TCRAP_Public/091124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, November 24, 2009, Vol. 12, No. 232

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Liquidators Defer Probe Until Next Year
BABCOCK & BROWN POWER: Talks with Bank, Sellers Still Ongoing
BNY TRUST: S&P Affirms Preliminary Ratings on 2009-1 Notes
ONE.TEL LIMITED: Packer, Murdoch Face $132-Million Legal Claim
STORM FINANCIAL: Financial Planners Face Industry Probe

STORM FINANCIAL: Former Investors Set to Launch Suit Against CBA


C H I N A

CHINA MINSHENG: Raises US$3.86 Bil. in Hong Kong IPO
CITIC BANK: BBVA to Increase Stake in Citic to 15%


H O N G  K O N G

ACA TRADING: Members' and Creditors Meeting Set for December 21
ALAN BAGS: Cheng Kam Por Steps Down as Liquidator
AMC (HONG KONG): Mee and Lo Appointed as Liquidators
ARTS CAPITAL: Commences Wind-Up Proceedings
ASIA CHINA: Lee and Leung Appointed as Liquidators

UNITEDHEALTHCARE ASIA: Creditors' Proofs of Debt Due December 7
VICSENSE LIMITED: Creditors' Proofs of Debt Due December 21
VIVITAR (ASIA): Creditors' and Members Meeting Set for December 4
WELCOME GROUP: Placed Under Voluntary Wind-Up Proceedings
WORLD CITY: Lee King Yue Appointed as Liquidator

* HONG KONG: Bankruptcy Filings Drop to 922 in October


I N D I A

ARVIND MURJANI: CARE Assigns 'CARE BB+ (SO)' on Various Bank Debts
BEMCO HYDRAULICS: CRISIL Cuts Rating on INR10MM LT Loan to 'D'
CASIL INDUSTRIES: ICRA Rates INR376.5 Million Term Loans at 'LB'
DIAMOND INDUSTRIES: Low Profit Margins Prompt ICRA 'LBB' Ratings
GAJANAN AGRO: Fitch Assigns 'BB-' National Long-Term Rating

GAJANAN INDUSTRIES: Fitch Assigns 'B+' National Short-Term Rating
GROVER VINEYARDS: Delay in Loan Repayment Cues CRISIL Junk Ratings
HIMSON ENGINEERING: CRISIL Puts 'BB+' Rating on INR82.4MM Loan
ICICI BANK: Raises US$750 Million of Bonds in Overseas Markets
INDERJIT MEHTA: CRISIL Assigns 'B' Rating on INR110MM Cash Credit

KIMAYA FASHIONS: ICRA Places 'LBB+' Rating on INR380MM Term Loans
MITHILA MOTORS: CRISIL Puts 'BB+' Ratings on Various Bank Debts
OZONE SHELTERS: Weak Liquidity Prompts CRISIL 'B' Ratings
RAM DEV: CRISIL Reaffirms 'BB' Ratings on Various Bank Facilities
SANAA SYNTEX: Low Profitability Cues ICRA to Assign 'LBB' Ratings

SHRI JALARAM: Liquidity Constraints Cues 'CARE BB+' Ratings
SOFED RETAILER: ICRA Assigns 'LBB' Rating on INR1.72BB Term Loan
STERLING GEMS: CARE Rates INR60cr LT Bank Debts at 'CARE BB'


I N D O N E S I A

ANZ PANIN: Fitch Keeps Individual Rating at 'D'; Outlook is Stable


J A P A N

JAPAN AIRLINES: Delta CEO Says Alliance Willing to Invest More
JAPAN AIRLINES: DBJ, Creditors Agree to Suspend Debt Repayment
JAPAN AIRLINES: May Reduce Proposed Pension Cut to 30%
KYOCERA CORP: Plans to Close Mobile Phone Factory in China
MAZDA MOTOR: Non-factory Staff Back on Full Work Schedule

TAKEFUJI CORPORATION: Exchanges Offer Cues Moody's to Junk Rating


M A L A Y S I A

IDAMAN UNGGUL: Cancels Deal to Sell Lambang Unit to Satin
OILCORP BERHAD: Gets Default Notice from Prima Uno


P A K I S T A N

PAKISTAN MOBILINK: Moody's Reviews 'B2' Corporate Family Rating


P H I L I P P I N E S

LEPANTO CONSOLIDATED: Posts PHP112.26MM Third Qtr Net Loss


T A I W A N

FORD MOTOR: Appoints Albert Li as President of Ford Lio Ho


T H A I L A N D

THAI AIRWAYS: Reports THB4.3BB Net Loss in Q3 Ended September 30


X X X X X X X X

* BOND PRICING: For the Week November 16 to November 20, 2009


                         - - - - -


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


BABCOCK & BROWN: Liquidators Defer Probe Until Next Year
--------------------------------------------------------
The Liquidators of Babcock & Brown Limited have deferred the
public examinations into the company until next year.

Deloitte partners David Lombe and Simon Cathro said in a statement
that the adjournment will allow them more time to review the large
volume of Babcock & Brown Limited material that has been produced,
following service of many 'Notices to Produce' on prospective
examinees.  Some prospective examinees have not yet fully
responded to the Notices and this has delayed the production
process.

The liquidators said they will shortly approach the Federal Court
to seek revised hearing dates for the public examinations.

It is expected that the public examinations will now take place in
January or February 2010.

"It is our intention to maximize the value of the public
examinations and this is best achieved by deferring these
examinations to the New Year," Mr. Lombe said.

                       About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the assets of the company.  Deloitte
said the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


BABCOCK & BROWN POWER: Talks with Bank, Sellers Still Ongoing
-------------------------------------------------------------
Babcock & Brown Power is expected to remain suspended from trading
as it talks with North West Shelf gas sellers and its banking
syndicate over gas contract arbitration in Western Australia.

"BBP is continuing with its process of engaging with the relevant
parties to ascertain a full understanding of the implications of
the interim award," BBP said in a statement on Thursday.

"Accordingly, BBP's voluntary suspension from quotation will
continue until such time as BBP is in a position to make an
announcement in relation to those discussions.

"This is expected to be during the week commencing November 23,
2009."

Separately, Babcock & Brown Power said last week that is seeking
securityholder approval to change its name to Alinta Energy
Limited.

"The name seeks to leverage both the ongoing strength and
recognition of the Alinta brand in Australia, as well as
the diversity of our business across the power generation and
retail energy sectors," the company said in a notice of meeting
released on November 18.

"BBP believes that changing its name is a critical step in moving
forward as an independent, stand-alone energy business."

BBP also said it is seeking securityholder approval for the
provision of financial assistance relating to the internal
restructuring of two BBP entities which are likely to become
wholly-owned subsidiaries of BBP Finance Australia Pty Ltd.

"The approval being sought for the financial assistance is both a
requirement of the Corporations Act and a necessary step in BBP's
ongoing restructuring of its financing agreements with its bank
syndicate," BBP said.

The company will hold its annual general meeting on December 18,
2009, at 10:00 a.m., at Customs House, Level 1, 31 Alfred Street,
Circular Quay, in Sydney, NSW, Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, The National Business Review said that BBP's share
price has been further buffeted by news that its AU$2.7 billion
debt will have to be renegotiated, in light of the company being
unable to attract an investment grade credit rating.  Babcock &
Brown Power, the Business Review related, is already in breach of
its interest cover covenant and is in talks with its banking
syndicates.

Babcock & Brown Power lost 96% of its market value last year and
was the worst performer in Australia's benchmark stock index in
2008, the Business Review noted.

Babcock & Brown Power posted a net loss of AU$148.98 million for
the year ended June 30, 2009, compared with a net loss of
AU$426.51 million from a year ago.

                    About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/--   is a power generation business.  The
company develops, operates and acquires generation portfolio.  As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the Company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd.  In March 2009, the
company sold its remaining interest in the Kwinana Power Station
to ERM Power Pty Limited.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


BNY TRUST: S&P Affirms Preliminary Ratings on 2009-1 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed the preliminary
ratings on the notes to be issued by BNY Trust Co. of Australia
Ltd. as trustee of Bella Trust Series 2009-1, following increases
to the note amounts to a total of A$866.7 million, from
AU$621.3 million.  S&P has also updated its presale report for the
transaction to reflect the revised receivables portfolio and note
issuance amounts.

The transaction is the first securitization undertaken by Capital
Finance Australia Ltd.  The notes are backed by commercial hire
purchase, chattel mortgage, and secured loan contracts over motor
vehicles that were originated by CFAL.

The preliminary ratings are based on information as of Nov. 20,
2009.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's opinion of the capacity of
the issuer to make interest payments in full on each interest
payment date and full repayment of principal to note holders by no
later than the legal maturity date, in accordance with the terms
and conditions of the documents governing the notes.

The rationale for the assignment of the preliminary ratings
includes:

* S&P's view of the credit risk of the underlying portfolio of
  receivables;

* S&P's expectation that the credit support for each class of
  notes is sufficient to withstand the stresses S&P apply;

* S&P's expectation that the various mechanisms within the
  transaction to support liquidity will provide for timely payment
  of interest under S&P's stress assumptions; and

* S&P's view of the swap provided by Bank of Scotland PLC,
  Australia Branch (A+/Stable/A-1) to hedge the mismatch between
  the fixed rate payments on the receivables and the floating-rate
  coupon payable on the class A-2 notes.

                   Preliminary Ratings Assigned
                    Bella Trust Series 2009-1

             Class     Rating     Amount (mils.  A$)
             -----     ------     -----------------
             A-2       AAA        698.0
             B         A           71.0
             C         BBB         32.0
             D         BB          11.2
             E         B           11.2
             Seller    Not rated   43.3


ONE.TEL LIMITED: Packer, Murdoch Face $132-Million Legal Claim
--------------------------------------------------------------
Funding for a $132 million legal claim against One.Tel backers
James Packer and Lachlan Murdoch over a withdrawn rights issue is
"95% of the way there", Ben Butler at the Herald Sun reported,
citing the company's liquidator.

