TCRAP_Public/091130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, November 30, 2009, Vol. 12, No. 236

                            Headlines

A U S T R A L I A

FIREPOWER HOLDINGS: Boss Fails to Show Up in Court, Faces Arrest
FORGECAST PTY: Goes Into Liquidation; 57 Jobs Lost
ONE.TEL LTD: ASIC Ordered to Pay Legal Costs to Rich, Silbermann
PRIME INFRASTRUCTURE: Moody's Raises Corp. Family Rating to 'Ba2'
* Moody's Upgrades Ratings on 15 Notes From Five ABS Deals


C H I N A

LAS VEGAS SANDS: Venetian Orient Secures US$1.75-Bil. Financing


H O N G  K O N G

ASPREY HONG KONG: Commences Wind-Up Proceedings
BABY BOOM: Ying and Julia Appointed as Liquidators
BELTON INDUSTRIAL: Members' Annual Meeting Set for December 22
BEST THOUGHT: Placed Under Voluntary Wind-Up Proceedings
DEBTTRADERS LIMITED: Yan and Haughey Step Down as Liquidators

GLOBAL STEP: Placed Under Voluntary Wind-Up Proceedings
INTERNATIONAL TEAMWORK: Ying Hing Chiu Steps Down as Liquidator
IOMEGA HK: Members' Final Meeting Set for December 28
JUMBO FIELD: Placed Under Voluntary Wind-Up Proceedings
PRETTYLOT COMPANY: Commences Wind-Up Proceedings

SEA RUBY: Placed Under Voluntary Wind-Up Proceedings
SINO FORUM: Placed Under Voluntary Wind-Up Proceedings
STAREASTWORKS CONCEPT: Placed Under Voluntary Wind-Up Proceedings
WELL BRIGHT: Placed Under Voluntary Wind-Up Proceedings
WING TUNG: Creditors' Proofs of Debt Due December 28


I N D I A

AIR INDIA: Court Orders NACIL, Gov't. to Reply Petition on Merger
DELTA SUGARS: CRISIL Reaffirms 'BB' Rating on INR61.8MM LT Loans
GALLERIA MALL: CRISIL Rates INR1.25 Billion Long Term Loan at 'B'
MALABAR INSTITUTE: CRISIL Rates INR374MM Long Term Loan at 'BB+'
MICROPACK LIMITED: Weak Liquidity Prompts CRISIL Junk Ratings

RAMPRASAD TUBES: CRISIL Assigns 'B+' on Various Bank Facilities
RISHI FIBC: CRISIL Places 'BB' Rating on INR200MM Term Loan
SARANYA SPINNING: CRISIL Assigns 'B' Rating on INR292.5MM LT Loan
SIDDHAYU AYURVEDIC: CRISIL Reaffirms 'BB-' Rating on Term Loan
SURYA EXIM: CRISIL Rates INR30 Million Cash Credit at 'BB-'

VIMAL INTERTRADE: CRISIL Reaffirms 'BB+' Ratings on Various Debts


I N D O N E S I A

BANK CENTURY: Asian Investors Keen on Buying Bank, LPS Chief Says
GARUDA INDONESIA: To Buy Back Some Notes in December
PERUSAHAAN LISTRIK: Expects to Turn to Profit in FY2010


J A P A N

ANABUKI CONSTRUCTION: Shizuoka Bank May Miss Profit Forecast
JAPAN AIRLINES: Holds Third Meeting with Retirees on Pension Cuts


M A L A Y S I A

OCI BERHAD: 26th Annual General Meeting Set for December 17
PILECON ENGINEERING: Sets Annual General Meeting on December 21


N E W  Z E A L A N D

NEW ZEALAND ASSOCIATION: S&P Puts BB Counterparty Credit Rating


P A K I S T A N

PAKISTAN MOBILE: Weak Credit Profile Cues S&P to Junk Ratings


S I N G A P O R E

AMKEY (SINGAPORE): Court to Hear Wind-Up Petition on December 18
ASIAPAK INDUSTRIES: Court to Hear Wind-Up Petition on December 11
BEST ELEMENTS: Court Enters Wind-Up Order
CREO ASIA: Creditors' Proofs of Debt Due December 26
GBC MARKETING: Court to Hear Wind-Up Petition on December 11

GOLDLINK ITALIA: Court Enters Wind-Up Order
GOLDLINK TEXTILE: Court Enters Wind-Up Order
SUBSEA FLUIDS: Court to Hear Wind-Up Petition on December 11
SENTIA SHIPPING: Creditors' Proofs of Debt Due December 26
SIEM SENG: Court Enters Wind-Up Order


S R I  L A N K A

FINANCE COMPANY: Fitch Junks National Long-Term Rating From 'BB+'


T A I W A N

KING'S TOWN: Fitch Affirms Issuer Default Rating at 'BB+'
TAISHIN FINANCIAL: Fitch Affirms Ratings; Shifts Watch to Positive


X X X X X X X X

DUBAI WORLD: UAE Central Bank Has Standby Funding for Banks
Moody's Cuts Issuer & Debt Ratings on Dubai State-Related Firms


                         - - - - -


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A U S T R A L I A
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FIREPOWER HOLDINGS: Boss Fails to Show Up in Court, Faces Arrest
----------------------------------------------------------------
Lawyers for the liquidators of Firepower Holdings applied for a
warrant for Tim Johnston's arrest on Thursday after he failed to
appear before the Federal Court in Perth to be publicly examined
over the collapse of his company, The Sydney Morning Herald
reports.

According to the report, Mr. Johnston's lawyer Tim Carmody SC
appeared on his behalf via videolink from the Federal Court in
Brisbane.

The report relates Mr. Carmody has requested 21 days to seek
affidavits from medical practitioners who have provided medical
certificates citing he has a suspected heart condition.
Mr. Johnston also held concerns for his personal safety, Mr.
Carmody said.

Justice Antony Siopis, however, refused the 21-day adjournment and
ordered Mr. Carmody to file affidavits on Tuesday ahead of a
hearing on the arrest warrant on Wednesday, according to SMH.

The hearing will be held in Perth with a videolink to Brisbane.

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.
According to WAtoday.com.au, Firepower has several high profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the WAtoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                           *     *     *

As reported in the Troubled Company Reporter – Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation
after its chairman, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.  It has 1,208 Australian shareholders who invested
between AU$80 and AU$100 million.


FORGECAST PTY: Goes Into Liquidation; 57 Jobs Lost
--------------------------------------------------
Melbourne forging factory Forgecast has gone into liquidation,
James Thomson at SmartCompany reports.

The report, citing ASIC documents, relates that the company was
placed in administration in mid-November before being placed in
liquidation on November 26 by a secured creditor.

Australian Manufacturers Workers Union state secretary Steve
Dargavel said the company's 57 workers have lost their jobs and
are owed AU$4.4 million in entitlements, the report relates.

Mr. Dargavel said there is no chance of the company being
purchased by a new buyer and revitalized.

According to the report, receivers Stephen Dixon and Laurie
Fitzgerald from accounting firm BDO Kendalls said the receivers
will continue to work with the AMWU "to ensure the best possible
outcome for all involved".

Headquartered in Melbourne, Australia, Forgecast Pty Ltd --
http://www.forgecast.com.au/-- manufactures door hardware,
automotive components, leisure goods, plumbing fittings,
industrial valves and fittings, munitions and aerospace
components.  The company has a manufacturing operation in Tijuana,
Mexico.


ONE.TEL LTD: ASIC Ordered to Pay Legal Costs to Rich, Silbermann
----------------------------------------------------------------
Elisabeth Sexton at The Sydney Morning Herald reports that the NSW
Supreme Court on Friday ordered the corporate regulator to pay
legal costs to former One.Tel executive directors Jodee Rich and
Mark Silbermann.  The Herald, however, notes the amount both
directors will receive and the way the sum will be calculated
remain undecided.

Ms. Sexton relates Justice Robert Austin issued the formal order
after the Australian Securities and Investments Commission's
barrister, Philip Durack, SC, said his client had no objection to
paying costs on a so-called "party-party" basis, which usually
involves a court official or a lawyer chosen from a court panel
assessing reasonable costs.

The barrister representing Mr. Rich and Mr. Silbermann, David
Williams, SC, said he was unable to talk about the size of the
defendants' legal costs, The Australian relates.

According to SMH, Mr. Williams said his clients wanted the sum
determined by mediation or, if that failed, by Justice Austin
determining a lump sum.

Justice Austin, however, said the court's cost assessment
procedure was not suited to cover a large litigation case where
costs were in the order of “some millions of dollars," The
Australian notes.

The matter will be heard again in court on December 18.

The Troubled Company Reporter-Asia Pacific, citing SMH, reported
on Nov. 19, 2009, that Judge Austin dismissed the long running
case launched by ASIC against Messrs. Rich and Silbermann in
December 2001.  Judge Austin found that ASIC had failed to prove
any aspect of pleaded cases against either defendant.

A TCR-AP report on February 8, 2006, said that the ASIC initiated
actions against Messrs. Rich and Silbermann for allegedly allowing
the company to trade while it was insolvent and for providing
misleading financial information to the Company's Board of
Directors.

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

                           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.


PRIME INFRASTRUCTURE: Moody's Raises Corp. Family Rating to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has upgraded Prime Infrastructure
Group's (Prime Infrastructure) corporate family rating to Ba2 from
B1, and BBI Finance Pty Ltd's senior secured rating to Ba3 from
B2.  BBI Finance is wholly-owned by Prime Infrastructure whose
name was recently changed from Babcock & Brown Infrastructure
Group.

This concludes the rating review initiated on October 2, 2009
following Prime Infrastructure's announced recapitalization plan.
The outlook on both ratings is stable.

"The ratings upgrade is driven by the considerable improvement in
Prime Infrastructure's financial and liquidity profile following
its capital raising and debt repayment," says Clement Chong, a
Moody's VP/Senior Analyst.

