TCRAP_Public/091210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, December 10, 2009, Vol. 12, No. 244

                            Headlines

A U S T R A L I A

RAVENSTHORPE: Sold to First Quantum for US$340 Million


C H I N A

SANLU GROUP: First Civil Lawsuit Over Tainted Milk Delayed


H O N G  K O N G

AMA CONSULTANTS: Leung and Morrison Step Down as Liquidators
COSMOPOLITAN ACADEMY: Creditors' Proofs of Debt Due Dec. 28
CUPAC FINANCE: Creditors' Proofs of Debt Due January 8
DEREK PRINCE: Members' Final Meeting Set for January 4
EAST VICTORY: Inability to Pay Debts Prompts Wind-Up Proceedings

GOLD TIME: Members' Final General Meeting Set for January 6
GROWTH LINK: Middleton and Cowley Step Down as Liquidators
MADIGAN COMPANY: Sung Mi Yin Steps Down as Liquidator
MEDENT HEALTH: Creditors' Proofs of Debt Due January 4
PACKET GENESIS: Placed Under Voluntary Wind-Up Proceedings

PROMISE WIN: Creditors' Proofs of Debt Due December 21
REDGREEN FAR: Members' Final General Meeting Set for January 6
RIL TAIWAN: Seng and Lo Step Down as Liquidators
TITAN PETROCHEMICALS: S&P Cuts Corporate Credit Rating to 'CC'
WIN STAR: Members' Final Meeting Set for January 7

WORLD CITY: Members' Final Meeting Set for January 8


I N D I A

BALAJISWAMY PREMIUM: CRISIL Places Junk Ratings on Bank Facilities
BELLARY ISPAT: Delay in Loan Repayment Cues CRISIL 'D' Ratings
GLOBUS INDUSTRIES: CRISIL Puts 'B' Rating on  INR39.10 Mil.Loan
INDIAN CANE: CRISIL Rates INR1.5 Bil. Term Loan at 'D'
KANCHAN GANGA: CRISIL Assigns Junk Ratings on Various Bank Debts

NANDINI IMPEX: CRISIL Cuts Ratings on INR30MM Term Loan to 'B-'
OMYA INDIA: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
RANA GIRDERS: ICRA Puts 'LB+' Rating on INR380MM Bank Facilities
SAHYOG GINNING: CRISIL Assigns 'B-' Rating on INR85MM Cash Credit
SAMRAT FORGINGS: CRISIL  Rates INR7.5 Million Term Loan at 'BB'

UNVAL INDUSTRIES: CRISIL Rates INR110MM Term Loan at 'B-'


I N D O N E S I A

BERAU COAL: Fitch Puts 'B+' Issuer Ratings on Evolving Watch
PERUSAHAAN GAS: Ordered to Pay US$17.29 Mil. Over Fee Dispute
SEMEN GRESIK: S&P Affirms 'BB' Long-Term Corporate Credit Rating


J A P A N

CSC SERIES: Moody's Confirms Ratings on Various Classes of Bonds
DTC FUNDING: Fitch Affirms Ratings on Notes From Eight Deals
ELPIDA MEMORY: Expects Capex to Rise to US$600MM Next Fiscal Year
JAPAN AIRLINES: Delta Meets Transport Minister Over Capital Ties
SIGNUM VANGUARD: S&P Downgrades Ratings on 2010 Notes to 'CC'

TOSHIBA CORP: May Sell JPY100 Bil. In Straight Bonds Next Year
* JAPAN: Corporate Bankruptcies Fall to Two-Year Low


K O R E A

DAEWOO SHIPBUILDING: KDB to Pick Sale Adviser Next Week
SSANGYONG MOTOR: Foreign Creditors May Oppose Revised Plan


M A L A Y S I A

STAMFORD COLLEGE: To Sell 98.88% Stake in Dotcom Sdn
TALAM CORP: Provides Update on Default Status as of October 31
TENGGARA OIL: Defaulted on MYR21.30 Million in Loans as of Nov. 30
WONDERFUL WIRE: Posts MYR3.06 Mil. Net Loss in Qtr. Ended Sept. 30
WONDERFUL WIRE: Total Default Reaches MYR81.12 Mil. as of Nov. 30


S I N G A P O R E

CHARTERED SEMICONDUCTOR: S&P Keeps 'BB-' Corporate Credit Rating
DELI MASTER: Court to Hear Wind-Up Petition on December 18
INDIGO CONCEPTS: Creditors' Proofs of Debt Due on January 4
LABONE SINGAPORE: Creditors Get 100% Recovery on Claims
NATURAL FUEL: Court to Hear Wind-Up Petition on December 18

ROCKEBY BIOMED: Creditors' Meeting Set for December 24
SIN TYE: Creditors' Proofs of Debt Due December 19
TAMR PTE: Creditors' Proofs of Debt Due January 4
TRANSBILT ENGINEERING: Creditors' Proofs of Debt Due December 19


T A I W A N

TAIWAN POWER: Expects to Post Lower Net Loss This Year


X X X X X X X X

DUBAI WORLD: Begins Talks with Major Bank Lenders
DUBAI WORLD: W Hotel Sold for $2-Mil. at Foreclosure Auction
* Moody's Cuts Ratings on Six Dubai Government-related Issuers


                         - - - - -


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


RAVENSTHORPE: Sold to First Quantum for US$340 Million
------------------------------------------------------
BHP Billiton said Wednesday it has signed an agreement to sell the
Ravensthorpe Nickel Operation to First Quantum Minerals Australia
Pty Ltd, a wholly owned subsidiary of First Quantum Minerals Ltd
for US$340 million.  It is expected the sale will be finalized
during the first quarter of 2010 calendar year.

The sale is subject to relevant approvals from the Australian
Foreign Investment Review Board and the West Australian Minister
for Mines and Petroleum.

The Wall Street Journal relates that BHP Billiton commissioned the
mine in May last year after huge cost overruns and delays, but
decided to shut it in January after plummeting nickel prices
undercut the viability of the mine, damaging the miner's
reputation and relations with the local community.  Ravensthorpe
has a nameplate capacity of 50,000 metric tons, the Journal notes.

"We are delighted that BHP Billiton and First Quantum have reached
this agreement.  This reflects the culmination of a thorough and
exhaustive study into a range of future options for Ravensthorpe,
which has delivered a positive outcome for BHP Billiton, First
Quantum and the local communities of Hopetoun and Ravensthorpe,"
BHP Billiton's Acting President of Stainless Steel Materials,
Gerard Bond, said.