One.Tel special purpose liquidator Paul Weston of Pitcher
Partners, who has been investigating One.Tel's 2001 collapse, has
filed writs against the media giants in the NSW Supreme Court but
is yet to serve them.

Mr. Weston told Sky News Business channel he was aiming to recover
the money and is in the process of obtaining funding for this
particular matter.

"You will also appreciate that the parties that we are pursuing
for the recovery of the rights issue are powerful, well-resourced
parties with very deep pockets," he said.

Mr. Weston could not say whether it would be days, weeks or months
before the funding was complete, the Herald Sun said.

According to the report, Mr. Weston said he had been awaiting the
outcome of civil proceedings brought by the Australian Securities
and Investments Commission against against One.Tel founder Jodee
Rich and One.Tel finance director Mark Silbermann.

The report said Mr. Weston has been challenged to immediately
serve the writs by James Packer, who last week said he was looking
forward to seeing the case argued.

The Herald Sun recalls that the stoush arises out of One.Tel's
aborted $132 million rights issue in 2001, which was to be backed
by Kerry Packer's Publishing and Broadcasting Limited and Rupert
Murdoch's News Ltd.

PBL and News, which lost a combined $1 billion when One.Tel
collapsed, withdrew their underwriting on the grounds that it was
not enough to cover the telco's debts, the report notes.

                           About One.Tel

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

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

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


STORM FINANCIAL: Financial Planners Face Industry Probe
-------------------------------------------------------
Anthony Marx at The Courier-Mail reports that the Financial
Planning Association has launched an investigation against 11
financial planners who promoted investments in Storm Financial
Ltd.

The report says the FPA has the power to issue fines of up to
$20,000 to members found to have breached the group's professional
standards guidelines.

According to the report, FPA chief executive Jo-Anne Bloch said
this month she was ''concerned'' about the continued involvement
in the industry of former Storm staff.

The Courier-Mail has revealed that at least seven former Storm
franchisees and planners remain active across Queensland in
providing investment advice to clients.  It is not known if any of
the seven are among the 11 FPA members under investigation, the
report notes.

                       About Storm Financial

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

                           *     *     *

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

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

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

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


STORM FINANCIAL: Former Investors Set to Launch Suit Against CBA
----------------------------------------------------------------
Former investors of Storm Financial Ltd are preparing to launch
individual action against the Commonwealth Bank of Australia to
recoup their life savings, Sunday Mail reports.

According to the report, other investors are also considering
suing law firm Slater and Gordon, which has been facilitating a
resolution scheme for clients, if investors do not win back
adequate compensation.

The report relates that the potential actions follow in the
footsteps of founders Emmanuel and Julie Cassimatis who have
launched a $17 million claim against the CBA, arguing the bank was
negligent in sending through incorrect portfolio data in the
months leading up to the collapse.

The new claims will include 60 clients Mr. Cassimatis said were
about to launch action through law firm, Russell and Co, the Mail
states.

The report notes sources said dozens more clients and advisers
using law firms in Sydney, Brisbane, Cairns, Townsville and Mackay
were preparing legal action against the CBA.


=========
C H I N A
=========


CHINA MINSHENG: Raises US$3.86 Bil. in Hong Kong IPO
----------------------------------------------------
China Minsheng Banking Corp. raised US$3.86 billion through an
initial public offering on the Hong Kong Stock Exchange, The Wall
Street Journal reports, citing sources familiar with the
situation.

The Journal relates Minsheng Bank sold 3.32 billion new shares at
HK$9.08 each, just above the middle of its indicative range of
HK$8.50 to HK$9.50.

According to the report, Minsheng Bank is Hong Kong's largest new
listing so far this year, overtaking Metallurgical Corp. of China
Ltd.'s US$2.4 billion H-share offering in September.  It also is
the world's fifth-largest IPO of the year after Banco Santander
Brasil SA's US$7.5 billion flotation in October and China State
Construction Engineering Corp. Ltd.'s US$7.3 billion Shanghai
listing in July, the Journal notes, citing data provider Dealogic.

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

                           *     *     *

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


CITIC BANK: BBVA to Increase Stake in Citic to 15%
--------------------------------------------------
Banco Bilbao Vizcaya Argentaria SA is to invest a further
EUR1.1 billion (US$1.6 billion) to increase its stake in China
Citic Bank, the Financial Times reports.

Citing people familiar with the matter, the FT relates that BBVA
will exercise an option, which expires next week, to lift its
stake in China Citic from 10% to 15%.

The FT says BBVA has the right to acquire the shares, directly
from Citic, at the bank's Hong Kong initial public offering price
plus 10%, or HK$6.45.

According to the FT, BBVA said it had not made a final decision on
whether to increase its stake in China's seventh-largest lender by
assets.

"We remain committed to deepening our relationship with Citic and
regard it as a vital strategic partnership which is delivering
value to our shareholders," Manuel Galatas, BBVA managing director
in Asia, told the Financial Times.

                            About BBVA

Based in Bilbao, Spain, Banco Bilbao Vizcaya Argentaria SA
provides retail banking, corporate banking and other related
financial services including asset management, investment
services, insurance activities, real estate and private equity.
It operates in the following business areas: retail banking
in Spain and Portugal, wholesale businesses, Mexico and USA
markets, South America market and corporate activities.

                          About CITIC Bank

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

                           *     *     *

As of November 23, 2009, China CITIC Bank continues to carry
Moody's 'D' bank financial strength rating.


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


ACA TRADING: Members' and Creditors Meeting Set for December 21
---------------------------------------------------------------
Members and creditors of ACA Trading International Limited will
hold their meetings on December 21, 2009, at 2:00 p.m., at the
Room 1304, C C Wu Building, 3028 Hennessy Road, Wanchai, Hong
Kong.

At the meeting, Kwan Pak Kong, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


ALAN BAGS: Cheng Kam Por Steps Down as Liquidator
-------------------------------------------------
Cheng Kam Por stepped down as liquidator of Alan Bags Company
Limited on November 16, 2009.


AMC (HONG KONG): Mee and Lo Appointed as Liquidators
----------------------------------------------------
Natalia Seng Sze Ka Mee and Susan Y H Lo were appointed as
liquidators of AMC (Hong Kong) Limited on November 13, 2009.

The Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


ARTS CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------
Members of Arts Capital Management Limited on November 13, 2009,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


ASIA CHINA: Lee and Leung Appointed as Liquidators
--------------------------------------------------
Lee Yat Wah Walter and Leung Fung Yee Alice on November 16, 2009,
were appointed as liquidators of Asia China Properties Limited.

The Liquidators can be reached at:

         Lee Yat Wah Walter
         Leung Fung Yee Alice
         Jardin House, 5th Floor
         1 Connaught Place
         Central, Hong Kong


UNITEDHEALTHCARE ASIA: Creditors' Proofs of Debt Due December 7
---------------------------------------------------------------
Creditors of Unitedhealthcare Asia Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by December 7, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

         Bryan Leroy
         5405 Dupont Avenue South
         Minneapolis, Minnesota 55419
         USA


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

The company's liquidator is:

         Li Kwai Wing
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


VIVITAR (ASIA): Creditors' and Members Meeting Set for December 4
-----------------------------------------------------------------
Creditors and Members of Vivitar (Asia) Limited will hold their
annual meetings on December 4, 2009, at 11:00 a.m., and 11:30
a.m., respectively at the 5th Floor, Ho Lee Commercial Building,
38-44 D'Aguilar Street, in Central, Hong Kong.

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


WELCOME GROUP: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on November 16, 2009, the
members of Welcome Group Finance and Management Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Au Wing Ip
         Cameron Plaza
         23 Cameron Road
         Tsimshatsui
         Kowloon, Hong Kong


WORLD CITY: Lee King Yue Appointed as Liquidator
------------------------------------------------
Lee King Yue on November 13, 2009, was appointed as liquidator of
World City Culture Park Limited.

The liquidator may be reached at:

         Lee King Yue
         Two International Finance Centre, 72-76/F
         8 Finance Street
         Central, Hong Kong


* HONG KONG: Bankruptcy Filings Drop to 922 in October
------------------------------------------------------
Hong Kong's bankruptcy petitions showed signs of stabilizing in
October, indicating business conditions are finally benefiting
from an improving economic environment, Reuters reports citing a
government data.

Reuters discloses that bankruptcy petitions totaled 992 in
October, a 1% rise from a year earlier and falling from 1,142 in
September, although the monthly change was not seasonally
adjusted.

According to Bloomberg News, the city's rebound from a yearlong
recession prompted employers to start hiring again, with the
city's jobless rate falling to 5.2% in the three months ended
Oct. 31.  The drop in bankruptcies and unemployment follows a
decline in residential mortgage loans in negative equity in
October, Bloomberg says.

"Clearly an economic recovery is under way, as the falling
bankruptcy number is in line with rising domestic consumption and
the improving jobless rate," Kelvin Lau, Hong Kong-based economist
at Standard Chartered Bank (Hong Kong) Ltd. told Bloomberg.  "The
recent asset price gain is a double-edged sword, while it helps to
drive economic growth due to the wealth effect, it poses the risk
of asset bubbles."


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


ARVIND MURJANI: CARE Assigns 'CARE BB+ (SO)' on Various Bank Debts
------------------------------------------------------------------
CARE assigns a 'CARE BB+ (SO)' rating to the long-term bank loans/
facilities of Arvind Murjani Brands Pvt Ltd. for an aggregate
amount of INR19.75 crore.  Facilities with 'Double B' rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry
high credit risk.  This rating is applicable for facilities having
tenure of more than one year.  CARE assigns '+' or '-' signs to be
shown after the assigned rating (wherever necessary) to indicate
the relative position of the company within the band covered by
the rating symbol.