Moody's has previously indicated that Prime Infrastructure's
ratings would be upgraded to Ba2/Ba3 following the completion of
the recapitalization, which included A$1.8 billion in capital
raised.  Of that amount, about A$1.1 billion was used to reduce
outstanding bank debt at the corporate level.

"Prime Infrastructure's Ba2 corporate family rating reflects the
group's ownership interests in a suite of infrastructure assets
which exhibit low business risk profile," says Chong, adding, "It
also reflects the group's financial profile which is strong for
the current rating."

"However, the rating is constrained at the Ba2 level because of
the group's narrower business profile following recent asset
sales, and the need to demonstrate a track record around future
business strategy, and financial and capital policy that would be
maintained on a sustainable basis," says Chong.

The Ba3 senior secured rating on BBI Finance's secured New Zealand
bond is one notch lower than the corporate family rating because
of the preponderance of debt at the group's investments.

Prime Infrastructure owns a suite of infrastructure assets which
generate relatively stable cash flows due to their competitive
positions in the markets they serve.  As a result, they generate
relatively stable cash flows.

The group's financial profile has improved materially following
the recapitalization.  In the next two years, Moody's estimated
consolidated financial metrics for Prime Infrastructure are:
FFO/Interest 2.0-2.1 times, and Debt/EBITDA around 6 times.  These
metrics incorporate the group's share of debt at partly-owned
investments and 100% of debt at majority-owned investments.
Furthermore, Moody's expects these standalone financial metrics
for Prime Infrastructure: FFO/Interest greater than 5 times, and
Debt/EBITDA under 1 time.

Prime Infrastructure's good liquidity profile is supported by cash
flows in the form of equity distributions from its investments,
and the lack of material debt maturity over the next 12 months.

Prime Infrastructure's business profile has narrowed given recent
asset sales as part of the group's effort to recapitalize and
improve its liquidity position.  The majority of the group's
earnings are expected to be generated by three investments.
Furthermore, Prime Infrastructure only has minority stakes in two
of these three investments and, as such, does not control their
strategic direction or distribution policies.

The group's business profile has evolved very rapidly due to its
acquisitive past, and more recently, asset sales as part of its
effort to rectify its financial and liquidity position.  Such a
history constrains the group's rating in the Ba level, until it
establishes a track record of stability in its business,
financial, and liquidity platforms.

However, Moody's believes the presence of a strategic shareholder
in Brookfield Asset Management (rated Baa2) will add stability in
Prime Infrastructure's business strategy and financial discipline.
In this regard, Prime Infrastructure's ratings could benefit over
time from the demonstration of stability in its strategies under
the influence of Brookfield.

The stable outlook on the ratings reflects Prime Infrastructure's
strong financial profile for the rating and the group's excellent
liquidity position.

Moody's sees little opportunity for a rating upgrade in the short-
term.  Beyond this, a track record of executing its strategies
based on the current business profile, and the maintenance of a
robust liquidity profile, could lead to a rating upgrade.  This is
under the proviso there is no material deterioration in its
consolidated and standalone financial metrics from the above-
mentioned levels.

Prime Infrastructure's ratings could face downward pressure if the
group materially re-leverages itself, as indicated by these
financial metrics: consolidated FFO/Interest falling below 1.5
times, and Debt/EBITDA rising above 9 times.

The last rating action with respect to Prime Infrastructure was
taken on November 17, 2009, when Moody's continued the review of
Prime Infrastructure's ratings after the approval of the group's
recapitalization plan by its security-holders and Exchangeable
Preference Share holders.

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

These attributes were compared with other issuers both within and
outside Prime Infrastructure's core industry.

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


* Moody's Upgrades Ratings on 15 Notes From Five ABS Deals
----------------------------------------------------------
Moody's Investors Service has upgraded 15 notes from five deals in
the Australian asset-backed securities sector.  The rating actions
follow a regular ratings review of the sector, focussing on auto
loan and equipment lease--backed transactions.

The list of transactions reviewed is:

  -- Series 2006-1 REDS EHP Trust

  -- Series 2007-1 REDS EHP Trust

  -- Series 2008-1E REDS EHP Trust

  -- CNH Capital Australia Receivables Trust Series 4 (1 note
     upgraded)

  -- SMART Series 2007-1 Trust (4 notes upgraded)

  -- SMART Series 2007-2 Trust (4 notes upgraded)

  -- SMART Series 2007-3E Trust

  -- SMART Series 2008-1E Trust (2 notes upgraded)

  -- SMART Series 2008-2 Trust (4 notes upgraded)

  -- SMART Series 2008-3 Trust

  -- SMART Series 2009-1 Trust

  -- Crusade ABS Series 2008-2 Trust

Rating Action Details and Rationale:

The upgrades for the SMART and CNH programs, sponsored by
Macquarie Leasing Pty Limited and CNH Capital Australia Pty
Limited respectively, reflect a strengthening in the credit
profile of the junior notes, based upon the transactions' actual
performance and the build-up of credit enhancement relative to
expected losses in the underlying receivables pools.

The losses and delinquency performance to date have been tracking
better than expected.  Specifically, transactions exhibiting
higher levels of seasoning have seen senior Aaa note coverage
ratios (ratio of available credit enhancement to Moody's expected
loss) increase from the initial 6-8 times to over 15, and in some
cases, over 20 times.

Conversely, no rating action was taken with regard to the REDS EHP
and Crusade ABS Series 2008-2 transactions, originated by BOQ
Equipment Finance Ltd and St. George Finance Limited respectively.

Delinquency rates experienced by the REDS EHP transactions have
deteriorated over the last six months and the observed default
rates come close or exceed Moody's initial expectations.  In
addition, the deals have a relatively high concentration of SME
equipment leases, particularly in Queensland.  While Moody's
believe REDS EHP pools face greater stress compared to other
transactions with a more dominant proportion of motor vehicles,
they are performing within initial expectations.  Consequently,
Moody's maintains a stable ratings outlook on the REDS EHP
program.

The Crusade ABS Series 2008-2 Trust is performing well and is at
this stage tracking somewhat better than Moody's initial
assumptions.  Moody's continues to monitor this transaction
closely and will look to update its views as the transaction gains
seasoning.

Details of each transaction's performance, both in absolute terms
and relative to Moody's initial expectations, can be found in
Moody's quarterly Australian ABS Performance reports.  For the
latest report, refer to "Australian ABS Performance Review: Q3
2009", published on November 5, 2009.

The complete rating actions are:

  -- SMART Series 2007-1 Trust, Class A-2 Notes, currently rated
     Aaa, rating unchanged

  -- SMART Series 2007-1 Trust, Class B Notes, upgraded from Aa3
     to Aaa; previously on 15 Sep 2008 upgraded to Aa3

  -- SMART Series 2007-1 Trust, Class C Notes, upgraded from Baa1
     to A1; previously on 15 Sep 2008 upgraded to Baa1

  -- SMART Series 2007-1 Trust, Class D Notes, upgraded from Baa3
     to Baa1; previously on 15 Sep 2008 upgraded to Baa3

  -- SMART Series 2007-1 Trust, Class E Notes, upgraded from Ba2
     to Baa3; previously on 15 Sep 2008 upgraded to Ba2

  -- SMART Series 2007-1 Trust, Seller Notes, not rated by Moody's

  -- SMART Series 2007-2 Trust, Class A-2 Notes, currently rated
     Aaa, rating unchanged

  -- SMART Series 2007-2 Trust, Class B Notes, upgraded from A1 to
     Aa3; previously on 28 Jun 2007 assigned A1

  -- SMART Series 2007-2 Trust, Class C Notes, upgraded from Baa2
     to Baa1; previously on 28 Jun 2007 assigned Baa2

  -- SMART Series 2007-2 Trust, Class D Notes, upgraded from Ba1
     to Baa2; previously on 15 Sep 2008 upgraded to Ba1

  -- SMART Series 2007-2 Trust, Class E Notes, upgraded from B1 to
     Ba3; previously on 15 Sep 2008 upgraded to B1

  -- SMART Series 2007-2 Trust, Seller Notes, not rated by Moody's

  -- SMART Series 2008-1E Trust, Class A-2A Notes, currently rated
     Aaa, rating unchanged

  -- SMART Series 2008-1E Trust, Class A-2E Notes, currently rated
     Aaa, rating unchanged

  -- SMART Series 2008-1E Trust, Class A-2E2 Notes, currently
     rated Aaa, rating unchanged

  -- SMART Series 2008-1E Trust, Class B Notes, currently rated
     A1, rating unchanged

  -- SMART Series 2008-1E Trust, Class C Notes, currently rated
     Baa2, rating unchanged

  -- SMART Series 2008-1E Trust, Class D Notes, upgraded from Ba2
     to Ba1; previously on 16 Jun 2008 assigned Ba2

  -- SMART Series 2008-1E Trust, Class E Notes, upgraded from B2
     to B1; previously on 16 Jun 2008 assigned B2

  -- SMART Series 2008-1E Trust, Seller Notes, not rated by
     Moody's

  -- SMART Series 2008-2 Trust, Class A-2 Notes, currently rated
     Aaa, rating unchanged

  -- SMART Series 2008-2 Trust, Class B Notes, upgraded from A1 to
     Aa3; previously on 31 Jul 2008 assigned A1

  -- SMART Series 2008-2 Trust, Class C Notes, upgraded from Baa2
     to Baa1; previously on 31 Jul 2008 assigned Baa2

  -- SMART Series 2008-2 Trust, Class D Notes, upgraded from Ba2
     to Baa3; previously on 31 Jul 2008 assigned Ba2

  -- SMART Series 2008-2 Trust, Class E Notes, upgraded from B2 to
     B1; previously on 31 Jul 2008 assigned B2

  -- SMART Series 2008-2 Trust, Seller Notes, currently rated NR,
     not rated by Moody's

  -- CNH Capital Australia Receivables Trust Series 4, Class A,
     currently rated Aaa, rating unchanged

  -- CNH Capital Australia Receivables Trust Series 4, Class B,
     upgraded from A3 to A2; previously on 11 Sep 2008 upgraded to
     A3

  -- CNH Capital Australia Receivables Trust Series 4, Seller
     Notes, not rated by Moody's

Details of Australian ABS Sector Issuers:

The SMART program is comprised of Australian vehicle- and
equipment-backed receivables originated by Macquarie Leasing Pty
Ltd (a wholly owned subsidiary of Macquarie Group Ltd (A2/P-1)).
Moody's has rated nine term transactions under the SMART banner
with seven of these currently outstanding.  The portfolios backing
this program are typically dominated by finance and novated leases
secured by motor vehicles, which comprise approximately 90% of the
collateral.  Moody's expected default rates for SMART transactions
range from 1.50% to 2.35% and the recovery rates from 35% to 50%.
All SMART transactions are currently tracking in accordance with
or better than Moody's initial expectations.

