TCRAP_Public/091126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, November 26, 2009, Vol. 12, No. 234

                            Headlines

A U S T R A L I A

ASIANA HOLDINGS: Tzvetkoff Mega-Mansion Sold at $10-Mln Discount
CUBBIE GROUP: Court Grants Extension of Time to Find Buyer
NUFARM LTD: Takeover Failure May Cue S&P to Cut Rating to BB+


C H I N A

CHINA EASTERN: To Complete Merger with Shanghai Air This Year


H O N G  K O N G

GOLDEN BRIGHT: Commences Wind-Up Proceedings
HAPPY PEARL: Members' Final General Meeting Set for Dec. 21
HONEST RIVER: Placed Under Voluntary Wind-Up Proceedings
IDEAL HOME: Creditors' Proofs of Debt Due December 21
JAPAN LEASING: Creditors' Annual Meeting Set for Dec. 16

JOY COLOUR: Placed Under Voluntary Wind-Up Proceedings
KONG SUNG: Creditors' Proofs of Debt Due December 24
LEO SHIP: Members' Final General Meeting Set for December 22
LYNDA COSMETICS: Members and Creditors to Meet on December 21
MARVELLOUS ERA: Seng and Lo Appointed as Liquidators

SEALANE LIMITED: Moody's Takes Rating Actions on Four Classes


I N D I A

ADLEC SYSTEMS: CRISIL Assigns 'BB-' Rating on Various Bank Debts
AKR TEXTILE: CRISIL Rates INR33.20 Million Long Term Loan at 'BB-'
APARA ENTERPRISE: CRISIL Assigns Junk Ratings to Bank Facilities
AUTO CARRIAGE: ICRA Assigns 'LBB' Rating on Various Bank Debts
DELTON CABLES: Fitch Affirms National Long-Term Rating at 'BB+'

FROSTEES EXPORT: ICRA Rates INR130MM Cash Credit at 'LBB+'
HINDPRAKASH TRADELINK: ICRA Rates INR35MM Term Loans at 'LBB'
HYUNDAI MOTOR: India Unit Workers Plan to Stage Strike on Dec. 5
IDBI BANK: To Raise US$225 Mln Syndicated Loan by Mid-December
PALTECH COOLING: ICRA Puts 'LBB+' on INR20.0 Mln Long Term Loans

SANDEEP SEEDS: CRISIL Rates INR150 Mln Cash Credit Limit at 'B+'
SATYAM COMPUTER: CBI Files More Charges Against Founder, 9 Others
SHRINET AND SHANDILYA: Low Net Worth Cues CRISIL 'LBB+' Rating
TATA MOTORS: Eyes Actis Stake in Swaraj Mazda, Economic Times Says
VARDHMAN AGENCIES: Low Profitability Prompts ICRA 'LBB' Ratings

VENKATESWARA WIRES: ICRA Puts 'LBB+' Rating on INR153.7MM Limits


I N D O N E S I A

BANK CENTURY: Depositors Demand Compensation from Government
CILIANDRA PERKASA: Moody's Upgrades Corp. Family Ratings to 'B1'
CSM CORPORATAMA: Fitch Upgrades National Long-Term Rating to 'CCC'


J A P A N

JAPAN AIRLINES: Secures JPY100-Bln Emergency Loans from DBJ


M A L A Y S I A

EKRAN BERHAD: Bourse Sets Feb. 10 Deadline to Submit Plan
MECHMAR CORPORATION: Reports MYR1.56 Million Net Loss for Q3 2009
PRIME UTILITIES: Receives Demand Letter to Pay MYR1.17MM Tax Dues
WWE HOLDINGS: Sept. 30 Balance Sheet Upside Down by MYR5.28 Mln


N E W  Z E A L A N D

HANOVER FINANCE: Rival Bid for Hanover Assets Likely
KINGSTON ACQUISITIONS: Railmark Bids for the Third Time


T H A I L A N D

ADVANCE AGRO: S&P Affirms Corporate Credit Rating at 'B-'


X X X X X X X X

DUBAI WORLD: Seeks 6-Month Standstill on Debt; Deloitte on Board


                         - - - - -


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A U S T R A L I A
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ASIANA HOLDINGS: Tzvetkoff Mega-Mansion Sold at $10-Mln Discount
----------------------------------------------------------------
A partly built beachfront mansion at the Gold Coast's
millionaires' row -- Hedges Avenue -- has been sold for just
$17 million, $10 million less than its owner paid for the
property, Maurice Dunlevy writes for The Australian.

IT mogul Daniel Tzvetkoff bought the property through his company
Asiana Holdings, but it was placed on the market after the company
went into receivership in August, goldcoast.com.au relates.

Ms. Dunlevy says receivers of Asiana Holdings had ordered the sale
of the mega-mansion, which at the height of the Gold Coast boom
was touted as being worth up to AU$60 million.

Mr. Tzvetkoff said in a statement Tuesday that he was disappointed
the property did not sell for a higher price, according to
goldcoast.com.au.

He said he was happy National Australia Bank, as first mortgagee,
would be paid in full from the proceeds of the sale.

According to goldcoast.com.au, the statement, released through
his solicitor Shaun Rose of Cronin Litigation also said
Mr. Tzvetkoff's company Asiana Holdings would fight through the
courts to keep the money made from the sale in Australia and out
of the hands of the second mortgagee Kolyma Corporation, which is
allegedly owed money by Asiana Holdings.

Mr. Tzvetkoff said if the money remained in Australia, it could be
used to pay local creditors, goldcoast.com.au reports.


CUBBIE GROUP: Court Grants Extension of Time to Find Buyer
----------------------------------------------------------
The Federal Court on Tuesday granted Cubbie Group administrators
an extension of time to find a buyer for Australia's largest
cotton farm, Cubbie Station, according to The Sydney Morning
Herald.  Expressions of interest were originally set to close by
December 16.

John Cronin, of McGrathNicol, said the extension would allow the
expressions of interest process to continue, the Herald relates.

"Our priority as voluntary administrators is to realize the value
within Cubbie in the interests of its creditors," the report cited
Mr. Cronin as saying in a statement.  "This extension allows us a
clear run and the time we need to deliver a positive resolution
for the creditors."

Mr. Cronin said a deed of company arrangement was also being
considered.

"We are targeting a completed transaction by early 2010," Mr.
Cronin said.

The administrators have until March 31 to convene a creditors'
meeting, according to the Herald.

John Cronin, Jamie Harris and Colin Nicol of McGrathNicol were
appointed voluntary administrators of Cubbie Group Ltd on
October 30, 2009.  The group owns Cubbie Station and related
farming operations in Dirranbandi and St. George.

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on October 29, 2009, that the National Australia Bank was
seeking the urgent repayment of a AU$320 million mortgage over the
93,000ha southern Queensland property.

Citing Cubbie Group's latest financial report, The Australian said
the company lost AU$33 million in 2007 to 2008.  According to The
Australian, auditor BDO Kendalls wrote that Cubbie's liabilities
exceeded its assets a year ago, that it had breached its banking
covenants, and that the bank had guaranteed support only until the
end of last year.

Cubbie Group Ltd -- http://www.cubbie.com.au/-- holds around
93,000 hectares of land on several properties in South West
Queensland.  The group produces a range of irrigated crops,
including cotton, wheat, sorghum, sunflowers, barley, chickpeas
and corn.


NUFARM LTD: Takeover Failure May Cue S&P to Cut Rating to BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BBB-' long-term
corporate credit rating on Nufarm Ltd. remains on CreditWatch with
negative implications, pending resolution of the possible
acquisition of Nufarm by Sinochem (not rated).