   Facilities                      Amount       Rating
   ----------                      ------       ------
   Long Term Rupee Loans           INR3.75cr    CARE BB+ (SO)
   Cash Credit (incl. proposed)    INR16.00cr   CARE BB+ (SO)

Arvind's ratings are constrained by risks relating to volatility
in cotton prices, interest rate and forex fluctuation risk, weak
financial risk profile, high competition in the industry,
depressed textile scenario and the liability on Arvind with
respect to the corporate guarantee given to its group
companies/subsidiaries.  These weaknesses are, however, partially
offset by the vast experience of promoters, its status as one of
the world's largest denim players, clean track record post re-
phasement of loans, expected improvement in operational and
financial performance in near future on account of comfortable
hedging level of export receivables (which mitigates forex
fluctuation risk in the short to medium term) and expected
improvement in cash flow post demerger.  Arvind also has a
valuable land bank which it is planning to sell in near future.
The movement in the credit risk profile of Arvind remains the key
rating sensitivity.

                       About Arvind Murjani

Bangalore based Arvind Murjani Brands Pvt Ltd (AMBPL) was
incorporated on September 9, 2003.  The company is engaged in the
business of wholesale trading and toll manufacturing of various
licensed products under the brands name "Tommy Hilfiger". The
company is 50:50 joint venture between Arvind Brands (a division
of Arvind Ltd) and Ganesha Ltd (a company fully owned by New York
based Murjani Group).

Arvind Ltd is the flagship company of Arvind group and is one of
the world's largest manufacturers of denim.  Ganesha Ltd was
incorporated in Mauritius and is in the business of offshore
investment activity.  The Murjani Group, founded in 1930 by Mr.
B. K. Murjani, is a well reputed name for successfully developing
and launching some of the most recognized international designer
lifestyle brands in the world.  The group holds perpetual rights
for Tommy Hilfiger in India and licensing deals with FCUK and
Calvin Klein through a plethora of companies.  At present there
are 41 Tommy Hilfiger showrooms/stores in all major cities like
Delhi, Chandigarh, Mumbai, Bangalore, Hyderabad, Chennai,
Kolkatta, Pune, Jallandhar etc.

The company reported PAT of INR0.02 crore on a total operating
income of INR47.92 crore in FY09 as against loss of INR1.90 crore
on a total operating income of INR32.14 crore in FY08.

                     About Arvind (Guarantor)

Ahmedabad based Arvind, the flagship company of Lalbhai group, was
incorporated in 1931.  Arvind is one of the India's leading
composite manufacturers of textiles with the presence of almost
eight decades in this industry.  It is among the largest denim
manufacturer in the world. During FY09, the company reported a net
loss of INR49 crore on total operating income of INR2290.05 crore
as against net profit of INR28 crore on total operating income of
INR2321.89 crore during FY08.


BEMCO HYDRAULICS: CRISIL Cuts Rating on INR10MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on Bemco Hydraulics Ltd's
(Bemco's) bank loan facilities to 'D/P5' from 'B-/Negative/P4'.
This is because of consistent devolvement in Bemco's letters of
credit, its overdrawn cash credit limits, and delay by the company
in meeting its term loan obligations, because of weak liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR10.0 Million Long Term Loan          D (Downgraded from
                                              B-/Negative)

   INR40.0 Million Cash Credit Limit       D (Downgraded from
                                              B-/Negative)
   INR25.0 Million Letter of Credit Limit  P5 (Downgraded from P4)
   INR130.0 Million Bank Guarantee Limit   P5 (Downgraded from P4)

Incorporated in 1957, Bemco (formerly, New Bemco Engineering
Products Company Ltd), manufactures hydraulic presses and
equipment that find application in automobile, defense, railways,
and other engineering sectors.

Bemco reported a profit after tax (PAT) of INR3.3 million on net
sales of INR225.8 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.85 million on net
sales of INR199.3 million for 2007-08.


CASIL INDUSTRIES: ICRA Rates INR376.5 Million Term Loans at 'LB'
----------------------------------------------------------------
ICRA has assigned an LB rating to the INR376.5 million term loans
and INR70 million fund based limits of Casil Industries Limited.
ICRA has also assigned A4 rating to the INR35.0 million non-fund
based limits of CIL.

CIL's ratings are constrained by the high competition resulting in
loss making operations, adverse capital structure arising from
high debt funded capex undertaken in the past, weak interest
coverage ratios. The rating also takes into account the recent
delays in debt servicing by the company. ICRA also takes note of
the company's established network and experience of the promoters
in the Pharmaceutical industry.

Casil Industries Ltd. was promoted as a Public Venture in the year
1988 with an aim to support an established pharmaceutical company
of the group in the allied hospital supplies.  CIL provides a
range of pharmaceutical and health products.  The company is one
the established suppliers of allied hospital supplies primarily
surgical, orthopedic, wound care, disinfectants etc.  Among other
products the company also supplies Plaster of Paris Bandages,
Adhesive Surgical Tapes, Non-woven Dressings, Disinfectant,
Dietary/Multivitamin/Mineral supplements in the form of Soft
Gelatin Capsules.  CIL also manufactures Sulfolane, a solvent used
in refinery and lot of synthesis process in Pharmaceutical
Industry.

Based on the provisional numbers for the financial year ended
2008-09, the company registered a net loss of INR25.1 million on
an operating income of INR163.8 million.


DIAMOND INDUSTRIES: Low Profit Margins Prompt ICRA 'LBB' Ratings
----------------------------------------------------------------
ICRA has assigned LBB rating to INR50 million fund based bank
facilities of Diamond Industries Ship Breaking Division on long
term scale and an A4 rating to INR350 million non fund based
limits of DIAMOND on short term scale.

The assigned ratings are constrained by DIAMOND's small scale of
operations, low profit margins, exposure to fluctuations in
foreign exchange rate and vulnerability to cyclical nature of the
user (steel) industry.  While assigning the ratings ICRA has also
noted the risks that are inherent in partnership firms. The rating
draws comfort from DIAMONDS's experience in the ship breaking
business, its diversified client base and a favourable outlook for
ship breaking industry in the near term.

Diamond Industries Ship Breaking Division (DIAMOND) was
incorporated in the year 1994 as a proprietorship firm.  The firm
is managed by Mr. Ajay Kumar Jain and is engaged in the business
of ship breaking.  The business operations are carried out at
Alang Shipyard near Bhavnagar.  The company has taken plot no. 84
on lease for the purpose of carrying out ship breaking activity.
Venus Exports also promoted by the same group is currently the
distributor for sanitary ware and tiles for brands like
Hydrobaths, Hotspring and Cotto and also trades in melting scrap
and ferrous scrap.

For the financial year ended March 31, 2009, DIAMOND reported a
profit after tax (PAT) of INR3.9 million on an operating income of
INR446 million.


GAJANAN AGRO: Fitch Assigns 'BB-' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's Gajanan Agro Mills Pvt Ltd a
National Long-term rating of 'BB-(ind)', and a National Short-term
rating of 'F4(ind)'.  The Outlook is Stable.  Fitch has also
assigned ratings to GAMPL's bank loans,:

  -- Cash Credit (CC) limits totaling INR100m: 'BB-(ind)';

  -- Sub-limits under CC (Overdraft against Book Debts, Packing
     Credit): 'BB-(ind)/F4(ind)'; and

  -- Term Loans aggregating INR78.4m: 'BB-(ind)'.

GAMPL's ratings are driven by the promoters' 40-year strong track
record, and its investment in latest technology, which provides
operating efficiencies and facilitates milling of superior
varieties of rice at competitive costs.  This provides a value-
driven strategy that not only provides better operating margins,
but also supports promotion of its 'Gajanan' brand of rice
varieties.  GAMPL's operating margins are therefore expected to be
higher than its other group partnership firm, Gajanan Industries
(GI).  GAMPL is also expected to leverage on GI's strong marketing
network and the strategic insight of GI's partners (who are also
shareholders in GAMPL).

The key concerns for the ratings emanate from Gajanan's small
scale of operations, its concentration risk in the Andhra Pradesh
market and inadequate brand recall.  India's rice milling industry
is very working capital intensive and is susceptible to
fluctuating raw material prices and the vagaries of monsoons.

Also, the industry is subject to intervention by regulatory
authorities by way of policy changes.  The Government of India may
direct sales of rice to government agencies, restrict sales of
rice in the open market and may prohibit exports.  Furthermore,
the state government may restrict movement of rice within the
state (district to district) and to other states.  And, the rice
industry is historically a low margin business.

There has been a steady increase in demand for processed rice -
both unbranded and branded, given that it is a staple commodity in
several countries including India.  There is large pent-up demand
for processed branded rice in Hyderabad.  Furthermore, the opening
up of export markets could increase demand further and push up
prices.

Negative rating triggers are a deterioration in operating margins
below 4%, interest coverage falling below 1.5x and financial
leverage (Total Adjusted Net Debt/Op. EBITDAR) crossing 6.0x.
Positive rating triggers are a significant increase in revenues
and operating margins on a sustainable basis.

GAMPL (capacity of 8 tons per hour) and GI (capacity of 5 tons per
hour) are both rice mills belonging to the Gajanan Group in Andhra
Pradesh.  During the six months ended Sept. 30, 2009, GAMPL's
revenues, EBITDA and net income were INR209 million, INR18 million
(EBITDA margin of 8.3%) and INR1.2 million (net income margin of
0.6%), respectively.  As of Sept. 30, 2009, the interest coverage
and net debt /EBITDA were 1.6x and 4.9x, respectively.


GAJANAN INDUSTRIES: Fitch Assigns 'B+' National Short-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Gajanan Industries a National
Long-term rating of 'B+(ind)' and a National Short-term rating of
'F4(ind)'.  The Outlook is Stable.  Fitch has also assigned
ratings to GI's bank loans,:

  -- Term Loans totaling INR5.3 million: 'B+(ind)';

  -- Cash Credit (CC) Limit totalling INR100 million: 'B+(ind)';

  -- Sub-limits under CC (Packing Credit, Overdraft against Book
     Debts): 'B+(ind)/F4(ind)'; and

  -- Exports Bills Negotiation totalling INR5 million: 'F4(ind)'.