BHP Billiton will reverse previously recognized pre-tax impairment
charges from June 30, 2009 of an estimated US$630 million (US$441
million post tax) for the half year ended December 31, 2009.  This
will be reported as an exceptional item.

First Quantum is listed on the Toronto Stock Exchange in Canada
and the London Stock Exchange in the United Kingdom.

                        About BHP Billiton

Australia-based BHP Billiton Limited (NYSE:BHP) --
http://www.bhpbilliton.com/-- is a diversified natural resources
company.  The company has businesses producing alumina and
aluminum, copper, energy (thermal) coal, iron ore, nickel,
manganese, metallurgical coal, oil and gas and uranium, as well as
gold, zinc, lead, silver and diamonds. The company operates in
nine customer sector groups (CSGs): petroleum, aluminum, base
metals, diamonds and specialty products, stainless steel
materials, iron ore; manganese, metallurgical coal, and energy
coal.  In July 2008, the company completed the acquisition of
Anglo Potash Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 24, 2009, Bloomberg News said that BHP Billiton Limited
will reduce the number of staff at its Melbourne headquarters by
about 40% as it moves some roles nearer to mining operations.
According to the report, spokeswoman Samantha Evans said BHP wants
to reduce staff at head office to 350 by the end of June, down
from 600 at the close of 2007.


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


SANLU GROUP: First Civil Lawsuit Over Tainted Milk Delayed
----------------------------------------------------------
China's first trial for civil compensation targeting tainted-milk
producer Sanlu Group has been delayed for further investigation,
China Daily reports.

"The trial was postponed because the defendants requested further
investigation into the connection between the baby's illness and
the tainted formula.  We haven't heard anything on when the trial
will be reopened," Lin Zheng, the administrative coordinator for
the case, was cited by the report as saying.

Ma Xuexin, whose 20-month-old son suffered from a kidney stone
because of the melamine-tainted milk, has accused bankrupt Sanlu
Group and the Longhua supermarket in Beijing where he bought the
formula of being responsible, according to the Daily.  Mr. Ma
requested compensation totaling CNY55,184 (US$8,080) from the two
firms, the report notes.

A public hearing on November 27 ended without a verdict and the
matter had been rescheduled for trial Wednesday, December 9.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2009, China Daily said Sanlu was declared bankrupt by a
Chinese local court on Feb. 12, 2009.  According to China Daily,
the Intermediate People's Court of Shijiazhuang, capital of the
northern Hebei Province, accepted the bankruptcy petition for
Sanlu, who faced a CNY1.1 billion (US$161 million) debt, last
December.

On September 25, 2008, the TCR-AP reported that the number of
children in China affected by melamine-contaminated milk has
reached 53,000, with Sanlu's products found to contain the highest
levels of the chemical.  Melamine is used to make plastics and
fertilizer, and can cause kidney stones and lead to kidney failure
when consumed.  Sanlu stopped production in September last year
and on Oct. 31, 2008, recalled more than 10,000 tonnes of baby
formula products worth nearly CNY1 billion.

                        About Sanlu Group

Sanlu Group Co is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.


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


AMA CONSULTANTS: Leung and Morrison Step Down as Liquidators
------------------------------------------------------------
Man Mo Leung and Kenneth Graeme Morrison stepped down as
liquidators of AMA Consultants Limited on November 25, 2009.


COSMOPOLITAN ACADEMY: Creditors' Proofs of Debt Due Dec. 28
-----------------------------------------------------------
Creditors of Cosmopolitan Academy Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by December 28, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 26, 2009.

The company's liquidator is:

         Yan Tat Wah
         Dah Sing Life Building, 5/F
         99-105 Des Voeux Road
         Central, Hong Kong


CUPAC FINANCE: Creditors' Proofs of Debt Due January 8
------------------------------------------------------
Creditors of Cupac Finance Limited, which is in members voluntary
liquidation, are required to file their proofs of debt by Jan. 8,
2010, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Chan Kwok Tat
         Unit 1003, 10th Floor
         Rightful Centre
         12 Tak Hing Street
         Tsim Sha Tsui
         Kowloon, Hong Kong


DEREK PRINCE: Members' Final Meeting Set for January 4
------------------------------------------------------
Members of Derek Prince Ministries Asia Limited will hold their
final meeting on January 4, 2010, at 11:15 a.m., at the Room 2202,
22/F, Sing Pao Building, 101 King's Road, in Hong Kong.

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


EAST VICTORY: Inability to Pay Debts Prompts Wind-Up Proceedings
----------------------------------------------------------------
Members of East Victory Development Limited on November 23, 2009,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it becomes due.

The company's liquidator is:

         Wang Zhifeng
         Suite 601-602
         No. 317 Second Caoyang Village
         Putuo District, Shanghai


GOLD TIME: Members' Final General Meeting Set for January 6
-----------------------------------------------------------
Members of Gold Time Garment Limited will hold their final general
meeting on January 6, 2010, at 10:00 a.m., at the 703, Hang Bong
Commercial Centre, 28 Shanghai Street, in kowloon.

At the meeting, Zi Yenn Law, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


GROWTH LINK: Middleton and Cowley Step Down as Liquidators
----------------------------------------------------------
Edward Simon Middleton and Patrick Cowley stepped down as
liquidators of Growth Link Limited on November 16, 2009.


MADIGAN COMPANY: Sung Mi Yin Steps Down as Liquidator
-----------------------------------------------------
Sung Mi Yin stepped down as liquidator of Madigan Company Limited
on November 27, 2009.


MEDENT HEALTH: Creditors' Proofs of Debt Due January 4
------------------------------------------------------
Medent Health Care Management Company Limited, which is in members
voluntary liquidation, requires its creditors 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 20, 2009.

The company's liquidator is:

         Dantes May Kay Lung
         China Insurance Group Building, Rooms 2101-3
         141 Des Voeux Road
         Cenral, Hong Kong


PACKET GENESIS: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on November 24, 2009,
creditors of Packet Genesis Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Li Wai See
         Lee Mei Yiu
         China Insurance Group Building, Room 2601, 26/F
         141 Des Voeux Road
         Central, Hong Kong


PROMISE WIN: Creditors' Proofs of Debt Due December 21
------------------------------------------------------
Promise Win Limited, which is in members voluntary liquidation,
requires its creditors to file their proofs of debt by Dec. 21,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2009.

The company's liquidator is:

         Feng Chen
         No. 10, Lane 688
         Qing Xi Road
         Zhang Ning Qu
         Shanghai, China


REDGREEN FAR: Members' Final General Meeting Set for January 6
--------------------------------------------------------------
Members of Redgreen Far East Limited will hold their final general
meeting on January 6, 2010, at 10:00 a.m., at the 12/F., 3
Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Luk Sai Yan, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


RIL TAIWAN: Seng and Lo Step Down as Liquidators
------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Ril Taiwan Services Limited on November 27, 2009.