The REDS EHP transactions consist of Australian financial lease,
hire purchase, bill of sale and chattel mortgage receivables
secured by commercial equipment and motor vehicles originated by
BOQ Equipment Finance Ltd (a wholly owned subsidiary of Bank of
Queensland Ltd (A2/P-1)).  Moody's rates three REDS EHP
transactions.  The collateral portfolios include both motor
vehicles and other types of equipment, with the auto portion
comprising 50-60% of the overall asset pool.  A large proportion
of the receivables (~45%) was originated in Queensland.  For the
REDS EHP program, Moody's expected default rate are approximately
1.80% with the assumed recovery rate ranging from 20% to 35%.
REDS EHP transactions are currently tracking in accordance with
Moody's initial expectations, albeit with a deteriorating
delinquency trend.

CNH Capital Australia Receivables Trust is an agricultural and
construction equipment loans securitization program established by
CNH Capital Australia Pty Limited.  CNH Capital Australia Pty
Limited, formerly known as Case Credit Australia Pty Limited is
part of CNH Global N.V. in the US, a leading global manufacturer
of agricultural equipment.  Moody's has rated four term
transactions relating to the CNH program.  The collateral
portfolios are dominated by agricultural equipment leases which
comprise over 95% of the program.  Moody's expected new losses for
the CNH Capital Australia Receivables Trust Series 4 transaction
are 1.90%.  The observed net loss is significantly below this
level, and the transaction has performed well above Moody's
expectations.

The receivables in the Crusade ABS Series 2008-2 Trust are
Australian consumer finance, goods mortgage, hire purchase and
financial lease receivables secured by motor vehicles and
originated by St.George Finance Limited, a wholly owned subsidiary
of St.George Bank Pty Limited (Aa1/P-1).  The portfolio is wholly
comprised of motor vehicles.  Moody's expected default rate for
this transaction is 1.90% with a recovery rate of 35%.  While the
transaction lacks sufficient seasoning to draw definitive
conclusions, it has to date exhibited stable performance.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


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C H I N A
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LAS VEGAS SANDS: Venetian Orient Secures US$1.75-Bil. Financing
---------------------------------------------------------------
Las Vegas Sands Corp. says Venetian Orient Limited, an indirect
wholly owned subsidiary of Sands China Ltd., has been seeking
project financing commitments in the aggregate targeted amount of
US$1.75 billion to finance the project costs expected to be
incurred in connection with recommencing the development and
construction of Phases I and II of the integrated resort project
on Parcels 5 and 6 of Sands China Ltd.'s Cotai Strip development
in Macau.  Sands China Ltd. is a subsidiary of the Company which
was formed to hold the Company's Macau operations in connection
with a listing of shares on The Stock Exchange of Hong Kong
Limited, which listing is expected to occur on November 30, 2009
(Hong Kong time).

As of November 27, 2009, VOL has secured aggregate financing
commitments of $1.75 billion for project financing from a group of
commercial banks and financial institutions, which is the amount
that VOL originally targeted to raise and includes $300.0 million
of additional financing commitments from the committed amount of
$1.45 billion.  The project financing to be obtained by VOL will
require Sands China Ltd. to contribute US$500.0 million of
proceeds from the offering of the shares of Sands China Ltd. to
VOL on or prior to the closing of the project financing.  The
proceeds of the project financing, together with the $500.0
million contribution to VOL, will be used to finance the total
project costs expected to be incurred in connection with the
completion of construction and development of Phases I and II of
the integrated resort project on Parcels 5 and 6.

On November 11, 2009, VOL and Venetian Macau Limited received, for
acceptance, the final draft of the Land Concession Agreement from
the government of the Macau Special Administrative Region of the
People's Republic of China.  Pursuant to the Parcels 5&6 Land
Concession, VOL was awarded a concession by way of a lease to a
portion of the east side of the reclaimed land between the islands
of Taipa and Coloane in Macau, including the site on which VOL is
building an integrated resort in phases.

Phase I of the integrated resort is expected to feature roughly
300,000 square feet of gaming space, two hotel towers with over
3,700 Sheraton, Shangri-La and Traders-branded hotel rooms,
retail, entertainment and dining facilities, MICE space and a
multi-purpose theater.  Phase II is expected to include a 2,300
room Sheraton-branded hotel tower and Phase III is expected to
include a luxury St. Regis-branded hotel and mixed use tower.  On
November 16, 2009, Las Vegas Sands accepted the terms and
conditions of the Parcels 5&6 Land Concession and made an initial
land concession premium payment of 700,000,000 patacas (roughly
$87.51 million).

                           Hong Kong IPO

On November 20, 2009, Sands China Ltd determined the price for the
proposed offering of 1,870,000,000 of its ordinary shares to be
listed on Hong Kong Stock Exchange.  The offering price is
HK$10.38 (roughly US$1.341) per Share, representing net proceeds
of roughly HK$12.575 billion (roughly US$1.622 billion) to Sands
China Ltd. from the sale of 1,270,000,000 new Shares and net
proceeds of roughly HK$5.994 billion (roughly US$773.5 million) to
Venetian Venture Development Intermediate II, a wholly owned
indirect subsidiary of the Company from the sale of 600,000,000
secondary Shares.

On November 2, 2009, Sands China Ltd posted a Web Proof
Information Pack on the Web site of Hong Kong Stock Exchange in
connection with the completion of the listing committee hearing
process for the proposed listing of the shares of Sands China Ltd.
on the Main Board of the SEHK in accordance with the Rules
Governing the Listing of Securities on the Hong Kong Stock
Exchange and other applicable requirements of the SEHK.

On November 9, 2009, Sands China Ltd. posted a revised Web Proof
Information Pack.  The Revised WPIP contains certain information
about the Company's operations in Macau, which will be owned by
Sands China Ltd. following the completion of Sands China Ltd.'s
on-going corporate reorganization.

A full-text copy of the revised WPIP is available at no charge at
http://researcharchives.com/t/s?494b

                      About Las Vegas Sands

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

At September 30, 2009, the Company's consolidated balance sheets
showed $18.27 billion in total assets, $13.85 billion in total
liabilities, $387.7 million in preferred stock issued to principal
stockholder's family, and $4.03 billion in total equity.

                         *     *     *

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


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


ASPREY HONG KONG: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Asprey Hong Kong Limited on November 16, 2009, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


BABY BOOM: Ying and Julia Appointed as Liquidators
--------------------------------------------------
Chan Cheuk Ying and Lee Cho Yiu Julia were appointed as
liquidators of Baby Boom Generation enterprise Limited on Nov. 20,
2009.

The Liquidators can be reached at:

         Chan Cheuk Ying
         Lee Cho Yiu Julia
         Suite 1, 8/F
         New Henry House
         10 Ice House Street
         Central, Hong Kong


BELTON INDUSTRIAL: Members' Annual Meeting Set for December 22
--------------------------------------------------------------
Members of Belton Industrial (International) Limited will hold
their annual general meeting on December 22, 2009, at 4:00 p.m.,
at the 62nd Floor, One Island East, 18 Westlands Road, Island
East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BEST THOUGHT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on November 14, 2009,
creditors of Best Thought Entertainment Ltd resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Chung Mo
         Fortune Commercial Building, Room 1701, 17/F
         362 Sha Tsui Road
         Tsuen Wan, New Territories
         Hong Kong


DEBTTRADERS LIMITED: Yan and Haughey Step Down as Liquidators
-------------------------------------------------------------
Lai Kar Yan (Derek) and Darack E. Haughey stepped down as
liquidators of Debttraders Limited on November 17, 2009.


GLOBAL STEP: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on November 14, 2009,
creditors of Global Step Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Chung Mo
         Fortune Commercial Building, Room 1701, 17/F
         362 Sha Tsui Road
         Tsuen Wan, New Territories
         Hong Kong


INTERNATIONAL TEAMWORK: Ying Hing Chiu Steps Down as Liquidator
---------------------------------------------------------------
Ying Hing Chiu stepped down as liquidator of International
Teamwork Limited on November 20, 2009.