GI's ratings are underpinned by the strong track record of its
promoters in the highly competitive rice milling industry, a
strong presence in the Andhra Pradesh market, and modest but
stable revenues and operating margins, and comfortable leverage.

The key concerns for the ratings emanate from GI's small scale of
operations, its concentration risk in the AP market, inadequate
brand recall and high competition.  Also, India's rice milling
industry is very working capital intensive and is susceptible to
fluctuating raw material prices and vagaries of monsoons.

The industry is subject to intervention by regulatory authorities
by way of policy changes.  The Government of India may direct
sales of rice to government agencies, restrict sales of rice in
the open market and may prohibit exports.  Also, the state
government may restrict movement of rice within the state
(district to district) and to other states.  Fitch also notes that
the rice industry is historically a low margin business.

There has been a steady increase in demand for processed rice -
both unbranded and branded, given that it is a staple commodity in
several countries including India.  Furthermore, the opening up of
export markets could increase demand further, and push up prices.

Negative rating triggers are a deterioration in operating margins,
interest coverage falling below 1.3x and financial leverage (Total
Adjusted Net Debt/Op.  EBITDAR) exceeding 7.0x.  Positive rating
triggers are a significant increase in revenues and operating
margins on a sustainable basis.

GI is a partnership firm that was set up in 1969.  GI (capacity of
5 tons per hour) and Gujarat Agro Mills Pvt Ltd (capacity of 8
tons per hour) are both rice mills belonging to the Gajanan Group
in Andhra Pradesh.  During the 12 months to end March 2009, GI's
revenues, EBITDA and net income were INR312 million, INR23 million
(EBITDA margin of 7.3%) and INR0.5 million (net income margin of
0.2%) respectively.  The interest coverage and net debt /EBITDA
were 1.3x and 5.3x, respectively.


GROVER VINEYARDS: Delay in Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Grover Vineyards Ltd.  The ratings reflect the delay by GVL in
servicing its term loan.  The delay is because of GVL's weak
liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR55.00 Million Long-Term Loan       D (Assigned)
   INR90.00 Million Open Cash Credit     D (Assigned)
   INR20.00 Million Short-Term Loan      P5 (Assigned)

   INR15.00 Million Foreign Bill         P5 (Assigned)
   Discounting/Foreign Bill Exchange

   INR10.00 Million Foreign Letter       P5 (Assigned)
                     of Credit  
   INR50.00 Million Bank Guarantee       P5 (Assigned)

GVL (formerly, Grover Vineyards Pvt Ltd) was incorporated in 1988
by Mr. Kanwal Grover and his son, Mr. Kapil Grover, in
Doddaballapur, on the outskirts of Bengaluru.  The company's
vineyards are spread over 400 acres.  Its winery has annual
production capacity of 1.195 million bottles of 750 milliliters
each. GVL sells its products under the Grover brand.

GVL reported a net loss of INR127 million on net sales of INR136
million for 2008-09 (refers to financial year, April 1 to
March 31), against a PAT of INR0.6 million on net sales of INR217
million for 2007-08.


HIMSON ENGINEERING: CRISIL Puts 'BB+' Rating on INR82.4MM Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Himson Engineering Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR107.4 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR38.5 Million Overdraft Facility     BB+/Stable (Assigned)
   INR82.4 Million Term Loan              BB+/Stable (Assigned)
   INR1.3 Million Proposed Long Term      BB+/Stable (Assigned)
                   Bank Loan Facility
   INR10.0 Million Letter of Credit       P4+ (Assigned)
   INR10.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Himson Engineering's constrained financial
risk profile owing to debt-funded capital expenditure, high
dependence on the cyclical textile industry and small scale of
operations.  These weaknesses are, however, partially offset by a
healthy business risk profile backed by a renowned brand, above
average operating efficiency and efficient working capital
management.

Outlook: Stable

CRISIL expects Himson Engineering Pvt Ltd (Himson Engineering) to
maintain a stable credit profile backed by its established brand
name and improving operating efficiencies.  The outlook may be
revised to 'Positive' in case of better-than-expected profit
margins and debt protection measures.  Conversely, the outlook may
be revised to 'Negative' if delays in stabilization of the ongoing
project lead to deterioration in company's financial risk profile.

                     About Himson Engineering

Himson Engineering, promoted in 2004 as a partnership firm by
Mr. Bhogilal Bachkaniwala and his son Mr. Darshan Bachkaniwala, is
part of the Himson Bhogibhai group, based in Gujarat; in 2006, it
was converted into a private limited company.  The company
manufactures texturising and winding machines for the textile
industry.

The promoters of Himson Engineering have been associated with the
textile machinery industry for more than 25 years through the
company Himson Textile.  The Himson group operated in the fabric-
processing segment until 1974, after which the group decided to
diversify into manufacturing of polyester yarn processing
machines.  The group's engineering segment witnessed significant
growth after Himson Textile tied up with the UK-based textile
machine manufacturer, Reiter-Scragg in 1978.  Post the de-merger
of Himson Textile, a part of the group's textile machine
manufacturing operations moved to Himson Engineering.

Himson Engineering reported a loss after tax of INR1.5 million on
net sales of INR464.9 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a profit after tax of
INR30.2 million on net sales of INR927.9 million for 2007-08.


ICICI BANK: Raises US$750 Million of Bonds in Overseas Markets
--------------------------------------------------------------
Lester Pimentel and Veronica Navarro Espinosa at Bloomberg News
report that ICICI Bank Ltd. sold US$750 million of bonds in
overseas markets amid a decline in lending.

The bank sold the bonds due March 2015 to yield 337.5 basis points
more than U.S. Treasuries, according to Bloomberg data.

Bank of America Corp., Credit Suisse Group AG and HSBC Holdings
Plc arranged the bond sale, Bloomberg relates.

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31, 2008.
ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage
firms, mutual funds and private equity firms.  ICICI Bank's
presence currently spans 19 countries, including India.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, Standard & Poor's Ratings Services affirmed
the 'BBB-' rating on ICICI Bank Ltd.'s senior unsecured notes, and
the 'BB' rating on its hybrid Tier 1 notes, under the bank's
revised US$5 billion medium-term note program.  At the same time,
Standard & Poor's has withdrawn its indicative ratings on the
upper Tier 2 and the lower Tier 2 bond tranches, which were
available under the previous version of the MTN program.
Following the recent revision to the program, these tranches no
longer exist.  There are no outstanding rated issues under these
tranches.


INDERJIT MEHTA: CRISIL Assigns 'B' Rating on INR110MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Inderjit Mehta Constructions Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR110.0 Million Cash Credit Limit    B/Stable (Assigned)
   INR250.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect IM Constructions' weak financial risk profile,
and its small net worth and scale of operations.  These weaknesses
are partially offset by the company's established track record as
a contractor in the defense civil construction business.

Outlook: Stable

CRISIL believes that IM Constructions will maintain a stable
business risk profile over the medium term backed by its
established position as a defense contractor.  However its
financial risk profile is expected to remain constrained due to
high gearing and weak debt protection measures.  The outlook may
be revised to 'Positive', if there is a more than expected growth
in the company's scale of operations while maintaining
profitability.  Conversely, the outlook may be revised to
'Negative' if IM Constructions undertakes large, debt-funded
capital expenditure (capex), or faces time and cost overruns on
its ongoing and future projects.

                       About IM Constructions

Established in 1987, IM Constructions is engaged in undertaking
turnkey civil contracts for defence agencies, Delhi State
Industrial and Infrastructure Development Corporation Limited
(DSIIDC), Delhi Metro Rail Corporation Limited (DMRC), IRCON Ltd,
Central Public Works Department (CPWD) and private contractors.
The defence agencies catered to include Military Engineer Services
(MES) and Directorate General of Married Accommodation Project (DG
MAP).  Its range of construction activities includes buildings,
shelters, sheds, synthetic tracks, and internal and external
electrification.  It is currently executing a number of projects,
including a mess for MES in Dehradun, simulator and training
buildings for DMRC in Shastri Park, Delhi, and dwelling units for
MES in Pune.  The company is promoted by Mr. Inderjit Mehta and
family members.

IM Constructions reported a provisional net loss of INR12.1
million on net sales of INR406.7 million for 2008-09 (refers to
financial year, April 1 to March 31), against a net loss of INR2.1
million on net sales of INR448.4 million for 2007-08.


KIMAYA FASHIONS: ICRA Places 'LBB+' Rating on INR380MM Term Loans
-----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR380 million term loans
and INR70 million fund based limits of Kimaya Fashions Private
Limited.

The assigned rating reflects pressure on KFPL's profitability
contributed by high rental costs in key locations though there has
been some improvements through rental re-negotiations in recent
periods, its small size of operations and its ongoing debt funded
capex plan, which likely to impact the financial profile. The high
end boutique retail is characterized by intense competition from
unorganized players and high inventory levels, restricting
profitability.  The rating also takes into account KFPL's
established relationships with ultra HNI customers and well known
designers, its high brand visibility aided by Bollywood celebrity
endorsements and the experience of the promoters in the field.

KFPL is into the business of retailing high end boutique couture
with own stores located in Mumbai, Delhi, Bangalore and a
franchise store at Chennai.  The company has standalone stores and
well stores located in some of the major malls targeted at high
end customers. The company has been able to grow at a healthy rate
with revenues having doubled over a period of last two years to
reach INR362.7 million in FY 2009.  The company's growth has been
driven by the opening up of new stores at various locations; KFPL
has 17 stores operational as on Nov, 2009 up from two stores in
2005. The company has plans to launch five new stores by the end
of current financial year.

