TCRAP_Public/091209.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

           Wednesday, December 9, 2009, Vol. 12, No. 243

                            Headlines

A U S T R A L I A

ABC LEARNING: Mission Australia Selected as Preferred Buyer
FIREPOWER HOLDINGS: Boss Finally Appears in Court
HEDLEY LEISURE: NAB Calls Off Legal Action Over Hotel Sales
WIDEFORM GROUP: In Administration; More Than 100 Jobs At Risks


H O N G  K O N G

ADS-HK: Creditors' Proofs of Debt Due January 4
BEST PRINTING: Placed Under Voluntary Wind-Up Proceedings
HYPO REAL: Creditors' Proofs of Debt Due January 4
MING YUAN: Lam and Boswell Appointed as Liquidators
SYBASE 365: Yuen and Choi Appointed as Liquidators

SYSCO RESOURCES: Placed Under Voluntary Wind-Up Proceedings
TRESOR PUBLISHING: Creditors' Proofs of Debt Due February 26
TUTTI MUSIC: Court to Hear Wind-Up Petition on December 30
WAH HING: Court to Hear Wind-Up Petition on January 13
WELL BOND: Creditors' Proofs of Debt Due December 18

WELL CONCEPT: Court Enters Wind-Up Order
WIDE TECH: Creditors' Proofs of Debt Due December 18


I N D I A

BD & P HOTELS: Delays in Debt Payment Cues ICRA 'LB' Ratings
ICICI BANK: In Talks to Sell 27% Stake in 3i Infotech
PATWA AUTOMOTIVE: ICRA Assigns 'LBB' Rating on INR60MM Cash Credit
PROTECH GALVANISERS: CRISIL Cuts Ratings on Various Debts to 'B+'
RAGHUVIR COTEX: CRISIL Puts 'B' Ratings on INR22.5MM Term Loan

SAMRAKSHANA ELECTRICALS: CRISIL Assigns Junk Ratings on Debts
SHREE RAMRAJYA: CRISIL Assigns 'B' Rating on INR15MM Term Loan
SHREE SIDDHNATH: CRISIL Assigns 'B' Ratings on Various Bank Debts
SUDHAMA HOSIERIES: Weak Liquidity Prompts CRISIL 'C' Ratings
SWAJIT ENGINEERING: CRISIL Rates INR45.00 Mil. Cash Credit at 'BB'

TATA MOTORS: Total Vehicle Sales in November 2009 Up 65%
TATA STEEL: November Sales Up 35% on Improved Demand
TATA STEEL: S&P Affirms Corporate Credit Rating at 'B+'
VISHALA INDIA: CRISIL Rates INR700 Million Long-Term Loans at 'B-'
WOCKHARDT LTD: Seeks Court OK to Sell Nutrition Unit to Abbott


I N D O N E S I A

BANK TABUNGAN: Prices Stake Sale at IDR800 per Share
PAKUWON JATI: Fitch Corrects National Long-Term Rating to 'D'
PAKUWON JATI: Moody's Upgrades Rating on Senior Notes to 'Caa1'
PERUSAHAAN GAS: Moody's Affirms Corporate Family Rating at 'Ba2'


J A P A N

HITACHI LTD: To Raise Up to JPY349.3 Billion
KEIYUKAI: JCR Upgrades Senior Debts Rating from 'BB' to 'BB+'
L-JAC 7: S&P Puts Ratings on 22 Certs. on CreditWatch Negative
SHOKO CHUKIN: Moody's Gives Stable Outlook; Keeps 'D' Bank Rating


K O R E A

HYUNDAI MOTOR: Czech Workers Threaten to Go on Strike


M A L A Y S I A

AXIS INC: Appoints Ernst and Young as Scheme Adviser


N E W  Z E A L A N D

HANOVER FINANCE: Shareholders of Allied Farmers Adopt Rescue Deal
RMB TRUSTEE: Fitch Downgrades Rating on Floating Notes to 'BB-'


S I N G A P O R E

A.K.CONSTRUCTION: Court to Hear Wind-Up Petition on December 18
CENTREPOINT SHIPPING: Court Enters Wind-Up Order
CHIAP SENG: Court to Hear Wind-Up Petition on December 18
EAGLE MONEY: Creditors' Proofs of Debt Due December 19
FRASERS COMMERCIAL: S&P Gives Stable Outlook; Keeps 'BB' Rating

FUNAI ASIA: Creditors Get 2.03% Recovery on Claims
HO SHING: Creditors Get 1.30% Recovery on Claims
JACKLIE CONSTRUCTION: Creditors Get 65.64943% Recovery on Claims
KCE LOGISTICS: Creditors' Proofs of Debt Due on December 18
MAX ELECTROMART: Court to Hear Wind-Up Petition on December 11


T A I W A N

NANYA TECHNOLOGY: Formosa Plastics Invests NT$5.42BB in Nanya


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


ABC LEARNING: Mission Australia Selected as Preferred Buyer
-----------------------------------------------------------
A not-for-profit syndicate lead by Mission Australia has been
selected as the preferred buyer for the remaining 705 ABC Learning
Centers, The Sydney Morning Herald reports, citing the bank-
appointed receivers.

The report says the receivers, lead by McGrathNicol's Chris Honey,
have entered into an "exclusivity period" with the GoodStart
syndicate and have yet to announce how much they will receive for
the centers but it is expected to be well short of the
AU$1 billion owed to the banking syndicate with some estimates
below AU$100 million.

"A key consideration in assessing bids was to achieve a good
commercial outcome which also preserved the interests of ABC
families and staff," the report quoted Mr. Honey as saying.

According to the report, the GoodStart syndicate includes the
Benevolent Society, Social Ventures Australia and the Brotherhood
of St Laurence.

The receivers remain confident that contracts will be exchanged
before Christmas and the sale completed early in the new year, the
report notes.

                         About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


FIREPOWER HOLDINGS: Boss Finally Appears in Court
-------------------------------------------------
The Sydney Morning Herald reports that Firepower Holdings boss Tim
Johnston has finally appeared before the Federal Court in Perth to
answer questions about his company's collapse.

According to the report, Mr. Johnston's appearance was part of the
second day of a liquidators hearing into the collapse of
Firepower.

Mr. Johnston has so far given most of his evidence under privilege
to avoid incriminating himself, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 7, 2009, the Australian Federal Police on Friday arrested
Mr. Johnston two days after a warrant was issued by a Federal
Court judge.

The Australian Associated Press said Mr. Johnston was questioned
in Brisbane on December 2, 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 noted.

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.


HEDLEY LEISURE: NAB Calls Off Legal Action Over Hotel Sales
-----------------------------------------------------------
National Australia Bank has called off legal action that
threatened to delay hotel sales by the former Hedley Leisure and
Gaming Property Fund, The Australian reports.

The NAB had commenced proceeding in the Victorian Supreme Court
seeking an injunction against Hedley, now known as Redcape
Property Group, preventing any settlement of various sale
contracts with a total value f AU$32.30 million.

Hedley, in an ASX announcement, disclosed that the parties to the
proceedings agreed on mutually satisfactory terms which did not
include any cost other than normal costs.

The company said the sale of the Bridgeview, Lidcomee, Canterbury
and Royal Hotels will proceed in accordance with their respective
sale agreements.

The action, according to The Australian, comes as Redcape said it
remains confident of securing a two-year deadline to pay back more
than AU$740 million to a syndicate of nine lenders headed by ANZ.

The banks are currently due to be repaid in August next year, The
Australian notes.

The company reported a net loss of AU$178.67 million for the year
ended June 30, 2009, compared with a net loss of AU$88.17 million
in the prior year.

                        About Hedley Leisure

Based in Queensland, Australia, Hedley Leisure & Gaming Property
Fund (ASX:HLG) -- http://www.hlg.com.au--  is a property fund
which invests in the Australian Pub freehold market.  HLG's main
business is that of a landlord, collecting rent from the tenants
of its investment properties.  HLG Management Pty Ltd is a manager
of the Company.  HLG consists primarily of the Hedley Leisure &
Gaming Property Trust and Hedley Leisure & Gaming Property
Partners Limited.  As of June 30, 2009, HLG had 91 hotels, 12
bottle shops and one hotel development site.  As of June 30, 2009,
it had a portfolio of 109 pubs and bottle shops.