The rating was initially placed on CreditWatch on Sept. 28, 2009,
when Nufarm announced the Sinochem proposal.  This CreditWatch
update follows completion of S&P's review of Nufarm's
creditworthiness following release of the company's fiscal 2009
results and outlook for fiscal 2010.  If the takeover by Sinochem
does not proceed, S&P is likely to lower the rating and outlook on
Nufarm to 'BB+/Stable'; at the same time, S&P is likely to lower
the rating on Nufarm's Step-Up Securities to 'B+' from 'BB'.
Resolution of the CreditWatch will depend on whether the
acquisition by Sinochem proceeds as proposed.  If the transaction
succeeds, S&P will assess the resulting structure of Nufarm and
the ensuing business and financial risk profiles of the new
ownership group.

"The possible lowering of the ratings on Nufarm, in the absence of
a takeover by Sinochem, reflects S&P's view that Nufarm's current
weak credit metrics are unlikely to recover to levels commensurate
with what S&P considers are appropriate for an investment-grade
rating in the short term," Standard & Poor's credit analyst
Richard Creed said.  "Moreover, S&P believes Nufarm's business
profile has weakened, reflecting the vulnerability of the
company's performance over the past two years to a single productó
glyphosate, despite the positive benefit of the group's
considerable geographic diversity.  Such vulnerability accentuates
the highly seasonal and volatile cash flow S&P already believe are
inherent to Nufarm and the agribusiness sector generally.  To
compensate for this weakened business profile, S&P considers the
company now needs to achieve stronger cash-flow-protection metrics
for each rating."

Difficulties in the global glyphosate market over the past two
years have been the primary driver for Nufarm's increased working-
capital usage, which has been primarily debt funded
(notwithstanding a AU$300 million equity raising in May 2009).
While S&P expects the company to improve its credit metrics under
"normal" seasonal conditions, to sustain an improved performance
Nufarm will need to reverse the declining trend in credit metrics
over the past five years.  The adjusted funds from operations-to-
debt ratio for Nufarm has declined to less than 15% over the past
two years, from 21.4% in 2005.  Adding to the short-term pressure
on the financial profile is that Nufarm is operating very close to
its bank covenants, a situation S&P does not expect for
investment-grade companies.


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CHINA EASTERN: To Complete Merger with Shanghai Air This Year
-------------------------------------------------------------
China Eastern Airlines would complete its merger transaction with
Shanghai Airlines by the end of the year, China Daily reports.

All the legal procedures will be completed by the end of 2009, the
Daily said, citing Ma Xulun, general manager of China Eastern.

The Shanghai-based carrier said in July it would buy smaller rival
Shanghai Airlines via a 9-billion-yuan (US1.3 billion) share swap
that would give it a market share of more than 50% in China's
financial hub.

The report notes Mr. Ma said China Eastern is expected to return
to the black in 2010 after a huge reduction in losses this year.
The airline made a net profit of CNY1.2 billion in the first nine
months of this year.

                      About Shanghai Airlines

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com/
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2007, the
company had 58 airplanes.  In 2007, the company develops 10 new
national airlines and three new international airlines.  During
the year ended December 31, 2007, the company transported
approximately 9.45 million passengers and 327,400 metric tons of
cargos.  As of December 31, 2007, the company had 15 major
subsidiaries and associates.

                        About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                          *     *     *

China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.


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


GOLDEN BRIGHT: Commences Wind-Up Proceedings
--------------------------------------------
Members of Golden Bright Garment Limited on November 20, 2009,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chiu Wai Hon
         Hang Seng Wanchai Building
         Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong


HAPPY PEARL: Members' Final General Meeting Set for Dec. 21
-----------------------------------------------------------
Members of Happy Pearl Limited will hold their final meeting on
December 21, 2009, at 5:00 p.m., at the 20/F, Winbase Centre, 208
Queen's Road Central, in Hong Kong.

At the meeting, Lee Kit Mei, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


HONEST RIVER: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on November 20, 2009, the
members of Honest River Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

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


IDEAL HOME: Creditors' Proofs of Debt Due December 21
-----------------------------------------------------
Creditors of Ideal Home Tex Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by December 21, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lam Ying Sui
         Allied Kajima Building, 10/F
         138 Gloucester Road
         Wanchai, Hong Kong


JAPAN LEASING: Creditors' Annual Meeting Set for Dec. 16
--------------------------------------------------------
Creditors of Japan Leasing (Hong Kong) Limited will hold their
annual meeting on December 16, 2009, at 10:00 a.m., at the 27/F,
Alexandra House, 29 Chater Road, in Central, Hong Kong.

At the meeting, Jacky CW Muk, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


JOY COLOUR: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on November 12, 2009,
members of Joy Colour Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Cheung Sei Lok Carey
         Chinachem Tower, 13/F
         Nos. 34-37 Connaught Road
         Central, Hong Kong


KONG SUNG: Creditors' Proofs of Debt Due December 24
----------------------------------------------------
Creditors of Kong Sung Development Limited are required to file
their proofs of debt by December 24, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 11, 2009.

The company's liquidator is:

         To Siu Chiu
         Yuen Long Trade Centre, Rooms 702-3
         99-109 Castle Peak Road
         Yuen Long, N.T.


LEO SHIP: Members' Final General Meeting Set for December 22
------------------------------------------------------------
Members of Leo Ship Management Limited will hold their final
meeting on December 22, 2009, at 10:30 a.m., at the 35/F, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughhey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LYNDA COSMETICS: Members and Creditors to Meet on December 21
-------------------------------------------------------------
Members and creditors of Lynda Cosmetics Company Limited will hold
their final meeting on December 21, 2009, at 5:30 p.m., at the 19/
F, Nan Dao Commercial Building, 359-361 Queen's Road Central,
Seung Wan, in Hong Kong.

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


MARVELLOUS ERA: Seng and Lo Appointed as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo on November 6, 2009, were
appointed as liquidators of Marvellous Era Limited.

The liquidators may be reached at:

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


SEALANE LIMITED: Moody's Takes Rating Actions on Four Classes
-------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Sealane (Trade Finance) Limited.

Issuer: Sealane (Trade Finance) Limited

  -- US$ 60,000,000 Class A Credit-Linked Floating Rate Notes,
     Confirmed at Aaa; previously on Sept. 9, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- US$ 60,000,000 Class B Credit-Linked Floating Rate Notes,
     Downgraded to Aa3; previously on Sept. 9, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- US$ 60,000,000 Class C Credit-Linked Floating Rate Notes,
     Downgraded to Baa2; previously on Sept. 9, 2009 A2 Placed
     Under Review for Possible Downgrade

  -- US$ 30,000,000 Class D Credit-Linked Floating Rate Notes,
     Downgraded to Ba1; previously on Sept. 9, 2009 Baa2 Placed
     Under Review for Possible Downgrade

The rating actions are primarily the result of applying Moody's
revised assumptions for rating synthetic transactions with
corporate exposures.  Moody's revised assumptions incorporate its
expectation that global corporate default rates are likely to
greatly exceed their historical long-term averages and reflect the
heightened interdependence of credit markets in the global
economic contraction.  The rating actions conclude the ratings
review initiated in September 2009.

This balance sheet CLO, closed in November 2007, is a synthetic
trade loan transaction originated by Standard Chartered Bank,
referencing a revolving portfolio of trade financing obligations
that meets certain criteria as to creditworthiness and diversity.
The portfolio is well diversified in terms of obligor
concentration.  According to the transaction's investor report
dated October 31, 2009, the end-October portfolio contains 1,596
reference entities and has a weighted average maturity of 64.84
days.

As of October 31, 2009, credit events had occurred on
US$ 22.6 million equivalent (or 0.75% of the initial portfolio
amount) of reference obligations involving 28 obligors.  Moody's
views this performance as within the initially expected range,
although high economic uncertainty still remains and the
consequences of a weaker economic environment could still
materialize in higher than expected credit events.