Kimaya Fashions Private Limited promoted by Mr. Pradeep Hirani and
Ms. Neha Hirani and was started in March 2002, the company
launched its first store at Juhu in Mumbai in Oct, 2002.  KFPL
currently has stores at premium locations in the cities of Mumbai,
Delhi and Dubai and sells the creations of top Indian designers to
affluent fashion conscious clientele.  KFPL started operations
with nearly 26 designers in 2002 and over a period of time the
number of designers has gone up to around 140 presently. KFPL has
also launched its franchisee operations during 2008-09 with the
opening of its first franchisee store in Chennai.  The company has
over a period of time launched different brands carrying out line
extension these include Kimaya Bridal Saloon ( targeted at the
brides ), Kimaya Amore ( Plus size women), vivakimaya ( targeted
at the young ), ayamik (men's collection).  The company has
presently 17 operational stores in Mumbai, Delhi, Bangalore and
Chennai.


MITHILA MOTORS: CRISIL Puts 'BB+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Mithila Motors Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150.0 Million Cash Credit      BB+/Stable (Assigned)
   INR50.0 Million Term Loan         BB+/Stable (Assigned)

The rating reflects MML's weak financial risk profile and exposure
to risks relating to intense competition in the automobile
dealership market.  However, these weaknesses are partially offset
by the promoters' long experience and the company's established
presence in the automobile dealership market in Jharkhand.

Outlook: Stable

CRISIL believes that MML will maintain a favorable business risk
profile backed by established presence and relationship with
principal, Tata Motors Ltd.  The outlook may be revised to
'Positive' if the company's operating margins and sales volumes
increase mainly through stabilization of the joint venture between
MML and Commercial Engineering and Body Building Company Ltd
(CEBBCo), leading to a sustained improvement in the financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
cash accruals decline sharply or if a large, debt-funded capital
expenditure weakens the company's capital structure.

                       About Mithila Motors

Set up in 1958, MML is an authorized dealer for TML's commercial
vehicles (CVs) for Jharkhand. MML has eight showrooms and two
workshops apart from two onsite service centres in Jharkhand. The
company formed a joint venture with CEBBCo in August 2009 for
manufacturing tipper body solutions for TML.  The joint venture is
a 60:40 arrangement between CEBBCo and MML.  The JV will be one of
the two vendors of TML for tipper body solutions.

MML reported a profit after tax (PAT) of INR16.2 million on net
sales of INR2.1 billion for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR18.9 million on net
sales of INR2.5 billion for 2007-08.


OZONE SHELTERS: Weak Liquidity Prompts CRISIL 'B' Ratings
---------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to Ozone Shelters Pvt
Ltd's INR300 million rupee term loans.  The rating reflects Ozone
Shelters's weak financial risk profile marked by poor economics of
the project and extension in the project execution timeline, weak
liquidity, and inadequate financial flexibility.  The rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in real estate development.

Outlook: Stable

CRISIL expects Ozone Shelters's financial risk profile to remain
weak over the medium term given the poor project economics.  The
outlook could be revised to 'Negative' in case of a delay in
project progress, and consequently, shortfall in collection of
customer advances. Conversely, the outlook could be revised to
'Positive' in case of faster-than-expected flat bookings at a
higher-than-projected rate, resulting in improvement in liquidity.

Ozone Shelters, incorporated in June 2008, is part of the
Bengaluru-based Ozone group.  The company is developing a
residential project on a 9-acre land in Bengaluru, under a joint
development agreement with Keystone Construction (the land owner).
The project has a total saleable area of 878,864 square feet, of
which, Ozone Shelters's share is 66 per cent; the balance belongs
to Keystone Construction.  The total cost of development is
estimated at INR1.7 billion.  The project comprises a multi-
storied residential complex consisting of eight towers.

The Ozone group is involved in the development of information
technology (IT) parks, office space, malls, hotels and service
apartments, and residential apartments and townships.  The group
has a presence in Chennai and Bengaluru.  The group's flagship
company is Ozone Propex Pvt Ltd, which was promoted by Mr. S
Vasudevan, Mr. C P Bothra, and Urban Infrastructure Venture
Capital Fund through its scheme, Urban Infrastructure
Opportunities Fund.  The group includes several companies that are
joint venture equity partners on project-specific basis.


RAM DEV: CRISIL Reaffirms 'BB' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ram Dev Rice Pvt Ltd
continue to reflect RDRPL's weak financial risk profile because of
its large working capital needs, and its small scale of
operations.  The ratings also factor in the company's exposure to
risks relating to volatility in raw material prices and adverse
changes in government policy.  The impact of these rating
weaknesses is mitigated by the healthy growth prospects in the
rice industry.

   Facilities                               Ratings
   ----------                               -------
   INR340.0 Million Cash Credit             BB/Stable (Reaffirmed)
   INR23.7 Million Rupee Term Loan          BB/Stable (Reaffirmed)
   INR120.0 Million Export Packing Credit   P4+ (Reclassified from
                                                 'P4')

Outlook: Stable

CRISIL expects RDRPL's financial risk profile to remain weak over
the medium term given the rice company's working capital-intensive
operations.  The outlook may be revised to 'Positive' if RDRPL's
capital structure improves considerably from its current levels.
Conversely, the outlook may be revised to 'Negative ' if the
capital structure deteriorates further.

Summary Update

RDRPL's net sales (of INR1.35 billion) and operating profitability
for 2008-09 (refers to financial year, April 1 to March 31) were
lower than CRISIL's expectations, primarily because of the levy of
export duty in 2008 on basmati rice.  The company could,
nevertheless, sustain its financial risk profile backed by
marginal decrease in its working capital funding requirements; the
company's gearing decreased to a level which is lower than
CRISIL's earlier expectations.  The export duty on basmati rice
was withdrawn subsequently, and CRISIL therefore expects RDRPL to
benefit from increase in export revenues in 2009-10.

The company is planning to undertake a capital expenditure (capex)
program of about INR60 million in 2009-10 to increase its milling
and sorting capacity.  Earlier, the company had proposed capex of
INR100 million.

For 2008-09, RDRPL reported a profit after tax (PAT) of INR8.0
million on net sales of INR1.35 billion, against a PAT of INR21.6
million on net sales of INR0.8 billion for 2007-08.

                        About Ram Dev Rice

Set up in 1999 by Mr. Naresh Singla and Mr. Suresh Singla, RDRPL
is engaged in milling, processing, and selling of basmati rice in
India and abroad.  Exports accounted for around 60 per cent of the
company's revenues in 2007-08.  RDRPL is also engaged in trading
activity: it procures unsorted rice from small mills, sorts it at
its plant, and then exports it.  The company's plant, at Daha,
Karnal District, Haryana, has milling and sorting capacities of 12
tonnes per hour (tph) and 18 tph, respectively.  To meet excess
orders, the company also engages other plants in the region on
job-work basis. RDRPL proposes to commission one more plant with
milling and sorting capacities of 6 tph each.


SANAA SYNTEX: Low Profitability Cues ICRA to Assign 'LBB' Ratings
-----------------------------------------------------------------
ICRA has assigned an LBB rating to the INR61.6 million term loans
and INR 130 million fund based facilities of Sanaa Syntex Private
Limited.  ICRA has also assigned an A4 rating to the INR35 million
non-fund-based facilities of SSPL in the short term.

The ratings reflect the modest scale of operations of the company
and weak financial profile, as characterised by high gearing, weak
interest coverage indicators and low profitability. The textile
industry is characterized by intense competition from a large
number of unorganized players and profitability is vulnerable to
fluctuation in raw material prices.  The industry has been facing
a demand slowdown, particularly in the exports market, on account
of the ongoing economic slowdown.  The ratings however derive
comfort from the promoter's experience in weaving business and
trading fabrics; diversification into furnishing fabrics and
efforts at professionalizing the organization by bringing in
technically qualified personnel.

Sanaa Syntex Private Limited, incorporated on September 27, 1990,
is primarily engaged in manufacturing of polyester viscose fabric
and polyester blended fabrics used in suiting and shirting. The
company's sales are mainly directed towards the domestic market
which constitutes around 90% of the sales while 10% of the sales
are of exports.  The company also does job work for bigger players
like Grasim etc.  The company has three manufacturing units
located at Umbergaon, Gujarat with annual production capacity of 9
million meter of fabric per year.  Trading turnover constitutes
approximately 62% of SSPL's sales.  The company markets its
products under the S&A brand which was launched in 2007.  In 2006,
the company ventured into production of relatively higher margin
furnishing fabrics.

As per unaudited results for 2008-09, SSPL had a profit after tax
(PAT) of INR 13.1 million over an operating income of INR 684.9
million.


SHRI JALARAM: Liquidity Constraints Cues 'CARE BB+' Ratings
-----------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities of Shri Jalaram Rice Industries Pvt Ltd.  Also, CARE
assigned a 'PR4' rating to the Short-term Bank Facilities of SJRI.
Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
'PR Four' rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default.  This rating is
applicable for facilities having tenure of less than one year.
CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position of
the company within the band covered by the rating symbol.

   Facilities                      Amount       Rating
   ----------                      ------       ------
   Long-term Bank Facilities       INR35.94cr   CARE BB+
   Short-term Bank Facilities      INR55.00cr   PR4

Rating Rationale

The ratings are constrained by the moderate financial risk profile
of SJRI because of highly working capital intensive nature of rice
industry, susceptibility to volatility in raw material prices,
high dependency on monsoon, exposure to regulatory risks,
negative operating cash flow and liquidity constraints leading to
unsatisfactory debt servicing track record.  These weaknesses are,
however, partially offset by the vast experience of promoters and
improved performance in FY09.  The timely completion and funding
of capex, movement in rice price and management of working capital
requirements remain the key rating sensitivities.

                         About Shri Jalaram

Ahmedabad based SJRI was established as a partnership firm viz.
M/s Jalaram Rice Industries in April 2003 which converted into a
private limited company on September 29, 2006.  The main promoters
of SJRI are Shri Jayesh Ganatra and Shri Bipin Ganatra.  SJRI is
engaged in the milling and sorting of basmati and non-basmati
rice.  SJRI currently has rice milling capacity of 20MT per hour
and sorting capacity of 200T per day.