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

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


JUMBO FIELD: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on November 14, 2009,
creditors of Jumbo Field Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Chung Mo
         Fortune Commercial Building, Room 1701, 17/F
         362 Sha Tsui Road
         Tsuen Wan, New Territories
         Hong Kong


PRETTYLOT COMPANY: Commences Wind-Up Proceedings
------------------------------------------------
Members of Prettylot Company Limited on November 20, 2009, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Cheung Kwan Ho
         V Heun Building, 16/F
         138 Queen's Road
         Central, Hong Kong


SEA RUBY: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on November 14, 2009,
creditors of Sea Ruby Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Chung Mo
         Fortune Commercial Building, Room 1701, 17/F
         362 Sha Tsui Road
         Tsuen Wan, New Territories
         Hong Kong


SINO FORUM: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on November 14, 2009,
creditors of Sino Forum Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Chung Mo
         Fortune Commercial Building, Room 1701, 17/F
         362 Sha Tsui Road
         Tsuen Wan, New Territories
         Hong Kong


STAREASTWORKS CONCEPT: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on November 14, 2009,
creditors of Stareastworks Concept Ltd resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Chung Mo
         Fortune Commercial Building, Room 1701, 17/F
         362 Sha Tsui Road
         Tsuen Wan, New Territories
         Hong Kong


WELL BRIGHT: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on November 14, 2009,
creditors of Well Bright (Asia) Ltd resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Chan Chung Mo
         Fortune Commercial Building, Room 1701, 17/F
         362 Sha Tsui Road
         Tsuen Wan, New Territories
         Hong Kong


WING TUNG: Creditors' Proofs of Debt Due December 28
----------------------------------------------------
Creditors of Wing Tung Chong Investment Company Limited are
required to file their proofs of debt by December 28, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

         Au Sze Kung
         Thomson Commercial Building, Unit B, 15/F
         8 Thomson Road
         Wanchai, Hong Kong


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


AIR INDIA: Court Orders NACIL, Gov't. to Reply Petition on Merger
-----------------------------------------------------------------
The Delhi High Court has directed the government and the National
Aviation Company of India Ltd to file their reply on a petition
challenging the merger of two state carriers Air India and Indian
Airlines, The Economic Times reports.

The report says Justice B D Ahmed and Justice Veena Birbal
directed the Ministry of Corporate Affairs and NACIL to file their
replies in two weeks and complete their pleading.

According to the report, the Court's direction came over a
petition filed by the All India Cabin Crew Association (AICCA)
which has challenged the order passed by the Ministry of Corporate
Affairs in 2007 allowing the amalgamation of the two carriers.

The AICCA had, in 2007, challenged the merger before the Bombay
High Court on the ground that it defies Parliament's intent to
keep international and domestic carriers separate.

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

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

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

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

                        About Air India

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


DELTA SUGARS: CRISIL Reaffirms 'BB' Rating on INR61.8MM LT Loans
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Delta Sugars Ltd continue
to reflect DSL's weak financial risk profile marked by high
gearing and weak debt protection measures, exposure to risks
relating to adverse changes in government regulations, absence of
integration in operations and cyclical nature of sugar industry.
The impact of these weaknesses is mitigated by the company's high
production efficiency, reflected in its comfortable operating
margins.

   Facilities                             Ratings
   ----------                             -------
   INR61.80 Million Long-Term Loan        BB/Stable (Reaffirmed)
   INR500.00 Million Cash Credit Limits   BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects DSL to maintain its financial risk profile over the
medium term on the back of higher realizations on sugar.  A
stronger-than-expected financial performance, resulting in an
improvement in the company's credit risk profile, could result in
the outlook being revised to 'Positive'. Conversely, any
unanticipated, significantly debt-funded capital expenditure could
result in the outlook being revised to 'Negative'.

                         About Delta Sugars

Delta Sugars Ltd, part of the Laila group of companies, is a sugar
manufacturing unit located at Vijayawada (Andhra Pradesh).  The
sugar mill was set up in 1983 as Sri Hanuman Co-operative Sugars
Ltd, a co-operative society under the Andhra Pradesh Co-operative
Societies Act 1964, with an installed capacity of 1250 tonnes of
cane per day (tcd).  The Laila group purchased the unit as part of
the privatization of sugar mills initiative of the Government of
Andhra Pradesh in 2001.  Thereafter, the co-operative society
acquired its current name, and enhanced its capacity to 3500 tcd.

For 2008-09 (refers to financial year, April 1 to March 31), DSL
posted a profit after tax (PAT) of INR16.5 million on net sales of
INR577 million, against a PAT of INR2.18 million on net sales of
INR486 million in the previous year.


GALLERIA MALL: CRISIL Rates INR1.25 Billion Long Term Loan at 'B'
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Galleria Mall
Developers Pvt Ltd's term loan facility.

   Facilities                           Ratings
   ----------                           -------
   INR1250.0 Million Long Term Loan     B/Stable (Assigned)

The rating reflects Galleria's exposure to risks relating to
implementation, funding and offtake of its commercial mall
project, INXS, in Bengaluru.  This weakness is partially offset by
the benefits that the company derives from its management's
experience.

Outlook: Stable

CRISIL believes that Galleria will continue to face significant
project implementation, funding risks and moderate off-take risk
over the medium term.  The outlook may be revised to 'Positive' if
the company completes its project without time or cost overruns,
and witnesses more-than-expected demand for its ongoing commercial
mall project.  Conversely, the outlook may be revised to
'Negative' if the project faces significant time or cost overrun
or if Galleria's debt servicing ability weakens because of lower-
than-expected demand for its project.

Set up in 2004, Galleria is a joint venture of the Advantage
Raheja group and Wachovia Development Corporation Ventures Ltd
(WDC Ventures), wherein 50.1 per cent stake is held by the
Advantage Raheja group and the balance 49.9 per cent is held by
WDC Ventures. Galleria's proposed project in Bengaluru, INXS, is a
high-end commercial mall with a multiplex and hotel, with total
saleable area of 0.93 million square feet. Currently, the project
is in the excavation stage.


MALABAR INSTITUTE: CRISIL Rates INR374MM Long Term Loan at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Malabar Institute of Medical Sciences Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR374.0 Million Long Term Loan    BB+/Stable (Assigned)
   INR31.0 Million Cash Credit        BB+/Stable (Assigned)
   INR10.0 Million Letter of Credit   P4+ (Assigned)
   INR2.5 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect the institute's exposure to risks relating to
implementation and stabilization of its capacity expansion
projects, to an aggressive debt-repayment schedule, and to
geographic concentration in revenues.  These weaknesses are,
however, partially offset by the benefits that MIMS derives from
its promoters' experience in medical care, and the strong
operational capabilities of the institute's multi-specialty
hospital.

Outlook: Stable

CRISIL believes that MIMS will maintain a stable credit risk
profile, on the back of its ability to generate healthy revenues
and operating profits. The outlook may be revised to 'Positive' if
the institute curtails its dividend payout leading to a
significant increase in net cash accruals, or in case the new
facility commissioned at Kottakal generates better than expected
operating revenues and margins. Conversely, the outlook may be
revised to 'Negative' if the institute's financial risk profile
deteriorates materially due to large debt-funded capital
expenditure, lower capacity utilization of its hospital and
medical services, or high dividend payout leading to a pressure on
debt servicing ability.

                       About Malabar Institute

Set up in 1995 by Dr. Azad Moopen, Malabar Institute of Medical
Sciences Ltd. runs a multi-specialty hospital providing secondary
medical care in Calicut (Kerala).  The second hospital at Kottakal
will commence operations in October 2009.  The Calicut branch has
a capacity of more than 500 beds, while the Kottakal branch has
150 beds.  The hospital has 40 specialty departments, each
equipped with modern medical facilities.

MIMS reported a profit after tax (PAT) of INR52.8 million on net
sales of INR814.2 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR35.2 million on net
sales of INR632.5 million for 2007-08.


MICROPACK LIMITED: Weak Liquidity Prompts CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its rating of 'C/D/P4' to the bank facilities
of Micropack Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR32.50 Million Cash Credit         C (Assigned)
   INR34.00 Million Long Term Loan      D (Assigned)
   INR3.50 Million Letter of Credit     P4 (Assigned)
   INR2.50 Million Bank Guarantee       P4 (Assigned)

The rating reflects current overdue on its term loans, owing to
weak liquidity on account of delayed collection of receivables.

Set up in 1984 by the Sanmar group, Micropack was acquired by Mr.
V Pandu Ranga Reddy in 2004. The Hyderabad-based Micropack
manufactures printed circuit boards, primarily catering to the
defence and aerospace industries.

Micropack reported a profit after tax (PAT) of INR7 million on net
sales of INR162 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR13 million on net
sales of INR159 million for 2007-08.


RAMPRASAD TUBES: CRISIL Assigns 'B+' on Various Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Ramprasad
Tubes and Bars Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR7.30 Million Long Term Loan     B+/Stable (Assigned)
   INR100.00 Million Cash Credit      B+/Stable (Assigned)
   INR5.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect RTB's weak financial risk profile, and
customer concentration in revenue profile.  The impact of these
weaknesses is mitigated by RTB's moderate business profile and
industry experience of its management.

Outlook: Stable

CRISIL believes that RTB will maintain its business risk profile
driven by experienced management in the steel and iron castings
industry.  The outlook may be revised to 'Positive' if the company
scales up its operations, and simultaneously diversifies its
customer base and improves its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company contracts large debt to fund its capital expenditure, or
if its revenues and accruals decline or relationships with major
customers deteriorate.

                       About Ramprasad Tubes

Set up in 1997 by Mr. S Rajendran, Mr. S Selvaraj, Mr. J
Vidyaprakash, and Mr. N Ravipadmanabhan, RTB manufactures bright
bars and grey and spheroidal graphite iron castings.  The
Coimbatore-based company has capacity to produce 7000 tonnes of
bright bars and 5000 tonnes of iron castings per annum.

RTB reported a profit after tax (PAT) of INR15 million on net
sales of INR368 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net sales
of INR387 million for 2007-08.


RISHI FIBC: CRISIL Places 'BB' Rating on INR200MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Rishi FIBC Solutions Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    BB/Stable (Assigned)
   INR200.0 Million Term Loan           BB/Stable (Assigned)
   INR5.0 Million Letter of Credit      P4+ (Assigned)
   INR10.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect Rishi's moderately weak financial risk
profile, exposure to risks relating to limited track record of
company in the flexible intermediate bulk containers (FIBC)
business, and risks relating to high composition of exports in
revenue profile.  These weaknesses are, however, partially offset
by the benefits that the company derives from presence in the high
yielding food-grade FIBC segment, and efficient manufacturing
operations.