TITAN PETROCHEMICALS: S&P Cuts Corporate Credit Rating to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Titan Petrochemicals Group
Ltd. to 'CC' from 'CCC'.  The outlook is negative.  At the same
time, S&P lowered the issue rating on the company's US$400 million
8.5% senior unsecured notes due 2012 to 'C' from 'CCC-'.

"We lowered the ratings following Titan's announcement of a tender
offer for its senior unsecured notes and solicitation of
bondholders' consent to amend the covenants on the notes.  If
completed, S&P would view the tender offer as constituting a
"distressed exchange" tantamount to an immediate default because:
(1) the proposed offer represents a substantial discount to the
par amount (or face value) of the outstanding issue; and (2) in
S&P's opinion, the company's financial risk profile is vulnerable
and continues to deteriorate, as reflected in the previous 'CCC'
rating.  S&P expects Titan's operating performance for the second
half of 2009 to remain weak and generate negative free operating
cash flow, putting further pressure on its already-stretched
liquidity position," said Standard & Poor's credit analyst
Lawrence Lu.

Titan has offered to exchange each US$1,000 of the principal
amount of the existing notes for about US$298, comprising: (1)
US$199 for the principal amount of new notes; (2) 3,075 new shares
credited as fully paid at Hong Kong dollar (HK$) 0.22 per new
share; and (3) a cash payment of US$12.50.  The company is also
seeking consent from bondholders to amend restrictive covenants,
and eliminate or modify certain events of default under the
existing notes.

Standard & Poor's affirmed the 'CCC' corporate rating on Titan on
Sept. 22, 2009, after the company's announcement that it plans to
discuss a possible restructuring of the outstanding notes with
noteholders.  In S&P's view, the company's liquidity is extremely
tight due to its weak and volatile operating performance.  In
addition, the company faces funding difficulty for its capital-
intensive onshore storage and shipyard business.

"The negative outlook reflects the likelihood that S&P will lower
the corporate credit rating to 'SD' (for selective default) and
the issue rating on the notes to 'D' if the proposed transaction
is completed.  The tender offer settlement date is expected to
occur on or around Jan. 6, 2010.  Thereafter, S&P will reassess
Titan's capital structure, and financial and liquidity positions
before revising the ratings again.  At that time, it is likely
that the issuer ratings may be restored to 'CC' as S&P believes
the company will remain in breach of certain existing loan
covenants and due to the uncertainty over the company's ability to
secure funding for its capital programs," said Mr. Lu.


WIN STAR: Members' Final Meeting Set for January 7
--------------------------------------------------
Members of Win Star Industries Limited will hold their final
meeting on January 7, 2010, at 11:00 a.m., at the 703, Yu To Sang
Building, 37 Queen's Road Central, Hong Kong.

At the meeting, Poon Sze Leung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


WORLD CITY: Members' Final Meeting Set for January 8
----------------------------------------------------
Members of World City Theatres Limited will hold their final
meeting on January 8, 2010, at 10:30 a.m., at the 76/F., Two
International Finance Centre, 8 Finance Street, Central, in Hong
Kong.

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


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


BALAJISWAMY PREMIUM: CRISIL Places Junk Ratings on Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Balajiswamy Premium Steels Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR33.80 Million Long Term Loan     D (Assigned)
   INR35.00 Million Cash Credit        D (Assigned)
   INR10.00 Million Letter of Credit   P5 (Assigned)
   INR5.00 Million Bank Guarantee      P5 (Assigned)

The ratings reflect delay by BPSPL in the repayment of its term
loan obligations because of weak liquidity.

CRISIL has combined the financial risk profiles of BPSPL and
Bellary Ispat Pvt Ltd.  This because both the companies,
collectively referred to as the Bellary Ispat group, have a common
set of promoters, are in the same line of business, and have
fungible funds.

Set up in 2006 by Mr. T Srinivasa Rao, BPSPL manufactures sponge
iron and has capacity of 100 tonnes per day (tpd).  Based at
Bellary, the group has coal linkage from Singareni Collieries
Company Ltd for supply of coal; it procures iron ore from traders
in the Bellary region. Bellary Ispat, set up in 2005, manufactures
sponge iron and has capacity of 100 tpd.  The group sells it
products to local steel rolling mills.

The Bellary Ispat group reported a profit after tax (PAT) of
INR2.3 million on net sales of INR520.9 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR8.3 million on net sales of INR815.1 million for 2007-08.


BELLARY ISPAT: Delay in Loan Repayment Cues CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Bellary Ispat Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR30.00 Million Long Term Loan     D (Assigned)
   INR20.00 Million Cash Credit        D (Assigned)
   INR10.00 Million Letter of Credit   P5 (Assigned)

The ratings reflect delay by Bellary Ispat in the repayment of its
term loan obligations because of weak liquidity.

CRISIL has combined the financial risk profiles of Bellary Ispat
and Balajiswamy Premium Steels Pvt Ltd.  This because both the
companies, collectively referred to as the Bellary Ispat group,
have a common set of promoters, are in the same line of business,
and have fungible funds.

                          About the Group

Set up in 2005 by Mr. T Srinivasa Rao, Bellary Ispat manufactures
sponge iron and has capacity of 100 tonnes per day (tpd).  Based
at Bellary, the group has coal linkage from Singareni Collieries
Company Ltd for supply of coal; it procures iron ore from traders
in the Bellary region. BPSPL, set up in 2006, manufactures sponge
iron and has capacity of 100 tpd.  The group sells it products to
local steel rolling mills.

The Bellary Ispat group reported a profit after tax (PAT) of
INR2.3 million on net sales of INR520.9 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR8.3 million on net sales of INR815.1 million for 2007-08.


GLOBUS INDUSTRIES: CRISIL Puts 'B' Rating on  INR39.10 Mil.Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Globus Industries & Services Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR80.0 Million Cash Credit Limit   B/Stable (Assigned)
   INR110.0 Million Working Capital    B/Stable (Assigned)
                     Term Loan
   INR39.10 Million Term Loan          B/Stable (Assigned)
   INR293.9 Million Letter of Credit   P4 (Assigned)

The ratings reflect GISL's weak financial risk profile, and low
operating efficiency.  These weaknesses are, however, partially
offset by the benefits that the company derives from its
promoters' experience in the edible oil industry.