WIDEFORM GROUP: In Administration; More Than 100 Jobs At Risks
--------------------------------------------------------------
Hundreds of Illawarra jobs are at risk after Unanderra-based
Wideform Group of Companies goes into voluntary administration,
according to an article posted at illawarramercury.com.au.

According to the report, the Construction, Forestry, Mining and
Energy Union (CFMEU) said it had been told by the administrator
that the company has tens of millions of dollars owing to the
taxation department, creditors and workers.

The Mercury says the company faced a cashflow crisis, brought
about by the global financial meltdown and lack of demand from
buyers for some of its developments.

Wideform was approached by creditor the ANZ Bank six months ago
suggesting directors place the company into voluntary
administration and a new buyer be sought due to the cashflow
concerns, The Mercury recalls.

Wideform Group of Companies has more than 700 employees across
Wollongong, Sydney, Newcastle, Melbourne, Brisbane, North
Queensland, South Australia and East Timor.


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


ADS-HK: Creditors' Proofs of Debt Due January 4
-----------------------------------------------
Creditors of Ads-Hong Kong Limited, which is in members voluntary
liquidation, are required to file their proofs of debt by Jan. 4,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidators are:

         Michael Chan Wah Tip
         Keith Ho Man Kei
         601 Prince's Building
         Chater Road
         Central, Hong Kong


BEST PRINTING: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on November 25, 2009,
creditors of The Best Printing International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Chi Wing
         Yue Xiu Building, Room 3, 8/F
         160 Lockhart Road
         Wan Chai, Hong Kong


HYPO REAL: Creditors' Proofs of Debt Due January 4
--------------------------------------------------
Creditors of Hypo Real Estate Capital Hong Kong Corporation
Limited, which is in members voluntary liquidation, are required
to file their proofs of debt by January 4, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 27, 2009.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road
         Central, Hong Kong


MING YUAN: Lam and Boswell Appointed as Liquidators
---------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell on
November 27, 2009, were appointed as liquidators of Ming Yuan
Foundation Limited.

The liquidators may be reached at:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         Prince's Building, 22nd Floor
         Central, Hong Kong


SYBASE 365: Yuen and Choi Appointed as Liquidators
--------------------------------------------------
Fung Wing Yuen and Robin Pang Ho Choi on November 20, 2009, were
appointed as liquidators of Sybase 365 Limited.

The liquidators may be reached at:

         Fung Wing Yuen
         Robin Pang Ho Choi
         Xiu Ping Comm. Bldg, 1/F
         104 Jervois Street
         Sheung Wan, Hong Kong


SYSCO RESOURCES: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on November 27, 2009,
members of Sysco Resources Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Philip Brendan Gilligan
         Alexandra House, 7th Floor
         18 Chater Road
         Central, Hong Kong


TRESOR PUBLISHING: Creditors' Proofs of Debt Due February 26
------------------------------------------------------------
Creditors of Tresor Publishing Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by February 26, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 30, 2009.

The company's liquidator is:

         J P Walsh
         2310 Dominion Centre
         43-59 Queen's Road East
         Hong Kong


TUTTI MUSIC: Court to Hear Wind-Up Petition on December 30
----------------------------------------------------------
A petition to wind up the operations of Tutti Music Limited will
be heard before the High Court of Hong Kong on December 30, 2009,
at 9:30 a.m.

The Petitioner's solicitors are:

         Yu & Associates
         Hing Yip Commercial Centre, 2nd Floor
         272-284 Des Voeux Road
         Central, Hong Kong


WAH HING: Court to Hear Wind-Up Petition on January 13
------------------------------------------------------
A petition to wind up the operations of Wah Hing Toys Manufactory
Company Limited will be heard before the High Court of Hong Kong
on January 13, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Y. T. Chan & Co.
         The Chinese Bank Building, 5th Floor
         61-65 Des Voeux Road
         Central, Hong Kong


WELL BOND: Creditors' Proofs of Debt Due December 18
----------------------------------------------------
Creditors of Well Bond Group Limited, which is in liquidation, are
required to file their proofs of debt by December 18, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

         Messrs Bruno Arboit
         Simon Richard Blade
         China Merchants Tower, 12/F
         Shun Tak Centre
         168-200 Connaught Raod
         Central, Hong Kong


WELL CONCEPT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up Well Concept Global Procurement Limited's operations.


WIDE TECH: Creditors' Proofs of Debt Due December 18
----------------------------------------------------
Creditors of Wide Tech Shipping Limited, are required to file
their proofs of debt by December 18, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Messrs Bruno Arboit
         Simon Blade
         1203-1213, China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Raod
         Central, Hong Kong


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I N D I A
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BD & P HOTELS: Delays in Debt Payment Cues ICRA 'LB' Ratings
------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR675.6 million long term
sanctioned bank limits of BD & P Hotels (India) Private Limited.

The ratings reflect delays in debt servicing on the part of the
company, the concentrated portfolio of the company dependent on a
single 5-star property, highly leveraged capital structure by
virtue of debt funding of past capex, high dependence on foreign
business and leisure tourists (>70% of revenues) exposing the
company to high vulnerability in tourist inflow and the large
cross holdings/inter-linkages between the group companies.
However, ICRA draws comfort from the management tie-up the hotel
has with the international group -- Starwood Hotels & Resorts
Worldwide Inc. for the Le Meridian brand, the benefits it receives
from the global marketing and advertising network of the Starwood
group, the high operational parameters exhibited by the hotel by
virtue of its location and the healthy cash flow from operations.

BD & P Hotels (India) Private Limited was incorporated on
April 25, 1997, as a joint venture between the Dynamix Balwas
Group (DBG) and the D. Naresh Group.  BDPHPL is a subsidiary of DB
Hospitality Private Limited, the hospitality arm of DBG, which
holds 75% of the shares with the rest owned by promoters of the D.
Naresh Group.

BDPHPL has set up a 171 room hotel under the brand name Le Royal
Meridien, near the international airport in Mumbai.  The hotel was
built in 2000 and is managed by the international hotel chain
company Starwood Hotels & Resorts Worldwide Inc. which is the
owner of the Le Meridien brand worldwide.

During 2008-09, the company achieved net sales of INR598.2 million
and net profit of INR62.7 million.


ICICI BANK: In Talks to Sell 27% Stake in 3i Infotech
-----------------------------------------------------
The Economic Times reports that ICICI Group is in talks to sell
its entire stake in 3i Infotech.

Citing an investment banker with direct knowledge of the
development, the report says global private equity firms Apax
Partners, Carlyle and KKR have shown interest in buying ICICI's
27% stake in 3i Infotech.

According to the report, the investment banker said a potential
acquisition will also require the buyer to launch a mandatory 20%
open offer, taking the total investment to INR800-INR900 crore.

ICICI has already appointed PricewaterhouseCoopers to advise it on
the sale, the investment banker told ET.

The report notes an ICICI spokesman, however, denied the PwC
appointment.

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

                           *     *     *

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


PATWA AUTOMOTIVE: ICRA Assigns 'LBB' Rating on INR60MM Cash Credit
------------------------------------------------------------------
ICRA has assigned an LBB rating to the INR60.0 million cash credit
facility and INR52.5 million term loan facility of Patwa
Automotive Private Limited.

The rating is constrained by limited track record of the company,
intensely competitive nature of the automotive dealership business
and high capital intensity of its operations.  The rating reflects
PAPL's modest profitability, low cash accruals and leveraged
capital structure with a gearing of 19.58 times as on March 31,
2009.  However, the rating draws comfort from the long experience
of the promoters in car dealership business and the strong market
position of Mahindra and Mahindra Limited (M&M) in the SUV and
pickup segment.

Patwa Automotive Private Limited (PAPL) is an authorized dealer of
M&M (passenger cars, pickup segment) based in Indore, which is
engaged in sales and service of vehicles along with sale of spare
parts. PAPL is a closely held company promoted by Mr. Surendra
Patwa and his family members.  PAPL has also received the
dealership for M&M's prosper channel (Bolero, Jeeps, Maxi Truck)
in March 2009. The area of operation for the company is Indore
region including Ujjain, Devas, Sajapur and Dhar regions
surrounding Indore.

