TCRAP_Public/091207.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, December 7, 2009, Vol. 12, No. 241

                            Headlines

A U S T R A L I A

ADVANCED MEDICAL: Net Income Hikes to US$816,500 in Sept. Quarter
FIREPOWER HOLDINGS: Founder Tim Johnson Arrested
FORTESCUE METALS: Ends Discounted Sale of Iron Ore to China
GREAT SOUTHERN: Black Tree Calls for Investors' Meeting
LANE COVE: S&P Withdraws 'BB+/Negative' Rating on Senior Bonds

MACQUARIE MEDIA: Complete Recapitalization; Reduces Bank Debts
MARINER CORPORATION: Founder Faces ASIC Probe on Unit's Collapse
MITRE 10: Sells Majority Stake to Pay $55-Mln Loan to CBA
STORM FINANCIAL: Liquidators Submit Report on Probe
TODAYTECH GROUP: In Liquidation; Insolvent Trading Probe Looms


C H I N A

CHINA DIGITAL: Revenues, Profit Up in Third Quarter of 2009
SINO-FOREST CORP: S&P Assigns 'BB' Rating on US$400 Mil. Bonds


H O N G  K O N G

ASIA ALUMINUM: Yu and Sutton Appointed as Liquidators
ASIA-PACIFIC DUTY: Court Enters Wind-Up Order
BIOPACK ENVIRONMENTAL: Posts US$331,600 Net Loss in Q3 2009
ELECTRIC ORANGE: Court Enters Wind-Up Order
EXCEL TIME: Court Enters Wind-Up Order

CITIZENS TRAVEL: Creditors' Proofs of Debt Due December 28
COURIER BEST: Court to Hear Wind-Up Petition on January 6
CHUN NGAI: Court to Hear Wind-Up Petition on January 6
DBA INTERNATIONAL: Creditors' Proofs of Debt Due December 22
HONGKONG TOPRICH: Court to Hear Wind-Up Petition on January 6

HOW MING: Court to Hear Wind-Up Petition on January 6
JUMBO GAIN: Court to Hear Wind-Up Petition on January 20
KAR-GO EXPRESS: Court Enters Wind-Up Order
KEI CHEONG: Court Enters Wind-Up Order
KY CATERING: Court to Hear Wind-Up Petition on December 30

LIBERTAS CAPTIAL: Court to Hear Wind-Up Petition on January 6


I N D I A

ANAND SILK: CRISIL Assigns 'B' Ratings on Various Bank Facilities
ANANDA AQUA: CRISIL Places 'B' Rating on INR40MM Overdraft Limit
B.E. CONTRACTS: Weak Liquidity Prompts CRISIL 'B' Ratings
C R SONS: Delays in Loan Repayment Cue CRISIL 'C' Ratings
CL GULHATI: Stretched Liquidity Prompts CRISIL 'C' Ratings

ENGINEERING PROFESSIONAL: CRISIL Rates Cash Credit Limit at 'BB-'
DINURJE JEWELLERY: CRISIL Rates INR210-Mil. Bank Debts at 'P4'
JAGADEESH MARINE: CRISIL Places 'BB-' Rating on INR3.8MM Term Loan
KINJAL CONSTRUCTION: CRISIL Rates INR150MM Rupee Term Loan at 'B'
KOCHAR OVERSEAS: CRISIL Assigns 'B+' Ratings on Various Bank Debts

MERCURY MARINE: CRISIL Puts 'BB-' Rating on INR40MM Cash Credit
NAVRAN ADVANCED: CRISIL Puts 'BB+' Rating on INR247.5MM Term Loan
PP POLYPLAST: CRISIL Reaffirms 'B' Ratings on Various Bank Debts
SATHYA GRANITES: CRISIL Rates INR150.0 Million Cash Credit at 'B+'
TATA MOTORS: Posts INR21.78cr Consolidated Profit in Sept. Qtr

TATA POWER: Second Qtr Profit Drops 30.34% to INR367.73cr
UNITED DIVERS: CRISIL Assigns 'BB+' Rating on INR350MM LT Loan


I N D O N E S I A

BANK CENTURY: Returns to Profit A Year After Bailout
SEMEN GRESIK: Expects 2009 Profit to Increase by 30%


J A P A N

PIONEER CORP: Inks Strategic Pact with Suning Appliance


K O R E A

HYUNDAI MOTOR: Quits Business Lobby Group Amid Labor Laws Dispute


M A L A Y S I A

AXIS INC: Sixth Annual General Meeting Slated for December 24
CIMB BANK: Moody's Gives Positive Outlook on 'D+' Bank Rating
EKRAN BERHAD: Publicly Reprimanded for Breaching Listing Rules
NEPLINE BERHAD: Posts MYR2.32-Mil. Net Loss in Qtr. Ended Sept. 30
NIKKO ELECTRONICS: EMMSB Wants Court to Hear Civil Suit

RANHILL BHD: S&P Gives Stable Outlook; Affirms 'B' Corp. Rating


N E W  Z E A L A N D

DORCHESTER PACIFIC: Looks to Exit Moratorium by June 2010
FIVE STAR: Directors Criminal Case Remanded Until January 18
PROPERTYFINANCE GROUP: Reports Loss; Minimizes Overhead
ST LAURENCE: Unit Post NZ$28.2MM Loss in Six Months Ended Sept. 30


S I N G A P O R E

HO SHING: Creditors Get 100% Recovery on Claims
OPTIMUM-3 INTERNATIONAL: Creditors Get 25% Recovery on Claims
URBAN CORPORATION: Creditors' Proofs of Debt Due December 16
VIS SINGAPORE: Creditors' Proofs of Debt Due January 3


S R I  L A N K A

INDUSTRIAL FINANCE: Fitch Cuts National Long-Term Rating to 'D'


T H A I L A N D

BANK OF AYUDHYA: Fitch Affirms C Individual Rating; Stable Outlook
BANGKOK BANK: Fitch Affirms C Individual Rating; Stable Outlook
KASIKORNBANK PUBLIC: Fitch Affirms C Individual Rating
SIAM COMMERCIAL: Fitch Affirms C Individual Rating; Stable Outlook
* THAILAND: Court Suspends 65 Industrial Projects


X X X X X X X X

ASAT HOLDINGS: Delays Annual Report; Sees 8.7% Drop in Revenue
UAE CMBS: Fitch Downgrades Ratings on Three Classes of Notes


                         - - - - -


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A U S T R A L I A
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ADVANCED MEDICAL: Net Income Hikes to US$816,500 in Sept. Quarter
-----------------------------------------------------------------
Advanced Medical Institute Inc. reported net income of US$816,552
on net revenue of US$14.5 million for the three months ended
Sept. 30, 2009, compared with net income of US$114,646 on net
revenue of US$15.9 million for the same period in 2008.

The decrease in revenue is primarily attributable to the
depreciation in the Australian dollar against the US dollar.
Revenue in Australian dollars was AU$17.4 million in the three
months ended March 31, 2009, compared with AU$17.9 million in the
three months ended September 30, 2008.  The slight decrease is
primarily due to the lower number of patients purchasing the
Company's programs in light of the difficult economic conditions
and the reduction in the advertising and promotion of its programs
in Australia.

The increase in net income in the 2009 quarter compared to the
2008 quarter is attributable to the significant decrease in
selling, general and administrative expenses as a percentage of
revenue for the three-month period ended September 30, 2009, as
well as the improvement in the UK operations for the relevant
period.

At September 30, 2009, the Company's consolidated balance sheets
showed total assets of US$52.1 million, US$32.0 million in total
liabilities, and US$20.1 million in total stockholders' equity.

A full-text copy of the Company's Form 10-Q is available for free
at http://researcharchives.com/t/s?4aea

             Results for the Year Ended June 30, 2009

The Company reported a net loss of US$9.3 million on net revenues
of US$53.4 million for the year ended June 30, 2009, compared with
net income of US$994,779 on net revenues of US$51.8 million for
the year ended June 30, 2008.

The reversal to a net loss in fiscal 2009 is mainly attributable
to the impairment on the patent and formulation rights owned by
Worldwide PE Patent Holdco Pty Limited, the increase in selling,
general and administrative expenses and the establishment of the
UK operations.  An Australian company, Worldwide PE is a wholly
owned subsidiary of AMI.

At June 30, 2009, the Company's consolidated balance sheets showed
US$47.8 million in total assets, US$29.7 million in total
liabilities, and US$18.1 million in total shareholders' equity.

A full-text copy of the Company's Form 10-K is available for free
at http://researcharchives.com/t/s?4aec

                       Going Concern Doubt

Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about Advanced Medical Institute, Inc. and its subsidiaries'
ability to continue as a going concern after auditing the
Company's consolidated financial statements as of and for the
years ended June 30, 2009, and 2008.  The accounting firm pointed
to the Company's accumulated deficit of US$7,046,257 as of
June 30, 2009, and net loss of US$9,344,989 for the year ended
June 30, 2009.

                      About Advanced Medical

Based in Sydney, Australia, Advanced Medical Institute, Inc. (OTC
BB: AVMD) -- http://www.amiaustralia.com.au/-- was originally
incorporated under the name of Hawksdale Financial Visions, Inc.,
on December 6, 1996, under the laws of the State of Nevada.  The
Company was involved in the business of timeshares, but became
dormant on March 31, 1997, and until January 28, 2005, the Company
was a "blank check" company with nominal assets.  On October 15,
2004, the Company changed its name to "Advanced Medical Institute,
Inc."

The Company, through its subsidiaries, is a service provider
company, which arranges for patients with sexual dysfunction and
prostate problems in Australia, New Zealand and the United Kingdom
to be provided with medical services, pharmaceuticals and
associated clinical support services.


FIREPOWER HOLDINGS: Founder Tim Johnson Arrested
------------------------------------------------
The Australian Federal Police on Friday arrested Firepower Holding
boss Tim Johnston two days after a warrant was issued by a Federal
Court judge, according to The Australian Associated Press.

The AAP relates that Mr. Johnston was questioned in Brisbane on
Wednesday, via videolink to a Federal Court hearing in Perth, on
his failure to attend a public examination of his failed company
on November 26.

According to the AAP, Mr. Johnston had cited health and safety
reasons for not attending the liquidators' hearing in Perth,
saying he was too ill to fly and his life could be in danger.

Justice Siopis has ordered Mr. Johnston to appear in Perth when
the liquidators hearing resumes Tuesday and Wednesday this week,
the AAP notes.

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 million and AU$100 million.


FORTESCUE METALS: Ends Discounted Sale of Iron Ore to China
-----------------------------------------------------------
Matt Chambers at The Australian reports that Fortescue Metals
Group Ltd. is no longer supplying iron ore to China at a discount
and has instead been selling at the benchmark contract or at spot
prices.

The move comes after Fortescue failed to secure a AU$6.5 billion
funding deal from China, the report says.

According to the report, the company may have switched this
quarter to the benchmark price settled by Rio Tinto Group with
Japanese and Asian mills (and adopted by Chinese mills as a
provisional price after the China Iron & Steel Association refused
to conform) after selling at a 3 percent discount in the previous
quarter.

Fortescue still has the option to give Chinese mills the
discounted price, because it has not yet received full payment for
ore shipped this quarter, The Australian notes.

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group.  The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.


GREAT SOUTHERN: Black Tree Calls for Investors' Meeting
-------------------------------------------------------
Black Tree Pty Ltd, one of the parties wanting to take over the
management of the forestry assets of Great Southern, has urged
investor-growers to reject other proposals for the group and to
meet to consider an alternative.

Citing Black Tree's letter to Great Southern investor-growers, the
report discloses Black Tree said it needed 5% of grower proxies to
call a growers' meeting to consider its proposal.  According to
SMH, Black Tree claimed that the receivers and managers of Great
Southern, McGrathNicol, were unwilling to call a growers' meeting
on Black Tree's behalf.

"Therefore, without the support of you, the growers, [the
Australian Securities and Investments Commission] and others, we
are not in a position to present a formal rival proposition for
your consideration prior to the already called meeting of growers
on December 23," the report cited Black Tree's executive chairman,
Tony Jack, in a letter to investor-growers.

The report notes Mr. Jack said his proposal had been abandoned in
favor of a proposal from Gunns, which Black Tree said was
significantly skewed in favor of Great Southern's bankers, at the
expense of growers.

Black Tree said that under its proposal growers would receive
income over the next 10 years without the need to make any further
contributions, SMH relates.

According to the report, Great Southern investor-growers are
scheduled to gather on December 10 to consider a proposal from
Pulpwood Plantations Pty Ltd on the future management of the Great
Southern group's forestry managed investment schemes.

Investor-growers are also scheduled to meet on December 23 to
consider a proposal from the woodchipper Gunns, which has been
recommended by McGrathNicol, the report notes.

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

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

In November, the group's creditors voted to liquidate 27 of Great
Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

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


LANE COVE: S&P Withdraws 'BB+/Negative' Rating on Senior Bonds
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'BB+/Negative' rating on the AU$1.14 billion senior secured bonds
issued by Lane Cove Tunnel Finance Company Pty Ltd. at the request
of the company.  The Standard & Poor's underlying rating on the
notes prior to withdrawal was 'D'.

The 'BB+/Negative' rating reflected the guarantee of payment
provided by MBIA Insurance Corp. (BB+/Negative/--).


MACQUARIE MEDIA: Complete Recapitalization; Reduces Bank Debts
--------------------------------------------------------------
Macquarie Media Group said it has completed its recapitalization
initiative with the application of AU$535 million out of net
proceeds from its recently completed entitlement offer and the
majority of available parent level cash to reduce the business
level bank facilities of MMG's core business, Macquarie Southern
Cross Media Pty Ltd (MSCM), to AU$338 million at December 3.

The group said this AU$535 million prepayment has been determined
after allowance for transaction costs and interest rates hedging
break costs as well as providing for the retention of parent level
cash of approximately AU$68 million to allow for ongoing working
capital requirements including the potential internalization
payment of AU$40.5 million.

Discussions with lenders are progressing to advance the terms and
timing of the planned refinancing of Macquarie Southern Cross's
business level bank facilities.