Outlook: Stable

CRISIL believes that GISL will maintain a stable business risk
profile, backed by a healthy presence in the vanaspati market in
Punjab and Himachal Pradesh, through brands, Angan and Swamy.  The
outlook may be revised to 'Positive' if the company's
profitability and capital structure improve; or to 'Negative' if
GISL undertakes large, debt-funded capital expenditure, further
straining its capital structure.

                      About Globus Industries

GISL (formerly, Suraj Solvant and Vanaspati Industries Ltd), was
set up as a joint venture by Mr. Suraj Gupta and his associates,
and Punjab State Industrial Development Corporation (PSIDC) in
1993.  The company manufactures cotton seed oil, vanaspati and
refined oil, and undertakes solvent extraction, at Khippanwali,
(Punjab).  It sells edible oil under its own brands, Angan and
Swamy, and manufactures edible oil and vanaspati for other brands.


INDIAN CANE: CRISIL Rates INR1.5 Bil. Term Loan at 'D'
------------------------------------------------------
CRISIL has downgraded its rating on INR1.5 billion term loan of
Indian Cane Power Ltd to 'D' from 'BB+/Positive', as the company
has defaulted on the facility.  Besides the credit strengths and
weaknesses of ICPL, the earlier rating was predicated on ICPL's
management's periodic declarations that the company was servicing
all its financial obligations in a timely manner.  CRISIL now
understands that some of the information and declarations provided
by ICPL's management were incorrect and misleading.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ICPL and Samson Distilleries Pvt Ltd
(SDPL, rated 'BB+/P4/Rating Watch with Negative Implications' by
CRISIL).

Incorporated in 2002, and acquired by Mr. Shamanur
Shivashankarappa in 2006, ICPL recently set up a 5000-tonnes
crushed per day-capacity sugar unit, together with a 28-megawatts-
capacity bagasse-based cogeneration power plant. ICPL commenced
commercial production in September 2008.

For 2008-09 (refers to financial year, April 1 to March 31), ICPL
reported a provisional net loss of INR54 million on net sales of
INR1259 million.


KANCHAN GANGA: CRISIL Assigns Junk Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Kanchan Ganga Seed Company
Pvt Ltd's bank facilities.  The rating reflects delays by KGSC in
servicing term loan repayments.

   Facilities                      Ratings
   ----------                      -------
   INR112.5 Million Overdraft      D (Assigned)
   INR36.6 Million Term Loan       D (Assigned)

Incorporated in 1984 by Mr. Jivan Thakur, Mr. G Venkaiah, and
Dr. Vimal J Thakur, KGSC processes hybrid seeds, primarily those
of maize and millet.  The company procures seeds through tie-ups
with individual growers and organizers in Karnataka and Andhra
Pradesh.

KGSC reported a provisional profit after tax (PAT) of INR2 million
on net sales of INR282 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR3 million on
net sales of INR250 million for 2007-08.


NANDINI IMPEX: CRISIL Cuts Ratings on INR30MM Term Loan to 'B-'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Nandini Impex Pvt Ltd to 'B-/Negative/P4' from 'BB-/Stable/P4+'.

   Facilities                      Ratings
   ----------                      -------
   INR128 Million Cash Credit      B-/Negative (Downgraded from
                   Limits                       'BB-/Stable')

   INR30 Million Term Loan         B-/Negative (Downgraded from
                                                'BB-/Stable')

   INR35 Million Bank Guarantee    P4 (Downgraded from 'P4+')

The downgrade reflects steep deterioration in NIPL's capital
structure and debt protection metrics in 2008-09 (refers to
financial year, April 1 to March 31) because of the large quantum
of debt contracted by the company to fund its capital expenditure
programme of INR340 million, and its large working capital
borrowings.  The company had a high gearing of 5.8 times as on
March 31, 2009, a significant increase from 3.4 times as on
March 31, 2008.  Also, the debt servicing ability of NIPL is
expected to be constrained in 2010-11.

The revised rating also reflects NIPL's relatively small scale of
operations, large working capital requirements, and weak financial
risk profile. These rating weaknesses are partially offset by
NIPL's increasing presence in the trenchless-digging industry.

Outlook: Negative

CRISIL believes that the debt servicing ability of NIPL will be
constrained in 2010-11, as the company's expected cash accruals
would tightly match the debt repayment obligations in that year.
The rating will be downgraded if the company delays payment on its
debt-related obligations.  Conversely, the outlook may be revised
to 'Stable' if there is a substantial increase in the company's
revenues and cash accruals, thereby improving its liquidity.

                        About Nandini Impex

Nandini Impex Pvt Ltd is part of the Kolkata-based Tirupati group,
which is into bearing trading, real estate development,
infrastructure development, and warehousing.  Incorporated in
1993, NIPL was taken over by the present promoters, Mr.
Chandrakant Khemka and Mr. Pawan Kumar Tibrawalla, in 2001. The
company is primarily into trenchless horizontal direct drilling
(HDD) for laying ducts, cables and steel pipes for
telecommunication, oil and gas, electric, and water utilities.

For 2008-09, NIPL reported a profit after tax (PAT) of INR8
million on net sales of INR305 million, against a PAT of INR7
million on net sales of INR233 million for 2007-08.


OMYA INDIA: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Omya India Pvt Ltd
continue to reflect Omya India's sub-optimal operating efficiency
because of high import cost and quality of limestone, and weak
standalone financial risk profile.  The impact of these weaknesses
is mitigated by the technological, financial, and management
support Omya India receives from its parent Omya AG.

   Facilities                          Ratings
   ----------                          -------
   INR175 Million Term Loan            BB/Stable (Reaffirmed)

   INR70 Million Proposed Short Term   P4+ (Reaffirmed)
                 Bank Loan Facility

   INR325 Million Overdraft*           P4+ (Reaffirmed)

   *Interchangeable with bank guarantee.

Outlook: Stable

CRISIL believes that Omya India's financial risk profile will
remain constrained because of its weak capital structure and low
operating profits.  The outlook may be revised to 'Positive' if
Omya India maintains higher capacity utilization, and generates
strong accruals, on a sustainable basis.  Conversely, the outlook
may be revised to 'Negative' if Omya India undertakes additional
debt-funded capital expenditure programmes, resulting in
deterioration in its financial risk profile.

                         About Omya India

Omya India, incorporated in December 2004, is a wholly owned
subsidiary of Omya AG.  The company has established a ground
calcium carbonate plant at the Maharashtra Industrial Development
Corporation (MIDC) area at Taloja, near Mumbai, with an installed
capacity of 96,000 tonnes per annum. Commercial operations at the
plant commenced on March 22, 2007.  Omya AG is a leading global
producer of industrial minerals, mainly fillers and pigments
derived from calcium carbonate, and a worldwide distributor of
chemical products. Collectively, the group has more than 100
plants around the world and operates in more than 50 countries.