Moody's notes that the reference portfolio is exposed to reference
obligors which are domiciled in countries with local currency
ceiling for bonds below Aaa.  According to the transaction's
investor report dated October 31, 2009, countries with exposures
higher than 10% have local currency ceilings at Aa3 or above.  In
confirming the Aaa rating of the Class A Notes, Moody's considers
the rating levels of these countries to be sufficiently high in
the presence of a structural mechanism that reduces exposures to a
particular country when that country's ceiling rating is
downgraded.  The structural mechanism is part of the replenishment
conditions and imposes different exposure limits on a country
according to the level of the country's local currency ceiling.
When a tightened exposure limit is imposed on a country which has
had its ceiling downgraded, no further replenishment with
reference obligors domiciled in that country can be carried out
until the country's exposures are reduced to a compliance level
through amortizations.

Moody's will continue to monitor the country exposures of the
transaction along with other performance metrics.  Should the non-
Aaa country exposures become more concentrated during the
replenishment period, there would be rating implication on the
notes.

Moody's ratings address the expected loss posed to note holders.
To measure the potential loss incurred by note holders, Moody's
CDOROM model was used in conjunction with a separate cash flow
model, Moody's ABSROM model.  CDOROM (together with its built-in
assumptions) was used to generate the loss distribution of the
theoretical portfolio presenting the most risk for the structure
(primarily in terms of concentrations and credit quality), but
still complying with the transaction's portfolio criteria.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of Moody's credit indicators, such as
ratings reviews and outlooks in mapped ratings, a half notch
stress was applied to the mapping scale.

The portfolio criteria include reference obligations having low
internal credit ratings not exceeding certain limits, the weighted
average life of the portfolio not exceeding 91 days, the tenor of
any reference obligation not exceeding 366 days, concentration in
an industry not exceeding 20% (excludes Banking and Finance, not
exceeding 25%) and H-Score, a measurement of obligor
concentration, not being lower than 200.  Each reference
obligation to be replenished must also satisfy the eligibility
criteria, which include the related reference entity not being
recorded on SCB's Early Alert Review System.

Replenishment will be suspended if the H-Score, the weighted
average life of the portfolio and the exposures to reference
obligations with SCB Corporate Risk Factor 9B or below are in
breach of their compliance levels.

That loss distribution generated by CDOROM was then used in
ABSROM, which has the capacity to recreate (1) the revolving
nature of the portfolio, (2) the cash flow allocation in
accordance with the documented order of priorities, and (3) the
effect of the cumulative loss trigger.  As such, ABSROM provides
the loss incurred by the notes under each loss scenario, which,
combined with the probability assigned by CDOROM to that loss
scenario happening, allows for the computation of the expected
loss of each class of notes.

Moody's initially analyzed and continues to monitor this
transaction using primarily the modeling approach described above
as well as the methodology and its supplements for corporate
synthetic CDOs as described in these Moody's Special Reports:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (September 2009)

  -- A Guide to Moody's Sovereign Ratings (December 2008)

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include, among others,
the structural protections in this transaction, the strong deal
performance in the current market environment, specific
documentation features, and exposures to emerging market credits
in the portfolio.  All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.


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ADLEC SYSTEMS: CRISIL Assigns 'BB-' Rating on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Adlec Systems Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR90.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR11.0 Million Term Loan            BB-/Stable (Assigned)
   INR120.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Adlec's moderate financial risk profile, and
exposure to risks relating to fluctuations in investment cycle in
the domestic economy.  However, these weaknesses are partially
offset by the benefits that the company derives from a healthy
customer base.

Outlook: Stable

CRISIL believes that Adlec will maintain a stable credit risk
profile over the medium term, backed by established clientele
comprising leading multinational companies.  The outlook may be
revised to 'Positive' if the company is able to improve its
collection cycle and/or in case of more than expected improvement
in cash accruals, both leading to an improvement in the capital
structure of the company.  Conversely, the outlook may be revised
to 'Negative' if prolonged slowdown in the domestic economy leads
to a sharp decline in Adlec's cash accruals, and/or the company
incurs large, debt-funded capital expenditure, weakening its debt
protection measures.

Incorporated in 1995 by Mr. Uttam Surana, Adlec assembles
switchgears.  The company manufactures steel cabinets and procures
other equipment for assembly from leading multinational companies
such as ABB Ltd and Schneider Electric (India) Pvt Ltd.  Adlec
reported a profit after tax (PAT) of INR21 million on net sales of
INR928 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR23 million on net sales of
INR975 million for 2007-08.


AKR TEXTILE: CRISIL Rates INR33.20 Million Long Term Loan at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to AKR
Textile's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR33.20 Million Long Term Loan      BB-/Stable(Assigned)
   INR50.00 Million Packing Credit      P4+ (Assigned)
   INR15.00 Million Bill Purchase       P4+ (Assigned)
    - Discounting Facility (Non LC)
   INR20.00 Million Bill Purchase       P4+ (Assigned)
       - Discounting Facility (LC)
   INR5.00 Million Letter of Credit     P4+ (Assigned)

The ratings reflect AKR's weak financial risk profile, the
customer concentration in its revenue profile, and its exposure to
intense competition in the textile industry.  These weaknesses are
partially offset by the firm's established market position in the
readymade garments industry.

Outlook Stable

CRISIL believes that AKR will maintain its established market
position in the readymade garments industry over the medium term.
The outlook may be revised to 'Positive' if the firm diversifies
its customer base or improves its capital structure leading to
significant improvement in the credit risk profile.  Conversely,
the outlook may be revised to 'Negative' in case AKR's revenue and
cash accruals decline sharply, it undertakes a large, debt-funded
capital expenditure program, or its relationships with major
customers deteriorate.

                         About AKR Textile

Set up in 2002, AKR Textile is a proprietorship firm managed by
Mr. Loganathan.  It manufactures and exports knitted garments for
men, women, and children.  The firm has facilities of 20 cutting,
2000 stitching, 22 printing, and 20 embroidery machines; it
outsources knitting, dyeing, and compacting operations.

AKR reported a profit after tax (PAT) of INR18 million on net
sales of INR518 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR10 million on net sales
of INR236 million for 2007-08.


APARA ENTERPRISE: CRISIL Assigns Junk Ratings to Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Apara Enterprise Solutions Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150.0 Million Cash Credit      D (Assigned)
   INR26.5 Million Term Loan         D (Assigned)
   INR90.0 Million Letter of Credit  P5 (Assigned)
   INR6.0 Million Bank Guarantee     P5 (Assigned)

The ratings reflect devolvement in AES's letter of credit
facility, and the company's overdrawn cash credit account, owing
to weak liquidity.

Set up in 1992 by Mr. M S Sidhu, AES provides consulting services
and solutions in enterprise storage, intelligent networking,
enterprise security, secure messaging, and application solutions.
The company provides data storage, data protection, and disaster
recovery services.  However, AES derives its revenues mainly from
trading in hardware.  The company is based out of Bangalore,
Karnataka.

AES reported a net loss of INR103 million on net sales of INR738
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR28.6 million on net
sales of INR1 billion for 2007-08.


AUTO CARRIAGE: ICRA Assigns 'LBB' Rating on Various Bank Debts
--------------------------------------------------------------
ICRA has assigned an LBB rating to the cash credit facilities of
INR70 million of Auto Carriage Private Limited.

The rating factors in the low operating profitability and working
capital intensive nature of operations, both of which are inherent
in the auto dealership business, and the highly aggressive capital
structure of the company.  Although ACPL has a limited track
record as an authorised dealer of Mahindra & Mahindra Ltd (M&M),
ICRA has factored in the established track record and experience
of the promoters in operating an authorised dealership of Hyundai
Motors India Ltd in Kolkata and Guwahati.  While assigning the
rating ICRA has also taken note of the profits earned by the
company in the first quarter of 2009-10 and plans of the company
to correct its capital structure to an extent, by way of fresh
equity infusion and repayment of the exiting term loans.
Notwithstanding the same, the capital structure is likely to
remain aggressive.