"MMG's recently completed equity raising and the early paydown of
MSCM's business level bank facilities have reduced MSCM's net debt
to EBITDA leverage ratios to a conservative and sustainable level
and positions MSCM well to negotiate the refinancing of its
business level bank facilities ahead of their maturity in
November 2010," Macquarie Media chief executive officer, Mark
Dorney, said in a statement.

The Troubled Company Reporter-Asia Pacific reported on Nov. 23,
2009, that Macquarie Media Group Ltd. said its US subsidiary
American Consolidated Media LLC entered into a forbearance
contract with its lenders after breaching loan covenants.

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

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

As reported in the TCR-AP on Oct. 30, 2009, Macquarie Media said
American Consolidated Media LLC breached loan covenants under its
US$133.7 million business level bank facility.

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

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

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

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

                       About Macquarie Media

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


MARINER CORPORATION: Founder Faces ASIC Probe on Unit's Collapse
----------------------------------------------------------------
The Sydney Morning Herald reports that Mariner Corporation founder
Bill Ireland has been summoned to appear before an Australian
Securities and Investments Commission-authorized public
examination into the collapse of one of his group's property
funds, Mariner Treasury Limited.

The report says the receiver, McGrathNicol, has also served
summonses on Mariner's former company secretary Robert Molinari
and former auditor Andrew Dickinson from KPMG.

Mariner, according to SMH, attempted to cut itself loose from the
fund in late 2008, when it announced it had deconsolidated Mariner
Treasury "in accordance with Australian Accounting Standards". Mr.
Ireland, who also founded Challenger, has seen his latest venture
rack up more than AU$120 million of losses, the report notes.

According to the report, Mariner Corporation, which changed its
name from Mariner Financial last month, has also put a positive
spin on its current 1.2c-a-share raising that could dilute its
share base a further six times.

"The recapitalization has been designed to create sustainable
levels of short-term liquidity at the corporate and asset level
while positioning Mariner as an attractive investment proposition
in the future," the report cited Mariner's recapitalization
document.

Mariner Corporation announced last month its intention to
undertake a capital restructuring to strengthen its balance sheet.
The Company is seeking to raise AU$12 million of capital in the
form of an offer information statement (OIS) and a placement.  All
new shares under the equity raising will be offered for and issued
at 1.2 cents per share ($0.012 per share) and all new shares will
rank equally with all existing ordinary Mariner Corporation
Limited shares once they are issued.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2008, the Australian said Mariner Corporation has been
under considerable financial distress.  Its share price plunged
91% from AU$2.15 in February 2007 to just 19c on Nov. 26, 2008.

The company has slashed two-thirds of its staff and has been
conducting a fire sale of assets and management rights.

Mariner Corporation, according to a TCR-AP report on Oct. 9, 2008,
appointed receivers and managers to its wholly owned subsidiary,
Mariner Treasury Limited.  The fund owes more than $22 million to
its noteholders, the Sydney Morning Herald notes.

                    About Mariner Corporation

Based in Australia, Mariner Corporation Limited (ASX:MCX) --
http://www.marinerfunds.com.au/-- formerly known as Mariner
Financial Limited, focuses on originating, structuring and
distributing investment products for Australian investors.


MITRE 10: Sells Majority Stake to Pay $55-Mln Loan to CBA
----------------------------------------------------------
George Lekakis at the Herald Sun reports that hardware retailer
Mitre 10 is selling a majority stake in its operations to reduce a
$55 million loan to the Commonwealth Bank.

The report says Mitre 10 has been negotiating since September with
several parties on the sale of a majority interest in the company.

According to the report, the Mitre 10 board is in a difficult
position after the company's financial position unraveled in the
12 months to the end of June.

As of June 30, 2009, Mitre 10 had a net asset deficiency of almost
$2 million.

The report relates that without a CBA waiver on the company's
financial covenants in the June quarter, Mitre 10 faced the
possibility of insolvency.  The bank's support for a restructure
of the company's operations, however, enabled the group to
continue trading as a going concern, the report notes.

The Metcash said it had pitched $50 million for 50.1% of the
business and another bid has been submitted by an unnamed private
equity firm.

Mitre 10 directors are expected to take up to two weeks to decide
which of the bids is the most attractive and then recommend a part
sale to the company's private shareholders.

Mitre 10 -- http://www.mitre10.com.au/-- is a retail and trade
hardware store chain, with over 700 locations in all states of
Australia as well as under 250 in New Zealand.


STORM FINANCIAL: Liquidators Submit Report on Probe
---------------------------------------------------
The liquidator of Storm Financial has submitted the findings of
its investigation into the failed advisory firm to the Australian
Securities & Investments Commission, Kate Kachor writes for the
InvestorDaily.

Ms. Kachor says Worrells Solvency & Forensic Accountants has
handed ASIC its report about the collapse of advisory firm.

InvestorDaily relates a Worrells spokesperson said Worrells
finalized the report and delivered it to the corporate regulator
earlier last week.

Due to the confidential nature of the report, details of the
findings could not be disclosed, the spokesperson said.

ASIC would not comment on any details on the report, InvestorDaily
notes.

The liquidators have spent the past month reviewing transcripts
and evidence from a four-week public examination into the company
held in the Federal Court in Brisbane, according to The Sydney
Morning Herald.

                       About Storm Financial

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

                          *     *     *

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

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

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

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


TODAYTECH GROUP: In Liquidation; Insolvent Trading Probe Looms
--------------------------------------------------------------
TodayTech Distribution and its parent company, TodayTech Group,
have officially been liquidated, Nadia Cameron at ARN Daily
reports.

According to the report, creditors for the distribution subsidiary
voted to place the company in liquidation on November 25, after a
last-minute effort by directors to draw up a deed of company
arrangement failed.  The report says the decision comes nearly two
months after voluntary administrator, Robert Whitton of William
Buck, was brought in on October 7.

The report relates Mr. Whitton, who is now acting as liquidator,
said his next step was to complete the investigation into the
company, including claims it may have traded while insolvent.  Mr.
Whitton will also look to recover whatever debt is left, and sell-
off remaining equipment, ARN Daily notes.

Sydney-based TodayTech Group distributes computer products,
peripherals and components.  The company had offices Queensland,
South Australia, Victoria and Western Australia.


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C H I N A
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CHINA DIGITAL: Revenues, Profit Up in Third Quarter of 2009
-----------------------------------------------------------
China Digital Communication Group has reported its financial
results for the three months ended September 30, 2009.

Net income for the three months ended September 30, 2009 was
US$2.0 million, or US$0.32 per diluted share, compared with net
income of US$1.6 million, or US$0.26 per diluted share, for the
same period last year.

Revenue for the three months ended September 30, 2009, was
US$7.8 million, as compared to US$7.2 million for the three months
ended September 30, 2008.  Sales for the new battery distribution
segment were US$6.1 million, or 77% of the Company's net revenue
in the third quarter of 2009, compared to US$5.9 million, or 82%
of net revenue in the third quarter of 2008.  Sales of the
Company's battery shell and cover business segment were US$1.8
million in the third quarter of 2009, representing a 35% increase
from sales of US$1.3 million in the third quarter of 2008.

Gross profit was US$2.4 million, or 30.9% of net revenue, for the
three months ended September 30, 2009, as compared to
US$2.2 million, or 30.0% of net revenue, for the three months
ended September 30, 2008.   The improvement in gross profit and
gross margin was primarily due to the Company's new battery
assembly and distribution segment.  Compared to the existing
battery shell and cover business, the battery assembly and
distribution segment generates higher gross profit due to the
lower cost of sales.

Operating income was US$2.3 million for the three months ended
September 30, 2009, as compared to US$2.0 million for the three
months ended September 30, 2008, reflecting strict cost control
measures and increased operational efficiency.

As of September 30, 2009, the Company had cash and cash
equivalents of US$9.5 million, working capital of US$12.9 million
and stockholders' equity of US$14.4 million.  During the nine
months ended September 30, 2009, net cash provided by operating
activities was US$4.7 million.

Mr. Fushun Li, chief executive officer, commented, "For the third
quarter ended September 30, 2009, China Digital Communication
Group reported revenue of US$7.8 million versus US$7.2 million in
the third quarter of 2008.  We experienced the strongest growth in
our battery shell and cover manufacturing segment, where revenue
increased by 35.2% to US$1.8 million from US$1.3 million for the
comparable period last year.  At the same time, we continue to
gain traction in our battery distribution segment, which began in
mid-August 2008.  As a result of commencing work with our largest
customer in the third quarter of 2008, we recognized strong sales
in the second half of 2008, whereas sales in 2009 were more evenly
distributed.  We have also been successful in attracting new,
large customers.  For example, during the third quarter, our
distribution segment was awarded a US$4.1 million purchase order
for lithium ion batteries from China Electronics Shenzhen Company.
This order is significant for several reasons.  First, since China
Electronics Shenzhen Company is one of the largest, export-driven
state owned enterprises in China, it further enhances our
reputation within the battery market.  Second, it allows us to
compete for additional business from China Electronics Shenzhen
Company.  Third, it further expands and diversifies our customer
base.  Going forward, we intend to capitalize on our long-standing
relationships in the Chinese battery market and further expand our
higher margin distribution business."

"In addition to increasing our gross profits, we have remained
focused on carefully managing our operating expenses.  For the
third quarter of 2009, we reduced our selling, general and
administrative expenses by more than 42%, even as we increased
revenue.  As a result, we achieved net income of US$2.0 million
for the third quarter of 2009, an increase of 26.7%, as compared
to US$1.6 million for the comparable period last year.  Moreover,
we continue to generate strong cash flow and have a solid balance
sheet with approximately US$9.5 million of cash and very little
debt.  We are excited about our growth prospects and recognize
that since we are currently utilizing just 60% of our capacity, we
can increase the profitability of our existing business without
having to incur significant capital expenditures.  Looking ahead,
we are encouraged by the near- and long-term outlook for the
business, and remain confident in achieving our previously issued
guidance for full year revenues of US$23.0-US$25.0 million and net
income of US$5.3- US$6.0 million."

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed US$17,622,130 in total assets, US$3,197,717 in total
liabilties, and US$14,424,413 in total shareholders' equity.

A full-text copy of the Company's Form 10-Q is available for free
at http://researcharchives.com/t/s?4af8

                       Going Concern Doubt

The Company believes it has sufficient cash to continue its r
current business through September 30, 2010, due to expected
increased sales revenue and net income from operations.  However
the Company has suffered recurring losses in the past and has a
large accumulated deficit.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

             About China Digital Communication Group

China Digital Communication Group (OTC BB: CMTP) --
http://www.chinadigitalcommunication.com/ -- is a manufacturer
and distributor of lithium ion batteries.  The company also sells
high-quality lithium-ion battery shell and cap products to major
lithium-ion battery cell manufacturers in China.  The company's
products are used to power mobile phones, MP3 players, laptops,
digital cameras, PDAs, camera recorders and other consumer
electronic digital devices.


SINO-FOREST CORP: S&P Assigns 'BB' Rating on US$400 Mil. Bonds
--------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB' issue
rating to the proposed issue of US$400 million in convertible
bonds due 2016 by Sino-Forest Corp.  The rating is subject to
S&P's review of the final issuance documentation.

Standard & Poor's also assigned its 'BB' issue rating to Sino-
Forest's proposed issue of US$185.4 million 10.25% senior
unsecured notes due 2014.  The proposed notes are part of an
exchange for the outstanding notes and warrants of Mandra Forestry
Finance Ltd. (D/--/--).  The rating is subject to S&P's
confirmation that all terms and conditions are similar to those of
Sino-Forest's existing outstanding senior notes.

At the same time, Standard & Poor's also affirmed its 'BB' long-
term corporate credit rating on Sino-Forest.  The outlook is
stable.

The rating actions follow Sino-Forest's announcement on Dec. 1,
2009, of a proposed convertible bond and common share offering to
fund its expansion plans.  The company also announced the
acquisition of Mandra through a proposed issuance of senior
unsecured notes in exchange for Mandra's outstanding bonds and
warrants.  In S&P's view, Sino-Forest has sufficient capacity to
take on the additional debt and the financial and execution risks
associated with the proposed transactions.

"Sino-Forest has a higher-than-average financial buffer for the
rating, but that support could materially weaken following the
finalization of the proposed transactions," said Standard & Poor's
credit analyst Peggy Lin.  Sino-Forest's financial risk profile
should, however, remain commensurate with a 'BB' rating, she
added.

The transactions, in S&P's view, should support the long-term
strength of Sino-Forest's business risk profile.  S&P note that
over recent years, the company has progressively improved the
diversity and stability of its existing business activities.  In
the short term, however, the proposed transactions would expose
Sino-Forest to execution risk.

"We view the proposed transactions--that involve integrating three
projects into the company's operating asset base--as having a
higher risk than executing a number of master agreements
concurrently," said Ms. Lin.  These projects comprise a master
agreement at Guizhou that is similar to Sino-Forest's existing
master agreements; the acquisition and integration of Mandra's
operations; and the execution of investments in state-owned
plantations in cooperation with state-owned plantation companies.

Standard & Poor's expects Sino-Forest be able to proceed with
minimal risk, based on its past experience in executing master
agreements.  Sino-Forest's existing investments in Mandra suggest
a level of understanding about that company's assets.

The stable outlook on the corporate credit rating reflects
Standard & Poor's expectation that Sino-Forest will maintain its
financial risk profile and liquidity position while executing the
proposed transactions.


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


ASIA ALUMINUM: Yu and Sutton Appointed as Liquidators
-----------------------------------------------------
Fok Hei Yu and Roderick John Sutton on November 18, 2009, were
appointed as liquidators of Asia Aluminum Holdings Limited.

The liquidators may be reached at:

         Fok Hei Yu
         Roderick John Sutton
         c/o Ferrier Hodgson Limited
         14/F, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


ASIA-PACIFIC DUTY: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up Asia-Pacific Duty Free Limited's operations.


BIOPACK ENVIRONMENTAL: Posts US$331,600 Net Loss in Q3 2009
---------------------------------------------------------
Biopack Environmental Solutions Inc. reported a net loss of
US$331,656 on revenues of US$204,965 for the three months ended
September 30, 2009, compared with a net loss of US$150,718 on
revenues of US$526,830 for the same period of 2008.