For 2008-09 (refers to financial year, April 1 to March 31), Omya
India posted an operating income of INR498 million (INR176 million
in the previous year) and net losses of INR79 million (INR103
million). For the six months ended September 30, 2009, the company
reported a provisional profit before tax of INR25.8 million on net
revenues of INR301.5 million.


RANA GIRDERS: ICRA Puts 'LB+' Rating on INR380MM Bank Facilities
----------------------------------------------------------------
ICRA has assigned "LB+" and "A4" ratings to the INR380 million
bank facilities of Rana Girders Limited.

The assigned rating reflects RGL's relatively modest scale of
operations and intensely competitive nature of the steel ingots
industry in which RGL is operating.  The rating also takes into
account high gearing levels of 2.2 times as on March 31, 2009 and
negative cash flows in the past, which have also resulted in
delays made by RGL in meeting interest obligations in the past and
stretched liquidity as measured by unutilized bank limits.
However the rating derives support from the promoter's long
experience in this business, established brand image of RGL in TMT
(Thermo Mechanically Treated) bars and girders in North India and
its wide-spread distribution network.

Incorporated in 2002 by Mr Zakir Rana, Rana Girders Limited is
engaged in the production of SS Girders and TMT bars.  It is a
part of Rana Group of Industries having group turnover of close to
INR380 crores.  The company is having its production facilities
located in Muzaffarnagar, UP.  The company is at present closely
held by promoters and family members.  The product profile
comprises of TMT Bars which are sold under brand of 'Rana Lion TMT
Bars' and Girders under 'Rana Girders'.  For FY09, RGL has made a
net profit of INR13.51 million on net sales of INR641.65 million.


SAHYOG GINNING: CRISIL Assigns 'B-' Rating on INR85MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the bank
facilities of Sahyog Ginning & Pressing Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR85.0 Million Cash Credit Limit   B-/Negative (Assigned)
   INR10.0 Million Working Capital     B-/Negative (Assigned)
                   Demand Loan

The rating reflects SGPPL's exposure to risks relating to weak
financial risk profile, and the impact of government policy on its
business and profitability.  The impact of these weaknesses is
mitigated by the benefits that SGPPL derives from its promoters'
industry experience.

Outlook: Negative

CRISIL believes that SGPPL's financial risk profile will remain
constrained over the medium term, by weak liquidity and low cash
accruals.  The outlook may be revised to 'Stable' if improved
operating margins result in cash accruals that are sufficient to
meet term debt obligations.  Conversely, the ratings may be
downgraded if SGPPL's operating margins deteriorate, constraining
cash accruals, and leading to delays in servicing of term debt
obligations.

                       About Sahyog Ginning

Set up in 2005 as a partnership firm, Sahyog Cotton Industries
(SCI), SGPPL was incorporated under its current name in November
2008. SGPPL, based at Amreli (Gujarat), is in the cotton ginning
and pressing business.  The company's plant has capacity to
process 400 bales of cotton per day. SGPPL commenced commercial
operations in November 2006.

SGPPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR887.2 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.9 million on net
sales of INR750.6 million for 2007-08.


SAMRAT FORGINGS: CRISIL  Rates INR7.5 Million Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Samrat Forgings Limited.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       BB/Stable (Assigned)
   INR7.5 Million Term Loan           BB/Stable (Assigned)
   INR20.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect SFL's exposure to risks relating to its small
scale of operations, constrained financial risk profile with low
net worth and average operating efficiency.  The impact of these
weaknesses is mitigated by the benefits SFL derives from its
established position in the forged auto components market.

Outlook: Stable

CRISIL expects SFL to maintain a its business risk profile over
the medium term, on the back of its healthy customer base,
comprising leading original equipment manufacturers in the
automotive industry.  The outlook may be revised to 'Positive' if
SFL is able to complete and stabilize operations in its machining
and finishing facility in a timely manner, leading to an increase
in its cash accruals, and/or more-than-expected growth in its
operating income, driven by diversification in its customer base.
Conversely, the outlook may be revised to 'Negative' if SFL's debt
protection measures deteriorate owing to a lower-than-expected
increase in cash accruals or the incurrence of large, debt-funded
capital expenditure, leading to deterioration in the debt
protection measures for the company.

                       About Samrat Forgings

Samrat Forgings Limited was incorporated in 1981, with Mr. J C
Chowdhary as its managing director.  The company's manufacturing
facility at Punjab undertakes forging operations for companies
such as Punjab Tractors Ltd, Bharat Earth Movers Ltd, and Balaji
Precisions Components Ltd.  The company undertakes closed die
forging for components such as spindles, crank shafts, connecting
rods, bull gears, and crown wheels. SFL's forged products find
application largely in tractors used for agricultural purposes.
The company's manufacturing facility has a forging capacity of
7500 tonnes per annum (tpa), and a machining and finishing
capacity of 1800 tpa.

SFL reported a profit after tax (PAT) of INR9 million on net sales
of INR443 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR15 million on net sales of
INR309 million for 2007-08.


UNVAL INDUSTRIES: CRISIL Rates INR110MM Term Loan at 'B-'
---------------------------------------------------------
CRISIL's rating on the term loan of Unval Industries Pvt Ltd
continues to reflect UIPL's project-saleability risk,
susceptibility to downtrends in the realty industry, and limited
track record of promoters in the realty development business.
These weaknesses are partially offset by the company's promoters'
ability to infuse more funds into the company if required.

   Facilities                          Ratings
   ----------                          -------
   INR110.0 Million Term Loan          B-/Negative
   (Enhanced from INR100.0 Million)

Outlook: Negative

CRISIL believes that UIPL's cash flows will remain uncertain, in
the absence of lease agreements for its projects, and the overall
slowdown in the economy. UIPL's earnings may remain under pressure
owing to low saleability of its IT park project, and lead to a
weak financial risk profile.  The rating may be downgraded if
UIPL's liquidity deteriorates owing to non-saleability of its IT
park project.  Conversely, the outlook may be revised to 'Stable'
if the company reports sustained, profitable growth in excess of
current expectations.

Set up in 1963 by Mr. Darius N Pedder, Unval Industries Pvt Ltd is
currently constructing Sun Infotech Park, an IT park project at
Thane.  The cost of the project is INR176 million. It has a
saleable area of 0.12 million square feet, and was completed by
end of October 2009.