PAPL reported a Profit After Tax (PAT) of INR 0.6 million on
operating income of INR 412.2 million in 2008-09, as against
corresponding figures of INR 0.2 million and INR 370.0 million in
2007-08.


PROTECH GALVANISERS: CRISIL Cuts Ratings on Various Debts to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Protech Galvanisers &
Fabricators Pvt Ltd's long-term bank facilities to 'B+/Negative'
from 'BB/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR140.0 Million Cash Credit      B+/Negative (Downgraded from
                    Limit                         BB/Stable)

   INR5.4 Million Term Loan          B+/Negative (Downgraded from
                                                  BB/Stable)

   INR30.0 Million Letter of         P4 (Reaffirmed)
                    Credit *
   INR30.0 Million Bank Guarantee *  P4 (Reaffirmed)

  * Both the facilities are interchangeable with each other

The downgrade reflects deterioration in Protech's financial risk
profile following a steep decline in its revenues in the first six
months of 2009-10 (refers to financial year, April 1 to March 31)
because of reduced demand from its key customer Vodafone Essar
Ltd.  Therefore, the company's profitability and cash accruals for
the entire year will be much below than that from 2008-09.
Furthermore, Protech's liquidity is under pressure because of
delayed payments by Vodafone; Protech utilized nearly all its bank
limits in the 12 months through September 2009, despite having
lower revenues in the first six months of 2009-10.  The rating on
Protech's short-term facility has been reaffirmed at 'P4'.

CRISIL's ratings also reflect Protech's weak financial risk
profile, small scale of operations, limited track record, and
customer concentration in revenue profile.  These weaknesses are
partially offset by the benefits that Protech derives from the
healthy growth prospects in the telecommunication-tower industry.

Outlook: Negative

CRISIL believes that Protech's revenues will continue to be low
because of reduced off-take by Vodafone.  The liquidity too will
remain strained because of delayed payments by Vodafone.  The
rating may be downgraded if the company fails to increase its
revenue and mitigate the pressure on liquidity.  Conversely, the
outlook may be revised to 'Stable' if Protech collects its
receivables over the near term, and its revenues increase and
profitability improves significantly.

                     About Protech Galvanisers

Set up in 2004 by Mr. Jitendra Madan, Protech fabricates and
galvanises telecommunication and power transmission towers, and
manufactures nuts and bolts.  It has two manufacturing units
spread over 7200 square metres in Bhiwadi (Rajasthan).
Telecommunications major Vodafone accounted for around 75 per cent
of Protech's total revenues in the telecommunication towers
business in 2007-08. Protech has capacity to produce 18,000 tonnes
per annum.

Protech reported a profit after tax (PAT) of INR10 million on net
sales of INR454 million for 2008-09, against a PAT of INR7.5
million on net sales of INR359 million for 2007-08.


RAGHUVIR COTEX: CRISIL Puts 'B' Ratings on INR22.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Raghuvir Cotex Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR140.0 Million Cash Credit Limit  B/Stable (Assigned)
   INR22.5 Million Term Loan           B/Stable (Assigned)
   INR8.5 Million Proposed Long Term   B/Stable (Assigned)
                   Bank Loan Facility

The rating reflects RCPL's weak financial risk profile, large
working capital requirements, and exposure to risks relating to
unfavorable government regulations.  These weaknesses are,
however, partially offset by benefits that the company derives
from the experience of its promoters in the cotton industry.

Outlook: Stable

CRISIL believes that RCPL will maintain a stable financial risk
profile over the medium term backed by steadily improving
operating margins.  The outlook may be revised to 'Positive' if
significant improvement in cash accruals leads to reduced gearing,
and stronger capital structure for RCPL.  Conversely, the outlook
may be revised to 'Negative' if the company reports lower-than-
expected cash accruals over the medium term.

                       About Raghuvir Cotex

Incorporated in 2002, RCPL is in the business of cotton ginning
and pressing.  The company's plant at Rajkot (Gujarat) has
capacity to process 450 bales of cotton per day.  RCPL reported a
profit after tax (PAT) of INR2.2 million on net sales of INR523.7
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR0.4 million on net sales of
INR703.5 million for 2007-08.


SAMRAKSHANA ELECTRICALS: CRISIL Assigns Junk Ratings on Debts
-------------------------------------------------------------
CRISIL has assigned ratings of 'D/P5' to the bank facilities of
Samrakshana Electricals Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR16.20 Million Term Loan          D (Assigned)
   INR220.00 Million Cash Credit       D (Assigned)
   INR102.50 Million Letter of Credit  P5 (Assigned)
   INR90.00 Million Bank Guarantee     P5 (Assigned)

The ratings reflect delay by SEL in repayment of its term loan
obligations because of weak liquidity.  The rating also takes into
account its working capital intensive nature of operations and
long experience of promoters.

SEL, a group company of Vijai Electricals Ltd (rated,
'BBB-/Negative/P3' by CRISIL), was set up in 1987 Mr. DJ Ramesh,
and commenced commercial operations in 1990-91(refers to financial
year, April 1 to March 31).  SEL manufactures oil-immersed circuit
breakers (OICB), electrical distribution transformers, porcelain
insulators, press boards, and powder paint.  SEL reported a loss
after tax of INR13 million on net sales of INR785 million for
2008-09 against a PAT of INR11 million on net sales of INR774
million for 2007-08.


SHREE RAMRAJYA: CRISIL Assigns 'B' Rating on INR15MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Shree Ramrajya Cotex Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit Limit   B/Stable (Assigned)
   INR15.0 Million Term Loan           B/Stable (Assigned)

The rating reflects SRCPL's weak financial risk profile, large
working capital requirements, and exposure to risks relating to
unfavourable government regulations.  These weaknesses are,
however, partially offset by benefits that the company derives
from the experience of its promoters in the cotton industry.

Outlook: Stable

CRISIL believes that SRCPL will maintain a stable financial risk
profile over the medium term backed by the experience of its
promoters in the cotton industry.  The outlook may be revised to
'Positive' if significant improvement in cash accruals leads to
reduced gearing and a stronger capital structure for SRCPL.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower-than-expected cash accruals over the medium
term.

                       About Shree Ramrajya

Incorporated in 2008, SRCPL is in the business of cotton ginning
and pressing. The company's plant at Rajkot (Gujarat) has capacity
to process 450 bales of cotton per day.  SRCPL reported a profit
after tax (PAT) of INR2.7 million on net sales of INR486.5 million
for 2008-09 (refers to financial year, April 1 to March 31).


SHREE SIDDHNATH: CRISIL Assigns 'B' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to Shree Siddhnath
Cotex Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   B/Stable (Assigned)
   INR20.0 Million Term Loan            B/Stable (Assigned)

The rating reflects SSCPL's weak financial risk profile, and
exposure to risks relating to the working-capital-intensive nature
of its operations, and to unfavourable changes in the Central
Government's minimum support price (MSP) mechanism. These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the cotton processing
industry.

Outlook: Stable

CRISIL believes that SSCPL will maintain its credit risk profile
over the medium term, backed by promoters' industry experience and
stable growth in revenues.  The outlook may be revised to
'Positive' if SSCPL's accruals improve, leading to improvement in
capital structure and debt protection measures.  Conversely, the
outlook may be revised to 'Negative' if unfavorable changes in
government policy or decline in cotton produce result in
deterioration of operating margins.

                       About Shree Siddhnath

Incorporated in 2008, SSCPL manufactures cotton bales and cotton
seed. Its promoters previously traded in cotton.  The company's
plant in Surendranagar (Gujarat) has the capacity to manufacture
around 550 bales of cotton per day.

SSCPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR512 million for 2008-09 (refers to financial year,
April 1 to March 31), its first year of operations.


SUDHAMA HOSIERIES: Weak Liquidity Prompts CRISIL 'C' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of Sudhama Hosieries, which is part of the Sudhama
group.