Outlook: Stable

CRISIL believes that Rishi will maintain its credit risk profile
over the medium term backed by steady growth in sales, resulting
from stabilization of operations in its newly-commissioned
manufacturing facility.  The outlook may be revised to 'Positive'
if there is better-than-expected improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if the
company is not able to realize high margins in its food grade FIBC
segment, or the increase in revenues is less-than-expected.

                          About Rishi FIBC

Rishi FIBC Solutions Pvt Ltd., incorporated in 2007 by Mr. Arvind
Nopany and Mr. Joseph Fransis, manufactures FIBC.  The
manufacturing unit of the company, located in Vadodara, became
operational in December 2009 after a four-month delay.  The time
overrun in commissioning was due to delay in completion of civil
works. The plant, spread over an area of 200,000 square feet (sq
ft), has an installed capacity of 5400 tonnes per annum (tpa).

Mr. Arvind Nopany, one of the promoters of Rishi has diverse
experience in the cement and packaging industries. He has worked
as a professional with the quality, training and packaging
functions of Ambuja Cements and has also been in the high-density
polyethylene (HDPE) woven sacks industry through his company
Garrison Polysacks Pvt Ltd (Garrison). Mr. Joseph Fransis, the CEO
of the company has been in FIBC industry for more than a decade.

Rishi reported a profit after tax (PAT) of INR2.8 million on net
sales of INR124 million for 2008-09 (refers to financial year,
April 1 to March 31), against a reported net loss of INR1.9
million on net sales of INR44 million for 2007-08.


SARANYA SPINNING: CRISIL Assigns 'B' Rating on INR292.5MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to Saranya
Spinning Mills Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR292.50 Million Long Term Loan     B/Negative (Assigned)
   INR80.00 Million Cash Credit         B/Negative (Assigned)
   INR10.00 Million Letter of Credit    P4 (Assigned)
   INR9.10 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Saranya's weak financial risk profile, and
susceptibility to volatility in raw material prices and power
shortage.  The impact of these weaknesses is mitigated by the
company's moderate operating efficiencies and entrepreneurial
experience of its promoters.

Outlook: Negative

The outlook reflects uncertainty over Saranya's outstanding
derivative liability; the case is currently subjudice.  The
ratings may be downgraded in case of deterioration in the
company's liquidity.  The ratings may also be downgraded if
Saranya's revenues and cash accruals decline steeply, or if it
undertakes a large, debt-funded capital expenditure program,
adversely affecting its capital structure.  Conversely, the
outlook may be revised to 'Stable' if Saranya's liquidity improves
considerably, thereby improving its financial risk profile

                      About Saranya Spinning

Incorporated in 2001 by Mr. R Peraisamy and his son Mr. Ashok
Kumar, Saranya manufactures cotton yarn and cotton fabrics, poly
cotton fabrics, and spandex fabrics in various counts.  The
company has a spinning mill with 25,000 spindles in Ponneri, Tamil
Nadu.  The promoters have around three decades of experience in
the construction business.

Saranya reported a loss of INR9.8 million on net sales of INR401
million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR2 million on net sales
of INR314 million for 2007-08.


SIDDHAYU AYURVEDIC: CRISIL Reaffirms 'BB-' Rating on Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating of 'BB-/Negative' to the bank
facilities of Siddhayu Ayurvedic Research Foundation Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR135.0 Million Term Loan       BB-/Negative (Reaffirmed)
   INR27.0 Million Cash Credit      BB-/Negative (Reaffirmed)
   INR4.0 Million Line of Credit    BB-/Negative (Reaffirmed)

The rating reflects Siddhayu's small scale of operations, customer
concentration risk, average financial risk profile, and large
debt-funded investments in unrelated businesses. The impact of
these rating weaknesses is mitigated by Siddhayu's established
position in the ayurvedic formulations contract manufacturing
business.

Outlook: Negative

CRISIL believes that Siddhayu's financial risk profile will remain
constrained over the medium term because of the significant debt
funded support to its coal mining subsidiary.  The rating may be
downgraded in case of significant delay in commissioning the
subsidiary's coal mine or further deterioration in Siddhayu's
financial risk profile because of larger-than-expected borrowings
and increased financial support to the coal mining subsidiary.
Conversely, the outlook may be revised to 'Stable' if the company
diversifies its customer base, while maintaining its
profitability, and the coal mining subsidiary start generating
adequate revenues to meet its term debt obligations.

                     About Siddhayu Ayurvedic

Incorporated in 1983, and promoted by Mr. Sureshkumar Sharma and
his family, Siddhayu manufactures ayurvedic and lifestyle drugs.
The company primarily undertakes contract manufacturing programmes
for Shri Baidyanath Ayurved Bhawan Pvt Ltd (Shri Baidyanath), a
company in which Siddhayu's promoters have an equity stake.
Siddhayu also manufactures its own products, such as Spirulina and
Stresswin, for sale in the Indian and export markets.

In 2004-05 (refers to financial year, April 1 to March 31),
Siddhayu set up a 4.75-megawatt (MW) windmill in Karnataka. In
2007-08, the company acquired a 55 per cent stake in PT Equity
Commodities, an Indonesia-based company with a coal mining
licence.

For 2008-09, Siddhayu reported a profit after tax (PAT) of INR46.0
million on net sales of INR167.4 million, against a PAT of INR20.2
million on net sales of INR110.0 million for the previous year.


SURYA EXIM: CRISIL Rates INR30 Million Cash Credit at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Surya Exim Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR30.0 Million Cash Credit          BB-/Stable (Assigned)
   INR500.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect Surya Exim's average financial risk profile
marked by small net worth, high gearing and average debt
protection measures, and less than adequate risk management
systems.  The rating weaknesses are partially offset by the
company's efforts to integrate vertically -- Surya Exim has set up
coal processing and logistics facilities -- and the promoters'
experience in the coal and yarn trading business.

Outlook: Stable

CRISIL believes that Surya Exim will maintain its business risk
profile over the medium term on the back of its good relationships
with customers and suppliers, and cost-saving initiatives.  The
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates or its operations are disrupted by
adverse regulatory events.  Conversely, the outlook may be revised
to 'Positive' in case Surya Exim's financial risk profile
improves, because of sustained improvement in operating margin or
additional equity infusion.

                         About Surya Exim

Surya Exim was incorporated in 1989 by Mr. R L Saboo.  The company
was initially into trading in consumer durables and home
appliances. In 2000, the company was acquired by Mr. J P Saboo
(son of Mr. R L Saboo).  Thereafter, it switched to trading in
coal, and later to importing and trading in specialised polyester
filament yarn.  The latter segment contributed to the bulk of
Surya Exim's revenue in 2008-09 (refers to financial year, April 1
to March 31).  Surya Exim's business is centred in Surat and it
has branch offices in Ahmedabad and Nagpur.

Surya Exim reported a profit after tax (PAT) of INR8 million on
net sales of INR1751 million for 2007-08, against a PAT of INR12
million on net sales of INR1218 million for 2006-07.


VIMAL INTERTRADE: CRISIL Reaffirms 'BB+' Ratings on Various Debts
-----------------------------------------------------------------
CRISIL has reaffirmed its rating of 'BB+/Stable' on the bank
facilities of Vimal Intertrade Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR225.0 Million Cash Credit*        BB+/Stable (Reaffirmed)
   INR175.0 Million Proposed Long-Term  BB+/Stable (Reaffirmed)
            Bank Loan Facility

   *Sub limit of INR75.0 million for Import Letter of Credit

The rating reflects VIPL's weak financial risk profile, and
exposure to risks relating to fluctuations in the value of the
Indian rupee.  These weaknesses are, however, partially offset by
the benefits that the company derives from established
relationships with large suppliers, and promoters' experience in
the chemicals business.

Outlook: Stable

CRISIL believes that VIPL will maintain a stable business risk
profile on the back of promoters' industry experience, and
established relationships with suppliers and customers.  The
outlook may be revised to 'Positive' if the company's cash
accruals and capital structure improve.  Conversely, the outlook
may be revised to 'Negative' if VIPL's profitability declines,
leading to deterioration in its financial risk profile, or if
relationships with key suppliers and customers deteriorate.

                      About Vimal Intertrade

Set up in 2004 by Mr. Bimal Shah, Mr. Mayur Shah, Mr. Paras Shah,
and Mr. Hiren Shah, Vimal Intertrade Pvt Ltd. imports chemicals
from established overseas manufacturers, such as Dow Chemicals,
BASF, Degussa, Air Products, and Ashland , and distributes them in
the domestic market. VIPL has an extensive product line comprising
around 450 chemicals.

VIPL reported a profit after tax (PAT) of INR 5.9 million on net
sales of INR 1.6 billion for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR 19.1 million on net
sales of INR 1.34 billion for 2007-08.


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


BANK CENTURY: Asian Investors Keen on Buying Bank, LPS Chief Says
-----------------------------------------------------------------
Antara News, citing Firdaus Djaelani, chief executive of the
Deposit Insurance Agency (LPS), reports that several Asian
investors were seriously considering buying PT Bank Century, now
known as Bank Mutiara.

"Several of them have shown serious interest and have come three
times to enquire about Bank Mutiara," the report quoted Mr.
Djaelani as saying.

The report relates Mr. Firdaus, however, said none of the
interested investors had so far filed a letter of intent.  "They
are still talking.  But I am optimistic the bank can be sold," he
said.

According to the report, the government has given LPS three years'
time and the possibility of extending the period by another two
years to sell the bank to recoup the bailout funds totaling
IDR6.7 trillion.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector.  The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after Indonesia's
Deposit Insurance Corp. seized it on Nov. 21, 2008, over a week
after the bank failed to comply with a IDR5 billion obligation.
Bank Century then received a total capital injection of IDR6.76
trillion from the LPS.