During FY09, total operating income grew by 109% over FY08 mainly
driven by higher prices. On a total income of INR128.28 cr., SJRI
reported a PAT of INR3.02 cr. in FY09.  However, the company's
liquidity position was stretched as evidenced by high working
capital utilisation and unsatisfactory debt servicing record.


SOFED RETAILER: ICRA Assigns 'LBB' Rating on INR1.72BB Term Loan
----------------------------------------------------------------
ICRA has assigned an LBB rating to the INR1.72 billion term loan
of Sofed Retailer Private Limited.

The rating takes into account the significant market risk arising
out of moderate level of leasing achieved in the project and a
slowdown in demand due to adverse economic conditions leading to
low absorption of IT/ITES related office space in the recent past.
The rating is further constrained by the project execution risk
faced by the company as approximately 50% of the construction on
the project is completed till date.  ICRA however draws comfort
from the established track record of SRPL's promoters in
development of residential and commercial projects, relatively low
land acquisition cost, low funding risk as the entire debt has
been tied up and the fact that 42% of the equity contribution has
been brought in by the promoters.  Going forward, the ability of
the company to lease the available space at desired rates and
complete the project on time will be key rating sensitivity
factors.

SRPL was incorporated in 1995 and initially operated as a Trading
Firm dealing in the Indian Stock Exchange.  In the year 2005, the
company was taken over by Mr.Amit Kumar Modi and Parabolic Real
Estate Private Limited (jointly promoted as a SPV by Mr. Pranav
Gupta and Mr.Vineet Gupta) for the purpose of availing allotment
of land by Haryana State Industrial & Infrastructure Development
Corporation Ltd. (HSIIDC) to set up an IT Park at Manesar,
Gurgaon.  Thereafter, Aarone Promoters Private Limited (a group
company of Aarone Group) was included in the management of SRPL in
the capacity of a real estate developer.  Currently Aarone
Promoters Private Limited is the largest shareholder with 42.50%
stake followed by Mr.Amit Kumar Modi and Parabolic Real Estate
Private Limited at 28.75% each.  SRPL is currently developing an
IT Park titled "Cyber Walk", with a leasable area of 11.28 lakh
sq.ft.  The total project cost of INR2.48 billion is proposed to
be funded through equity contribution of INR0.76 billion and a
term loan of INR1.72 billion.


STERLING GEMS: CARE Rates INR60cr LT Bank Debts at 'CARE BB'
------------------------------------------------------------
CARE has assigned a rating of 'CARE BB' to the Long-term Bank
Facilities of M/s. Sterling Gems (SG) aggregating INR60.00 crore.
This rating is applicable to facilities having tenure of more than
one year.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.  CARE assigns '+' or '-' signs
to be shown after the assigned rating (wherever necessary) to
indicate the relative position of the company within the band
covered by the rating symbol.

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm as on
March 31, 2008.  The rating may undergo change in case of
withdrawal of capital or of the unsecured loans brought in by the
partners in addition to the financial performance and other
relevant factors.

Rating Rationale

The rating is constrained by SG's major presence in a single
product offering -- viz tapered baguettes, geographical-
concentration risk and the constitution of the entity, being a
partnership firm.  The rating is further constrained by low PAT
margin, high overall gearing, high proportion of uninsured
receivables and long working capital cycle.  The rating favorably
considers the experience of promoters in the diamond business.
Further, economic slowdown across the globe resulting in slowdown
in domestic demand is the key rating sensitivity.

                       About Sterling Gems

SG was established as a partnership firm in the year 1985 with Mr.
Deepak Mehta, Mr. Miten Shah and Mr. Jayesh Mehta as the main
partners.   It was reconstituted in March 2004, with Mr. Jayesh
Mehta and his son Mr. Chirag becoming the main partners of the
firm. Mr. Jayesh Mehta has long experience of more than 30 years
in the industry and is the main partner of the firm responsible
for all strategic decisions.  The firm is mainly engaged in import
of rough diamonds, cutting & polishing and exporting the same to
various countries, mainly to Hong Kong, UAE, Thailand, Bangkok and
Korea.  Hong Kong is the major destination for the firm's exports
with a share of more than 40% of the total sales during FY07 and
FY08.  The manufacturing facility of the firm is located at
Bhavnagar in Gujarat.  The firm specializes in processing of
tapered baguette diamonds ranging from 20 cents to 50 cents, which
form 80% of the overall portfolio and thus, exposing it to
product-concentration risk.  The firm had a higher proportion
of traded sales during FY08 which resulted in y-o-y increase in
net sales by 40%.

However, PBILDT margin dipped to 5.96% in FY08 from 7.11% in FY07
as the proportion of trading income (wherein margins are less)
increased vis-a-vis manufacturing income. PAT margin also shrunk
to 1.81% in FY08 as compared to 2.47% in FY07 due lower PBILDT,
coupled with higher interest rates.  The firm had an average
collection period of 150 days and maintained an average inventory
days of 100 days, thus leading to a long working capital cycle.
The firm is dependant on bank borrowings to fund its long working
capital cycle leading to high overall gearing ratio of 2.56x as on
March 31 2008 as compared to 2.31x as on March 31 2007.


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


ANZ PANIN: Fitch Keeps Individual Rating at 'D'; Outlook is Stable
------------------------------------------------------------------
Fitch Ratings has affirmed PT ANZ Panin Bank's National Long-term
rating at 'AA+(idn)', Individual rating at 'D', and Support rating
at '3'.  The Outlook is Stable.

The ratings take into account ANZ Panin's financially strong
Australia-based parent, the Australia & New Zealand Banking Group
('AA-' /Stable).  ANZ is one of the four largest banks in
Australia with operations in more than 30 countries.

Fitch believes that ANZ's strong commitment to ANZ Panin is not
only reflected in its 85% ownership and commitment to provide
additional capital, but also management control, name sharing and
operational alignment in key areas such as risk management, IT
systems, operating procedures and reporting standards.  The
parent's recent acquisition of the Royal Bank of Scotland's retail
and commercial assets in Asia, including in Indonesia, is in line
with its strategy to expand its banking franchise.  The bank
expects to complete the integration of RBS operations into ANZ
Panin in 2010.

Profitability weakened during the first nine months of 2009, due
to higher operating expenses, mainly for business expansion (such
as hiring new staff, adding network and its supporting
infrastructure), and lower interest margin.  The weaker lending
yield on earning assets reflected the more rapid corporate loan
growth over higher-yielding consumer loans.  The bank's
concentrated loan book (top 20 borrowers accounted for 55% of
total loans or 2.6x equity at H109) may increase impairment risk
should macroeconomic conditions weaken.  NPLs increased to 3.8% at
end-September 2009 (2008: 2.5%) due to the downgrade of a few
corporate borrowers.  Stress testing by Fitch on the bank's
underlying earnings indicates that credit cost absorption capacity
is lower than its peers due to the bank's weaker profitability,
however the agency's concerns are allayed by the likely access to
ANZ's strong financial resources.

The bank's rapid loan expansion, up 45% ytd in 9M09, has lowered
capital adequacy ratio to 11.5% at end-September 2009 (2008:
16.3%).  Nevertheless, the parent's plan to inject US$40 million
additional capital by end-2009 to support ANZ Panin's business
expansion, as well as the access to the former's financial
resources are mitigating factors.  The bank aims to keep total CAR
between 12%-14% in the medium term suggesting that additional
capital infusion from the parent is possible in 2010 with the
planned integration of RBS assets in Indonesia.

ANZ Panin was established in 1993 as a JV between ANZ Bank and PT.
Bank Pan Indonesia (Long-term foreign currency Issuer Default
Rating: 'BB'; National Long-term: 'AA-(idn)').


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


JAPAN AIRLINES: Delta CEO Says Alliance Willing to Invest More
--------------------------------------------------------------
Daily Bankruptcy Review says the chief executive of Delta Air
Lines Inc. indicated the SkyTeam alliance would be willing to
invest more than Delta's proposed $1.02 billion into Japan
Airlines Corp. as it tries to forge a trans-Pacific partnership.

As reported by the Troubled Company Reporter-Asia Pacific on
November 19, 2009, Dow Jones Newswires' Doug Cameron and Yoshio
Takahashi and The Wall Street Journal's Mariko Sanchanta reported
that Delta Air Lines Inc. and its airline partners said they could
provide a $1.02 billion funding package to Japan Airlines Corp.,
in an aggressive bid meant to show their financial muscle as they
try and wrest JAL away from its partnership with rival American
Airlines.

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

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

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

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

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

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

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

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

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

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

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

                          About AMR Corp.

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

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

                          *     *     *

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

                       About Delta Air Lines

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

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

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

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

                           *     *     *

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

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

                             About JAL

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

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

                           *     *     *

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


JAPAN AIRLINES: DBJ, Creditors Agree to Suspend Debt Repayment
--------------------------------------------------------------
The Development Bank of Japan and other creditors agreed Friday to
suspend repayment of debts held by Japan Airlines Corp. as it
seeks an out-of-court restructuring process, Japan Today reports
citing sources close to the matter.

Sources said the DBJ and JAL are also expected to sign an
agreement as early as today, November 24, that would allow the
bank to extend a pool of about JPY100 billion in bridge loans to
JAL, according to Japan Today.

Meanwhile, the report says JAL held a meeting on November 21 with
its creditors after it recently applied for an arbitration scheme
called "alternative dispute resolution."  Under the process, a
noncourt third-party will act as an intermediary between the
airline and its creditors to enable suspension of loan payments.

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

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

                           *     *     *

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


JAPAN AIRLINES: May Reduce Proposed Pension Cut to 30%
------------------------------------------------------
Bloomberg News, citing the Nikkei newspaper, reports that Japan
Airlines Corp. may reduce a proposed cut in pensions to 30% from
about 50% to gain approval from retirees.

The airline aims to present its plan for trimming benefits within
this year, the paper said, without saying where it obtained the
information.