   Facilities                               Ratings
   ----------                               -------
   INR6.60 Million Long-Term Loan           C (Assigned)
   INR25.00 Million Export Packing Credit   P4 (Assigned)
   INR10.00 Million FDBN – Non LC           P4 (Assigned)
   INR15.00 Million FDBN – LC               P4 (Assigned)
   INR5.00 Million Standby Line of Credit   P4 (Assigned)
   INR2.50 Million Bank Guarantee           P4 (Assigned)

The ratings reflect the group's weak liquidity and financial risk
profile, and exposure to risks relating to customer and
geographical concentration in revenue profile.  These weaknesses
are partially offset by Sudhama group's healthy operating margins
and the benefits that the firm derives from its promoters'
experience in the hosiery business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sudhama and Krishna Textile Process.
This is because the two entities, collectively referred to as the
Sudhama group, have a common management and line of business, and
strong operational linkages.

                          About the Group

Set up in 1978 by Mr. P Gopalakrishnan, Sudhama manufactures knit
garments, especially for export, and has a production capacity of
1 million pieces per annum. KTP dyes fabric such as cotton,
polyester, and viscose.  It was set up in 2002 as a dyeing unit,
and commenced commercial production in December 2004.

The Sudhama group posted a profit after tax (PAT) of INR15 million
on operating income of INR264 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR6
million on operating income of INR136 million for 2007-08.


SWAJIT ENGINEERING: CRISIL Rates INR45.00 Mil. Cash Credit at 'BB'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Swajit Engineering Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR45.00 Million Cash Credit       BB/Stable (Assigned)
   INR5.60 Million Long Term Loan     BB/Stable (Assigned)
   INR4.50 Million Letter of Credit   P4+ (Assigned)
   INR4.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect SEPL's average financial risk profile and
exposure to risks relating to limited revenue diversity, small
scale of operations, and modest profitability.  The impact of
these weaknesses is mitigated by the benefits that SEPL derives
from its established track record and customer relationships,
coupled with promoters' long experience in the specialized
transmission chain manufacturing business.

Outlook: Stable

CRISIL believes that SEPL will maintain a stable business risk
profile, marked by a long track record and established customer
relationships in the specialized transmission chain manufacturing
business.  The outlook may be revised to 'Negative' if SEPL's
financial risk profile deteriorates materially because of large,
debt-funded capital expenditure, or slowdown in demand from end-
user industries.  Conversely, the outlook may be revised to
'Positive' if SEPL substantially diversifies its revenue profile,
leading to sustained improvement in profitability.

                     About Swajit Engineering

Incorporated in 1992, SEPL manufactures specialized transmission
chains (or roller conveyor chains) used particularly in material
handling and focuses on customers in sugar and cement industries.
Swajit's manufacturing facility, located at Aurangabad
(Maharashtra), has capacity to manufacture around 700 feet of
chains and accessories per day. SEPL reported a profit after tax
(PAT) of INR6 million on net sales of INR255 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR11 million on net sales of INR226 million for 2007-08.


TATA MOTORS: Total Vehicle Sales in November 2009 Up 65%
--------------------------------------------------------
Tata Motors reported total sales of 54,108 vehicles (including
exports)in November 2009, a growth of 65% over 32,696 vehicles
sold in November 2008.  The company's domestic sales of Tata
commercial and passenger vehicles for November 2009 were 50,114
nos., a 64% growth over 30,556 nos. sold in November last year.
The growth in November 2009 has come over low sales in November
2008, impacted by the downturn in the automobile industry during
that period.

Cumulative sales (including exports) for the company for the
fiscal at 381,003 nos., recorded a growth of 13% over 338,134 nos.
sold last year.

                        Commercial Vehicles

The company's sales of commercial vehicles in November 2009 in the
domestic market were 29,408 nos., a 81% growth compared to 16,229
vehicles sold in November last year.  LCV sales were 16,901 nos.,
a growth of 62% over November last year.  M&HCV sales stood at
12,507 nos., a growth of 116% over November last year.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal are 221,649 nos., a growth of 22% over last year.
Cumulative LCV sales are 135,804 nos., a growth of 37% over last
year, while M&HCV sales stood at 85,845 nos., a growth of 5% over
last year.

                        Passenger Vehicles

The passenger vehicles business reported a total sale and
distribution offtake of 22,671 nos. (20,706 Tata - highest this
fiscal + 1,965 Fiat) in the domestic market in November 2009, a
55.2% increase compared to 14,612 nos. (14,327 Tata + 285 Fiat) in
November last year. Sales of Tata cars, at 18,480 nos. were the
highest this fiscal, and grew by 48% over November 2008. The sales
of the Tata Nano were 3,406 nos. with deliveries increasing every
month since launch.  The Indica range sales were 9,111 nos., a
growth of 1% over November last year.  The Indigo range recorded
its highest ever sales of 5,963 nos., a growth of 71.5% over
November last year based on the wide acceptance of the newly
launched Manza. The Sumo/Safari range accounted for sales of 2,226
nos., a growth of 23% over November last year.

Jaguar Land Rover sales continued their upward trend since launch
in June, with November being the highest since launch.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal are 156,364 nos. (139,285 Tata
+ 17,079 Fiat), against 132,326 nos. (129,270 Tata + 3,056 Fiat)
last year, a growth of 18.2%. Cumulative sales of the Nano are
13,924 nos.  Cumulative sales of the Indica range at 75,619 nos.,
reported a growth of 11%.  Cumulative sales of the Indigo family
are 29,360 nos., lower by 15.6% but the decline is being
substantially reduced over the last two months of the Manza
launch.  Cumulative sales of the Sumo/Safari range are 20,382
nos., lower by 22.8%.

                              Exports

The company's sales from exports at 3,994 vehicles in November
2009 registered a growth of 87% compared to 2,140 vehicles in
November last year.  The cumulative sales from exports for the
fiscal at 20,069 nos. are lower by 28% over 27,741 nos. in the
same period last year.


TATA STEEL: November Sales Up 35% on Improved Demand
----------------------------------------------------
Tata Steel Ltd disclosed its standalone sales figures for the
month of November 2009.

The Economic Times reports the company said Monday its sales
during November grew 35% to 4.98 lakh tonne against 3.70 lakh
tonne in the same month last year, mainly on the back of improved
demand from the construction and white-goods sectors.

The steel major saw a 56% increase in flat steel products sale and
13% in long steel products sale.  However, the company did not
give out any details on the volume of these products.

According to the report, the company saw its saleable steel output
rise 16% during the month to 5.25 lakh tonne from 4.51 lakh tonne
a year ago.  Its crude steel and hot metal production inched up by
2% in November to 5.26 lakh tonne and 5.88 lakh tonne,
respectively against the year-ago month, making it the "best ever"
November output for both the segments.

The firm said it "completed November 2009 with an increase in its
hot metal, crude steel and saleable steel production over the
corresponding month last year."

                         Quarterly Results

Tata Steel has announced it unaudited consolidated financial
results for the quarter ended September 30, 2009.

The Group posted a loss after minority interest & share of
associates of INR27.07 billion for the quarter ended September 30,
2009 as compared to profit of INR47.71 billion for the quarter
ended September 30, 2008.  Total income decreased from INR442.55
billion for the quarter ended September 30, 2008 to INR254.12
billion for the quarter ended September 30, 2009.

                          About Tata Steel

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

                           *     *     *

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


TATA STEEL: S&P Affirms Corporate Credit Rating at 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' corporate credit rating on Tata Steel U.K. Ltd.  The outlook
is negative.

S&P also affirmed its recovery rating of '1' on the
GBP3.67 billion senior secured debt issued by TSUK and subsidiary
Corus Nederland B.V., indicating S&P's expectations of very high
(90%-100%) recovery in the event of a payment default.  This
resulted in an affirmation of the issue rating on this debt at
'BB', two notches above the corporate credit rating, and its
removal from CreditWatch, where it was placed with negative
implications, pending a review of S&P's recovery analysis.

"The affirmation of the corporate credit rating reflects S&P's
expectation of a marked improvement in TSUK's operating
performance for the quarter ending Dec. 31, 2009, followed by a
gradual improvement in the near to medium term," said Standard &
Poor's credit analyst, Suzanne Smith, managing director, Corporate
& Government Ratings, South and Southeast Asia.  It is also based
on S&P's expectation that parent Tata Steel Ltd. (BB-/Negative/--)
would continue to support TSUK in case of any liquidity
requirements or to help manage any potential covenant pressure.