ACPL, promoted by the Kolkata based Himatsingka family, is an
authorized dealer of M&M in Kolkata.  Incorporated in 1996, the
company was earlier the clearing and forwarding (C&F) agent of
HMIL for Eastern India.  ACPL's workshop and showroom facilities
are spread over an area of 7900 sq ft and 34000 sq ft,
respectively.  During Q1 FY 10 (provisional), the company recorded
a net profit before tax of 1.57 million on the back of net sales
of INR118.55 million as against an estimated net loss of INR1.85
million on the back of net sales of INR381.70 million during in
FY 09 (provisional).


DELTON CABLES: Fitch Affirms National Long-Term Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed India's Delton Cables Limited's
National Long-term rating at 'BB+(ind)' with Stable Outlook.  The
agency has also affirmed the ratings of Delton's enhanced bank
loan facilities:

  -- INR17.14 million long-term loans: at 'BB+(ind)';

  -- INR336 million (enhanced from INR328 million) fund based
     limits: at 'BB+(ind)'/'F4(ind)'; and

  -- INR616 million (enhanced from INR599m) non-fund based
     limits: at 'BB+(ind)'/'F4(ind)'.

This rating action commentary updates the same published by the
agency on November 19, 2009.

Delton was set up in 1948 and is in the business of cable
manufacturing.  In FY09, Delton recorded revenues of INR1642
million, up by 13.0% yoy, while its operating EBITDAR margin was
6.3% versus 8.9% yoy, and net income was INR17.5 million (FYE08:
INR30.5 million).


FROSTEES EXPORT: ICRA Rates INR130MM Cash Credit at 'LBB+'
----------------------------------------------------------
ICRA has assigned an LBB+ rating to the cash credit facilities of
INR130 million of Frostees Export (India) Private Limited.

The rating factors in the inherently low operating profitability
and high working capital intensive nature of the business, which
coupled with the aggressive capital structure of the company,
depresses the debt coverage indicators.  The rating takes note of
the credentials of FEPL as an "Elite Dealer" of Hyundai Motors
India Limited (HMIL) in the Eastern India with a track record of
more than ten years, its leading position in the markets in which
it operates and the experience of promoters and key management
personnel in the automobile dealership business.

ACPL, promoted by the Kolkata based Himatsingka family, is the
oldest dealer of Hyundai Motors India Limited in Kolkata and
Guwahati, with operations since 1997. In addition to having two
showrooms in Kolkata and Guwahati, it has five service centers,
and vocational training centers in association with Du Pont and
George Telegraph Institute.

During Q1 of 2009-10, the company recorded total sales of
INR342.83 million with a profit before tax of 3.36 million. In
2008-09, the company had a turnover of INR1148.54 million with a
profit after tax of INR2.58 million.


HINDPRAKASH TRADELINK: ICRA Rates INR35MM Term Loans at 'LBB'
-------------------------------------------------------------
ICRA has assigned an LBB rating to the INR35.00 million term loans
and the INR40.00 million cash credit (CC) facility of Hindprakash
Tradelink Private Limited.  ICRA has also assigned an A4 rating to
the INR8.00 million short term loans and INR10.00 million letter
of credit facility (interchangeable with cash credit facility;
total cash credit and letter of credit facility not to exceed
INR40 million).

The ratings take into account HTPL's weak financial profile
characterized by relatively small size of operations, low
profitability and stressed coverage metrics.  The ratings are
further constrained by the high competition in the dyestuff
industry, the company's presence mainly in the trading segment
leading to limited value addition, vulnerability of the company's
profitability to fluctuations in the prices of imported dyestuff
in case of fixed price orders, and to currency fluctuations as
imports constitute a substantial portion of purchases.  The
ratings however favorably factor in the promoters' long track
record in dyes industry, established presence of the company in
disperse dyes segment, exclusive agreement for the distribution of
disperse dyes in India with Longsheng group, a leading Chinese
producer of disperse dyes and presence of a diversified customer
base.

                    About Hindprakash Tradelink

Hindprakash Tradelink Pvt. Ltd. started its operations under the
name Sumangal Tradelink Pvt Ltd. in 2003.  Its name was changed to
Hindprakash Tradelink Pvt Ltd in FY07.  HTPL is part of the
Hindprakash group of companies which are engaged in the business
of dyes and dye intermediates.  HTPL is primarily engaged in
trading of disperse dyes and also deals in basic chemicals like
caustic soda and global salt.  It is the exclusive supplier in
India for Longsheng group of China for disperse dyes. The other
key operating group companies are Hindprakash International Pvt.
Ltd. (trades in dye intermediates and reactive dyes), Hindprakash
Exim Pvt. Ltd. (bulk exports of dyes and dye intermediates) and
Hindprakash Longsheng Pvt Ltd. (Manufacturing of textile
auxiliaries).  The major shareholders for HTPL are Shirshak
Securities Ltd (44.4%), Shree Neelam Finance & Securities Pvt Ltd.
(8.9%) and Mangal Brother Trust (8.9%).

The company reported a net profit of INR4.11 million on a turnover
of INR521.58 million for the year ended 31st March 2009 as per the
provisional unaudited accounts.


HYUNDAI MOTOR: India Unit Workers Plan to Stage Strike on Dec. 5
----------------------------------------------------------------
Workers at Hyundai Motor India Ltd, a wholly owned subsidiary of
Hyundai Motor Co., have threatened to go on strike on December 5
if the company does not recognize their union, according to The
Times of India.

According to the report, representatives for the rebel faction,
owing allegiance to Centre of Indian Trade Unions (CITU), said
they had served a notice on the company, seeking recognition of
their faction as a "true representative" of the company's workers.
The company, however, was quick to dismiss the demand.

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

                         *     *     *

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

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


IDBI BANK: To Raise US$225 Mln Syndicated Loan by Mid-December
--------------------------------------------------------------
IDBI Bank has awarded the mandate to three leading foreign lenders
to raise $225 million five-year syndicated loan in Asian and
European markets by mid-December, the Economic Times reported,
citing a top bank official.

IDBI Bank's executive director and head of international banking,
Melwyn Rego said the bank has mandated leading lenders, Deutsche
Bank, Royal Bank of Scotland and ANZ as the lead arrangers for the
program and will pay an interest of 2.25% above Libor.

"This is a fully underwritten syndicated loan. We expect to
receive the money by middle of next month (December) and the
proceeds will be used to fund the ongoing business operations of
the bank," Mr. Rego said.

This would be the second syndication loan program of IDBI Bank in
a period of less than two months. The lender had raised $250
million from the syndicated loan market overseas in October, which
had a maturity of one year.

IDBI Bank Limited (BOM:500116)-- http://www.idbi.com/-- formerly
Industrial Development Bank of India, is an India-based commercial
bank.  The Bank offers an array of corporate banking products
under various segments, such as Deposits, Cash Management, Central
and State Government agency business (both direct and indirect
taxes), Trade Finance and Treasury Products.  The Bank operates in
four segments: Wholesale Banking, Retail Banking, Treasury
Services and Other Banking Operations. IDBI Capital Market
Services Limited is a wholly owned subsidiary of the Bank.  Its
businesses include primary dealing, stock brokering, distribution
of financial products, merchant banking, debt arranging and
underwriting, portfolio management and research services. IDBI
Gilts Limited, a wholly owned subsidiary of the Bank undertakes
primary dealer business.  IDBI Fortis Life Insurance Company
Limited is a joint venture of the Bank, Federal Bank Limited and
Fortis Insurance International.