According to Bloomberg, Nikkei said JAL will probably suggest its
current employees take a 50% cut in pension payouts.

Bloomberg relates JAL's pensioners have pledged to reject any
proposal that would cut payments by more than 50 percent,
according to a Web site run by the Committee to Consider the
Revision of JAL's Pension Scheme.  More than a third of retirees
would vote down such a plan, enough to derail it, according to the
Web site.

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.


KYOCERA CORP: Plans to Close Mobile Phone Factory in China
----------------------------------------------------------
Kyocera Corp. plans to close a mobile phone factory in Tianjin,
China, and consolidate production in Malaysia to help return the
business to profit, Bloomberg News reported, citing the Nikkei
newspaper.

Bloomberg relates the paper said Kyocera has been cutting
production amid struggling sales in North America.

Kyoto, Japan-based Kyocera Corporation (Kyocera Kabushiki Kaisha)
makes components and fine ceramic products (including capacitors,
fiber-optic connectors, and semiconductors) for customers in the
electronics industry.  The Company also makes various types of
finished electronics products, including cell phones, office
equipment such as photocopiers and fax machines, and digital and
film cameras.


MAZDA MOTOR: Non-factory Staff Back on Full Work Schedule
---------------------------------------------------------
Mazda Motor Corp has ended its program to have non-factory
employees take two days off per month after terminating a similar
program for factory workers in June, Japan Today reports.

Japan Today recalls that Mazda, in December last year, began
reducing vehicle output with factory workers taking some days off
a month as demand plunged amid the global recession.  It
introduced a similar move for rank-and-file non-factory workers in
February this year, cutting their wages for the days taken off.

The report says the company is getting back to normal operations
as global vehicle demand has revived.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor Corp. continues to carry Mikuni Credit Ratings'
mortgage debt and senior debt ratings of 'BB'.


TAKEFUJI CORPORATION: Exchanges Offer Cues Moody's to Junk Rating
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the long-
term issuer rating and senior unsecured debt ratings of Takefuji
Corporation.  Moody's changed the ratings outlook to stable from
negative.

This rating action is in response to Takefuji's announcement on
November 16 that the company is commencing an exchange offer to
holders of its euro-yen convertible bonds of JPY70 billion.  The
CBs were issued in June 2008, and include redemption options
exercisable by the bondholders in June 2010.  Though Moody's does
not rate Takefuji's CBs, the rating agency regards the exchange
offer as a distressed exchange, as it results in a diminished
financial obligation for the company.

According to the company announcement, Takefuji is planning to
reduce the outstanding CBs by making offer to holders of CBs to
exchange their CBs for either 1) a cash only consideration or 2)
an amount of new straight bonds, together with a partial cash
consideration so as to deal with its stressed liquidity position.

The downgrade of the long-term issuer rating and senior unsecured
debt ratings to Caa1 reflects Moody's view that the offer will
cause economic losses to the selected creditors, reflecting the
severe funding problem due to the company's unique funding profile
and the severe challenges of maintaining its deteriorating
franchise under persistently severe operating environment.

The Caa1 ratings also reflect Moody's view that Takefuji's
relatively large equity and reserves cushion limits potential
overall loss to a level Moody's believes Caa1 ratings suggests.
The rating agency does not rule out the possibility that potential
losses could be higher for some creditors than others should the
company make another exchange offer for other debt in the future.

In Moody's view, such an exchange offer would not materially
improve Takefuji's fundamentals.  Although this exchange offer may
mitigate its immediate liquidity pressures, without emergence of
clear signs of stabilization in the overpaid-interest claims
situation and recovery of market confidence, the company's
business prospect will remain under severe pressures for the
foreseeable future.

The ratings outlook is stable.  It is based on Moody's view that
such an exchange offer would mitigate the liquidity pressure for
the moment, while Moody's assumes stress situation in both its
business and liquidity under the persistently severe operating
environment.

Moody's last rating action with respect to Takefuji was taken on
October 7, 2009, when its long-term senior unsecured debt and
issuer ratings were downgraded to B2 from Ba3 and the ratings were
assigned a negative outlook.

Takefuji's rating was assigned by evaluating factors Moody's
believes are relevant to its credit profile, such as franchise
value, risk positioning, the operating and regulatory environment,
and financial fundamentals in comparison with its competitors, as
well as the company's projected performance for the near to medium
term.  These attributes were compared to those of other issuers
both in and outside its core industry.  Thus, Moody's believes
Takefuji's rating to be comparable to those of other issuers with
similar credit risk.

Takefuji Corporation, headquartered in Tokyo, was established in
1974.  It is a major specialized consumer finance company in
Japan, with about JPY0.8 trillion in total consolidated assets as
of September 30, 2009.


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


IDAMAN UNGGUL: Cancels Deal to Sell Lambang Unit to Satin
---------------------------------------------------------
Idaman Unggul Berhad has cancelled the share and purchase
agreement entered into with Satin Court Sdn. Bhd. for the proposed
disposal of 100% equity interest in Lambang Pertama Sdn. Bhd.

In January, Idaman Unggul proposed to dispose the entire issued
and paid-up share capital of Lambang Pertama Sdn Bhd, a wholly
owned subsidiary of the Company, comprising two ordinary shares of
MYR1.00 each in LPSB to Satin Court Sdn Bhd.

On December 31, 2008, the Company entered into a Share Purchase
Agreement (SPA) with SCSB, to dispose its entire equity interest
in LPSB, comprising two ordinary shares of MYR1.00 each for total
sale consideration of MYR400.00 million.

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                           *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 million required
under the Listing Requirements.


OILCORP BERHAD: Gets Default Notice from Prima Uno
--------------------------------------------------
Oilcorp Berhad received on November 16, 2009, a declaration of
default under the facility agreement dated January 8, 2007,
between RHB Investment Bank Berhad, Prima Uno Berhad and Oilcorp
under a Primary Collateralized Loan Obligation Transaction.

The outstanding amount demanded under the facility to be
immediately due and payable as at November 11, 2009, are:

   Principal amount due:    MYR40,000,000.00
   Interest amount due:        MYR903,057.53
                            ----------------
   Total amount:            MYR40,903,057.53

Prima Uno Berhad may commence legal action against the Company if
it fails to pay the amount due, together with all interest
accruing in accordance to the terms of the facility until date of
full payment, within fourteen (14) days from November 13, 2009.

The Company is seeking legal advice on the matter.

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

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


===============
P A K I S T A N
===============


PAKISTAN MOBILINK: Moody's Reviews 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has placed Pakistan Mobilink
Communications Limited's B2 local currency corporate family rating
and Caa1 senior unsecured bond rating under review for possible
downgrade.

"The rating action is mainly prompted by the deteriorating credit
profile of Mobilink's parent Orascom Telecom Holding (rated
B2/under review for possible downgrade) following Orascom's recent
disputes with the Algerian tax authorities and the implications
this may have for repatriating dividends out of that country and
for Orascom's overall liquidity position," says Laura Acres, a
Moody's Vice President.

"This has led to Moody's concerns over the ability of Orascom to
provide financial support to Mobilink given the recent history of
reliance on equity injections from Orascom to ensure covenant
compliance under Mobilink's loan agreements," adds Acres, also
Moody's Lead Analyst for Mobilink.

On a stand-alone basis, Mobilink's financial metrics are strongly
positioned within the current B2 rating, reflecting the company's
established brand, leading market position and extensive network
coverage as well as its moderate leverage and strong margins.
However, these strengths have been largely offset by the company's
tight liquidity profile and ongoing pressure to meet its financial
covenants under bank loan agreements particularly when covenants,
as currently structured, step down in June 2010.

The review will focus on: 1) Mobilink's ability to negotiate
covenant amendments with its bank creditors such that it can
adhere to covenants without financial support from Orascom; 2) an
ongoing assessment of parental support and Orascom's ability to
provide that support if required; and 3) Mobilink's plans to
achieve forecast revenue and EBITDA in what continues to be a
highly competitive operating environment.

The last rating action was on 24th September 2009 when Mobilink's
corporate family rating was downgraded from B1 to B2 and its
senior unsecured bond rating was downgraded from B3 to Caa1
following the downgrade of Orascom.

Mobilink is the largest mobile operator in Pakistan with more than
29.5 million customers and a subscriber market share of 30.8% as
at June 2009 (source: PTA).  Mobilink is indirectly 100%-owned by
Orascom -- itself rated B2/ under review for possible downgrade.


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


LEPANTO CONSOLIDATED: Posts PHP112.26MM Third Qtr Net Loss
----------------------------------------------------------
Lepanto Consolidated Mining Co. reported a net loss of PHP112.26
million for the third quarter, compared with a net loss of
PHP111.55 million in the same period in 2008, on lower mineral
output, BusinessWorld Online reports.

According to the BusinessWorld, the miner said ore processed for
the period reached 86,640 metric tons versus last year's 221,610
MT.

Gold sales for the quarter, on the other hand, stood at PHP348.8
million versus last year's sales of PHP655.8 million, the report
notes.

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated on
September 8, 1986, and operated an enargite copper mine until
1997, after which, LC shifted to gold bullion production through
its Victoria Project.  LC also operated a copper flotation plant
from August 2000 to December 2001, and restarted it in late
2006.  LC sells its gold and silver bullion production to
Heraeus Ltd. (Hong Kong) while its copper concentrate production
are sold to various traders.

LC and its subsidiaries are involved in other businesses such as
hauling, diamond drilling services, insurance, and manufacture
of diamond tools.  LC has two Mineral Production and Sharing
Agreements for areas located in Mankayan, Benguet.  The
company's subsidiaries are Shipside, Inc., Diamond Drilling
Corporation of the Philippines, Lepanto Investment and
Development Corporation, Diamant Boart Philippines, Inc., and
Far Southeast Gold Resources, Inc.

                          *     *     *

In its 2008 Annual Report, Lepanto disclosed net losses for
three consecutive years.  For the year ended December 31, 2008,
Lepanto incurred a net loss of PHP763,299,000 compared with a
net loss of PHP206,446,00 in 2007 and PHP35,802,000 in 2006.