The Company had a gross loss of US$25,133 or a gross loss margin
rate of 12.3% for the three-month period ended September 30, 2009,
compared to a gross profit of US$65,266 or a gross profit margin
rate of 12.4% during the same period in 2008.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with US$422,590 in total current
assets available to pay US$3,808,000 in total current liabilities.

At September 30, 2009, the Company's consolidated balance sheets
showed US$2,680,635 in total assets and US$5,833,103 in total
liabilities, resulting in a US$3,152,468 stockholders' deficit.

A full-text copy of the Company's Form 10-Q in available for free
at http://researcharchives.com/t/s?4aef

                       Going Concern Doubt

The Company incurred a net loss fof US$1,136,109 or the nine-month
period ended September 30, 2009, and had an accumulated deficit of
US$6,895,589 and a working capital deficit of US$3,385,410 as of
September 30, 2009. These conditions raise substantial doubt as to
the Company's ability to continue as a going concern.

                   About Biopack Environmental

Biopack Environmental Solutions Inc. (OTC BB: BPAC) --
http://www.biopackenvironmental.com/-- manufactures 100%
biodegradable consumer packaging products from locally available
sugar cane waste called bagasse.  The Company is based in Hong
Kong and has with manufacturing facilities in Jiangmen, China.
Distributed under the "Roots Biopack" trademark, Biopack's line of
compostable packaging is sold in 12 European countries, North
America, Hong Kong and Taiwan.


ELECTRIC ORANGE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up Electric Orange Limited's operations.


EXCEL TIME: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up Excel Time Holdings Limited's operations.


CITIZENS TRAVEL: Creditors' Proofs of Debt Due December 28
----------------------------------------------------------
Creditors of Citizens Travel Agency Limited, which is in
liquidation, 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:

         Mat Ng
         c/o John Less Associates
         Henley building, 20/F
         5 Queen's Road
         Central, Hong Kong


COURIER BEST: Court to Hear Wind-Up Petition on January 6
---------------------------------------------------------
A petition to wind up the operations of Courier Best Limited will
be heard before the High Court of Hong Kong on January 6, 2010, at
9:30 a.m.


CHUN NGAI: Court to Hear Wind-Up Petition on January 6
------------------------------------------------------
A petition to wind up the operations of Chun Ngai Printing Company
Limited will be heard before the High Court of Hong Kong on
January 20, 2010, at 9:30 a.m.


DBA INTERNATIONAL: Creditors' Proofs of Debt Due December 22
------------------------------------------------------------
DBA International Logistics Limited, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by December 22, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


HONGKONG TOPRICH: Court to Hear Wind-Up Petition on January 6
-------------------------------------------------------------
A petition to wind up the operations of Hongkong Toprich Holdings
Limited will be heard before the High Court of Hong Kong on
January 20, 2010, at 9:30 a.m.


HOW MING: Court to Hear Wind-Up Petition on January 6
-----------------------------------------------------
A petition to wind up the operations of How Ming Garment Factory
Limited will be heard before the High Court of Hong
Kong on January 6, 2010, at 9:30 a.m.


JUMBO GAIN: Court to Hear Wind-Up Petition on January 20
--------------------------------------------------------
A petition to wind up the operations of Jumbo Gain Industrial
Limited will be heard before the High Court of Hong Kong on
January 20, 2010, at 9:30 a.m.


KAR-GO EXPRESS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up Kar-Go Express Corporation Limited's operations.


KEI CHEONG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up Kei Cheong Transportation Limited's operations.


KY CATERING: Court to Hear Wind-Up Petition on December 30
----------------------------------------------------------
A petition to wind up the operations of K.Y. Catering (Holdings)
Limited will be heard before the High Court of Hong Kong on
December 30, 2009, at 9:30 a.m.


LIBERTAS CAPTIAL: Court to Hear Wind-Up Petition on January 6
-------------------------------------------------------------
A petition to wind up the operations of Libertas Captial Asia
Limited will be heard before the High Court of Hong Kong on
January 6, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Stevenson, Wong & Co.
         Central Tower, 4/F & 5/F
         28 Queen's Road
         Central, Hong Kong


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


ANAND SILK: CRISIL Assigns 'B' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Anand Silk Mills.

   Facilities                          Ratings
   ----------                          -------
   INR170.0 Million Cash Credit        B/Negative (Assigned)
   INR103.6 Million Rupee Term Loan    B/Negative (Assigned)
   INR6.8 Million Proposed Long Term   B/Negative (Assigned)
                   Bank Loan Facility
   INR1.5 Million Bank Guarantee       P4 (Assigned)
   INR2.0 Million Bills Discounting    P4 (Assigned)

The ratings reflect ASM's weak financial risk profile, and modest
scale of operations in the textile industry.  These weaknesses
are, however, partially offset by the benefits that the firm
derives from its promoters' experience in the textile business.

Outlook: Negative

CRISIL believes that ASM's financial risk profile will remain
constrained over the medium term, owing to large debt taken to
fund capital expenditure. The outlook may be revised to 'Stable'
if the firm commissions its ongoing expansion project in time and
within the expected cost estimates. Conversely, the ratings may be
downgraded if the firm's project faces significant cost overruns,
leading to weakening of the debt protection measures.

                         About Anand Silk

Set up in 1981 as a partnership firm by the Kejriwal family, ASM
manufactures synthetic suiting and shirting material, and sells
the same under the brand, Aanan.  The firm's manufacturing
facility at Umbergaon (Gujarat) has a production capacity of 0.25
million metres per month. ASM reported a profit after tax (PAT) of
INR2 million on net sales of INR505.7 million for 2008-09 (refers
to financial year, April 1 to March 31), as against a PAT of
INR0.2 million on net sales of INR467.09 million for 2007-08.


ANANDA AQUA: CRISIL Places 'B' Rating on INR40MM Overdraft Limit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Ananda Aqua Exports (P) Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR40.00 Million Overdraft Limit         B/Stable (Assigned)
   INR96.00 Million Packing Credit Limit    P4 (Assigned)
   INR96.00 Million Bill Discounting Limit  P4 (Assigned)
   INR22.00 Million Standby Letter of       P4 (Assigned)
                    Credit Limit

The ratings reflect AAEPL's below-average financial risk profile,
supplier and revenue concentration, and small scale of operations
in the competitive seafood processing industry.  These weaknesses
are partially offset by the benefits that the company derives from
its management's experience in the seafood industry.

Outlook: Stable

CRISIL believes that AAEPL will maintain its business risk profile
over the medium term on the back of its established market
position and promoters' experience.  The outlook may be revised to
'Positive' if the company scales up its operations, strengthens
its financial risk profile, and diversifies its customer base.
Conversely, the outlook may be revised to 'Negative' if AAEPL's
revenues and accruals are lower than expected, or if the company
undertakes large debt-funded capital expenditure programme or its
relationships with customers and suppliers deteriorate.

                        About Ananda Aqua

Set up in 2004, AAEPL is part of the Ananda group that was formed
in the 1940s, and is based in Bhimavaram, Andhra Pradesh.  The
company is engaged in processing fish (shrimps and prawns),
cultivating shrimp seeds, and trading in shrimp feed. It has a
shrimp and prawn processing capacity of 1000 tonnes per annum and
seed production capacity of 140 million per annum.

For 2008-09 (refers to financial year, April 1 to March 31), AAEPL
posted a profit after tax (PAT) of INR2 million on net sales of
INR541 million, against a reported PAT of INR2 million on net
sales of INR572 million in the preceding year.


B.E. CONTRACTS: Weak Liquidity Prompts CRISIL 'B' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of ‘B/Negative/P4' to the bank
facilities of B.E. Contracts Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      B/Negative (Assigned)
   INR2.50 Million Bill Purchase    P4 (Assigned)
                   /Discounting*
   INR146.0 Million Bank Guarantee  P4 (Assigned)
   * Cheque discounting facility

The ratings reflect BECPL's risks related to weak liquidity
because of the working-capital-intensive nature of operations and
support to group companies, small scale of operations in the
fragmented and competitive electrical contracting industry, and
moderate financial risk profile.  The impact of these weaknesses
is mitigated by the benefits that BECPL derives from its
promoters' extensive industry experience, and by the company's
healthy topline growth.

Outlook: Negative

CRISIL believes that BECPL's liquidity will remain under pressure
given the company's large working capital requirements.  There
have been instances of the company overdrawing its bank lines, in
the recent past.  The ratings may be revised downwards if BECPL's
liquidity deteriorates further. Conversely, the outlook may be
revised to ‘Stable' in case of significant increase in BECPL's
cash accruals, or if there is fresh, equity infusion into the
company, as that will lead to improvement in liquidity.

                       About B.E. Contracts

Set up as a partnership firm in 1953 and reconstituted as a
company in 2003, B.E. Contracts Pvt Ltd. undertakes electrical
contracting work, which involves supplying, installing, testing,
and commissioning of complete electrification in hotels, corporate
buildings, industrial facilities, hospitals, and other government
institutions. The company has its registered office in New Delhi
and undertakes contracting jobs across India.

BECPL reported a profit after tax (PAT) of INR9.5 million on net
sales of INR535.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6.6 million on net sales
of INR420.6 million for 2007-08.


C R SONS: Delays in Loan Repayment Cue CRISIL 'C' Ratings
---------------------------------------------------------
CRISIL has assigned its ‘C/P4' ratings to the bank facilities of C
R Sons Builders and Developers Pvt Ltd, as the company has delayed
servicing its equipment finance obligations.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       C (Assigned)
   INR50 Million Bank Guarantee     P4 (Assigned)

The ratings also reflect CR Sons' weak liquidity, modest scale of
operations, and limited revenue diversity.  The impact of the
rating weaknesses is mitigated by its moderate order book and
capital structure.

Incorporated in 1993 by Mr. Inder Kapoor and family, CR Sons
executes civil construction projects, primarily in the building
and housing segments, in the National Capital Region, Uttar
Pradesh, and Uttarakhand.

CR Sons reported a profit after tax (PAT) of INR14.8 million on
net sales of INR619.2 million for 2007-08 (refers to financial
year, April 1 to March 31), against a PAT of INR12.3 million on
net sales of INR401.6 million for 2006-07.


CL GULHATI: Stretched Liquidity Prompts CRISIL 'C' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'C' to the bank facilities of
CL Gulhati & Sons Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR250.0 Million Cash Credit Limit   C (Assigned)
   INR2.0 Million Term Loan             C (Assigned)

The ratings reflect CLG's overdrawn cash credit limits, owing to
stretched liquidity, weak financial risk profile, and exposure to
risks relating to cyclicality in the economy. These weaknesses
are, however, partially offset by the company's strong track
record as dealer for Tata Motors Ltd in Jammu and Kashmir.

Set up in 1956 by Mr. C L Gulhati, CLG has been a dealer for Tata
Motors Ltd since inception. The company has been selling the
entire range of commercial vehicles for Tata Motors Ltd; it added
the passenger vehicle segment to its portfolio in 2000.


ENGINEERING PROFESSIONAL: CRISIL Rates Cash Credit Limit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to Engineering
Professional Co. Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR130.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR20.0 Million Letter of Credit      P4+ (Assigned)
   INR70.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect EPCPL's weak financial risk profile, and
customer and geographical concentration in revenue profile.  The
impact of these weaknesses is mitigated by the company's strong
turnover growth, backed by improving project execution
capabilities.

Outlook: Stable

CRISIL believes that EPCPL will maintain its market position in
the water distribution project segment over the medium term,
backed by a healthy order book.  The outlook may be revised to
'Positive', if EPCPL's financial risk profile improves because of
improvement in capital structure and profitability.  Conversely,
the outlook may be revised to 'Negative' if EPCPL's financial risk
profile deteriorates because of large borrowings for capital
expenditure or increase in working capital requirements.

                  About Engineering Professional

Set up in 1999, EPCPL is a project contracting company,
undertaking turnkey projects of the Gujarat Water Supply and
Sewerage Board (GWSSB) for setting up water distribution systems.
The company is also into project management, and testing and
commissioning of pipelines in Gujarat.  Besides, it also takes up
commissioning of gas pipelines for Oil and Natural Gas Corporation
Ltd (ONGC).

EPCPL reported a profit after tax (PAT) of INR5.3 million on net
sales of INR748.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR 3.9 million on net
sales of INR520.5 million for 2007-08.


DINURJE JEWELLERY: CRISIL Rates INR210-Mil. Bank Debts at 'P4'
--------------------------------------------------------------
CRISIL has assigned its ‘P4' rating to the post shipment credit
facility of Dinurje Jewellery Pvt Ltd, which is part of the
Dinurje group.

   Facilities                               Ratings
   ----------                               -------
   INR210.0 Million Post shipment Credit    P4 (Assigned)

The ratings reflect the Dinurje group's large debtor level, driven
by the slowdown in the jewellery export markets, and the
geographic concentration in the group's revenue profile, with
revenues being derived only from the US markets. These rating
weaknesses are partially offset by the group's moderate financial
risk profile.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of M/s Dipti Diamonds and Dinurje Jewellery
Pvt Ltd. This is because the two entities together referred to as
the Dinurje group, have strong inter-company financial,
operational, and management linkages.

                          About the Group

The Dinurje group, managed by Mrs. Dina Shah, is based in Mumbai.
The group is in the diamond-studded jewellery manufacturing
business, and is also into import and export of rough and polished
diamonds. The group's jewellery manufacturing unit is located at
the Santacruz Electronics Export Processing Zone (SEEPZ), Mumbai,
and it does diamond trading from its office at Opera House,
Mumbai. The group's overseas marketing arm, Dinurje Corp., is in
the US.

The Dinurje group reported a profit after tax (PAT) of INR121
million on net sales of INR2.38 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR18.4
million on net sales of INR1.57 billion for 2007-08.


JAGADEESH MARINE: CRISIL Places 'BB-' Rating on INR3.8MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Jagadeesh Marine Exports.

   Facilities                        Ratings
   ----------                        -------
   INR3.8 Million Rupee Term Loan    BB-/Stable (Assigned)
   INR15.0 Million Proposed Long     BB-/Stable (Assigned)
        Term Bank Loan Facility
   INR144.0 Million Packing Credit   P4 (Assigned)
   INR144.0 Million Foreign Bill     P4 (Assigned)
                    Purchase

The ratings reflect JME's weak financial risk profile marked by
high gearing and moderate debt protection measures, the firm's
exposure to risks inherent in the marine exports industry such as
fluctuations in availability and demand of shrimp, and to
volatility in the value of the Indian rupee.  These weaknesses
are, however, partially offset by the benefits that the firm
derives from its promoters' experience in the marine exports
business, and satisfactory operating efficiency.