Due to continued losses, UIPL was shut down in the 1980s and only
held a plot of land at Thane.  This plot came under Thane
Maharashtra Industrial Development Corporation (MIDC), which was
declared an IT Zone by the Government of Maharashtra. Mr.
Chandanmal Baid acquired UIPL in 2007 for development of an IT
Park.


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


BERAU COAL: Fitch Puts 'B+' Issuer Ratings on Evolving Watch
------------------------------------------------------------
Fitch Ratings has placed PT Berau Coal's Long-term foreign and
local currency Issuer Default Ratings of 'B+' and National Long-
term rating of 'A(idn)' on Rating Watch Evolving.  At the same
time, Fitch has placed the 'B+' rating on the US$325 million
senior notes due 2011 issued by Empire Capital Resources Pte Ltd
and guaranteed by Berau on RWE.

The rating action follows Berau's offer via a Notice of Redemption
to redeem the senior notes due 2011 on December 28, 2009, prior to
their maturity.  While Berau has not communicated the reason for
the early redemption, Fitch believes that it is due to a potential
change in Berau's controlling shareholder.

Fitch will reassess Berau's credit profile following the
completion of the notes redemption, and the receipt of information
with regards to Berau's new financing and business plans.  Fitch
has previously stated that Berau's ratings may be revised upwards
if its financial leverage, as measured by the net debt/EBITDA
ratio, is sustained below 2.5x and downwards if the same measure
is sustained above 3.0x.  However, in addition to these leverage
guidelines, Fitch will also take into consideration any potential
changes in Berau's operations and governance following the
completion of the pending transactions.

Berau is Indonesia's fifth-largest coal producer and operates
under a 30-year Coal Contract of Work.  It reported revenues and
EBITDA of US$573.9 million and US$227.2 million respectively, for
the nine months ended September 2009.


PERUSAHAAN GAS: Ordered to Pay US$17.29 Mil. Over Fee Dispute
-------------------------------------------------------------
The Jakarta Post reports that the International Court of
Arbitration in Singapore has ordered PT Perusahaan Gas Negara to
pay US$17.29 million to its partner companies following a fee
dispute in a gas pipeline construction project.

Citing PGN's statement filed at the Jakarta Stock Exchange, the
Post discloses that the ICC ruled in favor of a group of
contractors comprising PT Citra Panji Manunggal, PT Remaja Bangun
Kencana Kontraktor and PT Winatek Widita, saying that PGN had paid
them US$17.29 million short of what it was supposed to.

According to the Post, the court also ordered PGN to cover the
arbitration costs estimated at US$215,000 and the contractors'
expenditure on their legal service fees which are estimated to
have cost them a total of US$428,009.

The Post says the contractors group, called "the CRW Joint
Operation", worked on PGN's $486 million project to construct a
gas pipeline from Grissik to Pagardewa in South Sumatra,
stretching a total of 195 kilometers, with the pipeline having
been finished in late 2007.

According to the report, the CRW group said PGN failed to pay fees
based on 13 variation orders on the project.  Wahid Sutopo, PGN
corporate secretary, said that the state company had made
different project fee calculations from the ones calculated by the
CRW group, the report notes.

Mr. Wahid told Jakarta Post in a phone interview that "We,
however, maintain our position that we have properly paid the
project fees. Our legal advisers are now studying the ICC's ruling
before we go for further legal efforts against it."

Mr. Wahid further denied that the judgement ruled by the court and
the payments stipulated by it would constitute a big hit on the
company, the report notes.

                             About PGN

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk --
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.  The company is 59.4% owned by the
Government of Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Fitch Ratings upgraded PT Perusahaan Gas Negara's
Long-term foreign and local currency Issuer Default Ratings to
'BB' from 'BB-' (BB minus) and affirmed its National Long-term
rating at 'AA(idn)'.  The Outlook is Stable.

As of November 26, 2009, Perusahaan Gas Negara continues to carry
Moody's Investors Service 'Ba2' LT Corp Family Rating with outlook
stable.  The company also continues to carry Standard & Poor's
Ratings' 'BB-' LT Foreign Issuer Credit / LT Local Issuer Credit.


SEMEN GRESIK: S&P Affirms 'BB' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on Indonesia-based cement
manufacturer PT Semen Gresik (Persero) Tbk. with a stable outlook.
S&P then withdrew the rating at the company's request.

"We affirmed the rating to reflect S&P's expectation that Semen
Gresik's cash flow measures will remain strong due to potential
growth in demand in Indonesia and because of the company's low
debt position, despite its significant capital expenditure
program," said Standard & Poor's credit analyst Wee Khim Loy.

At Sept. 30, 2009, Semen Gresik's ratio of annualized debt to
EBITDA stood at 0.1x, and its annualized funds from operations
were more than 8x its debt.

"We expect Semen Gresik to fund with debt more than half of its
US$1 billion capital expenditure plan for 2009-2014.  S&P
therefore anticipate that the company's ratio of debt to EBITDA
will peak at 1.5x and the ratio of FFO to total debt will weaken
to 50% before these measures strengthen again, due to enlarged
plant capacity and improved efficiency," said Ms. Loy.

The corporate credit rating on Semen Gresik was higher than the
foreign currency rating on Indonesia (foreign currency:
BB-/Stable/B; local currency: BB+/Positive/B) as S&P believes the
company would be able to generate adequate cash flow from
operations even under an economic and sovereign stress scenario.
In addition, Semen Gresik's foreign currency risk exposure appears
manageable as most of its debt is in local currency.

Although the government of Indonesia owns 51.6% of Semen Gresik,
the company operates as an independent business entity.  Semen
Gresik's business plan and strategy are determined primarily by
the company's main private partner, the Rajawali Group (owning
25.19%).  Standard & Poor's expects Rajawali Group's active role
in the company to continue over the medium term.

In S&P's view, Semen Gresik's liquidity is strong.  As at
Sept. 30, 2009, it had cash and equivalents of Indonesian rupiah
(IDR) 3.9 trillion, while annual FFO was IDR2.6 trillion.  The
company should have no difficulty servicing and repaying its
current debt of IDR47 billion, in S&P's view.  The company has
obtained about IDR3.6 billion to fund future capital expenditure
with its expansion plan.


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


CSC SERIES: Moody's Confirms Ratings on Various Classes of Bonds
----------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of the Class
A-2 through G-3 and X Bonds issued by CSC Series 1 GK.