                           *     *     *

IDBI Bank Ltd continues to carry Moody's Investors Service's 'Ba2'
Foreign LT Bank Deposits rating and 'D-' Bank Financial Strength
Rating.  IDBI Bank also continues to carry Fitch Ratings'
Individual Rating of D.


PALTECH COOLING: ICRA Puts 'LBB+' on INR20.0 Mln Long Term Loans
----------------------------------------------------------------
ICRA has assigned a rating of LBB+ to the INR20.0 million long
term loans and Rs.70.0 million fund based working capital limits
of Paltech Cooling Towers and Equipments Limited.  ICRA has also
assigned a rating of A4+ to INR50.0 million non fund based working
capital limits of the company.

The non-investment grade rating reflects the risks arising out of
the highly competitive and fragmented nature of the company's core
business of cooling towers, modest scale of operations of the
company with respect to industry majors and susceptibility of its
margins to raw material price fluctuations.  The rating also
factors in the debt funded capital expenditure plans that the
company has which are likely to result in the gearing remaining at
above 1 times in the medium term.  Further, the working capital
intensive operations have resulted in the company generating
negative cash from operations (adjusted for working capital
changes) most of the times which has exerted pressures on the
liquidity of the company.  The ratings are however supported by
the long experience and established track record of the promoter
in cooling tower and chilling plant industry and the positive
demand outlook for the businesses that it is operating in.

                      About Paltech Cooling

Paltech Cooling Towers & Equipments Limited started its commercial
production in the year 1986 in the field of Cooling Towers and
Chilling Plants for various industrial applications from concept
to commissioning. Besides this the company is also engaged into
supply of all types of components of cooling towers like Gear
reducers, PVC Fills, Flow controlled valve, FRP Fan cylinders,
Wooden components, Nozzles etc. The company also undertakes the
redesigning and up gradation of cooling towers. The company has an
integrated production unit in Sohna (Gurgaon District) spread over
an area of more than 1 Lakh Sq. Ft. with warehousing capacity. The
company has technical collaboration with IIT Mumbai in designing
power saving FRP fans and gear reducers. The company has the
membership of the reputed organizations like CTI (USA), CII,
FICCI, and ASSOCHAM. The Company supplies its products majorly in
domestic market only with a marginal part of total production
being exported to Nepal, Bhutan, and Dubai, Sri Lanka besides
African, Far East and Middle East Countries.  In FY2009 the
Company achieved a turnover of INR300.4 million and a PAT of
INR9.8 million.  The gearing level of the company in FY 2009 was
at 1.17 times.


SANDEEP SEEDS: CRISIL Rates INR150 Mln Cash Credit Limit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
facility of Sandeep Seeds and Farms Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Cash Credit Limit   B+/Stable (Assigned)

The rating reflects SSFL's weak financial risk profile, and
exposure to risks relating to the working-capital-intensive nature
of its operations.  These weaknesses are, however, mitigated by
the benefits that the company derives from its promoters'
experience in the seeds industry.

Outlook: Stable

CRISIL believes that SSFL will maintain a stable business risk
profile over the medium term, on the back of its established
relationships with farmers, and strategic marketing tie-up with
government nodal agencies for the off-take of its processed seeds.
The outlook may be revised to 'Positive' if the company's
operating profitability improves, driven by stability in
operations, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative'if SSFL's
profitability declines, weakening its financial risk profile.

Set up in 2009 by Mr. S Venkat Rao, SSFL (formerly, Sandeep Seeds
and Farms) produces, processes, and trades in self-pollinated
seeds such as paddy, bengal gram, ground nut, and soya bean.  The
seed production is organized through tie-ups with individual
growers and organizers in different districts. The company has
eight seed processing plants with an installed capacity of 300,000
quintals per annum.

SSFL reported a provisional profit after tax (PAT) of INR4.10
million on net sales of INR622 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.30
million on net sales of INR198 million for 2007-08.


SATYAM COMPUTER: CBI Files More Charges Against Founder, 9 Others
-----------------------------------------------------------------
The Central Bureau of Investigation on Tuesday filed a
supplementary charge sheet against disgraced Satyam founder B
Ramalinga Raju and nine others, The Times of India reports.

The report says the CBI valued Satyam fraud at INR14,000 crore
instead of the INR7,800 crore that Raju had owned up to in January
this year.

The Times relates that the CBI, in a 200-page chargesheet filed in
court, charged the accused of:

   -- forging board resolutions;

   -- obtaining unauthorized loans worth INR1,220 crore
      from banks;

   -- inflating Satyam revenues to INR430 crore by creating
      fake customers and generating fake invoices;

   -- criminal breach of trust and falsifying accounts by
      inflating the acquisition price of Nipuna Services Ltd,
      the ITeS arm of Satyam;

   -- criminal breach of trust in the declaration and disbursal
      of dividends of Satyam Computers.

According to the report, the chargesheet also identifies 1,065
properties with a documented value of INR350 crore that were
acquired by the Rajus with the spoils of the fraud.  These include
6,000 acres of land, 40,000 sq yd of housing plots and 90,000 sq
ft of built-up property.

The investigating agency said it was planning to file a separate
chargesheet on the allegations of funds diversion and income-tax
frauds within the next few days, the report notes.

                         Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.

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

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

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

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

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

                       About Satyam Computer

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


SHRINET AND SHANDILYA: Low Net Worth Cues CRISIL 'LBB+' Rating
--------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR700 million bank lines
of Shrinet and Shandilya Construction Private Limited.

ICRA's non-investment grade rating factors in the highly
competitive nature of the industry, and SPL's modest scale of
operations, which coupled with its low net-worth limits its
ability to bid for larger and more complex projects.  The rating
also factors in its high gearing (including mobilization advances)
of 2.84 times as on March 2009, and the exposure of the company to
high geographical and client concentration risks as more than 80%
of its current order book is contributed by two road projects. The
rating is however supported by SPL's experienced management and
its long track record in the roads construction business.

Shrinet & Shandilya Private Limited is a private limited company
engaged in construction of roads, widening and rehabilitation of
roads and construction of group housing societies for various
clients in public and private sectors.  SPL was promoted by its
current CMD Mr. Sanjay Pratap Singh, who has been carrying out the
construction business since 1998.  In FY2009 as per provisional
numbers provided by the company, it achieved a turnover of INR700
million and a PAT of INR38.2 million.


TATA MOTORS: Eyes Actis Stake in Swaraj Mazda, Economic Times Says
------------------------------------------------------------------
The Economic Times reported that Tata Motors Ltd is exploring the
possibility of buying the stake of private equity investor Actis
in truck and bus maker Swaraj Mazda Ltd.

The report, citing persons familiar with the matter, says Tata
Motors' move to look at Actis' stake was triggered after the
private equity major started considering exit options from its
investment in Swaraj Mazda, which was made in 2004, for about
INR370 crore.

Actis owns 7.7% stake in Swaraj Mazda and another 9.3% through
unit its CDC unit, the ET notes.

According to the report, Tata is among other auto makers, a
Kolkata-based engineering company and other private equity funds
who are are looking to enter the fast-growing Indian auto market.

A Tata Motors spokesperson, however, said "This is purely
speculative, on which we don't have any comments."  Actis India
head JM Trivedi also refused to comment on the issue, the ET adds.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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


VARDHMAN AGENCIES: Low Profitability Prompts ICRA 'LBB' Ratings
---------------------------------------------------------------
ICRA has assigned an LBB rating to the INR115.00 million, cash
credit facility of Vardhman Agencies Pvt. Ltd.