Outlook: Stable

CRISIL believes that JME will maintain a stable credit risk
profile over the medium term, backed by the promoters' experience
in the sea foods exports business.  The outlook may be revised to
'Positive' if the promoters infuse substantial capital, or if the
firm scales up its operations and diversifies its product profile,
leading to improvement in financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the promoters withdraw
significant capital from the firm, if the firm's sales or margins
decline sharply, or if it undertakes large debt-funded capital
expenditure, further weakening its financial risk profile.

                       About Jagadeesh Marine

Set up in 1998 by Mr. Thota Pandu Ranga Jagadeesh and family, JME
exports black tiger shrimp.  The firm has a processing and storage
facility at Dhimavaram in Andhra Pradesh.  JME reported a profit
after tax (PAT) of INR4.1 million on net sales of INR443.0 million
for 2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR5.1 million on net sales of INR555.1 million
for 2007-08.


KINJAL CONSTRUCTION: CRISIL Rates INR150MM Rupee Term Loan at 'B'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Kinjal Construction Company.

   Facilities                            Ratings
   ----------                            -------
   INR150.0 Million Rupee Term Loan      B/Stable (Assigned)
   INR9.0 Million Proposed Long Term     B/Stable (Assigned)
                   Bank Loan Facility

The rating reflects KCC's weak financial risk profile, marked by
high gearing and poor debt protection measures, and exposure to
risks relating to limited diversity in construction projects, and
intense competition in the fragmented construction industry.
These weaknesses are, however, partially offset by the benefits
that KCC derives from its healthy growth and revenue visibility
from ongoing projects in building construction.

Outlook: Stable

CRISIL expects KCC's financial risk profile to remain constrained
over the medium term owing to low pricing flexibility and large
working capital requirements.  The outlook may be revised to
'Positive' if there is additional capital infusion and the firm
maintains strong growth in revenues, and stable operation margins.
Conversely, the outlook may be revised to 'Negative' if large
debt-funded capital expenditures lead to substantial deterioration
in KCC's financial risk profile.

                     About Kinjal Construction

Set up as a proprietorship in 1994 by Mr. Heeralal Doshi, KCC
undertakes infrastructure-related construction activities for
Municipal Corporation of Greater Mumbai, Thane Municipal
Corporation and Maharashtra state public works department. These
activities are tender-based, and include building construction,
building repair and maintenance, and road construction.

KCC reported a profit after tax (PAT) of INR 12.3 million on net
sales of INR 294.0 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR 1.3 million on net
sales of INR 44.3 million for 2006-07.


KOCHAR OVERSEAS: CRISIL Assigns 'B+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Kochar Overseas Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Cash Credit/      B+/Stable (Assigned)
                    Book Debt**
   INR35.0 Million Term Loan#         B+/Stable (Assigned)
   INR250.0 Million Packing Credit^   P4 (Assigned)
   INR250.0 Million FOBP / FOUBP*     P4 (Assigned)

   ** including proposed CC Limit of INR25 Million.
   # including proposed limit of INR11.8 Million.
   ^ includes proposed limit of INR150 Million.
   * including proposed limit of INR195 Million.

The ratings reflect Kochar Overseas' weak financial risk profile,
and the company's exposure to risks relating to the working-
capital-intensive nature, and small scale of its operations in the
rice industry, to unfavorable changes in regulations governing the
rice industry, and to vagaries of monsoons.  These weaknesses are,
however, partially offset by the healthy growth prospects of the
rice industry, and longstanding track record of promoters.

Outlook: Stable

CRISIL believes that Kochar Overseas will maintain a stable
business risk profile over the medium term on the back of
established relationships with suppliers and clients. However, the
company's financial risk profile may remain constrained by high
gearing and weak debt protection measures.  The outlook may be
revised to 'Positive' if Kochar Overseas reports high growth in
turnover, while maintaining stable profitability.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, or its revenue declines
owing to a slowdown in rice exports.

                      About Kochar Overseas

Established in 2006 by Mr. Ajit Singh Kochar and Mr. Rajinder
Singh Kochar, Kochar Overseas is engaged in milling and processing
of basmati and non-basmati rice.  It also produces parboiled rice.
The company sells its products in the overseas and domestic
market. In 2008-09 (refers to financial year, April 1 to March
31), exports contributed to nearly 60% of its total sales. The
company's exports are to the Middle East, Canada and Europe. In
the domestic market, the company sells to distributors such as Jai
Trading Company, Cochin, Balu Ram Dayal Bhattad, Pune, and Bahrani
Enterprises, Indore.  The company's plant located at Amritsar,
Punjab has a milling capacity of 8 tonnes per hour and two sorting
plants. The company plans to install a new sorting unit. The
company procures paddy through its 14 purchase offices located in
Haryana and Punjab.

Kochar Overseas reported a profit after tax (PAT) of INR7.6
million on net sales of INR875.7 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR1.7
million on net sales of INR500.8 million for 2007-08.


MERCURY MARINE: CRISIL Puts 'BB-' Rating on INR40MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to Mercury
Marine Industries Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR40.0 Million Cash Credit           BB-/Stable (Assigned)
   INR200.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect Mercury Marine's weak financial risk profile,
and exposure to risks relating to intense competition and
cyclicality in the ship-breaking industry, and to unfavorable
changes in regulatory policies.  These weaknesses are partially
offset by the benefits that the company derives from its strong
track record, and from the healthy growth prospects for the ship-
breaking industry.

Outlook: Stable

CRISIL believes that Mercury Marine will benefit from revival in
the ship-breaking industry over the near term.  The outlook may be
revised to 'Positive' if the company's profitability improves
owing to the expected revival in the ship-breaking industry, and a
sustained increase in the scale of its operations.  Conversely,
the outlook may be revised to 'Negative' if steel scrap prices
decline sharply, weakening its financial risk profile.

                        About Mercury Marine

Set up in 1995 by Mr. Dungarshi Arjan Maroo and Mr. Bhuvan Arjan
Maroo, Mercury Marine undertakes ship-breaking activities.  It has
capacity to break ships ranging from 1500 tonnes to 10,000 tonnes
in its 30 metre plot at Alang (Gujarat).  The company sells scrap
primarily to steel re-rolling mills in and around Bhavnagar
(Gujarat). Mercury Marine reported a profit after tax (PAT) of
INR2.5 million on net sales of INR252.4 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.5 million on net sales of INR77.2 million for 2007-08.


NAVRAN ADVANCED: CRISIL Puts 'BB+' Rating on INR247.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ‘BB+/Stable' ratings to the bank
facilities of Navran Advanced Nanoproducts Development
International Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR247.5 Million Term Loan       BB+/Stable (Assigned)
   INR27.5 Million Proposed Long    BB+/Stable (Assigned)
        Term Bank Loan Facility

The rating reflects NAND ipl's exposure to risks related to
initial phases of implementation of technically complex projects,
and presence of established and financially strong players in the
industry.  The impact of these rating weaknesses is mitigated by
the promoters' track record of innovation and successful
commercialization of polymerised toner (PT) and other
nanotechnology based applications, and the potential of the
project to generate high profitability after it is commercialized.

Outlook: Stable

CRISIL believes that NAND ipl's business risk profile is driven by
the large global demand supply gap for PTs in the aftermarket
segment and the experience of the promoters in developing
nanotechnology based applications. The current rating is
constrained as CRISIL believes that the nature and the terms of
contracts with buyers will be critical, for NAND ipl to generate
healthy profitability from the business. The outlook may be
revised to ‘Positive' if NAND ipl executes the project on time and
generates expected cash flows. Conversely, the outlook may be
revised to ‘Negative' in case of delays in stabilization of
commercial production, or if there are product rejections/delays
in commercial launch of the product leading to cost overruns and
deterioration in the project repayment capacity.

                    About Navran Advanced

Navran Advanced Nanoproducts Development International Pvt Ltd was
incorporated by the US-based non-resident Indian Dr. Abhinava
Kumar and Mr. Kumar Binit on March 13, 2008.  The company is in
the process of setting up a 400-tonnes-per-annum (tpa) plant in
Una (Himachal Pradesh), to manufacture PT using nanotechnology.
The construction of the project started in October 2008 and is
expected to commence production from April 2010.  As on date, the
funding for the project has been completed and the company will
launch its products in PaperWorld/Remax 2010, a trade fair to be
held in January-February 2010 in Frankfurt (Germany).  NAND ipl,
under its unit Nanotech Solutions, will be an exclusive
distributor of Envirox in India, which is a nanotechnology-based
diesel fuel additive, patented and manufactured by Oxoinica Plc.
Envirox is branded as Eco-Neev in India. NAND ipl is also expected
to venture into manufacturing of Envirox.  As per the agreement
between NAND ipl and Oxonica, the former will be both a
distributor and a manufacturer of Envirox.  However, NAND ipl does
not have a diesel fuel manufacturing facility as of now. NAND ipl
will continue to research on other applications based on
nanotechnology with a view to commercialize them in the future.


PP POLYPLAST: CRISIL Reaffirms 'B' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of PP Polyplast Pvt Ltd
reflect PP Polyplast's exposure to intense competition given the
fragmented nature of the high-density polyethylene (HDPE)
tarpaulin and polypropylene (PP) woven sacks industry,
susceptibility of its operating margin to volatility in raw
material prices, and weak debt protection measures.  These
weaknesses are partially offset by the company's moderate
operating efficiency.

   Facilities                         Ratings
   ----------                         -------
   INR73.5 Million Term Loan          B/Stable (Reaffirmed)
   INR16.5 Million Cash Credit        B/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit   P4 (Reaffirmed)
                   /Bank Guarantee

Outlook: Stable

CRISIL believes that PP Polyplast will maintain its financial risk
profile on the back of its moderate operating efficiency. The
outlook could be revised to 'Positive' if there is a significant
improvement in the company's debt protection measures and business
risk profile. Conversely, the outlook may be revised to ‘Negative'
if the gearing increases significantly.

                        About PP Polyplast

Incorporated in 2000, the Varanasi-based PP Polyplast was engaged
in the business of trading in plastic granules.  In 2006, the
company set up a greenfield project in Kanpur for the production
of HDPE fabric and tarpaulin; commercial production started in May
2006. In 2008, the company installed its second unit.  The company
had a total installed capacity of 7428 tonnes per annum as on
March 31, 2009.

For 2008-09 (refers to financial year, April 1 to March 31), PP
Polyplast reported a profit after tax (PAT) of INR7.4 million on
net sales of INR351.9 million, against a PAT of INR6.5 million on
net sales of INR252.4 million for the preceding year.


SATHYA GRANITES: CRISIL Rates INR150.0 Million Cash Credit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its ‘B+/Stable' rating to the cash credit
facility of Sathya Granites.

   Facilities                       Ratings
   ----------                       -------
   INR150.0 Million Cash Credit     B+/Stable (Assigned)

The rating reflects Sathya's average financial risk profile, small
scale of operations, supplier concentration, and susceptibility to
cyclicality in the end-user steel industry and adverse changes in
regulations.  These weaknesses are partially offset by the
benefits that the firm derives from its strategic location and
from its proprietors' industry experience.

Outlook: Stable

CRISIL believes that Sathya will maintain its market position on
the back of the industry experience of its promoters.  The firm
will also maintain its financial risk profile, given the absence
of any debt-funded capital expenditure plan.  The outlook could be
revised to ‘Positive' if the proprietor infuses fresh, large
equity capital into the firm, thereby improving its financial risk
profile. Conversely, the outlook may be revised to ‘Negative' if
Sathya does not receive its quota from Mysore Minerals Ltd (MML)
on schedule, or if there is a steep decline in iron ore prices,
leading to fall in the firm's profitability.

                       About Sathya Granites

Set up in 1991 by Mr. P K Pounraj, Sathya undertakes processing of
waste mineral dump to produce iron ore.  Sathya obtains tender-
based quota from MML for mining of iron ore from its mines in
Bellary (Karnataka). The firm has a capacity of 300 tonnes per
hour for processing iron ore.

Sathya reported a profit after tax (PAT) of INR27.0 million on net
sales of INR629 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.5 million on net
sales of INR15 million for 2007-08.


TATA MOTORS: Posts INR21.78cr Consolidated Profit in Sept. Qtr
--------------------------------------------------------------
Tata Motors Ltd. disclosed its unaudited consolidated financial
results for the quarter ended September 30, 2009.

Tata Motors reported consolidated gross revenue of INR21,808.29
crores for the quarter ended September 30, 2009, compared with
gross revenue of INR23,936.89 crores in the corresponding period
of last year.

Consolidated Operating Profit is INR1,591.62 crores, an
improvement of 106 basis points compared with the corresponding
quarter of last year.  Strong revival of the Indian operations,
which reported Operating Profit of INR1,065.71 crores for the
second quarter of 2009-10, coupled with Operating Profit at the
Jaguar Land Rover business, have aided the company's consolidated
performance.

Increase in depreciation and interest costs due to increased
borrowing to support investments and new product development
partly offset the operating profit.  Consolidated Profit after Tax
(post minority interest and profit in respect of investments in
Associate companies) for the quarter ended September 30, 2009, is
INR21.78 crores.

Highlight of the quarter was that the Jaguar Land Rover business
posted strong Operating Profit of GBP41.29 million (INR325.27
crores), supported by a 23% growth of wholesale volumes over the
previous quarter and aggressive cost reduction efforts.  The
business is witnessing some stability in the external environment
with certain key markets showing signs of recovery. The new
products launched by the business in the current year, the
upgraded Range Rover, Range Rover Sport and Discovery 4, continue
to receive strong market reception.

Tata Daewoo, the company's subsidiary in South Korea, launched the
Prima premium truck in September.  The construction equipment
subsidiary, Telcon, launched two indigenous excavators and is
poised to benefit from increased infrastructure activities in the
coming quarters.  The other key subsidiaries of the company have
also begun to see visible improvement in demand during the
quarter.