TSUK's operating performance over the past few quarters has been
very weak mainly because of poor capacity utilization, lower steel
prices, and high-cost raw material contracts executed prior to the
downturn.  S&P expects TSUK's operating performance to improve
markedly with a positive EBITDA in the quarter ending Dec. 31,
2009.  However, S&P believes TSUK's improvement in the near to
medium term is expected to be slow because of (1) slow economic
recovery forecast for Europe; and (2) the lack of raw material
security.

The current rating reflects S&P's expectation that the improvement
in TSUK's operating performance would result in better financial
metrics, which are currently below S&P's expectation for the
rating category.

In S&P's view, TSUK's liquidity is adequate.  However, the
company's debt repayment schedule will increase, exposing it to
refinancing risk.  Also, TSUK's bank facilities contain financial
covenants.  However, S&P expects parent Tata Steel to support TSUK
if there is any pressure on covenants or refinancing risk.

"Our recovery expectations are based on the favorable insolvency
regimes in which TSUK operates, a relatively strong security
package covering all of the U.K. assets, as well as a share pledge
on the Dutch business," said Standard & Poor's credit analyst
Yasmin Wirjawan.

The negative rating outlook on TSUK is driven by the current weak
operating environment and the impact on the company's cash flow
protection measures.  This could result in TSUK again facing
pressure on its covenants for the quarter ending March 31, 2010,
despite gradually improving performance.


VISHALA INDIA: CRISIL Rates INR700 Million Long-Term Loans at 'B-'
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to Vishala India
Commercial Developers Pvt Ltd's long-term loans.

   Facilities                        Ratings
   ----------                        -------
   INR700 Million Long-Term Loans    B-/Negative (Assigned)

The rating reflects Vishala India's weak liquidity and debt
protection measures, and its promoters' limited track record in
the retail segment of the real estate business. These rating
weaknesses are partially offset by the company's contracts with
reputed constructors, which reduce the construction risks it
faces.

Outlook: Negative

CRISIL believes that Vishala India's financial risk profile is
unlikely to improve over the medium term, as the company will
continue to be in the project implementation stage for over a
year.  Currently, Vishala India has a weak financial risk profile.
The rating could be downgraded if there is time or cost overrun in
the project, or if the company's cash flows are lower than
expected.  Conversely, the outlook could be revised to 'Stable' if
Vishala India generates substantial cash flows and improves its
debt protection measures.

                        About Vishala India

Vishala India was promoted by Mr. Reddy Veeranna and Mr. U B
Venkatesh in 2007.  The company is developing its maiden project
in Bengaluru under a joint development agreement with the land
owners.  The project has a total leasable area of 339,000 square
feet, of which, Vishala India's share is 58 per cent; the
remainder belongs to land owners.  The total cost of development
is estimated at INR1.3 billion.  The project consists of three
basement levels, two ground-floor levels, and five upper storeys,
and will house a shopping centre, a food court and restaurant, an
entertainment centre, and a seven-screen multiplex.


WOCKHARDT LTD: Seeks Court OK to Sell Nutrition Unit to Abbott
--------------------------------------------------------------
Wockhardt Ltd, which is undergoing a corporate debt restructuring
process, on Saturday asked the Bombay High Court's permission to
sell its nutrition division to U.S.-based Abbott, The Economic
Times reports.

The report relates Wockhardt counsel Rafik Dada told the high
court that the sale was recommended by the CDR committee, which
comprises representatives of banks, which have lent to Wockhardt.

According to the report, some banks, mainly Indian have agreed to
restructure Wockhardt's debt by extending the repayment period and
reducing the interest rate.  But some foreign banks had approached
the high court opposing the company's CDR proposal, which they
said benefits the Indian banks.

                          About Wockhardt

India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L. In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     programme downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


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


BANK TABUNGAN: Prices Stake Sale at IDR800 per Share
----------------------------------------------------
Bank Tabungan Negara plans to sell its shares at the Indonesia
Stock Exchange on December 17, 2009, at a price of IDR800 per
share, Antara News reports citing BTN vice president director Evi
Firmansyah.

The news agency relates Ms. Firmansyah said in a press statement
on Friday that the price was set through a careful process by
considering various significant aspects involved.

The report says the price was also set through a meeting between
the office of the state enterprises minister, the BTN management
and the underwriters, namely PT Mandiri Sekuritas and PT CIMB
Securities on December 3.

"The price of the BTN shares is set at IDR800 per share while the
number of shares to be issued is 2.36 billion," the report quoted
Ms. Firmansyah as saying.  The proceeds would be used to
strengthen the company's capital for future expansion, she said.

The number of shares to be sold is equal to 27.08% of the bank's
shares with 24.48% of it for the public and 2.60% for the MSOP
program, the report relates.

Antara notes Ms. Firmansyah hoped the proceeds would improve the
bank's capital adequacy ratio from 15.04% to 27%.

                             About BTN

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

                           *     *     *

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

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


PAKUWON JATI: Fitch Corrects National Long-Term Rating to 'D'
-------------------------------------------------------------
This announcement replaces the announcement published earlier on
Friday, December 4, 2009.  It corrects the ratings to National
Long-term rating and issue ratings:

Fitch Ratings has downgraded PT Pakuwon Jati Tbk's Long-term
foreign and local currency Issuer Default Ratings to 'RD' from 'C'
and National Long-term rating to 'D(idn)' from 'C(idn)'.  The
ratings of the US$110m senior notes due 2011 ("2011 Notes") and
Senior Bond I (outstanding IDR38.5bn) due 2011 remain at 'C' and
'C(idn)', respectively.  The recovery rating of the 2011 Notes
remains at 'RR4'.

The downgrades follow the company's announcement of the completion
of its debt exchange offer ("Exchange Offer") for the 2011 Notes.
Under the Exchange Offer, 76.14% of noteholders that validly
tendered received 60% of the outstanding principal as cash upfront
with the remaining 40% was exchanged into US$ Step-Up Cash Coupons
and Paid in Kind interest unsecured senior notes due in 2015
("2015 Notes").

The exchange offer is considered a Coercive Debt Exchange under
Fitch's CDE criteria for two main reasons.  Firstly, there is a
material reduction of contractual terms, compared with the
original terms of the 2011 Notes, including the significant
extension of the maturity date, the structural reduction in
seniority of the 2015 Notes and the change from cash pay basis to
the combination of step up cash and paid-in-kind basis for the
coupons.  Secondly, Fitch believes that in the absence of the
Exchange Offer, a payment default would have been likely.

Fitch will reassess the company's credit profile based on its
revised capital structure 30 days after the completion of the
Exchange Offer.


PAKUWON JATI: Moody's Upgrades Rating on Senior Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service has upgraded to Caa1 from Ca the senior
secured rating for the US$ senior secured notes due November 2011
issued by Pakuwon Jati Finance BV, and guaranteed by PT Pakuwon
Jati Tbk's, and its subsidiary, PT Artisan Wahyu.

At the same time, Moody's has affirmed Pakuwon's Caa1 corporate
family rating.  The outlook for both ratings remains negative.

The rating actions follow Pakuwon's completion of the exchange
offer and consent solicitation for the 2011 Notes, with 76.14% of
the nominal amount of the 2011 Notes being accepted for the offer.

"The upgrade of the senior secured bond rating mainly reflects the
recovery prospect of the holders of the 2011 Notes after the
successful completion of the exchange offer," says Kaven Tsang, a
Moody's AVP/Analyst.

"The secured bond holders now have higher priority of claims over
other major lenders given their interests are secured by the first
lien over Tunjungan Plaza I and III, as well as Pakuwon's shares
in AW which owns the Gandaria Superblock project.  By contrast,
other major lenders, including PT Bank CIMB Niaga Tbk, only have a
second lien over Tunjungan Plaza I and III, while new notes
holders are unsecured lenders," says Tsang, also Moody's lead
analyst for Pakuwon.

The affirmation of the Caa1 corporate family rating reflects the
fact that the transaction has limited improvement in Pakuwon's
financial profile, given the modest reduction in leverage, though
the completion of the exchange offer has moderately improved the
company's debt maturity profile.

"Nevertheless, the company is still exposed to high development
and completion risks associated with the Superblock Gandaria
project," notes Tsang.

Partially mitigating these negative factors is the moderately
diversified and stable recurrent income that Pakuwon receives from
its Tunjungan Plaza, which consists of commercial, hotel and
residential operations in Surabaya.