The rating is constrained by the company's weak financial risk
profile, as characterized by high gearing levels and poor coverage
indicators.  The liquidity position of the company is constrained
by low profitability in the sugar trading business; high working
capital requirements on account of advances to sugar mills for
meeting the entire cost of free sugar production and high levels
of limits utilization constrain the liquidity position of the
company. The rating also takes into account the intense
competition in the sugar trading business on account of fragmented
industry structure and commoditized nature of the product. The
rating, nevertheless, favorably factors in the sole marketing
rights of VAPL with four co-operative sugar mills on fixed
commission basis, which mitigates sugar price fluctuation risk and
ensures assured supply of sugar. The rating also derives comfort
from the long presence of the promoters in the sugar and gur
industry and the presence of a diversified customer base.

Vardhman Agencies Private Ltd was incorporated in 1992 by Mr. Arun
Jain and Mr. Mahavir Jain.  Initially, the company was involved in
stock trading and jobbing operations in equity markets. Since
1996, the company focused mainly on the business of sugar trading.
At present, VAPL has contracts with three co-operative sugar mills
and one private sugar mill for selling their entire free sugar
stock on fixed commission basis. The other key operating group
company is M/S Arun Agencies, which holds licenses for trading in
sugar from sixteen co-operative sugar mills.  During the period
ending 2008-09, VAPL reported an operating income of INR2311
million and profit after tax of INR4.8 million.


VENKATESWARA WIRES: ICRA Puts 'LBB+' Rating on INR153.7MM Limits
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to INR153.7 million fund based
limits of Venkateswara Wires Private Limited.  ICRA has also
assigned A4+ rating, to INR49 million fund based limits and 135
million non fund based limits of Venkateswara.

The inadequate credit quality ratings takes into account strong
competitive pressure in the core conductors and cables business
which Venkateswara faces in the domestic market and the relatively
small capacity of the company which has prevented it from
executing large value orders having better profit margins.  These
factors have resulted in thin profitability in the past and this
situation is unlikely to change materially in the medium term.
The ratings are also constrained by high gearing levels (2.13
times as on FY09), modest coverage indicators (NCA/TD at 13.74% as
on FY09) and the relatively stretched cashflows arising out of
increase in working capital intensity of the business (NWC/OI at
25.21% as on FY09) on account of delays in payments made by PSU
clients.  The ratings however derive comfort from the long
experience of promoters in managing the business and established
relationship with the client which has resulted in repeat orders
in the past. The ratings also derive comfort from the fact that
the sales orders have PV clauses which give protection to
Venkateswara against the fluctuation of raw material prices.

                     About Venkateswara Wires

Venkateswara Wires Private Limited commenced operations in the
year 1988 as a pure aluminium conductor manufacturer in the small
scale sector at industrial area in Jaipur.  Initially only Seven
strand conductors were manufactured, however over the years
product portfolio was diversified into ACSR conductors, AAAC
conductors upto 61 strands as well as Aerial Bunched Cables used
in power transmission lines.  Apart from that the company also
have two windmill of 600 KW one each in Maharashtra and Rajasthan
the electricity of which is sold to MSEDCL and RSEB. The company
is planning to set up one more wind mill of 600 KW in Rajasthan
only.  It is an ISO 9001-2000 certified company having its
customer profile comprising mainly of SEBs like RSEB, GEB, MSEB,
TNEB WBSEB etc.  For FY09 Venkateswara made PAT of INR25.23
million on Net Sales of INR895.79 millions.


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


BANK CENTURY: Depositors Demand Compensation from Government
------------------------------------------------------------
Jakarta Globe reports that 50 depositors of PT Bank Century met
with lawmakers from the House of Representatives on Tuesday to
demand compensation from the government.

The depositors, representing a total of around 1,000 who were
unable to withdraw funds from their accounts, have argued that
money was embezzled from the bank, the report relates.

The Globe says Edo Abdurahman, Bank Century Depositor Forum
spokesman, asked House Commission III for law and legislation that
if IDR6.7 trillion ($710 million) could be injected to bail out
the bank "without clear considerations," why couldn't the
government protect the depositors' money?

Commission III deputy chairman Tjatur Sapto Edy promised to meet
with the relevant parties to work toward a solution, the Globe
notes.

Meanwhile, The Jakarta Post reports that the Supreme Audit Agency
(BPK) said that of the bailout disbursed to Bank Century totaling
IDR6.7 trillion (US$710.2), IDRp2.89 trillion was illegal.

BPK Chairman Hadi Purnomo told the Jakarta Post that the IDR2.89
trillion of Century bailout had been disbursed after Dec. 18,
2008, when the House of Representatives' plenary meeting rejected
the regulation-in-lieu of law (Perppu) No.4/2008.

Perppu No.4/2008 was issued by President Susilo Bambang Yudhoyono
on Oct. 15, 2008, legalizing the bailout to the troubled bank, the
Post notes.  The Perrpu had been rejected by legislators and had
no more legal power since Dec. 18, 2008, according to Mr. Hadi.

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

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

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


CILIANDRA PERKASA: Moody's Upgrades Corp. Family Ratings to 'B1'
----------------------------------------------------------------
Moody's Investor Service has upgraded to B1 from B2 the corporate
family and senior secured debt ratings of PT Ciliandra Perkasa.
The ratings outlook is stable.

"The upgrade reflects the steady improvement in Ciliandra's
operating and financial profiles, driven by the company's organic
growth strategy and the improvement in yield from maturing
plantations.  These two factors have allowed Ciliandra to increase
its crude palm oil production by about 46% in the past three
years," says Wonnie Chu, Moody's lead analyst for the company.

"In addition, the company's low cost advantage has enabled it to
weather the industry down cycle relatively well compared to its
peers," adds Chu.

"This is evidenced by the fact that in 4Q08 and 1Q09, when CPO
prices declined to less than $500 per ton, the company continued
to generate healthy cash flows, while some of its peers were
facing cash flow pressure due to depressed CPO prices."

The rating also takes into account the company's strong liquidity,
supported by the cash-generative nature and low working capital
requirements of its business.  Furthermore, the company's
disclosure and transparency improved following the IPO of its
parent, First Resources Limited.

These strengths, however, are counterbalanced by Ciliandra's
smaller scale and exposure to commodity price volatility.
Moreover, Moody's has concerns over FRL's high growth appetite as
well as the possibility that cash generated by Ciliandra could be
used to fund expansion at the parent.  As such, Moody's also
considers FRL's consolidated financial profile in assessing the
credit strength of Ciliandra; however, given an adjusted
consolidated debt/EBITDA of about 3x (assuming a long-term CPO
average price of US$500 FOB), Ciliandra's financial profile
remains appropriate for its B1 rating.

The stable outlook reflects Moody's expectation that Ciliandra
will continue to demonstrate financial prudence as it expands its
plantation base through the industry cycle.

The rating is unlikely to be upgraded in the medium term in view
of the company's modest scale and the fact that it has not
developed its downstream operations to mitigate commodity
volatility.

Conversely, downward rating pressure could emerge on (1) signs of
cash leaks to the parent --through aggressive payments of cash
dividends, for example; (2) new, aggressive, debt-funded
acquisitions/investments; or (3) a drop in the price of crude palm
oil beyond Moody's expectations, such that the company's credit
metrics deteriorate, with adjusted consolidated Debt/EBITDA
exceeding to 4x and EBITDA/Interest falling to 2.5x.

The last rating action with regard to Ciliandra was taken on
March 14, 2008, when the company's rating outlook was revised to
positive following the resolution of the court case against
Martias, one of the founders and former shareholders of First
Resources Limited.

Ciliandra's ratings have been assigned based on factors that
Moody's believes are relevant to the company's risk profile, such
as its (i) business risk and competitive position compared with
other firms in the industry; (ii) balance sheet and financial
risk; (iii) projected performance over the near to medium term;
and (iv) management's track record and tolerance for risk.  These
attributes were compared against those of other issuers both
within and outside Ciliandra's core industry; Moody's believes the
company's ratings are comparable with those of other issuers with
similar credit risk.