                             Half Year

The company's consolidated gross revenues were INR38,761.92 crores
in the first half, compared to INR39,433.17 crores in the first
half last year.  The consolidated financial performance of the
company is not comparable to 2008-09 on account of the acquisition
of Jaguar Land Rover in June 2008.

The Consolidated Operating Profit was INR2,187.55 crores, while
Profit from Ordinary activities before Tax was INR17.41 crores.
Tax expenses offset the profit from ordinary activities resulting
in a Net Loss (post minority interest and profit in respect of
investments in Associate companies) of INR307.00 crores.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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

The TCR-AP reported on Oct. 26, 2009, that Standard & Poor's
Ratings Services assigned its 'B' rating to the US$375 million 5-
year 4% convertible notes issued by Tata Motors Ltd.
(B/Negative/--) on Oct. 15, 2009.


TATA POWER: Second Qtr Profit Drops 30.34% to INR367.73cr
---------------------------------------------------------
The Economic Times reports that Tata Power posted a consolidated
net profit after statutory appropriations of INR367.73 crore for
the second quarter ended September 30, down 30.34% from INR527.92
crore in the corresponding period a year ago.

The report, citing Tata Power in a filing with the Bombay Stock
Exchange, says total income of the group dropped to INR4,579.19
crore in the quarter under review from INR 4,637.36 crore during
the same period previous year.

For the half-year period ended September 30, 2009, the
consolidated net profit after statutory appropriations rose to
INR940.38 crore from INR747.77 crore during the six-month period
previous year.

Net income also rose to INR9,292.35 crore in the six-month period
under review from INR8706.70 crore during the half-year ended
September 30, 2008, the report notes.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                           *     *     *

Tata Power Company continues to carry Moody's Investors Service's
'Ba3' corporate family rating and 'B1' senior unsecured debt
rating.  The ratings outlook is stable.


UNITED DIVERS: CRISIL Assigns 'BB+' Rating on INR350MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its ‘BB+/Positive' rating to the bank
facilities of United Divers Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR18.9 Million Cash Credit       BB+/Positive (Assigned)
   INR350.0 Million Long Term Loan   BB+/Positive (Assigned)

The rating reflects UDPL's weak financial risk profile, project
concentration in revenue profile, and exposure to risks relating
to presence in the low-end oilfield services spectrum. These
rating weaknesses are partially offset by UDPL's sizeable order
book, healthy operating efficiencies, and promoters' experience in
executing underwater diving projects.

Outlook: Positive

CRISIL believes that UDPL's revenues will increase over the medium
term on the back of the company's current orders in the pipeline
and increasing demand for underwater diving services.  The ratings
may be upgraded if improvement in liquidity, substantial increase
in quantum of orders, and larger-than-expected net cash accruals
lead to more-than-expected improvement in the company's financial
risk profile.  Conversely the outlook may be revised to 'Stable'
in case delays in payments from customers, deterioration in
liquidity, and larger-than-expected borrowings result in a highly
geared capital structure for UDPL.

                        About United Divers

UDPL was established in 1988 by a team of 30 professional divers
who were earlier with the Indian Navy.  Mr. S P Singh is the
Chairman and Managing Director.  The services offered by UDPL
include underwater surveys, installation of offshore terminals,
laying of undersea cables, and underwater repairing of ships.

UDPL reported a profit after tax (PAT) of INR32 million on net
sales of INR245 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR9.3 million on net sales
of INR78 million for 2007-08.


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


BANK CENTURY: Returns to Profit A Year After Bailout
----------------------------------------------------
The Jakarta Post reports that Bank Mutiara, formerly Bank Century,
recorded IDR231 billion (US$24.49 million) in net profit in
October, over a year after it was declared a failed bank and put
under Bank Indonesia's special treatment.

The report relates Bank Mutiara President Director Maryono said
the bank's losses reached IDR7.28 trillion in December 2008, just
before BI came to the rescue and the bank secured IDR6.7 trillion
in bailout fund.

"The bailout has helped us raise the bank's profit up to 3,000
percent," the report quoted Mr. Maryono as saying.

According to the Post, Bank Century's capital adequacy ratio as of
October of this year stood at 10.07%, a reversal from -22.29% as
of end 2008.

The Post notes Mr. Maryono said the change in the bank's name
early in October also helped it regain the public trust.

"As of October, public funds deposited in our bank reached Rp 5.81
trillion, meaning that we have gained Rp 692 billion in new
deposits since December 2008," Mr. Maryono said.

In late 2008, the bank failed to maintain positive equity and its
CAR plunged up to -130%, according to the Post.

                      Stolen Assets Retrieval

Antara News reports that a legislator said the Attorney General's
Office (AGO), and the police must be able to retrieve stolen
assets stashed abroad by Robert Tantular worth about IDR11
trillion.

"The assets deposited by Robert Tantular in several countries
should be retrieved and returned to the investors of Antaboga
Delta Securitas," Achsanul Qosasih, deputy chairman of the House
of Representatives (DPR)'s Commission XI for financial affairs,
was quoted by the Post as saying.

According to Antara, Mr. Qosasih said the assets had reportedly
been frozen, so that what remained to be done was to make
administrative arrangements before the funds could be sent back to
Indonesia and be paid to the Antaboga investors.

The news agency discloses that Antaboga has sold security products
to the investors through Bank Century.  Owned by Robert Tantular,
Antaboga is a major shareholder of Bank Century.

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.


SEMEN GRESIK: Expects 2009 Profit to Increase by 30%
----------------------------------------------------
PT Semen Gresik expects its net profit for 2009 to increase 30%
from IDR2.52 trillion in the previous year, Antara News reports
citing the Semen president director Dwi Sutjipto.

According to the report, Mr. Sutjipto said Semen Gresik is also
preparing a capital expenditure amounting to US$400 million for
2010.  The fund was part of the corporate capital expenditure for
the 2009 to 2014 period which amounted to US$1.2 billion.

Mr. Sutjipto said that the capital expenditure that had been
absorbed in 2009 totaled US$200 million.  "All the need for
capital expenditures is taken from the company's internal cash,"
he added.

The funds for the 2010 to 2014 capital expenditures were allocated
for:

   -- the development of two units of cement factories in
      East Java, which is expected to begin operations in
      2012, and in Makassar;

   -- to build two power plants; and

   -- to develop information and technology system.

                        About Semen Gresik

PT Semen Gresik Tbk (JAK:SMGR) -- http://www.semengresik.com/ina/
-- is an Indonesia-based cement company.  The Company's products
include ordinary Portland cement type I, II, III and V; Portland
Pozzalana cement, a hydraulic cement developed by grinding
clinker, gypsum and pozzolanic materials; Portland composite
cement; Super Mansory cement; oil well cement class G high sulfate
resistant, and special blended cement.  It has seven subsidiaries
which are engaged in cement manufacturing, cement packaging and
distribution, limestone and clay mining, and the real estate
operations.  The Company's production facilities are located at
Gresik and Tuban in East Java, Indarung in West Sumatera and
Pangkep in South Sulawesi and have a current capacity of 17.1
million tons cement annually.

                           *     *     *

As of December 1, 2009, PT Semen Gresik Tbk continues to carry
Moody's Investors Service "Ba2" senior unsecured debt rating.


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


PIONEER CORP: Inks Strategic Pact with Suning Appliance
-------------------------------------------------------
Pioneer Corporation has reached a strategic alliance agreement
with Suning Appliance Co., Ltd., a major Chinese home electronics
mass retailer, on November 20, 2009, with the purpose of
strengthening and expanding the home electronics business in
China.

Through this alliance, Pioneer said it is aiming for sales of
audio visual products over JPY10 billion in the third year through
Suning's sales channels in China.

The main points of this alliance include:

   * to expand sales of existing audio visual products
     of Pioneer by taking advantage of Suning's sales
     infrastructure and expertise in the Chinese market
     and strong sales channels covering major cities all
     over China; and

   * to grant Suning a license to use the Pioneer brand
     for domestic Chinese sales of flat-screen TVs which
     Suning is to develop with the cooperation of Pioneer.

Suning Appliance Co., Ltd. principally operates franchised retail
shops of electronics appliances in China.  The Company mainly
offers color televisions (TVs), audio and video (AV) players, disc
players, refrigerators, washing machines, digital and information
technology (IT) products, small household electronics, air
conditioners, telecommunications products and other products. The
Company also provides installation and repair services for
electronic appliances.  As of December 31, 2008, the Company had
812 retail shops in 178 cities throughout China.

                           About Pioneer

Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products.  The Company operates in three business
segments.  The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives, blu-
ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment.  The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Moody's Investors Service downgraded to B2 from
B1 the local currency issuer rating for Pioneer Corporation.  The
rating outlook is negative.


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


HYUNDAI MOTOR: Quits Business Lobby Group Amid Labor Laws Dispute
-----------------------------------------------------------------
Hyundai-Kia Automotive Group, the parent of Hyundai Motor Co. and
Kia Motors Corp., said Thursday it would leave from the Korea
Employers Federation (KEF) amid a dispute over controversial labor
laws, Yonhap News reports.

According to the news agency, big companies like Hyundai and Kia
have supported the government's plan to implement laws next year
that would allow a single workplace to have multiple unions and
ban firms from paying wages to full-time union members.

Yonhap relates Hyundai-Kia said it quit the Korea Employers
Federation (KEF) because the lobby has not given its full,
unconditional backing to the government plan.

"There is no reason for us to remain a member of the KEF because
it does not appropriately defend members' interests," Yonhap cited
an official at Hyundai-Kia as saying.

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

                        *     *     *

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

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


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


AXIS INC: Sixth Annual General Meeting Slated for December 24
-------------------------------------------------------------
Axis Incorporation Berhad will hold it sixth annual general
meeting on December 24, 2009, at 3:00 p.m.  The meeting will be
held at Hop Sing II, Ponderosa Golf & Country Club, 10-C Jalan
Bumi Hijau Tiga, Taman Molek, 81100 Johor Bahru, in Johor Darul
Takzim.

At the meeting, shareholders will be asked to:

   -- receive the company's audited financial statements for
      the financial period ended June 30, 2009, together with
      the reports of the Directors and Auditors;

   -- re-elect Saipuddin Lim Bin Abdullah and Datin Siti
      Zainab Binti Hj Mohd Noor, who are retiring in
      accordance with Article 126 of the Articles of
      Association of the Company:

   -- re-elect Izham Bin Yusoff, the Director retiring in
      accordance with Article 131 of the Articles of
      Association of the Company;

   -- approve the payment of Directors' fees for the financial
      period ended June 30, 2009;

   -- appoint Messrs. PKF Malaysia auditors of the Company
      and to authorize the directors to fix their
      remuneration; and

   -- pass ordinary resolution.

                            About Axis

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

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


CIMB BANK: Moody's Gives Positive Outlook on 'D+' Bank Rating
-------------------------------------------------------------
Moody's Investors Service has changed the D+ Bank Financial
Strength Rating outlook of CIMB Bank Berhad from Stable to
Positive.

At the same time, the bank's Tier 1 capital qualifying securities'
rating of Baa3 remains on review for possible downgrade.  This
review is in line with Moody's new guidelines for rating bank
hybrid capital securities published in November 2009.  For further
details, please see press release dated November 19, 2009.

The outlook for the BFSR was revised from Stable to Positive
because of CIMB Bank's sound financial condition despite the
challenging operating environment, and which reflects management's
on-going initiatives to strengthen the bank's franchise.

"To date, CIMB Bank's profitability has been resilient, despite
weak economic conditions and intense competition.  CIMB Bank has
also progressively increased its provision and core capital to
improve protection against potential losses in an uncertain
environment," says John Tham, a Moody's VP/Senior Credit Officer.

Indeed, the bank's gross NPL ratio remains relatively high due to
legacy NPLs and the consolidation of recently acquired BankThai.
Management intends to transfer the legacy NPLs to Southeast Asia
Special Asset Management Berhad, a separate legal entity formed
under the CIMB Group's holding company structure.

While the NPL transfer will lower the bank's reported NPL ratio,
Moody's believes the ability to protect future asset quality is a
more important driver for further positive rating actions.
Furthermore, Moody's expect the NPL transfer to have a neutral
impact on CIMB Bank's risk profile until their eventual sale
because they will still reside within the Group, of which the bank
is an integral part of.  However, the NPL transfer could benefit
the bank over the medium- to long-term by freeing up capital and
management time for more productive use.

The last rating action on the bank was taken on November 19, 2009
when the bank's Baa3 foreign currency Tier 1 capital securities
rating was placed on review for possible downgrade.

CIMB Bank, headquartered in Kuala Lumpur, had total assets of
MYR186.7 billion as at September 30, 2009.


EKRAN BERHAD: Publicly Reprimanded for Breaching Listing Rules
--------------------------------------------------------------
The Bursa Malaysia Securities Berhad has publicly reprimanded
Ekran Berhad for breaching Paragraphs 8.22A(1), 10.08(1),
10.08(2), 1.03(1), 10.08(3) and 10.08(4)(a) of its listing
requirements.

The bourse says the company's shareholders on September 28, 2001,
approved the proposed settlement of debt amounting to
MYR712,939,000 owing to the Company by Tan Sri Ting by way of cash
amounting to MYR357,644,000 and payment-in-kind amounting to
MYR355,295,000.

However, Tan Sri Ting did not make the Direct Cash Payment of
MYR37,632,000 on or before March 31, 2002, and 12 quarterly
installments payment totaled MYR228,821,687.65.

Ekran subsequently entered into a Fourth Supplemental Settlement
Agreement dated March 27, 2008 with Tan Sri Ting to vary the
Original Approved Settlement where it was agreed that the
outstanding debt amounting to MYR408,172,955.10 from Tan Sri Ting
was to be settled in full via cash installments payments in
quarterly basis starting October 31, 2008.

Pursuant to the Fourth Supplemental Agreement, it was further
agreed that in view of the settlement of the entire Balance Debt
in cash, the Proposed Hotel-Co Acquisitions under the Original
Approved Settlement is aborted.