The negative outlook continues to reflect Pakuwon's weak liquidity
due to additional capex needs to complete the development of the
Gandaria Superblock.

The last rating action for Pakuwon was taken on 23 October 2009
when its senior secured bond rating was downgraded to Ca from Caa1
and corporate family rating was affirmed at Caa1.  Both ratings
outlook remained negative.

Pakuwon has been assigned its ratings based on factors that
Moody's believes are relevant to the risk profile of Pakuwon, such
as the company's (i) business risk and competitive position
compared with other firms within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk.

These attributes were compared against other issuers both within
and outside Pakuwon's core industry; Pakuwon's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Headquartered in Surabaya, Indonesia, Pakuwon is engaged in the
development, management and operation of shopping centers, office
buildings, condominium towers, hotels and residential townships,
mainly in Surabaya, East Java.  The company was listed on the
Jakarta Stock Exchange in 1989.


PERUSAHAAN GAS: Moody's Affirms Corporate Family Rating at 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has affirmed Perusahaan Gas Negara's Ba2
corporate family rating.  At the same time, Moody's has upgraded
the senior unsecured debt rating of PGN Euro Finance 2003 Ltd,
which is guaranteed by Perusahaan Gas Negara, to Ba2 from Ba3.
The outlook on all ratings is stable.

The affirmation of the corporate family rating has been prompted
by Moody's decision to upgrade PGN's standalone credit strength to
12 (which maps to Moody's global scale of Ba2) from 13 (which maps
to Moody's global scale of Ba3) and, at the same time, increase
the dependency ratio to high from medium assigned under the Joint
Default Analysis model.

"The upgrade of PGN's standalone credit strength to Ba2 from Ba3
reflects the material improvement in its financial and operating
profile," says Jennifer Wong, a Moody's AVP, adding, "Such
improvement is a result of (1) the completion of the South
Sumatera-West Java Transmission pipeline, which significantly
enhanced the company's profitability and cash flow.  PGN's EBITDA
increased by almost 3 times from 2005 to 2008, while transmission
and distribution volumes increased by 45% during the same period,
and (2) significantly reduced capex requirements with the
completion of the SSWJ pipeline."

"As a result, PGN's financial metrics are expected to remain very
strong -- including average FFO/Int of over 12x, RCF/Debt of
around 40%, and Debt/Cap of around 45% for the next 3 years," says
Wong, adding, "PGN's financial profile is very strong when
compared to other regulated utilities in the region."

"PGN's business profile is supported by relatively stable
transmission and distribution business, dominant market position,
and favourable gas demand trends.  However, it also incorporates
the rating constrain that almost 40% of its total contracted
volume now is contributed from 100% government-owned power utility
PLN (Ba2/Stable)," says Wong.

The increase in the dependency ratio reflects the fact that PGN's
revenue base is increasingly reliant on the domestic market and
economic development in Indonesia, particularly to single largest
customer PLN and overseas transmission revenue through PGN's 60%-
owned subsidiary Transportasi Gas Indonesia is contributing to a
declining proportion of overall revenue.

Moody's has also built in a medium degree of support from the
government, given the ownership structure and strategic importance
of PGN, which has a strong position in natural gas distribution in
Indonesia, and Moody's expectations that the government will
maintain majority ownership in PGN.

"The upgrade of the senior unsecured debt ratings of PGN Euro
Finance 2003 Ltd reflects Moody's elimination of structural
subordination of the bond," says Wong.

Moody's had previously notched down the bond rating to reflect the
risk of structural subordination as PGN's 60%-owned subsidiary
TGI, which holds most of PGN's transmission operating assets,
accounted for a large proportion of total cash flow.  There has
been a decline in cash flow contributions from TGI in recent
years, with its EBITDA contribution reducing from 51% in 2005 to
20% in 2009.

Furthermore, its subsidiary debt to total debt ratio and
subsidiary debt to total assets ratio have declined in the past
few years, and were below 16% and 7% respectively as of 30
September 2009.  Moody's considers that such a low level of
subsidiary debt should not impair the priority of claims for
senior unsecured bondholders at the PGN level.

The rating outlook is stable, reflecting Moody's expectation that
the PGN will maintain its dominant position in Indonesia's gas
transmission and distribution sector and solid financial profile.

Upward rating trend could evolve over time if its underlying
credit quality improves significantly as a result of its
continuing generating strong free cash flow for debt reduction.  A
sovereign upgrade could positively impact the rating.

On the other hand, downward pressure on the rating could emerge if
there is a deterioration in its underlying credit quality as a
result of 1) the materialization of an unfavorable regulatory
environment that negatively affects the company's financial
position; and/or 2) an erosion of its dominant market share under
a de-regulated environment, with increased competition pressuring
profit margins and returns.

Furthermore, a change in government's supportive policy towards
the gas industry could prompt a review of its rating.  A sovereign
downgrade is unlikely to impact the rating.

The last rating action was on 16 January 2007 when Moody's
affirmed the Ba2 corporate family rating of PGN and the Ba3 debt
ratings of PGN Euro Finance 2003 Ltd, which is guaranteed by PGN
following the announcement of a delay in the SSWJ gas
commercialization.

Established in 1965, Perusahaan Gas Negara is primarily engaged in
the transmission and distribution of natural gas.  Its
transmission business mainly operates under its 60%-owned
subsidiary, PT Transportasi Gas Indonesia, while its distribution
business has a strong market share of over 87%.  In 2008, the
company generated total revenue of Rp12.8 trillion, of which 88.1%
derived from distribution and 11.9% from transmission.  As of
November 30, 2009, the Indonesian government, through the Ministry
of State Owned Enterprises, owned 57%.


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


HITACHI LTD: To Raise Up to JPY349.3 Billion
--------------------------------------------
Hitachi Ltd. said Monday it would raise up to JPY349.3 billion
through a public share offering and a convertible bond issue after
a share price dip dented its fund-raising ability, Reuters
reports.

Reuters says the company on December 14 will issue new shares
priced at JPY230, a 3.4% discount to Hitachi's closing share price
of JPY238.

Hitachi, which is headed for its fourth straight annual loss, had
originally planned to raise up to JPY416 billion to turn around
its sprawling businesses and invest in growth areas, according to
Reuters.  Its shares, now down 40% from a peak in May, have shed
19% since Reuters first reported news of the fund raising.

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the 2007 fiscal year
ended March 31, 2008, Hitachi posted a net loss of JPY58.12
billion, compared with a net loss of JPY32.79 billion for year
ended March 31, 2007.


KEIYUKAI: JCR Upgrades Senior Debts Rating from 'BB' to 'BB+'
-------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has upgraded the rating on
senior debts of Keiyukai from BB to BB+.  The rating outlook is
Positive.

Keiyukai, a medical corporation, operates Yoshida Hospital (263
general beds) and conducts nursing care and medical examination
businesses in Asahikawa City.  All the long-term care beds in
Yoshida Hospital were converted to general beds in 2006 and the
hospital provides expertise in specific medical fields such as
medical treatment of liver diseases and strengthens its medical
functions in close and stable ties with major hospitals providing
acute stage treatment.  Keiyukai is one of the medical
corporations which have a track record in providing the most
medical examination services in Hokkaido, including large orders
from local governments.  Its earning power has improved
significantly in and after FY 2007 ended March 31, 2008 because of
the increased occupancy rate of its Artificial Kidney Center and
efficiency improvements in its medical examination business,
although its prior investments in relation to strengthening the
medical functions have depressed financial results.  On the other
hand, its financial condition is still at a lower level, despite
some improvements in the past, and JCR considers it indispensable
for Keiyukai to accumulate retained earnings.

JCR will examine its measures to increase its revenue and enhance
efficiency, effectively improve its financial condition hereafter,
while watching progress in strengthening its internal control
system which is positioned as one of its medium-term issues.


L-JAC 7: S&P Puts Ratings on 22 Certs. on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on 22 classes of trust
certificates (classes A to I-3 and J-2) and a trust loan issued
under the L-JAC 7 Trust Beneficial Interest and Trust Loan
transaction.  At the same time, Standard & Poor's affirmed its
ratings on the class J-1 and K-1 trust certificates and class X
trust certificates issued under the same transaction.

The CreditWatch placements (22 classes and the trust loan) are
based on these factors.