A private company established and incorporated in Indonesia in
1992, PT Ciliandra Perkasa is an oil palm upstream operator based
in Riau, Sumatra.  Through First Resources Limited, listed on the
Singapore stock exchange, the Fangiono family -- directly and
indirectly -- holds about 74% of the company.


CSM CORPORATAMA: Fitch Upgrades National Long-Term Rating to 'CCC'
------------------------------------------------------------------
Fitch Ratings has upgraded PT CSM Corporatama's National Long-term
rating to 'CCC(idn)' from 'CC(idn)', and simultaneously removed it
from Rating Watch Negative.  The Outlook is Stable.  Fitch has
also withdrawn this rating, as well as the 'CC(idn)' ratings on
Indorent's Rupiah bonds -- Series B Bond I and Islamic Bond I --
following the repayment of these bonds upon maturity in November
2009.  The agency will no longer provide ratings or analytical
coverage of the company.

The rating upgrade reflects the improvement of Indorent's
liquidity position after the repayment of its Rupiah bonds.  The
Stable Outlook reflects Fitch's expectation that Indorent's auto
rental business will continue to perform in line with historical
performance.


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


JAPAN AIRLINES: Secures JPY100-Bln Emergency Loans from DBJ
-----------------------------------------------------------
Japan Airlines Corp. has signed an agreement with the Development
Bank of Japan to receive a pool of around JPY100 billion in
emergency bridge loans to keep itself operational, The Japan Times
reported, citing JAL and the DBJ.

According to the report, the carrier can now bypass screening and
freely access the JPY100 billion credit line.  It is also expected
to be granted an additional JPY25 billion in loans by three
private creditor banks to purchase new aircraft, the report notes.

The Times relates that the government is expected to attach
guarantees to the DBJ loans now that the transport ministry has
certified that JAL's dire condition is likely to have a serious
impact on its operations and passengers.

JAL is also seeking support from Enterprise Turnaround Initiative
Corp. of Japan, a corporate turnaround body, but the airline will
need the short-term financing from the Development Bank of Japan
to avoid an imminent cash shortage until the turnaround body
decides on a broader, longer-term financial package in January at
the earliest, according to the Times.

                             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.


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


EKRAN BERHAD: Bourse Sets Feb. 10 Deadline to Submit Plan
---------------------------------------------------------
The Bursa Securities Berhad, through a letter dated November 23,
2009, granted Axis Incorporation Berhad an extension of its
deadline to submit its regularization plans to the Securities
Commission and other relevant authorities for approval until
February 23, 2010.

The extension of time granted to Axis is without prejudice to
Bursa Securities' right to proceed to de-list the securities of
the Company from the Official List of Bursa Securities in the
event:

   -- Axis fails to submit the regularization plan to the
      approving authorities for approval on or before
      February 23, 2010;

   -- Axis fails to obtain the approval from any of the
      approving authorities necessary for the implementation
      of its regularization plan and does not appeal to the
      approving authorities within the timeframe (or extended
      timeframe, as the case may be) prescribed to lodge an
      appeal;

   -- Axis does not succeed in its appeal against the decision
      of the approving authorities; or

   -- Axis fails to implement its regularization plan within
      the timeframe or extended timeframe stipulated by the
      approving authorities.

Upon occurrence of any of the events set out in (i) to (iv), a
suspension shall be imposed on the trading of the listed
securities of Axis upon the expiry of 5 market days from the date
Axis is notified by Bursa Securities or such other date as may be
specified by Bursa Securities and de-listing procedures shall be
commenced against the Company.

                         About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


MECHMAR CORPORATION: Reports MYR1.56 Million Net Loss for Q3 2009
-----------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad reported a net loss of
MYR1.56 million for the three months ended September 30, 2009,
from a net income of MYR5.27 million for the same period a year
ago.

Revenue was MYR13.68 million for the three months ended
September 30, 2009, from MYR46.95 million for the same period a
year ago.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.  In April 2008, the
company announced that Mekmore Sdn Bhd has a 100% interest in the
company.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


PRIME UTILITIES: Receives Demand Letter to Pay MYR1.17MM Tax Dues
-----------------------------------------------------------------
Prime Utilities Berhad received on November 17, 2009, a demand
letter from Lembaga Hasil Dalam Negeri (LHDN), Malaysia for and on
behalf of the Government of Malaysia, claiming payment for:

   (i) judgment sum of MYR1,177,173.44 (tax and penalty) and
       further interest of MYR75,081.09 for year of assessment
       2001;

  (ii) interest at the rate of 8% per annum from the date of
       the judgment up to full settlement; and

(iii) cost of MYR225.00.

The Company had been served with a writ of summons by LHDN for tax
payment and penalty of MYR1,177,173.44.

Prime Utilities said it will be negotiating with LHDN to resolve
the matter amicably.  In addition, the Company said its solicitors
will take necessary steps to set aside the demand.

                       About Prime Utilities

Prime Utilities Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
property development.  The Company's wholly owned subsidiaries
include PUB Properties Sdn. Bhd. and PUB Development Sdn. Bhd.  In
addition, Prime Utilities Berhad has a 52 % interest in Supreme
Annexe Sdn. Bhd., Berkat Gagah Sdn. Bhd. and LBCN Development Sdn.
Bhd.

                          *     *     *

Prime Utilities Berhad has been classified as an affected issuer
under Amended Practice Note No. 17/2005 of the Bursa Malaysia
Securities Bhd's Listing Requirements for having an insignificant
business or operations.


WWE HOLDINGS: Sept. 30 Balance Sheet Upside Down by MYR5.28 Mln
---------------------------------------------------------------
WWE Holdings Bhd balance sheet at September 30, 2009, showed total
assets of MYR230.53 million and total liabilities of MYR235.81
million, resulting in a shareholders' deficit of MYR5.28 million.

The company's balance sheet at Sept. 30, 2009, also showed
strained liquidity with MYR205.33 million in total current assets
available to pay MYR213.21 million in total current liabilities.

In the fourth quarter ended Sept. 30, 2009, WWE Holdings reported
net income of MYR281,000, compared with a net loss of MYR32.97
million in the same quarter of 2008.

For the current quarter, the group registered revenue of
MYR4.51 million as compared to revenue of MYR5.06 million in the
preceding year quarter.

                       About WWE Holdings

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

                          *     *     *

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


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


HANOVER FINANCE: Rival Bid for Hanover Assets Likely
----------------------------------------------------
A rival bid for Hanover Finance Limited and United Finance's
assets is likely to emerged within a few days, various reports
say.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2009, Hanover Finance confirmed that Allied Farmers Ltd
had forwarded a proposal to acquire the finance assets of Hanover
Finance Limited and United Finance Limited.

A source working with the potential bidder told the New Zealand
Herald that a well known company is likely to offer a competitive
alternative to Allied Farmer's debt-for-equity proposal within a
few days.

According to the Herald, the prospect of a rival offer emerged as
interests associated with Infratil's largest shareholder, Duncan
Saville, were revealed as the mystery investor backing Allied
Farmers as it bids for Hanover and United Finance's assets.

The report relates that Allied Farmers confirmed Tuesday Resimac,
Australia's largest financier of non-bank lenders, is the investor
it said in September had agreed to provide $7 million in new
capital.

Resimac's investment is via the acquisition of a combination of
convertible notes, perpetual bonds and warrants issued by both
Allied Farmers and finance subsidiary Allied Nationwide Finance,
the Herald notes.

Allied Farmers chairman John Loughlin said the "Resimac alliance"
was "intended to assist in the objective of significantly
expanding the finance business and would be especially valuable in
the bid to acquire and subsequently manage the assets of Hanover
Finance and United Finance".

However, a Hanover spokeswoman told BusinessDay that the finance
company was unaware of any other bid.  "We're only talking to
Allied Farmers.  They've done the due diligence and we're taking
their offer to investors," she said.