According to Bursa, the Company has breached:

   (a) paragraph 10.08(1) of the LR for failing to make
       an immediate announcement of the Fourth Supplemental
       Agreement.  The Fourth Supplemental Agreement was
       only disclosed in the notes to the Company's quarterly
       report for the financial period ended June 30, 2008
       announced on August 27, 2008;

   (b) paragraph 10.08(2)(c) read together with paragraph
       10.08(3) of the LR for failing to appoint an
       independent adviser before the terms of the Fourth
       Supplemental Agreement were agreed upon;

   (c) paragraph 10.08(4)(a) of the LR for failing to
       appoint a main adviser before the terms of the Fourth
       Supplemental Agreement were agreed upon; and

   (d) paragraph 10.08(2)(a) and (b) read together with
       paragraph 1.03(1) of the LR and paragraph 8.22A(1) of
       the LR for failing to issue a circular and obtain
       shareholders' prior approval in respect of the Fourth
       Supplemental Agreement.

The bourse also imposed penalties on the Company's directors for
breaching Paragraph 16.11(b) of the LR:

  Directors/Position                      Penalty
  ------------------                      -------

  Tan Sri Dato' Paduka Ting Pek Khiing    Public Reprimand and
  Executive Chairman                      Fine of MYR500,000

  Ting Sie Chuong                         Public Reprimand and
  Executive Director                      Fine of MYR25,000

  Liew Chie Chung                         Public Reprimand and
  Executive Director                      Fine of MYR25,000

  Dr. Regina Noran bt Nuruddin            Public Reprimand and
  Independent and Non-Executive           Fine of MYR25,000
  Director
  Audit Committee Chairman

  Datuk William Lau Kung Hui              Public Reprimand and
  Independent and Non-Executive           Fine of MYR25,000
  Director
  Audit Committee Member

  Dato' Muhammad Shafee bin Md Abdullah   Public Reprimand and
  Independent and Non Executive Director  Fine of MYR15,000

  Dato' Stanley Isaacs                    Public Reprimand and
  Non Executive Director                  Fine of MYR15,000

Paragraph 16.11(b) of the LR states that a director of a listed
issuer must not permit, either knowingly or where he had
reasonable means of obtaining such knowledge, a listed issuer to
commit a breach of the LR.

In addition, the Company is directed to:

   (a) rectify the breaches within 3 months from November 24,
       2009; and

   (b) undertake or arrange for the necessary training
       programme(s) in relation to compliance with the LR,
       in particular related party transaction requirements
       and ensure its directors and relevant personnel of the
       Company attend the same no later than 3 months from
       Nov. 24.

                        About Ekran Berhad

Ekran Berhad is a Malaysian company engaged in investment holding
and the provision of management services to its subsidiary
companies.  Through its subsidiaries, the company is engaged in
property development; the provision of property management
services; timber logging and saw milling; the sale of timber
products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

                          *     *     *

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when auditors expressed a disclaimer
opinion on the company's audited financial report for the
financial year ended June 30, 2005, and for defaulting on various
credit facilities.


NEPLINE BERHAD: Posts MYR2.32-Mil. Net Loss in Qtr. Ended Sept. 30
------------------------------------------------------------------
Nepline Berhad posted a net loss of MYR2.32 million for the three
months ended Sept. 30, 2009, compared with a net loss of
MYR5.09 million in the same period in 2008.

As of Sept. 30, 2009, the company's balance sheet showed MYR71.96
million in total assets and MYR171.12 million in total
liabilities, resulting in a stockholders' deficit of MYR99.15
million.

The Company's balance sheet at of Sept. 30, 2009, also showed
strained liquidity with MYR4.20 million in total current assets
available to pay MYR171.21 million in total current liabilities.

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                         *     *     *

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

  -- the company was unable to provide a solvency declaration;
     and

  -- the company's current situation with regards to the global
     economic scenario, which had implicated all the vessels as
     non-performing and the company is unable to generate any
     income/trades.

Nepline Berhad had on January 9, 2009, been served with a notice
for the appointment of a Receiver over the charged assets of
Nepline Berhad pursuant to three (3) Debentures dated Sept. 12,
2007, with Bank Pembangunan Malaysia Berhad.


NIKKO ELECTRONICS: EMMSB Wants Court to Hear Civil Suit
-------------------------------------------------------
The provisional liquidator of Nikko Electronics Berhad disclosed
that Exceptional Mould Manufacturing Sdn Bhd has filed an
application by originating motion at the Penang High Court under
Section 226(3) Companies Act, 1965 seeking leave of the High Court
to proceed with the hearing of their civil suit against the
Company.

EMMSB had filed a civil suit 52-1314-2008 at the Sessions Court in
Butterworth against Nikko for a sum of MYR61,900.  However, their
action was stayed due to the appointment of the provisional
liquidator on September 11, 2008.

The matter was fixed for further mention on February 8, 2009.

Nikko Electronics Berhad manufactures and sells radio controlled
toys, electronic and toy related products.  The Group operates in
Malaysia, United States of America, France, Japan, United Kingdom,
Netherlands, Italy, Norway, Hong Kong, Denmark, Austria, Spain,
Australia and other countries.

                          *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko suspended its business activities to prevent
incurring further losses.


RANHILL BHD: S&P Gives Stable Outlook; Affirms 'B' Corp. Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on Malaysia-based engineering and construction and utility
company Ranhill Bhd., to stable from negative and affirmed the 'B'
long-term corporate credit rating on the company.  At the same
time, Standard & Poor's affirmed the 'B-' issue rating on the
US$220 million five-year senior unsecured notes due in October
2011, issued by Ranhill (L) Ltd.--a fully owned special purpose
vehicle of the company; the notes are fully guaranteed by Ranhill
Bhd.

"We revised the outlook and affirmed the ratings to reflect the
improvement in Ranhill's financial risk profile due to lower debt
following the transfer of its water assets to the Malaysian
government," said Standard & Poor's credit analyst Andrew Wong.
In addition, the company is moving away from risky ventures by
exiting oil exploration projects and focusing on the stable
utilities businesses.  This, S&P believes, has alleviated the
downward pressure on the rating.

In S&P's view, though Ranhill's cash flow measures have improved
over the previous years, they remain weak.  As at June 30, 2009,
debt to EBITDA was 4.2x compared with its three-year average
(2007-2009) of 10.4x.

In S&P's opinion, Ranhill's near-term liquidity is weak.  The
company had unrestricted cash of Malaysian ringgit
(MYR)355 million as at June 30, 2009, which is not enough to cover
the MYR506 million of debt facilities that are due for repayment
over the next 12 months.  However, most of these maturities are
performance guarantees, which will naturally end as projects get
completed.

"The stable outlook reflects S&P's expectation that Ranhill will
receive timely payments from its current projects, particularly
the Libyan (government) housing project.  It also reflects S&P's
expectation that Ranhill's Malaysian utility businesses will
continue to operate smoothly, and that the construction of the
Powerton II power plant will be completed on time and within
budget," said Mr. Wong.  The outlook also factors in the
management's stated commitment to focus on existing projects and
operations, and refrain from energy exploration activities and
high-risk E&C projects.


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


DORCHESTER PACIFIC: Looks to Exit Moratorium by June 2010
---------------------------------------------------------
Dorchester Pacific disclosed unaudited interim results for the six
months ended September 30, 2009.

Dorchester Pacific also disclosed a proposal for an early end of
the Deferred Repayment Plan approved by Debentureholders and
Noteholders in December 2008.  The proposal is recognition of the
changed circumstances since the Deferred Repayment Plan was
approved and of the need to achieve a settlement which would
ensure the best outcome for investors under these changed
circumstances.  The proposal has been put to Trustees for their
consideration prior to being sent to investors.  The proposal
includes a $10 million capital raising to support a restructured
Dorchester.

Dorchester Pacific posted a net loss of NZ$8.5 million for the six
months ended September 30, 2009, compared with a net loss of
NZ$35.0 million in the same period in 2008.  The loss includes a
fair value adjustment on debentures and notes of NZ$8.4 million
charged to the profit and loss account.

The group shareholders' equity decreased from NZ$16.2 million at
March 31, 2009 to NZ$7.8 million as at September 30, 2009.

"The results and comparisons with previous periods reflect the net
wind-down of receivables and the much lower levels of activity
permissible under our Deferred Repayment Plan," Chairman Barry
Graham said in a statement.

"Since the Deferred Repayment Plan was approved we have met all
repayment milestones with NZ$58 million repaid to date,
(representing 35 cents in the dollar repayment to
Debentureholders).  We have currently sufficient cash on hand to
make the December 31, 2009, payment taking the Debentureholder
repayments to 42.5 cents in the dollar," Mr. Graham said.

"Directors are now of the view that full repayment to
Debentureholders will not be possible without new shareholder
funds.  However, shareholders will not be prepared to invest new
capital to support a restructured Dorchester unless there is some
settlement of outstanding investor liabilities," Mr. Graham added.

A restructuring and recapitalization proposal which will achieve
full settlement with investors and take Dorchester out of
Moratorium has been developed and presented to Trustees for their
consideration.

                        Settlement Proposal

The settlement proposal to Debentureholders is based on four
components:

   -- NZ$82 million total cash repayments (50 cents in the
      dollar) following the December 2009 and March 2010
      scheduled repayments;

   -- Effective ownership and control in Dorchester owned
      hotel properties to be transferred to Debentureholders
      so they would receive all proceeds of sale together
      with operating returns;

   -- A 3 year interest bearing Note issued directly to
      Debentureholders;

The returns that would be realized from these three components are
estimated to be between $0.87 and $0.91 cents in the dollar of
Debentureholders' principal.

   -- Shares in Dorchester Pacific representing 50% of the total
      shares then on issue to be issued directly to
      Debentureholders.

Executive Director Paul Byrnes said the intention is that the
settlement with Debentureholders would be agreed in February 2010
and effective at June 30, 2010, subject to various conditions
being satisfied.

"One of these conditions would be a capital raising of a minimum
NZ$10 million undertaken in April or May 2010 to provide adequate
shareholder funds for a restructured Dorchester business,"
Mr. Byrnes said.

"Under the settlement proposal, Noteholders owed approximately
NZ$7 million would be made a further part payment being a full and
final settlement which is yet to be finalised with their Trustee."

"The settlement proposal, restructuring and capital raising, if
accepted by investors and supported by shareholders, would take
Dorchester out of moratorium status by June 30, 2010," Mr. Byrnes
added.

                     About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

Dorchester Pacific reported a net loss of NZ$25.4 million in the
year to March 31, 2009, compared to a NZ$18.1 million loss in the
previous year.  Net revenue of NZ$24.6 million was significantly
down on 2008 net revenue of NZ$64.4 million.


FIVE STAR: Directors Criminal Case Remanded Until January 18
------------------------------------------------------------
The New Zealand Herald reports that the finance company directors
charged after the collapse of the Five Star group have had their
case remanded until January.

According to the report, the case was due in the Auckland District
Court on November 30, but instead was pushed through in the early
sitting and remanded until January 18.

The Troubled Company Reporter-Asia Pacific reported on Nov. 13,
2009, that the Companies Office laid criminal charges in the
Auckland District Court against directors of Five Star Consumer
Finance Ltd.  The charges were laid against Marcus MacDonald,
Anthony Bowden and Nicholas Kirk and De facto director Neill
Williams.

The charges relate to false and misleading statements contained in
investment statements and the September 2006 registered
prospectus.  The prosecution is being carried out by the National
Enforcement Unit of the Companies Office.

Incorporated in 1988, Five Star Consumer Finance Limited is a
wholly owned subsidiary of Antares Finance Holdings Ltd, owned
by North Island shareholders.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as receivers
to Five Star and its subsidiaries.

Five Star's board of directors sought the appointment because of
serious concerns as to the state of the debenture market and the
ability of the company to attract new funds and retain existing
investments.  The board, after consulting with the Five Star's
auditors and advisers concluded that the company was unable to
operate in this market.


PROPERTYFINANCE GROUP: Reports Loss; Minimizes Overhead
-------------------------------------------------------
Propertyfinance group said it continues to make progress in
stabilizing its business activities for the period ending
September 30, 2009.

In a statement to the New Zealand stock exchange, Propertyfinance
said it continues to operate with a minimal overhead and it's
primarily activities are the management of the PFSL moratorium and
its rated mortgage bond program.

During the period, PFG recorded a loss of NZ$73,000.  PFG's total
assets now stand at NZ$40.3 million as at September 30, 2009.

The Board's focus remains solely on maximizing stakeholder value
over time by actively managing these assets, Propertyfinance said.

PFG's subsidiary, Propertyfinance Securities Limited, has been
deconsolidated from the PFG results due to PFSL no longer trading
and being wound-down pursuant to a moratorium.

                    About Propertyfinance Group

Based in New Zealand, Propertyfinance Group (NZE:PFG) --
http://www.propertyfinance.co.nz/-- is engaged in lending on
first mortgage.  The company is also involved in property related
financial services.  Some of the company's subsidiaries include
Propertyfinance Securities Limited, Property Finance Holdings
Limited, Property Finance Operations CM-2006 Ltd, Property Finance
Operations LS-2005 Ltd, Property Finance Operations RML-2005 Ltd,
Property Finance Operations CM-2005 Ltd, Property Finance
Operations RM-2005 Ltd, Avon Number One Investments Limited and
Avon Indemnity Company Limited.

                           *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$19.8 million, NZ$6.7 million and NZ$134,000 for
the years ended March 31, 2009, 2008 and 2007, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4,000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.


ST LAURENCE: Unit Post NZ$28.2MM Loss in Six Months Ended Sept. 30
------------------------------------------------------------------
St Laurence Property & Finance Ltd has reported a NZ$28.2 million
loss in the six months to September 30, compared to a NZ$34.84
million loss in the same period last year, The National Business
Review reports.

The report says the loss was mostly due to property revaluations.
No dividend was declared and the company said dividends are not
likely to be paid in 2010.

The company, which will be known as Irongate Property Ltd from
December 15, is selling properties to reduce debt.

St Laurence Ltd owns about 35% of St. Laurence Property & Finance.
It manages its property portfolio through another entity, St
Laurence Funds Management Ltd.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, St Laurence Limited stopped repaying principal
investments ahead of a vote on a scheme of repayment.  The company
had halted repayments of principal after it received legal advice
which said all debenture holders needed to be treated equally and
fairly.

The TCR-AP reported on Dec. 5, 2008, that St Laurence Limited said
its recapitalization plan and proposal to amend the Trust Deed has
been approved by secured debenture stock and capital note holders.