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.


GARUDA INDONESIA: To Buy Back Some Notes in December
----------------------------------------------------
PT Garuda Indonesia will buyback some of its debt in Floating Rate
Notes (FRN) from its creditor in Singapore worth US$131.4 million,
Antara News reports citing Garudad president director Emirsyah
Satar.

"We have made ready US$25 million to buyback some of the FRNs on
December 15, 2009," Mr. Satar told Antara.  Mr. Satar said Garuda
would offer the buyback by itself, not through a third party, the
report relates.

According to the report, Mr. Satar said Garuda hoped its debt
burden would drop by buying back the FRNs.  The FRNs are the
company's debt since 1993.

Meanwhile, Antara reports that the company is now also seeking an
approval from Bank Indonesia to borrow US$109.6 million worth of
mandatory convertible bonds from state-owned Bank Mandiri.

The report notes Mr. Satar said the company would strive to
conduct restructuring based upon its capacity to repay.

As reported in the Troubled Company Reporter-Asia Pacific on
September 1, 2009, The Jakarta Globe said Bank Mandiri will take
an 11% stake in PT Garuda Indonesia under a debt-to-equity
conversion agreed to by all parties involved, including the
central bank.  Bank Mandiri will convert US$100 million of the
state-owned carrier's bond debt into equity.  The deal could be
concluded before Garuda's planned initial public offering,
scheduled for the middle of next year.

A TCR-AP report on Aug. 13, 2009, said Garuda Indonesia expects to
raise as much as US$400 million from its much-awaited Initial
Public Offering in June, next year.  The expected launch, however,
is based on a positive outlook of the market condition, vis-a-vis
investor sentiment.

According to analysts, market response to the IPO will largely
depend on the company's ability to settle its US$670 million in
debts.  Garuda's total debts as of the end of June 2009 reached
US$726 million — US$450 million to the European Credit
Agency (ECA), US$100 million to Bank Mandiri, and the rest to
other creditors.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                       About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


PERUSAHAAN LISTRIK: Expects to Turn to Profit in FY2010
-------------------------------------------------------
PT Perusahaan Listrik Negara president director said the company
is projecting a net profit this year of IDR7 trillion, a reversal
from a loss of IDR12.3 trillion in 2008, Antara News reports.

The news agency relates PLN President Director Fahmi Mochtar said
the rise in net profit was supported by the increase of corporate
profit to IDR14 trillion from the previous period when the company
suffered a corporate loss of IDR3.6 trillion.

"From 2004 to 2008 PLN had always experienced net losses," Mr.
Mochtar said.

According to the report, Mr. Mochtar said PLN began to improve its
performance after it launched an efficiency program where it
switched its use of fuel oils to gas.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 18, 2009, Moody's Investors Service upgraded to Ba2 from
Ba3 the corporate family rating and senior unsecured bond rating
of PT Perusahaan Listrik Negara.  This rating action follows
Moody's decision to upgrade to Ba2 from Ba3 the Indonesian
government's long-term foreign-currency and local-currency
ratings.  The ratings outlook is stable, consistent with the
outlook on the government ratings.


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


ANABUKI CONSTRUCTION: Shizuoka Bank May Miss Profit Forecast
------------------------------------------------------------
Finbarr Flynn and Shingo Kawamoto at Bloomberg News report that
Shizuoka Bank Ltd., Japan's largest regional lender by market
value, may miss its full-year profit forecast by as much as 16%
because of loans to Anabuki Construction Inc.

Shizuoka President Katsunori Nakanishi told Bloomberg profit could
be as low as JPY26 billion (US$300 million).  The bank, based in
Shizuoka prefecture west of Tokyo, will try to boost profit by
cutting costs and expanding income from trading, Mr. Nakanishi
said.

Shizuoka Bank, Aozora Bank Ltd. and more than 20 other
regional lenders said they may be unable to recoup loans to the
bankrupt construction company, according to Bloomberg.

The report says Anabuki's collapse -- considered Japan's fifth-
largest bankruptcy this year -- is a blow to regional banks
seeking to return to profit on a full-year basis after more than
half of  them posted deficits last year on loan charges and share
losses.

The impact of Anabuki's collapse is national, with the
level of provisions at regional banks being low as a whole,
Bloomberg relates citing Masahiko Sato, an analyst at Nomura
Holdings Inc. in Tokyo.  “Many regional banks had revised up their
earnings forecasts but this has poured cold water on that trend,”
Mr. Sato said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 25, 2009, Kyodo News said Anabuki Construction Inc. filed for
bankruptcy protection with the Tokyo District Court on Tuesday
after piling up liabilities totaling some JPY150 billion.

Anabuki Construction Inc. -- http://www.anabuki.com/-- is a
Japan-based construction and real estate company.


JAPAN AIRLINES: Holds Third Meeting with Retirees on Pension Cuts
-----------------------------------------------------------------
Japan Airlines Corp. on Thursday held its third meeting with
retirees in Tokyo to try to persuade them to accept drastic cuts
in their pension benefits so that the company can receive a
broader financial package backed by the government, Japan Today
reports.

Japan Today relates that JAL needs to obtain approval separately
from two-thirds of both the roughly 9,000 retired workers and
16,000 current employees to implement the pension cuts, which
would be a prerequisite for the carrier to gain access to public
funds.

Asia's largest airline by sales, according to Bloomberg News, has
sought financing from a state-affiliated fund and asked retirees
to accept pension cuts after posting losses in three of the past
four years.  The government has said it would prop up the
carrier to ensure it doesn't halt flying.

"I believe JAL could survive if it undertakes a drastic cut in the
number of employees, alterations in airplane equipment, and
through resolving the pension issue," Transport Minister Seiji
Maehara told reporters in Tokyo on November 24.

                           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
===============


OCI BERHAD: 26th Annual General Meeting Set for December 17
-----------------------------------------------------------
OCI Berhad will have its 26th Annual General Meeting on Dec. 17,
2009, at 10:00 a.m.  The meeting will be held at Concord Hotel
Shah Alam, No. 3 Jalan Tengku Ampuan Zabedah C9/C, 40100 Shah
Alam, in Selangor Darul Ehsan.

At the meeting, shareholders will be asked to:

   1. receive the audited accounts for the year ended
      June 30, 2009, and the Reports of the Directors
      and Auditors;

   2. approve the Directors' Fee;

   3. re-elect Mr. Low Kueck Shin who retires in
      accordance with Article 103 of the Company's
      Articles of Association;

   4. re-elect Mr. Loh Wann Yuan who retires in
      accordance with Article 103 of the Company's
      Articles of Association;

   5. re-elect Mr. Woon Chin Chan who retires in
      accordance with Article 87 of the Company's
      Articles of Association;

   6. re-appoint Messrs. Ernst & Young as Auditors and
      to authorize directors to fix their remuneration;
      and

   7. transact any other business for which due notice
      shall have been given in accordance with the
      Company's Articles of Association and the Companies
      Act, 1965.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


PILECON ENGINEERING: Sets Annual General Meeting on December 21
---------------------------------------------------------------
OCI Berhad will have its 32nd Annual General Meeting on Dec. 21,
2009, at 3:00 p.m.  The meeting will be held at Dewan Bunga Raya,
No. 2, Jalan U1/26, Seksyen U1, Hicom-Glenmarie Industrial Park,
40150 Shan Alam, in Selangor Darul Ehsan.

At the meeting, shareholders will be asked to:

   1. receive the audited accounts for the year ended
      Dec. 31, 2008, and the Reports of the Directors
      and Auditors;

   2. approve the Directors' Fee of MYR20,000.00 for
      the financial year ended Dec. 31, 2008;

   3. re-elect Mr. Tan Hock Keng who retires in
      accordance with Article 109 of the Company's
      Articles of Association;

   4. re-elect Dato' Haji bin Abdullah, who retires in
      accordance with Section 129(2) of the Company's
      Act, 1965;

   5. re-appoint Messrs. T.H. Kuan & Co. as Auditors and
      to authorize directors to fix their remuneration;

   6. consider and thought fit, pass an ordinary resolution:
      power to issue shares pursuant to Section 132D of the
      Companies Act, 1965; and

   7. transact any other business for which due notice
      shall have been given in accordance with the
      Company's Act, 1965.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.


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


NEW ZEALAND ASSOCIATION: S&P Puts BB Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' long-term counterparty credit rating to New Zealand
Association of Credit Unions.  At the same time, S&P assigned its
'B' short-term counterparty credit rating.  The outlook is
negative.  Standard & Poor's has also assigned its 'BB-' insurer
financial strength and counterparty credit ratings to Pioneer
Insurance Co. Ltd., a private motor insurance subsidiary of NZACU.
The rating outlook is negative, mirroring that on NZACU's ratings.

"NZACU's credit profile is heavily tied to the success and
strength of its member credit unions," Standard & Poor's credit
analyst Peter Sikora said.  "Favorable features of NZACU's credit
profile include the company's embedded principal position as a
service provider to the New Zealand credit union sector, its
moderate credit risk profile, and its sound liquidity and funding
profile."

However, the ratings on NZACU also factor in S&P's concerns about
its credit profile.  These include the association's history of
modest earnings, its diminished customer base due to industry
consolidation, and a weak capital adequacy position that has been
undermined by recent impairment losses and sizeable related-party
investments.  The establishment of Platinum Direct, a wholly owned
group finance company, led to significant losses for NZACU; this
has also detracted from S&P's opinion of NZACU's credit profile.

The ratings on Pioneer recognize some rating benefit from
ownership by NZACU, with Pioneer classified as a "strategically
important" subsidiary and capped one notch below NZACU under S&P's
group methodology.  Pioneer maintains adequate solvency, having
benefited from capital injections since its acquisition by NZACU
in July 2007.  With a renewed focus on core credit union business,
Pioneer is expected to return to profitability following three
years of losses.