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

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

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

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

                            About HFL

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


KINGSTON ACQUISITIONS: Railmark Bids for the Third Time
-------------------------------------------------------
Ben Heather at BusinessDay reports that US-based firm Railmark
will submit a bid -- its third -- to acquire Kingston Flyer.

According to the report, Railmark chief executive Allen Brown said
he would bid for the historic train, tracks, associated buildings
and development land in Kingston, about 35 kilometers south of
Queenstown.

The report says the company's last offer to buy the train is
understood to have been about $2.5 million but did not include the
development land, which was last valued at $3.2 million.

Mr. Brown said the latest offer for the train would be less
because it was no longer an operating business, the report
relates.

BusinessDay says Railmark would re-hire former employees and aim
to increase passenger numbers if its offer would be accepted.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2009, The Southland Times said Kingston Acquisitions Ltd,
the company behind the Kingston Flyer steam train, was placed into
receivership by financier Prudential Mortgage Nominees, owing at
least NZ$4.7 million.

Receiver Lindsay McClean, of Malloch McClean Queenstown, told the
Southland Times that the company has defaulted on its payments.

The company's assets, which include 80 hectares of development
land, would be sold in an international tender organized by
Bayleys Queenstown, the Southland Times said.

The Kingston Flyer is a vintage steam train operating in the South
Island of New Zealand at the southern end of Lake Wakatipu.  The
Kingston Flyer stopped operating since August 2009.


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


ADVANCE AGRO: S&P Affirms Corporate Credit Rating at 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' long-term corporate credit rating on Thai paper and pulp
manufacturer Advance Agro Public Co. Ltd. The outlook is stable.
At the same time, S&P also affirmed the 'B-' issue rating on the
company's senior unsecured notes due 2012.

S&P affirmed the ratings after Advance Agro recently commenced a
tender offer to purchase for US$73.5 million in cash the 51% of
the outstanding principal amount (US$144 million) of its 11%
senior unsecured notes due 2012.

"S&P anticipate that if the tender offer is successful, Advance
Agro's credit measures will remain in line with the current
rating," said Standard & Poor's credit analyst Yasmin Wirjawan.

The company seeks to solicit consent for proposed amendment of the
notes indenture.  The amendment would substantially remove all the
restrictive covenants, giving remaining noteholders limited
control over the company's activities.

"S&P don't expect the company's financial profile to change as a
result of the buyback.  S&P views the tender offer as
"opportunistic" (rather than a distressed offer) because the
tender offer price is very close to par value," said Ms.
Wirjawan.

The buyback is aimed at reducing the company's funding costs and
increasing its financial and operating flexibility by removing the
restrictive covenants from the notes indenture.  Advance Agro
plans to repay the notes with a view to raise cheaper funds
omestically.  The company also has a call option after Dec. 19,
2009, to buy back the notes at a premium of about 5%.

The tender offer is being conducted as a modified "Dutch auction,"
with a bid price range of US$980-US$995 per US$1,000 of the
principal amount of the notes.  The total consideration payable
will be US$995-US$1,000 per US$1,000 of the notes' principal
amount (that includes an early tender payment of US$5, which
holders may only receive if their notes are tendered prior to an
early redemption date).

The rating on Advance Agro reflects the exposure of the company's
earnings to volatile and cyclical paper and pulp prices, weak cash
flow measures, and single-site concentration risk.  These
weaknesses are partially offset by the company's improving
liquidity, integrated and efficient operations, and favorable
position in domestic and export markets.

The stable outlook incorporates S&P's expectation that Advance
Agro can maintain adequate liquidity in the near term, despite
higher capital expenditure, and that its operating performance
will stabilize in 2010.


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


DUBAI WORLD: Seeks 6-Month Standstill on Debt; Deloitte on Board
----------------------------------------------------------------
The government of Dubai said Wednesday it would restructure its
largest corporate entity, Dubai World, and announced a six-month
standstill on the company's debt.

The Wall Street Journal's Chip Cummins reports Dubai, in a five-
paragraph statement, said it appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."  Dubai said its
Financial Support Fund, a fund set up to manage Dubai's debt
earlier this year, would start to assess and evaluate the extend
of the restructuring required.  As part of that assessment, it
said, officials intend to ask lenders for a debt "standstill" and
request they extend debt maturities until at least May 30.  Dubai
said the corporation's portfolio includes "strategically important
businesses" and said "the restructuring will be designed to
address financial obligations and improve business efficiency for
the future."

The standstill will immediately affect $3.52 billion of Islamic
bonds due December 14 from the Company's property unit Nakheel
PJSC.

Bloomberg News' Arif Sharif and Laura Cochrane report that Dubai
World has $59 billion in liabilities.  Bloomberg says Dubai
accumulated $80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Journal says Standard & Poor's in an October report estimated
Dubai World could be responsible for as much as 50% of Dubai's
total government and corporate debt load of some $80 billion to
$90 billion.

The Journal says government officials, company executives and
company spokespeople weren't available for comment Wednesday.
Sultan Ahmed bin Sulayem, Dubai World's long-time chairman and a
top lieutenant to Dubai's hereditary ruler, Sheikh Mohammed bin
Rashid Al Maktoum, didn't respond to an email request for comment.

A spokeswoman for the Dubai government's Department of Finance,
which issued the statement, said Mr. Sulayem and the rest of the
current management team would remain in place and would be working
with Deloitte, the Journal's Mr. Cummins reports.

                             $5 Billion

The Journal reports that the standstill was announced just hours
after Dubai disclosed it raised $5 billion from two local banks,
the second installment of what officials had said would be a $20-
billion borrowing program.

According to the Journal's Maria Abi-Habib, Dubai's Finance
Department said earlier Wednesday the $5 billion was raised
through conventional and Islamic bonds, or sukuk, that will meet
the emirate's "current needs and obligations".  Finance Department
said the $5 billion tranche was fully subscribed equally by
National Bank of Abu Dhabi and Al Hilal Bank and has been divided
according to a schedule that specifies drawdown amounts.

Ms. Abi-Habib says the latest $5 billion debt raising is part of
Dubai's $20 billion long term bond program launched in February,
and the proceeds will be managed by the Dubai Financial Support
Fund.

Mr. Cummins reports, "Wednesday's $5-billion funding announcement
initially cheered analysts and investors.  While the issue's two
lenders were both Abu Dhabi-controlled banks, the deal suggested
to many that Dubai was able to go to sources besides the federal
government for cash. An earlier, unrelated debt issue by Dubai in
October was also oversubscribed."

"The Dubai World announcement immediately raised fresh questions
over the federal government's willingness to help Dubai out," Mr.
Cummins added.

"It also appeared to contradict signals from Dubai's government
that it was willing to fully support its corporate entities.  In
its statement about Dubai World, Dubai officials said the $5-
billion bond issue wasn't linked to the Dubai World
restructuring,"

               CDS Prices Rise; Credit Ratings Fall

Bloomberg, citing credit-default swap prices from CMA Datavision
in London, reports that contracts protecting against default rose
116 basis points to 434 basis points Wednesday, the most since
they began trading in January, ranking it the sixth highest-risk
government borrower.  The contracts, which increase as perceptions
of credit quality deteriorate, are higher than Iceland's after
climbing 131 basis points in November, the biggest monthly
increase since January, Bloomberg notes.

The Journal notes the cost of insuring Dubai debt had fallen
sharply amid signs of a global economic recovery.  On Wednesday it
shot higher again after the announcement, rising by more than a
third by late afternoon Wednesday, to $429,700 to insure a $10-
million loan for five years, according to CMA.

Bloomberg says Moody's Investors Service and Standard & Poor's cut
the ratings on several state companies, saying they may consider
the plan a default.

                         *********

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

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

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


                            *********


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

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

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

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

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





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