.  At end-9M09, loan loss reserves covered
4.0% of gross loans at Khan Bank and 1.4% at XacBank.

After recent capital raisings (Khan Bank issued MNT4bn new shares
in August 2009 and plans to issue US$15m subordinated debt by end-
2009, while XacBank issued MNT5bn common stock and US$3m
subordinated debt in November 2009), Khan Bank's Tier 1 capital
adequacy ratio stood at 14.0% (Total CAR of 14.5%) at end-9M09
while XacBank's was an estimated 14% (18%) as of mid-November
2009.  While these ratios appear strong, there is the potential
for capital erosion through elevated credit costs and strong loan
growth.

Khan Bank is Mongolia's largest bank with 23% of system-wide
assets at end-9M09.  XacBank is Mongolia's fourth-largest bank
with 7% of system-wide assets.


XACBANK LLC: Fitch Affirms Issuer Default Ratings at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed Khan Bank LLC's and XacBank LLC's
foreign currency Long-term Issuer Default Ratings at 'B', foreign
currency Short-term IDRs at 'B', and local currency Long-term IDRs
at 'B'.  The Outlook on the Long-term IDRs remains Negative.  At
the same time, the agency has downgraded both banks' Individual
Rating to 'D/E' from 'D' and their Support Rating to '5' from '4',
which is in line with Fitch's methodology.  Meanwhile, the Support
Rating Floor of both banks was affirmed at 'B-'.

"The downgrade of both banks' Individual Rating reflects their
limited financial flexibility due to weak loan quality, low
reserve coverage levels and vulnerable capitalization, especially
if the banks continue to grow their loans quickly without raising
adequate additional capital," says Sabine Bauer, Director in
Fitch's Financial Institutions Team.

There is a risk that Fitch will downgrade Khan Banks' and
XacBank's Long-term IDRs in six months if the banks fail to
materially strengthen their capital to bolster reserves.  However,
if loan quality were to stabilize on the back of an overall
improved economic environment, Fitch may consider revising the
Outlook to Stable.

Khan Bank's and XacBank's IDRs and Individual Ratings also take
into account the banks' solid revenues, good liquidity and good
corporate governance.  In XacBank's case, its ratings largely
reflect its small size and dependence on non-deposit funding, even
though borrowings from bilateral and multilateral institutions add
some stability.  However, Fitch notes that the bank recorded a
solid increase in customer deposits in 9M09 (42%).  Despite Khan
Bank's dominant franchise, its ratings reflect its somewhat weaker
loan quality.  Though, reported direct exposure to the problematic
construction sector is relatively low at the two banks (5% at Khan
Bank at end-H109 and 2% at XacBank at end-9M09), both rely heavily
on property collateral.

The quality of loans deteriorated substantially in 9M09 and Fitch
expects this trend to continue, even though the economy should
benefit from additional foreign direct investment in the country's
large-scale mining projects.  According to the regulatory loans
classification scheme, at end-9M09, substandard, doubtful and loss
loans stood at 6.6% of gross loans for Khan Bank, with an
additional 9.5% being classified as special mention loans (2008:
2.8% and 7.3%, respectively).  For XacBank the respective ratios
were 2.6% and 2.2% (2008: 1.2% and 0.8%).  Those ratios are not
fully comparable, since banks do have some flexibility in how they
classify their loans.  At end-9M09, loan loss reserves covered
4.0% of gross loans at Khan Bank and 1.4% at XacBank.

After recent capital raisings (Khan Bank issued MNT4bn new shares
in August 2009 and plans to issue US$15m subordinated debt by end-
2009, while XacBank issued MNT5bn common stock and US$3m
subordinated debt in November 2009), Khan Bank's Tier 1 capital
adequacy ratio stood at 14.0% (Total CAR of 14.5%) at end-9M09
while XacBank's was an estimated 14% (18%) as of mid-November
2009.  While these ratios appear strong, there is the potential
for capital erosion through elevated credit costs and strong loan
growth.

Khan Bank is Mongolia's largest bank with 23% of system-wide
assets at end-9M09.  XacBank is Mongolia's fourth-largest bank
with 7% of system-wide assets.


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


CANTERBURY BUILDING: S&P Assigns 'BB+/B' Counterparty Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its
'BB+/B' counterparty ratings on Canterbury Building Society.  The
outlook is stable.  The ratings reflect CBS' small capital base by
international standards, and its large commercial exposures
relative to capital.  Offsetting these factors are CBS' good
regional franchise and 134-year history in the Ashburton-
Christchurch (Canterbury) region of the South Island of New
Zealand and its stable retail-funding base and good liquidity.
CBS is a building society and nonbank deposit-taking institution
whose credit standing compares well with local peers.  It offers
mainly residential and commercial lending, funded by retail
deposits.

"The stable outlook reflects S&P's expectation that CBS's sound
financial profile will remain intact during the current economic
downturn," Standard & Poor's credit analyst Gavin Gunning said.
"We expect that while nonperforming assets and specific
provisioning could potentially show some volatility, they should
nonetheless remain sound by both domestic and international
standards at the current credit rating level.  Continued stable
retail-funding capabilities and good liquidity also engender
confidence that CBS will maintain a stable rating outlook."

On the other hand, negative ratings momentum would be likely if
major adverse operational, reputational, or other risk events
affected CBS, considering its small capital base.  Positive
ratings momentum is not expected in the short-term although
eventually may be achieved.

"CBS has a sound regional franchise, organic growth opportunities
in the Ashburton-Christchurch corridor when New Zealand's economy
picks up, and a sound financial profile.  Factors favorable to a
higher rating would be the ongoing conservative management of
credit and noncredit risks; consistently above-peer asset quality,
funding and liquidity; and plausible growth strategies that
emphasize enduring good quality lending growth," said Mr. Gunning.