The negative outlook reflects NZACU's weakening financial profile
and increased member dissatisfaction with its performance.  With
its weakened capital adequacy position, it will need to gain
member support to inject enough capital to meet the new regulatory
requirements set for 2010.  The rating could be lowered if NZACU
were to fail to improve its capital position or if any unforeseen
financial losses were to emerge.

"To see the outlook revised to stable, NZACU would need to
maintain its solid and relevant market position as a service
provider to the New Zealand credit union sector and improve its
profitability and capital adequacy to a level more supportive of
its current rating," said Mr. Sikora.  "We would also need to see
evidence of increased member support for, and confidence in, NZACU
and its board and management after recent board changes and
following the appointment of a new chief executive officer."

NZACU's rating would likely be raised one notch were it to
recapitalize to the level required under the forthcoming
regulatory framework.  This upside is, however, moderated by S&P's
view that sector consolidation will continue and might reduce the
company's operating performance and relevance to the New Zealand
market if larger credit unions were to start relying less on
NZACU's products and services.


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


PAKISTAN MOBILE: Weak Credit Profile Cues S&P to Junk Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
corporate credit rating and long-term senior unsecured debt rating
on Pakistan-based wireless service provider Pakistan Mobile
Communications Ltd. to 'CCC+' from 'B-'.  The outlook on the
corporate credit rating is negative.

The rating on Mobilink reflects the weakened credit profile of
parent Orascom Telecom Holdings S.A.E. (CCC+/Negative/--) on
account of Orascom Telecom's requirements for additional funding
to execute its business plan and manage its very weak liquidity
profile.  "We believe Orascom's weakened credit profile will
significantly impair Mobilink's financial flexibility.  Mobilink
could also face pressure to support the parent," said Standard &
Poor's credit analyst Yasmin Wirjawan.

S&P expects Mobilink to continue to have weak liquidity, with
refinancing risk, over the next 12 months.  S&P also expects the
company's covenants, for the period ended June 2010, to come under
pressure given a lack of parental support due to Orascom Telecom's
extremely weak liquidity.  Historically, Mobilink has received
significant support from the parent to meet its financial
covenants through equity infusion or the waiver of management
fees.

Mobilink is a 100% privately owned company by Orascom Telecom.  It
is also Orascom Telecom's second-largest operation, and accounted
for 20.6% of the consolidated EBITDA for 2008.  This highlights
the important role that Mobilink could play in Orascom Telecom's
strategy for additional funding.

Mobilink's operating performance has improved over the past two
quarters, with stable market share and EBITDA margins.  The
improvement in operating performance along with a significant cut
in capital expenditure has resulted in positive free operating
cash flow for the nine months ended Sept. 30, 2009.

The negative outlook reflects the liquidity pressure that S&P
expects Mobilink might face because of parent Orascom Telecom's
extremely weak liquidity.  The rating could be lowered if: (1)
Mobilink's liquidity deteriorates due to support to Orascom
Telecom; (2) the company is unable to address the refinancing
risk; or (3) there is heightened risk that the company might
breach its covenants.  The outlook could be revised to stable if
the liquidity position of Orascom Telecom improves materially,
resulting in a revision of the outlook on the rating on Orascom
Telecom to stable.


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


AMKEY (SINGAPORE): Court to Hear Wind-Up Petition on December 18
----------------------------------------------------------------
A petition to wind up the operations of Amkey (Singapore) Pte Ltd
will be heard before the High Court of Singapore on Dec. 18, 2009,
at 10:00 a.m.

Royal Brothers Development Pte Ltd filed the petition against the
company on November 23, 2009.

The Petitioner's solicitors are:

         Messrs Wee Ramayah & Partners
         22 Malacca Street
         #15-00 Royal Brothers Building
         Singapore 048980


ASIAPAK INDUSTRIES: Court to Hear Wind-Up Petition on December 11
-----------------------------------------------------------------
A petition to wind up the operations of Asiapak Industries Pte Ltd
will be heard before the High Court of Singapore on December 11,
2009, at 10:00 a.m.

Greenpath Pte Ltd filed the petition against the company on
November 16, 2009.

The Petitioner's solicitors are:

         SNG & Company
         133 New Bridge Road
         #14-10 Chinatown Point
         Singapore 059413


BEST ELEMENTS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on November 20, 2009,
to wind up Best Elements Pte Ltd's operations.

Thomson Medical Centre Limited filed the petition against the
company.

The company's liquidator is:

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


CREO ASIA: Creditors' Proofs of Debt Due December 26
----------------------------------------------------
Creditors of Creo Asia Pacific (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 26, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


GBC MARKETING: Court to Hear Wind-Up Petition on December 11
------------------------------------------------------------
A petition to wind up the operations of GBC Marketing Pte Ltd will
be heard before the High Court of Singapore on December 11, 2009,
at 10:00 a.m.

The Bank of East Asia Limited filed the petition against the
company on November 17, 2009.

The Petitioner's solicitors are:

         Messrs Ho & Wee
         No. 90 Cecil Street #17-02
         RHB Bank Building
         Singapore 069531


GOLDLINK ITALIA: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on November 20, 2009,
to wind up Goldlink Italia Marketing Pte Ltd's operations.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company.

The company's liquidator is:

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


GOLDLINK TEXTILE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on November 20, 2009,
to wind up Goldlink Textile Pte Ltd's operations.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company.

The company's liquidator is:

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


SUBSEA FLUIDS: Court to Hear Wind-Up Petition on December 11
------------------------------------------------------------
A petition to wind up the operations of Subsea Fluids Pte Ltd will
be heard before the High Court of Singapore on December 11, 2009,
at 10:00 a.m.

T3 Energy Services, Inc filed the petition against the company on
November 17, 2009.

The Petitioner's solicitors are:

         Messrs Colin Ng & Partners LLP
         36 Carpenter Street
         Singapore 059915


SENTIA SHIPPING: Creditors' Proofs of Debt Due December 26
----------------------------------------------------------
Creditors of Sentia Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 26, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


SIEM SENG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on November 13, 2009,
to wind up Siem Seng Paints Supplier Pte Ltd's operations.

Goh Kah Hock filed the petition against the company.

The company's liquidator is:

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


================
S R I  L A N K A
================


FINANCE COMPANY: Fitch Junks National Long-Term Rating From 'BB+'
-----------------------------------------------------------------
Fitch Ratings Lanka has downgraded Sri Lanka's The Finance Company
PLC's National Long-term rating to 'C(lka)' from 'BB+(lka)', and
the subordinate debentures to 'C(lka)' from 'BB-(lka)'.  The
ratings are on Rating Watch Negative.  Fitch has simultaneously
withdrawn TFC's ratings.

Fitch will no longer provide rating coverage on TFC.


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


KING'S TOWN: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Taiwan's King's Town Bank's Long-term
foreign currency Issuer Default Rating at 'BB+', Short-term
foreign currency IDR at 'B', National Long-term Rating at 'A-
(twn)', National Short-term Rating at 'F1(twn)', Individual rating
at 'C/D', Support rating at '5' and Support Rating Floor at 'NF'.
The Outlook is Stable.

KTB's ratings consider its moderate risk appetite which renders
modest profitability, satisfactory liquidity, sound capitalization
and adequate asset quality, and also take into account its small
franchise and limited diversity in terms of geography and revenue
mix.  KTB positions itself as a boutique regional financial
services provider, aiming to establish a solid market foothold in
southern Taiwan.  As part of the bank's re-engineering, it has
been more selective in pursuing asset growth in order to minimize
potential credit risks.  The bank is working to reduce its
reliance on the traditional lending business by expanding its
wealth management business and venturing into project finance
(related to local government infrastructure projects).

KTB managed to avoid making a loss in the first nine months of
2009 despite the challenging operating environment.  Fitch expects
an improvement in KTB's earnings in 2010, supported by a slight
improvement in core earnings, although credit costs could rise.
KTB's asset quality remains adequate; its NPL ratio was
satisfactory at 1.8%, while provision cover was reasonably strong
at 86.3% (industry average: 78.6%) of NPLs at end-Q309.

Although restructured loans of some financially weak corporations
are not included in reported NPLs, Fitch believes the bank has the
financial capacity to absorb potential credit losses.  KTB has
maintained reasonably sound capitalization, with a Tier 1 ratio of
11.3% at end-Q309.  The bank's liquidity profile is satisfactory,
supported by its stable and favorable funding base.  KTB also
maintained a reasonably low loans/deposits ratio of 70.8% at end-
Q309 (industry average: 76.5%).

Founded in 1948, KTB is a privately-owned bank with a deposit
market share of 0.6% at end-Q309.  The Tsai family and their
investment associates are the largest shareholder of KTB, with an
overall stake of 30.9% in the bank.  The family also owns the
publicly-listed King's Town Construction, a Kaohsiung-based
construction company.


TAISHIN FINANCIAL: Fitch Affirms Ratings; Shifts Watch to Positive
------------------------------------------------------------------
Fitch Ratings has affirmed most of the ratings for Taishin
Financial Holdings Company and its wholly owned subsidiaries,
Taishin International Banks and Taishin Bills Finance Corporation.
The agency simultaneously removed the Rating Watch Evolving status
on the ratings placed on May 19, 2009.  At the same time, Fitch
has revised most of the Rating Watch status on Taishin Securities
Co., Ltd's ratings to Positive from Evolving.  The rating actions
follow an annual review of Taishin group's credit profile,
including the consideration that the ongoing sale of TSC to KGI
Securities Co. Ltd. has been approved by the shareholders and
regulatory authorities.  A detailed list of the rating actions
follows at the end of this commentary.