(1) One of the transaction's underlying loans (representing about
    9.8% of the transaction's initial issue amount), which is
    backed by an office building located in Minato-ward, Tokyo,
    defaulted in March 2009.  Based on this transaction's
    servicing agreement, collection procedures relating to the
    sale of the aforementioned office building are in progress.
    Nevertheless, since part of the building is not designed for
    use as conventional office space, S&P believes that the
    property's recovery prospects are increasingly uncertain.

(2) In light of recent real estate market conditions, S&P hold the
    view that uncertainty is mounting over the repayment of two
    other underlying loans and two underlying specified bonds
    (representing a combined 58.0% or so of the transaction's
    initial issue amount) that are due to mature by the end of
    December 2010, and that there is uncertainty over the likely
    recovery amount from the sale of the related collateral
    properties as well.

Standard & Poor's intends to review its ratings on the relevant
tranches after assessing progress in the sale of the collateral
property backing the defaulted loan and the likely recovery
amount; the repayment prospects of the two underlying loans and
specified bonds that are due to mature by the end of December
2010; and the likely recovery amounts from related collateral
properties.

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

L-JAC 7 is a multi-borrower CMBS transaction initially secured by
four specified bonds and four nonrecourse loans that were
originally extended to eight obligors.  The specified bonds and
nonrecourse loans were originally backed by 16 real estate
properties and real estate beneficial interests.  The transaction
was arranged by Lehman Brothers Japan Inc. Premier Asset
Management Co.  is the transaction servicer.

              Ratings Placed On Creditwatch Negative

         L-JAC 7 Trust Beneficial Interest and Trust Loan
       JPY38.96 billion Trust certificates due October 2014

Class        To               From   Initial issue amount   Coupon type
-----        --               ----   --------------------   -----------
A            AAA/Watch Neg    AAA    JPY11.75 bil.          Floating Rate
Trust Loan   AAA/Watch Neg    AAA    JPY8.50 bil.           Floating Rate
B            AA/Watch Neg     AA     JPY3.15 bil.           Floating Rate
C            A/Watch Neg      A      JPY3.14 bil.           Floating Rate
D-1          BB+/Watch Neg    BB+    JPY1.88 bil.           Floating Rate
D-2          BBB/Watch Neg    BBB    JPY1.10 bil.           Floating Rate
D-3          BBB/Watch Neg    BBB    JPY0.60 bil.           Floating Rate
E-1          BB/Watch Neg     BB     JPY0.61 bil.           Floating Rate
E-2          BBB-/Watch Neg   BBB-   JPY0.56 bil.           Floating Rate
E-3          BBB-/Watch Neg   BBB-   JPY0.27 bil.           Floating Rate
F-1          BB-/Watch Neg    BB-    JPY0.80 bil.           Floating Rate
F-2          BB+/Watch Neg    BB+    JPY0.49 bil.           Floating Rate
F-3          BB+/Watch Neg    BB+    JPY0.26 bil.           Floating Rate
G-1          B+/Watch Neg     B+     JPY0.71 bil.           Floating Rate
G-2          BB/Watch Neg     BB     JPY0.48 bil.           Floating Rate
G-3          BB/Watch Neg     BB     JPY0.26 bil.           Floating Rate
H-1          B/Watch Neg      B      JPY0.68 bil.           Floating Rate
H-2          BB-/Watch Neg    BB-    JPY0.64 bil.           Floating Rate
H-3          BB-/Watch Neg    BB-    JPY0.30 bil.           Floating Rate
I-1          B-/Watch Neg     B-     JPY0.65 bil.           Floating Rate
I-2          B+/Watch Neg     B+     JPY0.62 bil.           Floating Rate
I-3          B+/Watch Neg     B+     JPY0.33 bil.           Floating Rate
J-2          B/Watch Neg      B      JPY0.53 bil.           Floating Rate

                         Ratings Affirmed

      Class   Rating   Initial issue amount     Coupon type
      -----   ------   --------------------     -----------
      J-1     CCC      JPY0.50 bil.             Floating Rate
      K-1     CCC      JPY0.15 bil.             Floating Rate
      X       AAA      JPY38.96 bil. (notional principal)


SHOKO CHUKIN: Moody's Gives Stable Outlook; Keeps 'D' Bank Rating
-----------------------------------------------------------------
Moody's Investors Service has changed its rating outlook on the
Shoko Chukin Bank Ltd. to stable from negative.  SCB's bank
financial strength rating of D, and the Aa2 ratings on its
domestic and foreign-currency long-term deposits and non-
guaranteed domestic currency debt are unaffected.

The outlook change reflects Moody's view that the relationship
between the Government of Japan and SCB has become much stronger,
in light of SCB's expanded role as a designated financial
institution in the GOJ's crisis response programs, following
revisions to the SCB Law.  Furthermore, there has seen no
particular development that might affect the importance of SCB's
to the GOJ following the recent change in government.

In June 2009, the Shoko Chukin Bank Limited Act (SCB Law) was
revised, with these stipulations: (1) The GOJ would inject
additional capital of approximately JPY150 billion into SCB's
crisis response reserves.  (2) The timing of the bank's full
privatization was to be extended from 2017 to 2019, more than 3.5
years beyond the original schedule.  Finally, (3) the GOJ would
re-appraise its involvement in SCB by end-March 2012.  Also,
Moody's has seen so far no particular changes in the GOJ's stance
toward SCB following the election of the ruling Democratic Party
of Japan (DPJ) to power.

In Moody's views, such developments surrounding SCB during 2008
and 2009 have clearly highlighted government need for a policy
lender like SCB for SME credit borrowers in Japanese economy.
Also, the recent financial results of SCB again revealed higher
degree of vulnerability of its financial fundamentals to cyclical
and systemic downturns of Japanese economy.  In light of the
features of its targeted full privatization, it is Moody's view
that the full privatization of SCB is not likely to materialize in
the foreseeable future.

However, as the privatization process has only been extended (not
suspended), Moody's retains SCB's BFSR and will continue to
closely monitor its stand-alone credit strength.  Moody's will
also keep a close watch on the re-appraisal that is to take place
by end-March 2012.

The Aa2 ratings of SCB reflect 1) SCB's BFSR of D (translated into
a Baseline Credit Assessment of Ba2), 2) Japan's domestic currency
bond (JGB) rating of Aa2, and 3) Moody's view that, in an
extraordinary situation, SCB would be "fully supported."

The last rating action with respect to SCB was on July 22, 2009,
when the ratings of 13 Japanese government-related issuers were
downgraded to Aa2 from Aaa.  The rating outlook for SCB remains
negative.

Shoko Chukin Bank Ltd. is incorporated under the Shoko Chukin Bank
Limited Act.  Its total assets (as of March 31, 2009) were
approximately JPY10 trillion.


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


HYUNDAI MOTOR: Czech Workers Threaten to Go on Strike
-----------------------------------------------------
Unions at Hyundai Motor's Czech plant on Monday threatened to go
on strike, accusing managers of imposing too much overtime work
and poor working conditions, Agence France-Presse reports.

Hyundai Motor Manufacturing Czech spokesman Petr Vanek told AFP
that "Unions have delivered their requirements along with a
statement saying they declared a strike alert as of 7:30 a.m. on
Monday [December 7]."

"The strike alert will have absolutely no impact on production,"
Mr. Vanek added.

AFP relates that on December 2 about 400 workers at the Hyundai's
Czech plant stopped working for an hour in protest against low
salaries and overtime work.  The managers said overtime work was
needed to meet demand for cars.

According to AFP, the unions are now asking managers not to
sanction those who stopped working last week, and they also want
special bonuses for overtime work.

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: Appoints Ernst and Young as Scheme Adviser
----------------------------------------------------
Axis Incorporation Berhad has appointed Ernst and Young as the
Scheme Adviser for its workout proposal to restructure the debts
of Axis and its subsidiaries.

Axis said Ernst and Young's scope of services include:

   * undertaking a business feasibility study on
     the Axis Group;

   * assisting the Company in the preparation of financial
     projections of Axis Group; and

   * formulate a workout proposal to restructure the debts
     of Axis Group.

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.


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


HANOVER FINANCE: Shareholders of Allied Farmers Adopt Rescue Deal
-----------------------------------------------------------------
Shareholders of Allied Farmers Ltd. on Tuesday voted in favor of a
plan to buy the assets of Hanover Finance Ltd., The New Zealand
Herald reports.