OAKRIDGE RESORT: Receivers Close to Selling Assets
--------------------------------------------------
Oakridge Resort developer Par Hallberg confirmed his companies
owed NZ$10.49 million to South Canterbury Finance but believes his
financier will be lucky to get half that, The Dominion Post
reports.

Mr. Hallberg told the Post that the resorts' core buildings,
development land and his own house would sell for a fraction of
the NZ$20 million they were once worth.

The report relates receiver Gordon Hansen, of PKF Goldsmith Fox,
said he was close to selling the resort's assets, but a sale would
result in a shortfall of millions.  Unsecured creditors, owed
NZ$387,989, would not be paid, he said.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2009, The Southland Times said that six companies
associated with Oakridge Resort were placed in receivership by
financier South Canterbury Finance after a default on loan
payments.

Gordon Hansen, of Goldsmith Fox PKF, were appointed as receiver to
the six companies.  The companies placed in receivership are:

   -- Nord Ltd.;
   -- Oakridge Resort Ltd.;
   -- Oakridge Resort Holding Ltd.;
   -- Oakridge Land Holdings Ltd.;
   -- Oakridge Pool and Spa Resort Ltd.; and
   -- Northern Link Developments Ltd.


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


BTB MANAGEMENT SERVICES: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Singapore entered an order on November 6, 2009,
to wind up BTB Management Services Pte Ltd's operations.

Seng Kee Development Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


ECON CORPORATION: Creditors' Proofs of Debt Due December 4
----------------------------------------------------------
Creditors of Econ Corporation International Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by December 4, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

         Bob Yap Cheng Ghee
         c/o KPMG Advisory Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


FINE RATTAN: Creditors Get 2.1601% Recovery on Claims
-----------------------------------------------------
Fine Rattan Collection Pte Ltd declared the first and final
dividend on November 5, 2009.

The company paid 2.1601% to the received claims.

The company's liquidator is:

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


ITS MARKETING: Creditors' Proofs of Debt Due December 21
--------------------------------------------------------
Creditors of Its Marketing Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 21,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


LEWEI INDUSTRIES: Creditors Get 100% Recovery on Claims
-------------------------------------------------------
Lewei Industries (Singapore) Pte Ltd will declare the first and
final dividend on December 21, 2009.

The company will pay 100% to the received claims.

The company's liquidator is:

         Chan Yee Hong
         5 Shenton Way
         #16-00 UIC Building
         Singapore 068808


METER INVESTMENTS: Creditors' Proofs of Debt Due December 21
------------------------------------------------------------
Creditors of Meter Investments Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 21, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Ehee Wei David
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


NIR*AVI INTERNATIONAL: Creditors' Proofs of Debt Due December 18
----------------------------------------------------------------
Creditors of Nir*Avi International Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 18, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Choy Yew Kay
         89 Short Street
         #08-11 Golden Wall Centre
         Singapore 188216


ORCHARD CUPPAGE: Court to Hear Wind-Up Petition on December 4
-------------------------------------------------------------
A petition to wind up the operations of Orchard Cuppage Pte Ltd
will be heard before the High Court of Singapore on Dec. 4, 2009,
at 10:00 a.m.

Royal Brothers Pte Ltd filed the petition against the company on
November 5, 2009.

The Petitioner's solicitors are:

         Drew & Napier LLC
         20 Raffles Place #17-00
         Ocean Towers
         Singapore 048620


PACIFIC CENTURY: Court to Hear Wind-Up Petition on December 4
-------------------------------------------------------------
A petition to wind up the operations of Pacific Century Link Pte
Ltd will be heard before the High Court of Singapore on Dec. 4,
2009, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
November 6, 2009.

The Petitioner's solicitors are:

         Messrs Rajah & Tann LLP
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


PRO ACCESS ENGRG: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on November 10, 2009,
to have PRO Access Engrg & Construction Pte Ltd's operations wound
up.

Shun Yuan Trading & Construction Pte Ltd filed the petition
against the company.

The company's liquidators are:

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


RANODA ELECTRONICS: Placed Under Judicial Management
----------------------------------------------------
The High Court of Singapore entered an order on November 17, 2009,
to place Ranoda Electronics Pte Ltd under judicial management.

The summons was filed on September 14, 2009.  Seah Ong & Partners
are the applicant's solicitors.


RENEWABLE ENERGY: Creditors' Meeting Set for December 4
-------------------------------------------------------
Renewable Energy Holdings Private Limited, which is under judicial
management, will hold their first meeting for its creditors on
December 4, 2009, at 10:30 a.m.

The company's judicial manager is:

         Bob Yap Cheng Ghee
         c/o KPMG Advisory Services Pte. Ltd.
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


RENEWABLE ENERGY: Creditors' Proofs of Debt Due December 2
----------------------------------------------------------
Creditors of Renewable Energy Holdings Private Limited, which is
under judicial management, are required to file their proofs of
debt by December 2, 2009, to be included in the company's dividend
distribution.

The company's judicial managers are:

         Chay Fook Yuen
         Bob Yap Cheng Ghee
         KPMG Business Advisory Services Pte. Ltd.
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


SPV FATIMA: Creditors' Proofs of Debt Due December 21
-----------------------------------------------------
Creditors of SPV Fatima Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 21, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Abuthahir Abdul Gafoor
         Ebenezer John Lazarus
         c/o 1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616


WY HENG: Creditors' Proofs of Debt Due December 21
--------------------------------------------------
Creditors of Wy Heng Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 21, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

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


Y.S.P REFRIGERATION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on November 13, 2009,
to have Y.S.P refrigeration engrg. services Pte Ltd's operations
wound up.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

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


                         *********

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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