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


FORD MOTOR: Appoints Albert Li as President of Ford Lio Ho
----------------------------------------------------------
The China Post reports that Ford Motor Company has appointed
Albert Li as president of Ford Lio Ho, effective Jan. 1, 2010.
Mr. Li will replace the current president Jeffrey Nemeth, who will
become the president and CEO of Ford of Southern Africa.

Mr. Li is currently an executive deputy general manager at Changan
Ford Mazda Automobile (CFMA), Nanjing Co. based in China.

According to the Post, Mr. Li will oversee Ford's entire business
operation in Taiwan and will be responsible for growing the Ford
and Mazda brands, while directing the day-to-day operations of
Ford's Taiwan manufacturing facility.

Taiwan-based Ford Lio Ho is 70% owned by Ford Motor Company.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

                           *     *     *

As reported by the Troubled Company Reporter on November 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.

Ford Motor Co. carries a long-term issuer default rating of 'CCC',
with a positive outlook, from Fitch Ratings.


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


THAI AIRWAYS: Reports THB4.3BB Net Loss in Q3 Ended September 30
----------------------------------------------------------------
Thai Airways International PCL reported a bigger-than-expected net
loss in the third quarter due mainly to foreign exchange losses
and falling passenger yields, hit by ticket price cuts, according
to Reuters.

Reuters relates the national carrier said it made a net loss of
THB4.03 billion (US$121.4 million), or THB2.37 per share, in the
July-September quarter, against THB426 million profit a year
earlier.

The loss was higher than the average THB3.44 billion loss forecast
by five analysts surveyed by Reuters.

According to Reuters, analysts said fourth-quarter earnings were
also likely to be poor as Thai Airways faces higher competition
and increasing jet fuel prices, even though the number of tourists
should improve due to seasonal factors.

Reuters notes the national carrier, in the process of overhauling
operations and restructuring management, said it planned to raise
capital next year, probably through a rights issue and bond sales.
It will release details near the end of December.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2009, Thai Airways asked the government for emergency
funds to resolve a cash shortage after being hit by last year's
surge in fuel prices, the global economic slowdown and last year's
shutdowns of Bangkok airports.

Citing Raj Tanta-Nanta, Thai Airways's vice-president for investor
relations, The Financial Times reported that the funds would go
towards covering the airline's short-term borrowing requirements,
with the rest going to balance sheet support.

Thai Airways, whose stock has fallen 80% in the past year, has
"problems with cash flow because we lost THB19 billion in cash
during the closures of airports," acting President Narongsak
Sangapong told Reuters.

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand.  During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world.  Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services.  In addition, the company
offers support services such as dispatch services, sales on board
and Thai shop.  Headquartered in Bangkok, THAI has a subsidiary
and 10 affiliated companies.


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


* BOND PRICING: For the Week November 16 to November 20, 2009
-------------------------------------------------------------

   AUSTRALIA
   ---------

Ainsworth Game                8.000%   12/31/09   AUD       0.75
AMP Group Financ              9.803%   04/01/19   NZD       0.92
Antares Energy               10.000%   10/31/13   AUD       2.05
Aurox Resources               7.000%   06/30/10   AUD       0.77
Becton Property Group         9.500%   06/30/10   AUD       0.54
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      72.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.17
China Century                12.000%   09/30/10   AUD       0.60
First Australian             15.000%   01/31/12   AUD       0.50
Griffin Coal Min              9.500%   12/01/16   USD      67.75
Griffin Coal Min              9.500%   12/01/16   USD      66.82
Heemskirk Consol              8.000%   04/29/11   AUD       2.30
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       7.08
Minerals Corp                10.500%   12/31/09   AUD       0.78
National Cap II               5.486%   12/29/49   USD      72.53
New S Wales Trea              1.000%   09/02/19   AUD      62.38
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.68
Sun Resources NL             12.000%   06/30/11   AUD       0.50
Suncorp Metway I              6.750%   06/30/11   AUD      73.67
Sydney Airport F              3.120%   11/20/30   AUD      68.05
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      67.79


   CHINA
   -----

China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangxi Copper                1.000%   09/22/16   CNY      70.87
Sichuan Changhon              0.800%   07/31/15   CNY      72.77


   HONG KONG
   ---------

Resparcs Funding              8.000%   12/29/49   USD      23.00


   INDIA
   -----

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


   JAPAN
   -----

Aiful Corp                    0.800%   07/20/10   JPY      55.40
Aiful Corp                    1.140%   10/19/10   JPY      52.42
Aiful Corp                    1.200%   01/26/12   JPY      36.61
Aiful Corp                    1.220%   01/20/12   JPY      31.30
Aiful Corp                    1.250%   05/28/10   JPY      68.84
Aiful Corp                    1.500%   10/20/11   JPY      41.36
Aiful Corp                    1.630%   11/22/12   JPY      33.98
Aiful Corp                    1.740%   05/28/13   JPY      30.93
Aiful Corp                    1.990%   03/23/12   JPY      36.51
Aiful Corp                    1.990%   10/19/15   JPY      30.34
Aiful Corp                    5.000%   08/10/10   USD      61.00
Aiful Corp                    5.000%   08/10/10   USD      61.00
Aiful Corp                    6.000%   12/12/11   USD      44.25
Aiful Corp                    6.000%   12/12/11   USD      44.25
Covalent Material             2.870%   02/18/13   JPY      61.24
CSK Corporation               0.250%   09/30/13   JPY      60.43
Fukoku Mutual                 4.500%   09/28/25   EUR      67.00
Japan Airlines                3.100%   01/22/18   JPY      71.27
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      58.21
JPN Exp Hld/Debt              0.500%   03/18/39   JPY      57.63
Promise Co Ltd                2.050%   02/15/13   JPY      72.70
Promise Co Ltd                1.370%   06/04/13   JPY      73.23
Promise Co Ltd                2.060%   03/20/14   JPY      69.34
Promise Co Ltd                2.100%   04/21/14   JPY      68.76
Promise Co Ltd                2.740%   10/11/13   JPY      74.48
Shinsei Bank                  5.625%   12/29/49   GBP      72.50
Takefuji Corp                 4.000%   06/05/22   JPY      52.77
Takefuji Corp                 4.500%   10/22/32   JPY      52.95
Takefuji Corp                 8.000%   11/01/17   USD      10.75
Takefuji Corp                 9.200%   04/15/11   USD      44.96
Takefuji Corp                 9.200%   04/15/11   USD      45.37
Tokyo Metro Govt              4.270%   11/29/35   EUR      72.94
Willcom Inc                   2.350%   06/27/12   JPY      43.51


   MALAYSIA
   --------

Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.10
Berjaya Land                  5.000%   12/30/09   MYR       3.82
Crescendo Corp B              3.750%   01/11/16   MYR       0.86
Dutaland Bhd                  4.000%   04/11/13   MYR       0.40
Dutaland Bhd                  4.000%   04/11/13   MYR       0.76
Eastern & Orient              8.000%   07/25/11   MYR       1.00
Eastern & Orient              8.000%   11/16/19   MYR       1.01
EG Industries                 5.000%   06/16/10   MYR       0.39
Huat Lai Resources            5.000%   03/28/10   MYR       0.43
Kretam Holdings               1.000%   08/10/10   MYR       1.08
Kumpulan Jetson               5.000%   11/27/12   MYR       2.38
Lion Diversified              4.000%   12/17/13   MYR       1.71
Mithril Bhd                   3.000%   04/05/12   MYR       0.59
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.20

Olympia Industri              2.800%   04/11/13   MYR       0.20
Olympia Industri              4.000%   04/11/13   MYR       0.25
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.66
Rubberex Corp                 4.000%   08/14/12   MYR       1.09
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.29
Wah Seong Corp                3.000%   05/21/12   MYR       2.50
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.28
YTL Cement Bhd                4.000%   11/10/15   MYR       1.95


   NEW ZEALAND
   -----------

Allied Farmers                9.600%   11/15/11   NZD      51.84
Allied Nationwide            11.520%   12/29/49   NZD      25.00
BBI Ntwks NZ Ltd              8.000%   11/30/12   NZD       0.47
Capital Prop NZ               8.000%   04/15/10   NZD       9.00
Contact Energy                8.000%   05/15/14   NZD       1.03
Fletch Build Fin              8.850%   03/15/10   NZD       8.00
Fletcher Bui                  8.500%   03/15/15   NZD       8.20
Fletcher Bui                  7.550%   03/15/11   NZD       7.50
Infrastr & Util               8.500%   09/15/13   NZD       9.80
Infratil Ltd                  8.500%   11/15/15   NZD      13.25
Infratil Ltd                 10.180%   12/29/49   NZD      64.10
Manukau City                  6.900%   09/15/15   NZD       1.01
Marac Finance                10.500%   07/15/13   NZD       0.92

NZ Finance Hldgs              9.750%   03/15/11   NZD      74.09
Provencocadmus                2.000%   04/15/10   NZD       0.79
Sky Network TV                4.010%   10/16/16   NZD      55.66
South Canterbury             10.500%   06/15/11   NZD       0.92
South Canterbury             10.430%   12/15/12   NZD       0.76
St Laurence Prop              9.250%   05/15/11   NZD      49.42
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   03/15/14   NZD       7.40
Trustpower Ltd                8.500%   09/15/12   NZD       7.80
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.80


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      29.63
Blue Ocean                   11.000%   06/28/12   USD      29.63
Sengkang Mall                 8.000%   11/20/12   SGD       0.10
United Eng Ltd                1.00%    03/03/14   SGD       1.21
WBL Corporation               2.500%   06/10/14   SGD       2.03


   SRI LANKA
   ---------
Sri Lanka Gov                 7.00%    10/01/23   LKR      74.20


   THAILAND
   --------

G Steel                      10.500%   10/04/10   USD      21.99


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***