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


HO SHING: Creditors Get 100% Recovery on Claims
-----------------------------------------------
Ho Shing Construction Co. (Pte) Ltd will declare the first and
final dividend on December 11, 2009.

The company will pay 100% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095



OPTIMUM-3 INTERNATIONAL: Creditors Get 25% Recovery on Claims
-------------------------------------------------------------
Optimum-3 International Pte Ltd will declare the final dividend on
December 8, 2009.

The company will pay 25% to the received claims.

The company's liquidator is:

         Goh Boon Kok
         1 Claymore Drive #08-11
         Orchard Towers Rear Block
         Singapore 229594


URBAN CORPORATION: Creditors' Proofs of Debt Due December 16
------------------------------------------------------------
Creditors of Urban Corporation Asia Pte. Ltd, which is in
creditors voluntary liquidation, are required to file their proofs
of debt by December 16, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

         Tam Chee Chong
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


VIS SINGAPORE: Creditors' Proofs of Debt Due January 3
------------------------------------------------------
Creditors of Vis Singapore Pte. Ltd, which is in members voluntary
liquidation, are required to file their proofs of debt by Jan. 3,
2010, 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


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


INDUSTRIAL FINANCE: Fitch Cuts National Long-Term Rating to 'D'
---------------------------------------------------------------
Fitch Ratings Lanka has downgraded Industrial Finance Ltd.'s
National Long-term rating to 'D(lka)' from 'CCC(lka)'.  The rating
action reflects Fitch's understanding that some depositor
repayments have been staggered by the company beyond original
maturities.

In March 2009, the agency downgraded IFL's rating to 'CCC(lka)'
from 'BB-(lka)' due to significant operating losses that eroded
IFL's capital base to below the regulatory requirement.  The
Outlook on the rating was Negative, which indicated the
possibility that the company's already weak liquidity may be
strained further, warranting another downgrade.

IFL is registered as a finance company under Sri Lanka's Act No.78
of 1988, and a Finance Leasing Establishment under Act No. 56 of
2000.  It was established in 1962 but remains a small registered
finance company accounting for less than 1% of the total RFC
system assets in Sri Lanka.  IFL changed ownership in July 2009,
and ROK Millennium Pvt Ltd currently hold the majority of the
company's equity.


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


BANK OF AYUDHYA: Fitch Affirms C Individual Rating; Stable Outlook
------------------------------------------------------------------
Fitch Ratings has revised the international ratings' Outlooks of
the four largest private Thai banks, namely Bangkok Bank Public
Company Limited, Siam Commercial Bank Public Company Limited,
Kasikornbank Public Company Limited, and Bank of Ayudhya Public
Company Limited, to Stable from Negative.  TMB Bank Public Company
Limited's international ratings remain on Negative Outlook.  A
list of rating actions is detailed below.

The Outlook change reflects the resilient performance of the four
banks for 9M09, despite a significant decline in Thailand's GDP.
Their combined return on assets fell modestly to 1.26% in 9M09
(2008: 1.32%), much stronger than Fitch's conservative forecast at
the start of the year, due to only a modest increase in
provisioning costs, though loan growth slowed more sharply than
expected.  While Fitch believes the risk of a further increase in
provisioning remains in the next six to 12 months due to time lags
and a higher relapse on restructured and rescheduled loans, these
banks' performance will likely remain resilient as the economic
outlook improves.  However, TMB's performance remains poor due to
weaker asset quality and significant loan contraction, with the
bank reporting negligible profits in 9M09.

For the four banks, asset quality deterioration appears to be
contained, with the combined NPLs of these banks rising modestly
to 5.8% of loans at end-September 2009 from 5.5% at end-2008.
Nonetheless, asset quality risks persist, given the significant
increase in the special-mention loans for the banking sector in
2008 which could translate into a further rise in NPLs.  While
stabilizing, economic conditions remain weak and could cause NPLs
to rise in the next year as asset quality tends to lag
improvements in the real economy.  TMB's impaired loans declined
in 9M09, mainly due to the NPL sales of THB14.9 billion, although
NPL ratio remained high at about 16% as its loan book shrank
further by 14.8% from end-2008.  TMB's SML remained the highest in
the sector at about 14% of total loans, in part due to qualitative
reclassification following the entry of ING as a strategic
shareholder.  Exposure to Dubai-related entities for the Thai
banks is generally insignificant.

Fitch's stress tests indicates that BBL, SCB, KBANK and BAY should
be able to withstand a high stress scenario with their strong
profit margins, high level of excess reserves and capital which
are expected to help offset any increase in provisioning costs.
Hence, the capital impact should be moderate.  However, in a high
stress scenario, TMB could be vulnerable to significant capital
depletion due to its weaker profitability, lower coverage ratio,
and higher level of NPLs and SMLs.

The four banks' loans at end-September 2009 showed a decline of
over 3%.  Fitch expects to see assets growing again in 2010,
although the rate is likely to be modest.  Average net interest
margin fell to 3.6% in 9M09 from 3.9% in 2008 due to a fall in
yield and loan contraction.  SCB, KBANK and BBL continued to show
the strongest performances with only a moderate decline in net
profits for 9M09 and the highest ROAs.  BAY also reported robust
revenues and margins, driven by acquisitions of higher-yielding
retail banking assets from its strategic shareholder, GE Capital,
although provisioning costs remain higher than the other banks due
to its lower reserve coverage ratio.

The four banks' liquidity position generally remained stable, with
a moderate loans/deposits ratio at around 92% at end-September
2009.  Moreover, the four banks are also strongly capitalized with
average tier 1 and total capital ratios of 12.2% and 16.1%,
respectively at end-September 2009.  This should provide a strong
buffer against any further deterioration in asset quality, should
the economic recovery remain weak in the next one to two years.

Bangkok Bank Public Company Limited:
  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Foreign currency subordinated debt affirmed at 'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National subordinated debt affirmed at 'AA-(tha)'

Siam Commercial Bank Public Company Limited (SCB):

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Foreign currency senior unsecured debt affirmed at 'BBB+'

  -- Foreign currency subordinated debt affirmed at 'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National Short-term senior unsecured debt affirmed at
     'F1+(tha)'

  -- National Long-term subordinated debt affirmed at 'AA-(tha)'

Kasikornbank Public Company Limited (KBANK):

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Long-term foreign currency subordinated debt affirmed at
     'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National Long-term senior unsecured debt affirmed at
     'AA(tha)'

  -- National Short-term senior unsecured debt affirmed at
     'F1+(tha)'

  -- National Long-term subordinated debt affirmed at 'AA-(tha)'

Bank of Ayudhya Public Company Limited (BAY):

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '3'

  -- Foreign currency subordinated debt affirmed at 'BBB-'

  -- Support Rating Floor affirmed at 'BB+'

  -- National Long-term rating affirmed at 'AA-(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National subordinated debt affirmed at 'A+(tha)'

TMB Bank Public Company Limited (TMB):

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Negative

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '3'

  -- Foreign currency subordinated debt affirmed at 'BB+'

  -- Foreign currency Tier 1 hybrid affirmed at 'B'

  -- Support Rating Floor affirmed at 'BB+'

  -- National Long-term affirmed at 'A+(tha)'; Outlook Stable

  -- National Short-term affirmed at 'F1(tha)'

  -- National subordinated debt affirmed at 'A(tha)'


BANGKOK BANK: Fitch Affirms C Individual Rating; Stable Outlook
---------------------------------------------------------------
Fitch Ratings has revised the international ratings' Outlooks of
the four largest private Thai banks, namely Bangkok Bank Public
Company Limited, Siam Commercial Bank Public Company Limited,
Kasikornbank Public Company Limited, and Bank of Ayudhya Public
Company Limited, to Stable from Negative.  TMB Bank Public Company
Limited's international ratings remain on Negative Outlook.  A
list of rating actions is detailed below.

The Outlook change reflects the resilient performance of the four
banks for 9M09, despite a significant decline in Thailand's GDP.
Their combined return on assets fell modestly to 1.26% in 9M09
(2008: 1.32%), much stronger than Fitch's conservative forecast at
the start of the year, due to only a modest increase in
provisioning costs, though loan growth slowed more sharply than
expected.  While Fitch believes the risk of a further increase in
provisioning remains in the next six to 12 months due to time lags
and a higher relapse on restructured and rescheduled loans, these
banks' performance will likely remain resilient as the economic
outlook improves.  However, TMB's performance remains poor due to
weaker asset quality and significant loan contraction, with the
bank reporting negligible profits in 9M09.

For the four banks, asset quality deterioration appears to be
contained, with the combined NPLs of these banks rising modestly
to 5.8% of loans at end-September 2009 from 5.5% at end-2008.
Nonetheless, asset quality risks persist, given the significant
increase in the special-mention loans for the banking sector in
2008 which could translate into a further rise in NPLs.  While
stabilizing, economic conditions remain weak and could cause NPLs
to rise in the next year as asset quality tends to lag
improvements in the real economy.  TMB's impaired loans declined
in 9M09, mainly due to the NPL sales of THB14.9 billion, although
NPL ratio remained high at about 16% as its loan book shrank
further by 14.8% from end-2008.  TMB's SML remained the highest in
the sector at about 14% of total loans, in part due to qualitative
reclassification following the entry of ING as a strategic
shareholder.  Exposure to Dubai-related entities for the Thai
banks is generally insignificant.

Fitch's stress tests indicates that BBL, SCB, KBANK and BAY should
be able to withstand a high stress scenario with their strong
profit margins, high level of excess reserves and capital which
are expected to help offset any increase in provisioning costs.
Hence, the capital impact should be moderate.  However, in a high
stress scenario, TMB could be vulnerable to significant capital
depletion due to its weaker profitability, lower coverage ratio,
and higher level of NPLs and SMLs.

The four banks' loans at end-September 2009 showed a decline of
over 3%.  Fitch expects to see assets growing again in 2010,
although the rate is likely to be modest.  Average net interest
margin fell to 3.6% in 9M09 from 3.9% in 2008 due to a fall in
yield and loan contraction.  SCB, KBANK and BBL continued to show
the strongest performances with only a moderate decline in net
profits for 9M09 and the highest ROAs.  BAY also reported robust
revenues and margins, driven by acquisitions of higher-yielding
retail banking assets from its strategic shareholder, GE Capital,
although provisioning costs remain higher than the other banks due
to its lower reserve coverage ratio.

The four banks' liquidity position generally remained stable, with
a moderate loans/deposits ratio at around 92% at end-September
2009.  Moreover, the four banks are also strongly capitalized with
average tier 1 and total capital ratios of 12.2% and 16.1%,
respectively at end-September 2009.  This should provide a strong
buffer against any further deterioration in asset quality, should
the economic recovery remain weak in the next one to two years.

Bangkok Bank Public Company Limited:
  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Foreign currency subordinated debt affirmed at 'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National subordinated debt affirmed at 'AA-(tha)'

Siam Commercial Bank Public Company Limited (SCB):

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Foreign currency senior unsecured debt affirmed at 'BBB+'

  -- Foreign currency subordinated debt affirmed at 'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National Short-term senior unsecured debt affirmed at
     'F1+(tha)'

  -- National Long-term subordinated debt affirmed at 'AA-(tha)'

Kasikornbank Public Company Limited (KBANK):

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Long-term foreign currency subordinated debt affirmed at
     'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National Long-term senior unsecured debt affirmed at
     'AA(tha)'

  -- National Short-term senior unsecured debt affirmed at
     'F1+(tha)'

  -- National Long-term subordinated debt affirmed at 'AA-(tha)'

Bank of Ayudhya Public Company Limited (BAY):

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '3'

  -- Foreign currency subordinated debt affirmed at 'BBB-'

  -- Support Rating Floor affirmed at 'BB+'

  -- National Long-term rating affirmed at 'AA-(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National subordinated debt affirmed at 'A+(tha)'

TMB Bank Public Company Limited (TMB):

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Negative

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '3'

  -- Foreign currency subordinated debt affirmed at 'BB+'

  -- Foreign currency Tier 1 hybrid affirmed at 'B'

  -- Support Rating Floor affirmed at 'BB+'

  -- National Long-term affirmed at 'A+(tha)'; Outlook Stable

  -- National Short-term affirmed at 'F1(tha)'

  -- National subordinated debt affirmed at 'A(tha)'


KASIKORNBANK PUBLIC: Fitch Affirms C Individual Rating
------------------------------------------------------
Fitch Ratings has revised the international ratings' Outlooks of
the four largest private Thai banks, namely Bangkok Bank Public
Company Limited, Siam Commercial Bank Public Company Limited,
Kasikornbank Public Company Limited, and Bank of Ayudhya Public
Company Limited, to Stable from Negative.  TMB Bank Public Company
Limited's international ratings remain on Negative Outlook.  A
list of rating actions is detailed below.

The Outlook change reflects the resilient performance of the four
banks for 9M09, despite a significant decline in Thailand's GDP.
Their combined return on assets fell modestly to 1.26% in 9M09
(2008: 1.32%), much stronger than Fitch's conservative forecast at
the start of the year, due to only a modest increase in
provisioning costs, though loan growth slowed more sharply than
expected.  While Fitch believes the risk of a further increase in
provisioning remains in the next six to 12 months due to time lags
and a higher relapse on restructured and rescheduled loans, these
banks' performance will likely remain resilient as the economic
outlook improves.  However, TMB's performance remains poor due to
weaker asset quality and significant loan contraction, with the
bank reporting negligible profits in 9M09.

For the four banks, asset quality deterioration appears to be
contained, with the combined NPLs of these banks rising modestly
to 5.8% of loans at end-September 2009 from 5.5% at end-2008.
Nonetheless, asset quality risks persist, given the significant
increase in the special-mention loans for the banking sector in
2008 which could translate into a further rise in NPLs.  While
stabilizing, economic conditions remain weak and could cause NPLs
to rise in the next year as asset quality tends to lag
improvements in the real economy.  TMB's impaired loans declined
in 9M09, mainly due to the NPL sales of THB14.9 billion, although
NPL ratio remained high at about 16% as its loan book shrank
further by 14.8% from end-2008.  TMB's SML remained the highest in
the sector at about 14% of total loans, in part due to qualitative
reclassification following the entry of ING as a strategic
shareholder.  Exposure to Dubai-related entities for the Thai
banks is generally insignificant.