The Rating Watch revision on TSC reflects the anticipation that
the ratings of TSC will be aligned with those of KGI when these
two entities merge by year-end of 2009.  The rating affirmations
and Stable Outlook on TFHC, TIB and TBF factor in Taishin group's
established franchise in Taiwan's consumer banking segment,
improved risk management and balance sheet strength.  The group
has made good progress in improving its risk culture after the
unsecured consumer lending crisis in 2005-2006.  It appointed
several key executives to revamp its overall management system,
with a focus on internal control, risk management as well as
strategic re-engineering.  Asset quality of TIB's unsecured
consumer lending, the group's main area of problem exposures,
improved after a series of sizeable write-offs in 2005-2008.
Besides, TIB's large precautionary provisions made in late 2008
helped provide a sufficient buffer against existing NPLs and
potential future delinquencies in unsecured personal loans.
Meanwhile, the large sum of the capital released and disposal gain
(TWD7.2 billion) from the divestment of TSC will notably lower the
leverage at the holding company level, and bolster TIB's Tier 1
capital ratio to above 8% (tentatively by year-end of 2009) from
the 6.8% reported at end-June 2009.

TFHC aims to expand its franchise in the Greater China market
(including Taiwan, Hong Kong and possibly mainland China, when
regulations permit), backed by the capital released from TSC.
TIB's successful bid for Chinfon Bank's credit card portfolio
(acquisition price: TWD4.1 billion, 0.5% of TIB's assets at end-
H109) in October 2009 is part of the group's strategic intent to
acquire consumer credit portfolios in Taiwan.  TFHC is also
looking for direct investment opportunities in China, with a focus
on corporate banking.

TFHC reported net losses in 2008 and H109 as the core
profitability of the group's two bank subsidiaries, TIB and Chang
Hwa Bank (22.55% owned), fell.  In addition, TIB's large provision
charges in 2008 and two one-off items in H109, including TIB's
reserves for dispute settlements with customers over Lehman
Brothers' structured notes and the group's reversal of tax credits
caused by the reduced corporate income tax rate, depressed TFHC's
earnings.  However, Fitch expects modest loan growth coupled with
stabilized loan spreads to support an improvement in underlying
operating profitability for TFHC in H209 and 2010.

The group's liquidity profile appears to be good.  The holding
company has ample cash, which comfortably covers annual interest
and preferred shares dividend obligations.  Moreover, TIB has a
reasonably favorable deposit franchise with gross loans/customer
deposits ratio maintained at an adequate 81% at end-H109.

TFHC, established in 2002, wholly owns TIB, TSC and TBF.  In
October 2005, TFHC became the largest shareholder of CHB.  TFHC
ranks fifth in terms of assets out of 15 financial holding
companies in Taiwan.

TFHC

  - Long-term foreign currency IDR affirmed at 'BBB-', removed
     from RWE, assigned Stable Outlook;

  - Short-term foreign currency IDR affirmed at 'F3', removed from
    RWE;

  - National Long-term rating affirmed at 'A(twn)', removed from
    RWE, assigned Stable Outlook;

  - National Short-term rating affirmed at 'F1(twn)', removed from
    RWE;

  - Individual rating affirmed at 'C', removed from RWE;

  - Support rating affirmed at '5';

  - Senior unsecured rating affirmed at 'A-(twn)', removed from
    RWE.

TIB

  - Long-term foreign currency IDR affirmed at 'BBB', removed from
    RWE, assigned Stable Outlook;

  - Short-term foreign currency IDR affirmed at 'F3', removed from
    RWE;

  - National Long-term rating affirmed at 'A+(twn)', removed from
    RWE, assigned Stable Outlook;

  - National Short-term rating affirmed at 'F1(twn)', removed from
    RWE;

  - Individual rating affirmed at 'C', removed from RWE;

  - Support rating affirmed at '3';

  - Support Rating Floor affirmed at 'BB+'.

TSC

  - Long-term foreign currency IDR at 'BBB-', Rating Watch revised
    to Positive from Evolving;

  - Short-term foreign currency IDR affirmed at 'F3', removed from
    RWE;

  - National Long-term rating at 'A(twn)', Rating Watch revised to
    Positive from Evolving;

  - National Short-term rating affirmed at 'F1(twn)', removed from
    RWE;

  - Individual rating 'C/D', Rating Watch revised to Positive from
    Evolving;

  - Support at '3', Rating Watch revised to Negative from
    Evolving.

TBF

  - Long-term foreign currency IDR affirmed at 'BBB-', removed
    from RWE, assigned Stable Outlook;

  - Short-term foreign currency IDR affirmed at 'F3', removed from
    RWE;

  - National Long-term rating affirmed at 'A(twn)', removed from
    RWE, assigned Stable Outlook;

  - National Short-term rating affirmed at 'F1(twn)', removed from
    RWE;

  - Individual rating affirmed at 'C/D', removed from RWE;

  - Support rating affirmed at '3', removed from RWE.


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


DUBAI WORLD: UAE Central Bank Has Standby Funding for Banks
-----------------------------------------------------------
Central Bank of the UAE said it stands behind UAE banks and
branches of foreign banks operating in the UAE.  In a statement
obtained by The Wall Street Journal, Central Bank said it has
issued a Notice to UAE banks and branches of foreign banks
operating in the UAE, making available to them a special
additional liquidity facility linked to their current accounts at
the Central bank, at the rate of 50 basis points above the 3
months EIBOR.

The Central Bank stated that the UAE Banking System is more sound
and liquid than a year ago, with foreign interbank deposits and
MTNs/ECPs issued by UAE banks stand reduced by 25%.

According to the statement, UAE Banking System is comprised of
retail commercial banks only, with a strong base of stable
deposits, the best banking model that weathered the current Global
Financial Crisis.  From the consolidated balance-sheet of banks,
Interbank deposits of the UAE Banking System constitute 10.3% of
the liabilities side, with foreign interbank deposits constituting
5% only, the statement said.

                           *     *     *
The Wall Street Journal's Chip Cummins and Dow Jones Newswires'
Andrew Critchlow report that the Central Bank's move appeared
aimed at boosting confidence in the country's banking sector,
which has large exposure to Dubai debt, before Monday, when banks
and stock markets reopen after a long Muslim holiday.

But the statement, the report notes, pointedly didn't mention
Dubai, disappointing many market observers.  Spokesmen for the
Dubai government and the federal government in Abu Dhabi declined
to comment Sunday, the report says.

“The central bank could still issue a more explicit statement of
support for Dubai before markets opened Monday,” Messrs. Cummins
and Critchlow say.

The report also notes that people familiar with the situation said
federal officials, bondholders and even some executives who had
worked for months with Dubai and Dubai World officials on their
financial woes hadn't been warned ahead of time about the debt-
standstill announcement.

Mr. Critchlow in a separate report says The Sunday London Times
newspaper was removed by authorities from shelves in the UAE on
Sunday amid intensive reporting of Dubai's debt problems.
According to the report, an executive at the paper in Dubai told
Zawya Dow Jones The National Media Council ordered the paper
blocked by distributors without providing a reason.


Moody's Cuts Issuer & Debt Ratings on Dubai State-Related Firms
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of all six
government-related issuers in Dubai and left them on review for
possible downgrade.

Ratings affected by the action are these:

  -- DP World issuer and debt ratings were downgraded to Baa2 from
     A3;

  -- Dubai Electricity & Water Authority issuer and debt ratings
     were downgraded to Baa2 from A3;

  -- DIFC Investments issuer and debt ratings were downgraded to
     Ba1 from A3;

  -- Jebel Ali Free Zone issuer and debt ratings were downgraded
     to Ba1 from Baa1;

  -- Dubai Holding Commercial Operations Group issuer and debt
     ratings were downgraded to Ba2 from Baa1;

  -- Emaar Properties issuer ratings were downgraded to Ba2 from
     Baa1.

The rating action reflects the announcement by the Dubai
government of a restructuring of Dubai World, including a
requested standstill on all financings to Dubai World and its
subsidiary Nakheel.  Moody's has to this point incorporated a
substantial level of government support in the Dubai GRI ratings.
However, following the announcement Moody's have reduced the
government support that has been factored into its Dubai GRI
ratings, moving them within one to three rating categories of
their fundamental credit profiles.

Moody's has always highlighted that the way the government will
deal with Nakheel's upcoming liabilities will represent a litmus
test for Dubai.  Although Nakheel is not rated by Moody's, it sets
a major precedent for a high-profile, seemingly strategic company
facing debt repayment difficulties and thus relying on the
government for support.  A restructuring of its obligations would
indicate that the government is prepared to allow a GRI to default
on its obligations -- a precedent that needs to be interpreted
accordingly for those companies that are rated by Moody's.

Neither Dubai World nor Nakheel are rated by Moody's, however, two
of Dubai World's subsidiaries, DP World and JAFZ, are rated.
Moody's understands that debt obligations of DP World and JAFZ are
not part of the restructuring announcement, though this remains to
be confirmed.  Also, no cross default provisions exist between
Dubai World and DP World or JAFZ.  However, the restructuring of
its parent company creates uncertainty for both entities' ratings.

Moody's ongoing review of all of the Dubai GRIs will focus on the
implication that the restructuring of Dubai World has on the
expected level of government support for all of the rated entities
in Dubai.  Moody's will also consider which entities within the
Dubai World group are affected by the restructuring, the degree to
which this poses additional risk to the credit profiles of rated
subsidiaries of Dubai World, as well as the terms and conditions
of the standstill request and the degree to which it gives
creditors an option for timely repayment.

The government's decision to restructure highlights the
government's intention to strictly adhere to its stated policy of
supporting only those companies with viable long-term business
prospects, which implies that support for distressed or weaker
companies may be less forthcoming.  Therefore, confirmation of
such policy could result in further reductions in support
assumptions that would align ratings entirely with the companies'
fundamental credit profile.

The last rating action on Dubai's corporate GRI's was on
November 4, 2009, when Moody's downgraded ratings of DP World,
DIFC Investments, DEWA, JAFZ, and Dubai Holding Commercial
Operations Group.


                         *********

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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