The report relates Allied Farmers shareholders passed two
resolutions at a special meeting held Tuesday, December 8, in
Hawera.

According to the report, the meeting passed a resolution to
approve the purchase by Allied Farmers Investments of the finance
assets of Hanover Finance and United Finance and a resolution to
issue new Allied Farmers' shares as consideration.

The company said the exact voting numbers will be released later,
the report notes.

The report says the deal also needs the approval of 75% of
investors in Hanover.  That vote is scheduled for December 16.

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

Chairman David Henry said the Allied Farmers' proposal would
exchange investors Hanover Finance's secured deposits and
subordinated notes, United Finance's secured deposits, and Hanover
Capital bonds for listed shares in Allied Farmers issued at market
value.

Hanover Finance said last month it is no longer likely to fully
repay investors under a debt restructuring plan due to a
deterioration in the commercial property development market, a
TCR-AP report on Nov. 12, 2009, said.

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

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.

                  About Hanover Finance Limited

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


RMB TRUSTEE: Fitch Downgrades Rating on Floating Notes to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by RMB Trustee
Limited in its capacity as issuer of Rated Mortgage RML 2006-2
Trust, due December 2050:

  -- NZD19,600,000 Floating Rate Notes downgraded to 'BB-' from
     'BB'; Outlook Negative.

The downgrade and Negative Outlook reflect the recent downgrade of
one of the underlying notes from a securitization program
established by property finance securities limited.  The rating
downgrade comes as a result of the deteriorating performance of
the underlying portfolio of non-conforming residential mortgages
and declining subordination available to the underlying note held
by RML 2006-2, as well as Fitch's negative view on the New Zealand
economy.


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


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

United Overseas Bank Limited filed the petition against the
company on November 30, 2009.

The Petitioner's solicitors are:

         Khattarwong
         No. 80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624


CENTREPOINT SHIPPING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on November 20, 2009,
to have Centrepoint Shipping & Trading Pte Ltd's operations wound
up.

Bridge Oil Far East Pte Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


CHIAP SENG: Court to Hear Wind-Up Petition on December 18
---------------------------------------------------------
A petition to wind up the operations of Chiap Seng Contractors
Pte. Ltd will be heard before the High Court of Singapore on
December 18, 2009, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on November 25, 2009.

The Petitioner's solicitors are:

         Messrs WongPartnership LLP
         One George Street #20-01
         Singapore 049145


EAGLE MONEY: Creditors' Proofs of Debt Due December 19
------------------------------------------------------
Eagle Money Changer Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by December 19, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

         Goh Ngiap Suan
         c/o Goh Ngiap Suan & Co
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


FRASERS COMMERCIAL: S&P Gives Stable Outlook; Keeps 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on Singapore-based Frasers Commercial Trust to stable from
negative.  At the same time, Standard & Poor's affirmed its 'BB'
long-term corporate credit rating on the real-estate investment
trust, which focuses primarily on commercial-office properties and
had a portfolio valuation of Singapore dollar (S$) 1.9 billion at
Sept. 30, 2009.

"The outlook revision reflects the successful completion of FCOT's
debt refinancing program and the overall improvement to its asset
portfolio after recapitalization and an asset injection in August
2009," said Standard & Poor's credit analyst Wee Khim Loy.

Apart from debt repayment using the proceeds from the
S$213 million rights issue, FCOT also issued S$342.5 million
convertible perpetual preference units to its sponsor, Frasers
Centrepoint Ltd., as purchase consideration for Alexandra
Technopark.

"In S&P's view, the addition of ATP to the portfolio has enhanced
the quality and cash flow stability of the trust as long-term
master leases now contribute 35.5% of gross rental income while
less than 25% of leases expire in the next two years.  S&P
believes the comparatively small amount of lease expiries should
insulate FCOT from income risk while office leasing rates continue
to stabilize and possibly improve in the medium term," said Ms.
Loy.

Analytically, S&P treats the CPPUs as hybrid capital with minimal
equity content and the distribution as a fixed charge.  This is
because FCOT must distribute most of its taxable income in order
to maintain its pass-through tax status.  The distribution nature
of real estate investment trusts, in S&P's opinion, undermines the
deferral feature of the CPPUs; a key factor S&P use when assessing
the equity content in hybrid securities.

At Sept. 30 2009, FCOT's reported gearing was 38.9%.  Given that
S&P treat the CPPUs as debt, S&P adjusted the gearing to 55%.  In
S&P's opinion, FCOT's adjusted gearing has declined modestly
compared with the peak of 58.3% at March 31, 2009.  This is
because the company's rights issue was largely offset by the
S$200 million decline in property valuation to S$1.9 billion at
Sept. 30, 2009.  Factoring in the revenue contribution from ATP,
S&P expects EBITDA interest coverage (assuming the distributions
on CPPUs as fixed charge) to exceed 1.6x in the medium to long
term.  The distribution on the CPPUs is at the discretion of the
manager of FCOT and is non-accumulative in nature.

The rating takes into account the support FCL offered to FCOT in
the refinancing program.  S&P believes FCL views FCOT as a
strategic vehicle for its commercial property development and
management business.  In the refinancing agreement, FCL committed
to maintaining, directly or indirectly, an interest of at least
35% in FCOT at all times throughout the term of the facility.  In
S&P's view, FCL's commitment has improved FCOT's financial risk
profile to the level that commensurate with a 'BB' rating.

The stable rating outlook reflects S&P's expectation that FCOT
will maintain its improved credit protection metrics, as a result
of the completion of the recapitalization and asset injection and
the improving operating environment.  The rating could be raised
if FCOT improves on its financial measures, such as EBITDA
interest coverage (which includes the fixed distributions on
CPPUs) exceeding 2x on a sustainable basis.


FUNAI ASIA: Creditors Get 2.03% Recovery on Claims
--------------------------------------------------
Funai Asia Pte Ltd, which is in creditors voluntary liquidation,
declared the final dividend on December 7, 2009.

The company paid 2.03% to the received claims.

The company's liquidator is:

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


HO SHING: Creditors Get 1.30% Recovery on Claims
------------------------------------------------
Ho Shing Construction Co. (Pte) Ltd will declare the first interim
dividend on December 11, 2009.

The company will pay 1.30% 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


JACKLIE CONSTRUCTION: Creditors Get 65.64943% Recovery on Claims
----------------------------------------------------------------
Jacklie Construction Pte Ltd declared the first and final dividend
on November 20, 2009.

The company paid 65.64943% to the received preferential claims.

The company's liquidator is:

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


KCE LOGISTICS: Creditors' Proofs of Debt Due on December 18
-----------------------------------------------------------
Creditors of KCE Logistics Pte. Ltd, which is in members voluntary
liquidation, are required to file their proofs of debt by Dec. 18,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

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


MAX ELECTROMART: Court to Hear Wind-Up Petition on December 11
--------------------------------------------------------------
A petition to wind up the operations of Max Electromart &
Handphone Private Limited will be heard before the High Court of
Singapore on December 11, 2009, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
November 18, 2009.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         4 Battery Road
         #26-01 Bank of China Building
         Singapore 049908


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


NANYA TECHNOLOGY: Formosa Plastics Invests NT$5.42BB in Nanya
-------------------------------------------------------------
The China Post reports that Formosa Plastics Group invested a
total of NT$5.42 billion in group member Nanya Technology Corp.
through three affiliates.

The report says Formosa Chemicals & Fibre Corp. invested NT$781
million, Formosa Plastics Corp. bought NT$764 million shares,
while Nan Ya Plastics Corp. invested NT$3.87 billion.  They paid
NT$20 apiece for Nanya Technology's shares, the report notes.

Nanya reported a net loss of NT$6.5 billion for the second quarter
ended June 30, 2009, compared with a net loss of NT$7.29 billion
in the period in 2008.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.  The company
reported net sales of NT$36.31 billion in the fiscal year ended
Dec. 31, 2008, compared with a net sales of NT$52.89 billion in
fiscal year 2007.

                      About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

January 27-29, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Distressed Investing Conference, Bellagio, Las Vegas
       Contact: http://www.turnaround.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

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

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

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

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





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