Fitch's stress tests indicates that BBL, SCB, KBANK and BAY should
be able to withstand a high stress scenario with their strong
profit margins, high level of excess reserves and capital which
are expected to help offset any increase in provisioning costs.
Hence, the capital impact should be moderate.  However, in a high
stress scenario, TMB could be vulnerable to significant capital
depletion due to its weaker profitability, lower coverage ratio,
and higher level of NPLs and SMLs.

The four banks' loans at end-September 2009 showed a decline of
over 3%.  Fitch expects to see assets growing again in 2010,
although the rate is likely to be modest.  Average net interest
margin fell to 3.6% in 9M09 from 3.9% in 2008 due to a fall in
yield and loan contraction.  SCB, KBANK and BBL continued to show
the strongest performances with only a moderate decline in net
profits for 9M09 and the highest ROAs.  BAY also reported robust
revenues and margins, driven by acquisitions of higher-yielding
retail banking assets from its strategic shareholder, GE Capital,
although provisioning costs remain higher than the other banks due
to its lower reserve coverage ratio.

The four banks' liquidity position generally remained stable, with
a moderate loans/deposits ratio at around 92% at end-September
2009.  Moreover, the four banks are also strongly capitalized with
average tier 1 and total capital ratios of 12.2% and 16.1%,
respectively at end-September 2009.  This should provide a strong
buffer against any further deterioration in asset quality, should
the economic recovery remain weak in the next one to two years.

Bangkok Bank Public Company Limited:
  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Foreign currency subordinated debt affirmed at 'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National subordinated debt affirmed at 'AA-(tha)'

Siam Commercial Bank Public Company Limited (SCB):

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Foreign currency senior unsecured debt affirmed at 'BBB+'

  -- Foreign currency subordinated debt affirmed at 'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National Short-term senior unsecured debt affirmed at
     'F1+(tha)'

  -- National Long-term subordinated debt affirmed at 'AA-(tha)'

Kasikornbank Public Company Limited (KBANK):

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Long-term foreign currency subordinated debt affirmed at
     'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National Long-term senior unsecured debt affirmed at
     'AA(tha)'

  -- National Short-term senior unsecured debt affirmed at
     'F1+(tha)'

  -- National Long-term subordinated debt affirmed at 'AA-(tha)'

Bank of Ayudhya Public Company Limited (BAY):

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '3'

  -- Foreign currency subordinated debt affirmed at 'BBB-'

  -- Support Rating Floor affirmed at 'BB+'

  -- National Long-term rating affirmed at 'AA-(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National subordinated debt affirmed at 'A+(tha)'

TMB Bank Public Company Limited (TMB):

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Negative

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '3'

  -- Foreign currency subordinated debt affirmed at 'BB+'

  -- Foreign currency Tier 1 hybrid affirmed at 'B'

  -- Support Rating Floor affirmed at 'BB+'

  -- National Long-term affirmed at 'A+(tha)'; Outlook Stable

  -- National Short-term affirmed at 'F1(tha)'

  -- National subordinated debt affirmed at 'A(tha)'


SIAM COMMERCIAL: Fitch Affirms C Individual Rating; Stable Outlook
------------------------------------------------------------------
Fitch Ratings has revised the international ratings' Outlooks of
the four largest private Thai banks, namely Bangkok Bank Public
Company Limited, Siam Commercial Bank Public Company Limited,
Kasikornbank Public Company Limited, and Bank of Ayudhya Public
Company Limited, to Stable from Negative.  TMB Bank Public Company
Limited's international ratings remain on Negative Outlook.  A
list of rating actions is detailed below.

The Outlook change reflects the resilient performance of the four
banks for 9M09, despite a significant decline in Thailand's GDP.
Their combined return on assets fell modestly to 1.26% in 9M09
(2008: 1.32%), much stronger than Fitch's conservative forecast at
the start of the year, due to only a modest increase in
provisioning costs, though loan growth slowed more sharply than
expected.  While Fitch believes the risk of a further increase in
provisioning remains in the next six to 12 months due to time lags
and a higher relapse on restructured and rescheduled loans, these
banks' performance will likely remain resilient as the economic
outlook improves.  However, TMB's performance remains poor due to
weaker asset quality and significant loan contraction, with the
bank reporting negligible profits in 9M09.

For the four banks, asset quality deterioration appears to be
contained, with the combined NPLs of these banks rising modestly
to 5.8% of loans at end-September 2009 from 5.5% at end-2008.
Nonetheless, asset quality risks persist, given the significant
increase in the special-mention loans for the banking sector in
2008 which could translate into a further rise in NPLs.  While
stabilizing, economic conditions remain weak and could cause NPLs
to rise in the next year as asset quality tends to lag
improvements in the real economy.  TMB's impaired loans declined
in 9M09, mainly due to the NPL sales of THB14.9 billion, although
NPL ratio remained high at about 16% as its loan book shrank
further by 14.8% from end-2008.  TMB's SML remained the highest in
the sector at about 14% of total loans, in part due to qualitative
reclassification following the entry of ING as a strategic
shareholder.  Exposure to Dubai-related entities for the Thai
banks is generally insignificant.

Fitch's stress tests indicates that BBL, SCB, KBANK and BAY should
be able to withstand a high stress scenario with their strong
profit margins, high level of excess reserves and capital which
are expected to help offset any increase in provisioning costs.
Hence, the capital impact should be moderate.  However, in a high
stress scenario, TMB could be vulnerable to significant capital
depletion due to its weaker profitability, lower coverage ratio,
and higher level of NPLs and SMLs.

The four banks' loans at end-September 2009 showed a decline of
over 3%.  Fitch expects to see assets growing again in 2010,
although the rate is likely to be modest.  Average net interest
margin fell to 3.6% in 9M09 from 3.9% in 2008 due to a fall in
yield and loan contraction.  SCB, KBANK and BBL continued to show
the strongest performances with only a moderate decline in net
profits for 9M09 and the highest ROAs.  BAY also reported robust
revenues and margins, driven by acquisitions of higher-yielding
retail banking assets from its strategic shareholder, GE Capital,
although provisioning costs remain higher than the other banks due
to its lower reserve coverage ratio.

The four banks' liquidity position generally remained stable, with
a moderate loans/deposits ratio at around 92% at end-September
2009.  Moreover, the four banks are also strongly capitalized with
average tier 1 and total capital ratios of 12.2% and 16.1%,
respectively at end-September 2009.  This should provide a strong
buffer against any further deterioration in asset quality, should
the economic recovery remain weak in the next one to two years.

Bangkok Bank Public Company Limited:
  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Foreign currency subordinated debt affirmed at 'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National subordinated debt affirmed at 'AA-(tha)'

Siam Commercial Bank Public Company Limited (SCB):

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Foreign currency senior unsecured debt affirmed at 'BBB+'

  -- Foreign currency subordinated debt affirmed at 'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National Short-term senior unsecured debt affirmed at
     'F1+(tha)'

  -- National Long-term subordinated debt affirmed at 'AA-(tha)'

Kasikornbank Public Company Limited (KBANK):

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '2'

  -- Long-term foreign currency subordinated debt affirmed at
     'BBB'

  -- Support Rating Floor affirmed at 'BBB-'

  -- National Long-term rating affirmed at 'AA(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National Long-term senior unsecured debt affirmed at
     'AA(tha)'

  -- National Short-term senior unsecured debt affirmed at
     'F1+(tha)'

  -- National Long-term subordinated debt affirmed at 'AA-(tha)'

Bank of Ayudhya Public Company Limited (BAY):

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     changed to Stable from Negative

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '3'

  -- Foreign currency subordinated debt affirmed at 'BBB-'

  -- Support Rating Floor affirmed at 'BB+'

  -- National Long-term rating affirmed at 'AA-(tha)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1+(tha)'

  -- National subordinated debt affirmed at 'A+(tha)'

TMB Bank Public Company Limited (TMB):

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Negative

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '3'

  -- Foreign currency subordinated debt affirmed at 'BB+'

  -- Foreign currency Tier 1 hybrid affirmed at 'B'

  -- Support Rating Floor affirmed at 'BB+'

  -- National Long-term affirmed at 'A+(tha)'; Outlook Stable

  -- National Short-term affirmed at 'F1(tha)'

  -- National subordinated debt affirmed at 'A(tha)'


* THAILAND: Court Suspends 65 Industrial Projects
-------------------------------------------------
Thailand's Supreme Administrative Court on Wednesday upheld the
earlier suspension of 65 factories and industrial projects in the
country's largest industrial estate, Map Ta Phut Industrial Estate
in the southeastern province of Rayong, according to Business in
Asia Today.

The report relates that the Bank of Thailand (BoT) has warned that
the court's decision could negatively impact on private investment
and cut Thailand's economic recovery.

BoT Assistant Governor Paiboon Kittisrikangwan warned Wednesday
that the suspension of the industrial projects could deter private
investment and could cut the country's economic growth by 0.2
percentage points as the bank has earlier estimated, Business in
Asia Today says.


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


ASAT HOLDINGS: Delays Annual Report; Sees 8.7% Drop in Revenue
--------------------------------------------------------------
ASAT Holdings Limited will delay the filing of its annual report
with the U.S. Securities and Exchange Commission.  ASAT Holdings
said it has been unable to complete its annual report on Form 20-F
for the fiscal year ended April 30, 2009, within the prescribed
time without unreasonable effort or expense.  The delays are a
result of:

     (i) management's efforts to effect a scheme of arrangement to
         restructure certain of the Company's and its
         subsidiaries' indebtedness under section 86 of the
         Companies Law of the Cayman Islands, which scheme adopted
         a different strategic direction in September 2009; and

    (ii) the subsequent initiation of a formal process to seek
         strategic alternatives to the scheme of arrangement,
         which could include the sale of the Company or one or
         more of its subsidiaries.

The Company has suffered recurring losses from operations and is
in breach of certain covenants of its 9.25% Senior Notes due 2011
issued through its indirect wholly owned subsidiary New ASAT
(Finance) Limited and the Purchase Money Loan Agreement with
certain lenders to the Company.  To improve the Company's
financial situation, the Company was originally seeking to
implement a restructuring of its Senior Notes together with its
other obligations including the PMLA and redeemable convertible
preferred shares through a creditor scheme of arrangement in the
Cayman Islands courts.  Management had anticipated that successful
completion of the scheme of arrangement would have resulted in
reclassification of a substantial portion of its short-term debt
to long-term debt and had prepared its 2009 financial statements
as well as subsequent events disclosure on such basis.  The
Company believed that completion of this restructuring plan and
renewal of its loan facilities extended by the PRC banks would
allow the Company to continue as a going concern.

In September 2009, the Company expanded the restructuring plan to
incorporate strategic alternatives, including a possible sale of
the whole Company or a partial sale or other form of financing.
The Company has hired Macquarie Capital Partners to conduct the
exercise, and several potential investors are currently engaged in
the process of due diligence.

As a result of these several changes in strategic financial
direction of the Company, the Company has until now been unable to
finalize the basis on which the financial statements of the
Company should be prepared.  The Company said the preparation of
the 2009 20-F is now underway, and the Company estimates at this
time that this work will be completed and the 2009 20-F will be
filed in January 2010.

Based on the financial statements of the Company, the Company said
net operating revenue for the year ended April 30, 2009, was
US$143.4 million, representing a 8.7% decrease over net operating
revenue of US$155.9 million for the year ended April 30, 2008.
The Company expects to report a net loss in the year ended
April 30.

                         Meeting on Dec. 8

An Extraordinary General Meeting of the Company will be held at
Zhen An Hi-Tech Industrial Park, Zhen An Road, Chang An Town, in
Dongguan City, Guangdong, People's Republic of China, on
December 8, 2009, at 10 a.m.

A full-text copy of the Circular to Shareholders, dated
November 13, 2009, to convene an extraordinary general meeting of
shareholders on December 8, 2009, for the purpose of amending the
Company's Articles of Association, is available at no charge at:

                http://ResearchArchives.com/t/s?4b07

                    About ASAT Holdings Limited

ASAT Holdings Limited (OTC Bulletin Board: ASTTY) --
http://www.asat.com/-- is a global provider of semiconductor
package design, assembly and test services. With 20 years of
experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines. ASAT's
advanced package portfolio includes standard and high thermal
performance ball grid arrays, leadless plastic chip carriers, thin
array plastic packages, system-in-package and flip chip. ASAT was
the first company to develop moisture sensitive level one
capability on standard leaded products.  The Company has
operations in the United States, Asia and Europe.


UAE CMBS: Fitch Downgrades Ratings on Three Classes of Notes
------------------------------------------------------------
Fitch Ratings has downgraded UAE CMBS VEHICLE NO. 1 LIMITED's
class A, B and C notes, and assigned Negative Outlooks to all
three tranches.  The rating actions are:

  -- US$27.5 million class A due June 2016 (XS0305277047)
     downgraded to 'BBB-' from 'A+'; Outlook Negative

  -- US$12.9 million class B due June 2016 (XS0305277393)
      downgraded to 'BB' from 'A'; Outlook Negative

  -- US$12.5 million class C due June 2016 (XS0305277476)
     downgraded to 'B' from 'BBB'; Outlook Negative

The downgrade of the notes reflects Fitch's view on Dubai's weaker
credit fundamentals, particularly in light of Dubai Department of
Finance's announcement on November 25, 2009, related to the
restructuring of government-owned Dubai World's financial
obligations, including those of its property development
subsidiary, Nakheel.  The proposed standstill on Dubai World and
Nakheel obligations is a major negative shock to sentiment in
Dubai, the UAE and the region more generally, where sovereign
support has traditionally been strong.

While the ratings of UAE CMBS VEHICLE NO. 1 LIMITED's class A, B
and C notes are not linked to the sovereign, Fitch's rating action
reflects the agency's expectation that the shock will further
raise volatility in the commercial property sector, which has been
under considerable stress throughout the global financial crisis.

Fitch's criteria for European CMBS surveillance and criteria for
Emerging Markets Structured Finance transactions were used to
analyze the quality of these loans.

Fitch will continue to monitor economic developments in Dubai as
well as the specific performance of the transaction.


                         *********

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
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Information contained herein is obtained from sources believed
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