The individual rating actions:

  -- Class A-2 and Class A-3 bonds -- Confirmed at Aa1;
     previously, downgraded to Aa1 from Aaa and kept on review for
     possible further downgrade on July 8, 2009

  -- Class B-2 and Class B-3 bonds -- Confirmed at A2; previously,
     downgraded to A2 from Aa2 and kept on review for possible
     further downgrade on July 8, 2009

  -- Class C-2 bond Confirmed at Baa3; previously, downgraded to
     Baa3 from A2 and kept on review for possible further
     downgrade on July 8, 2009

  -- Class D-2 bond Confirmed at Ba3; previously, downgraded to
     Ba3 from Baa2 and kept on review for possible further
     downgrade on July 8, 2009

  -- Class E-2 and Class E-3 bonds -- Confirmed at B1; previously,
     downgraded to B1 from Baa3 and kept on review for possible
     further downgrade on July 8, 2009

  -- Class F-3 bond Confirmed at B3; previously, downgraded to B3
     from Ba2 and kept on review for possible further downgrade on
     July 8, 2009

  -- Class G-3 bond -- Confirmed at Caa3; previously, downgraded
     to Caa3 from B2 and kept on review for possible further
     downgrade on July 8, 2009

  -- Class X bond, Confirmed at Aa1; previously, downgraded to Aa1
     from Aaa and kept on review for possible further downgrade on
     July 8, 2009

Moody's had originally placed these ratings under review for
possible downgrade on March 24, prompted by the servicer's
notification that the borrower had, on March 12, 2009, requested
an extension in the maturity of a backing loan and an amendment to
the loan agreement .

This notification confirmed Moody's strong concerns about the
transaction's collateral recovery, and the concomitant need to
resolve the issues that had been raised in the notice.

Moody's downgraded the ratings on July 8, 2009, following an
update in its key surveillance assumptions for the monitoring of
Japanese CMBS ratings.  However, as Moody's had not at the time
received information on the issues raised in the notice, the
review for possible downgrade was maintained.

Along with the issues raised in the March 12 notice, the relevant
parties also discussed amending certain clauses in the transaction
contracts related to the bond's maturity date.

Moody's has learned from the relevant parties that the maturity of
the backing loan would not be extended, nor would the loan
agreement be amended, and that the bond indenture has been amended
to make clear that the final maturity of the bonds is November
2012.  As a result, Moody's has confirmed the ratings.

CSC Series 1 GK, effected in December 2006 and March 2007,
represents the securitization of 11 non-recourse loans originated
by Credit Suisse Securities (Japan) Limited.  Two of the loans
have been paid in full, and another nine are currently under
special servicing.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


DTC FUNDING: Fitch Affirms Ratings on Notes From Eight Deals
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of all rated notes from
eight DTC transactions.  The agency has also revised most of the
Outlooks for the notes from DTC Three Funding Limited and DTC
Eight Funding Limited to Stable from Negative, and assigned Stable
Outlooks to all rated notes from the remaining six transactions.

The transactions are securitizations of fully amortizing mortgage
loans backed by multi-family apartment properties throughout
Japan.  Cash flow performance of the underlying collateral pool is
one of the main analytical factors that Fitch focuses on; however,
following the bankruptcy of Lehman Brothers Japan Inc.  (Lehman
Japan), the agency has not been able to review the pool's recent
performance.

In order to offset the lack of performance data, Fitch visited the
collateral properties backing 217 loans, located in 11
prefectures, which account for 28% of the outstanding loan balance
as at end-October 2009.  The agency has conducted an on-site
review of the property management including the physical condition
of the properties and tenant occupancy and is satisfied that there
are no significant concerns with regards to the underlying
properties.

In addition, the ability to withstand future deterioration in
performance for each transaction has increased since closing, due
to the growth in credit enhancement following prepayments and the
scheduled amortization of underlying loans.  In addition, there
have been no delinquencies or defaults to date.  In Fitch's view,
as long as the underlying properties continue to be well managed,
any future deterioration of the underlying collateral performance
is not likely to affect performance at the issuer level in the
near-term.  The analysis takes into account the quality and age of
the collateral properties, as well as the granularity of each
underlying pool.  Therefore, Fitch believes that any potential
deterioration in the performance of the underlying properties can
be offset by future growth in CE, resulting in the affirmations
and Stable Outlooks.

The Outlooks for classes A1 to E notes from DTC 3 and classes A to
E notes from DTC 8 have been revised to Stable from Negative,
reflecting the agency's updated view on the likely direction of
any rating change over the next one to two years.  This takes into
account various factors such as the future performance of the
underlying pools, growth in CE and the interest rate environment
in Japan.  Since the bankruptcy of Lehman Japan there has been no
advancing agent for the transactions; however, given the fact that
the presence of an advancing agent can enhance the liquidity of
the transactions, Fitch will monitor the continued efforts by
transaction parties to appoint an alternative advancing agent.

As described above, Fitch has not received any recent performance
data on the underlying collateral pools.  Fitch considers it
important to receive the actual performance data, and will
therefore follow the ongoing negotiations among transaction
parties to reach an agreement with respect to providing such data.

The ratings on the interest-only Class X notes address only the
likelihood of receiving interest as per the transaction
documentations.

DTC One Special Purpose Company:

  -- JPY0.27bn* Class A-1 notes affirmed at 'AAA'; Outlook Stable
  -- JPY2.39bn* Class A-2 notes affirmed at 'AAA'; Outlook Stable
  -- JPY0.01bn* Class A-3 notes affirmed at 'AAA'; Outlook Stable
  -- JPY0.32bn* Class B notes affirmed at 'AA'; Outlook Stable
  -- JPY0.18bn* Class C notes affirmed at 'A'; Outlook Stable
  -- JPY0.32bn* Class D notes affirmed at 'BBB'; Outlook Stable
  -- JPY0.35bn* Class E notes affirmed at 'BB'; Outlook Stable
  -- Class X** notes affirmed at 'AAA'; Outlook Stable

DTC Two Funding Limited:

  -- JPY3.72bn* Class A notes affirmed at 'AAA'; Outlook Stable
  -- JPY0.47bn* Class B notes affirmed at 'AA'; Outlook Stable
  -- JPY0.28bn* Class C notes affirmed at 'A'; Outlook Stable
  -- JPY0.38bn* Class D notes affirmed at 'BBB'; Outlook Stable
  -- JPY0.85bn* Class E notes affirmed at 'BB'; Outlook Stable
  -- JPY4.85bn* Class J notes affirmed at 'BBB'; Outlook Stable
  -- Class X** notes affirmed at 'AAA'; Outlook Stable

DTC Three Funding Limited:

  -- JPY4.52bn* Class A-1 notes affirmed at 'AAA'; Outlook Revised
     to Stable from Negative

  -- JPY3.09bn* Class A-2 notes affirmed at 'AAA'; Outlook Revised
     to Stable from Negative

  -- JPY0.87bn* Class B notes affirmed at 'AA'; Outlook Revised to
     Stable from Negative

  -- JPY0.54bn* Class C notes affirmed at 'A'; Outlook Revised to
     Stable from Negative

  -- JPY0.69bn* Class D notes affirmed at 'BBB'; Outlook Revised
     to Stable from Negative

  -- JPY0.78bn* Class E notes affirmed at 'BB'; Outlook Revised to
     Stable from Negative

  -- Class X** notes affirmed at 'AAA'; Outlook Stable

DTC Four Funding Limited:

  -- JPY7.11bn* Class A-1 notes affirmed at 'AAA'; Outlook Stable
  -- JPY3.55bn* Class A-2 notes affirmed at 'AAA'; Outlook Stable
  -- JPY0.84bn* Class B notes affirmed at 'AA'; Outlook Stable
  -- JPY0.87bn* Class C notes affirmed at 'A'; Outlook Stable
  -- JPY0.84bn* Class D notes affirmed at 'BBB'; Outlook Stable
  -- JPY0.75bn* Class E notes affirmed at 'BB'; Outlook Stable
  -- Class X** notes affirmed at 'AAA'; Outlook Stable

DTC Five Funding Limited:

  -- JPY13.39bn* Class A notes affirmed at 'AAA'; Outlook Stable
  -- JPY0.84bn* Class B notes affirmed at 'AA'; Outlook Stable
  -- JPY0.84bn* Class C notes affirmed at 'A'; Outlook Stable
  -- JPY0.84bn* Class D notes affirmed at 'BBB'; Outlook Stable
  -- JPY0.72bn* Class E notes affirmed at 'BB'; Outlook Stable
  -- Class X** notes affirmed at 'AAA'; Outlook Stable

DTC Six Funding Limited:

  -- JPY16.18bn* Class A notes affirmed at 'AAA'; Outlook Stable
  -- JPY1.20bn* Class B notes affirmed at 'AA'; Outlook Stable
  -- JPY1.26bn* Class C notes affirmed at 'A'; Outlook Stable
  -- JPY1.00bn* Class D notes affirmed at 'BBB'; Outlook Stable
  -- JPY1.10bn* Class E notes affirmed at 'BB'; Outlook Stable
  -- Class X** notes affirmed at 'AAA'; Outlook Stable

DTC Seven Funding Limited:

  -- JPY18.38bn* Class A notes affirmed at 'AAA'; Outlook Stable
  -- JPY1.20bn* Class B notes affirmed at 'AA'; Outlook Stable
  -- JPY1.06bn* Class C notes affirmed at 'A'; Outlook Stable
  -- JPY0.89bn* Class D notes affirmed at 'BBB'; Outlook Stable
  -- JPY1.15bn* Class N notes affirmed at 'BBB'; Outlook Stable

DTC Eight Funding Limited:

  -- JPY27.67bn* Class A notes affirmed at 'AAA'; Outlook Revised
     to Stable from Negative

  -- JPY1.78bn* Class B notes affirmed at 'AA'; Outlook Revised to
     Stable from Negative

  -- JPY1.62bn* Class C notes affirmed at 'A'; Outlook Revised to
     Stable from Negative

  -- JPY1.21bn* Class D notes affirmed at 'BBB'; Outlook Revised
     to Stable from Negative

  -- JPY0.24bn* Class E notes affirmed at 'BB'; Outlook Revised to
     Stable from Negative

  -- JPY2.28bn* Class N notes affirmed at 'BBB'; Outlook Stable

  * as of December 7, 2009
  ** interest-only

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


ELPIDA MEMORY: Expects Capex to Rise to US$600MM Next Fiscal Year
-----------------------------------------------------------------
Elpida Memory Inc.'s capital expenditure in the next fiscal year
will likely rise to around US$600 million, from about US$500
million for the current fiscal year, as the industry exits its
worst ever downturn, Charmian Kok at Dow Jones Newswires reports,
citing Elpida President and Chief Executive Yukio Sakamoto.

Dow Jones relates Mr. Sakamoto told reporters in Taipei that "We
are increasing investments because of an expected (dynamic random
access memory chips) shortage . . . we hope to balance demand from
the PC industry and DRAM supply."

Mr. Sakamoto said he expects global demand for memory chips used
in computers to increase 50% in 2010, and supply to grow a slower
40%.

According to Dow Jones, Mr. Sakamoto was in Taipei to formally
announce details of an agreement it signed with Taiwan's ProMOS
Technologies Inc. in November, under which Elpida will provide
advanced technologies and outsource production of memory chips to
the Taiwanese company.

Meanwhile, The China Post reports that Elpida Memory said it is
continuing talks on possible cooperation with Taiwan Innovation
Memory Co.

Elpida said April 1 it will work with Taiwan Innovation Memory,
then called Taiwan Memory Co., to develop chips and share
intellectual property rights, the Post notes.  Taiwanese lawmakers
last month rejected government requests to finance Taiwan
Innovation's development with public funds, as the US$18.4 billion
computer memory industry will probably post its first gain in four
years in 2010.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                           *     *     *

As of December 9, 2009, Elpida Memory Inc. continues to carry
Mikuni Credit Ratings 'B' mortgage debt rating and 'B' senior debt
ratings.


JAPAN AIRLINES: Delta Meets Transport Minister Over Capital Ties
----------------------------------------------------------------
Kyodo News reports that executives of Delta Air Lines Inc. met
Wednesday with Japanese transport minister Seiji Maehara, with the
world's biggest carrier trumpeting the long-term benefits of
forming capital ties between Delta and struggling Japan Airlines
Corp. to help it turn around.

Kyodo says Delta has offered JAL a US$1.02 billion financial
package with global SkyTeam alliance members, including a US$500
million investment, to woo the Japanese airline to switch from the
rival oneworld alliance with American Airlines Inc., a unit of AMR
Corp.

"In order for any restructuring to be successful, a company has to
have top line growth, market expansion and more passengers," Kyodo
quoted Delta Chief Executive Officer Richard Anderson as saying in
Tokyo following a meeting with Mr. Maehara.  "We give the
opportunity to make certain that JAL holds its rightful place as
the leading airline in Asia," he added.

                      International Routes Cut

Gregory Turk at Bloomberg News reports that Japan Airlines will
cut flights on two international routes next year.

JAL will cut one flight a week on its Narita-New York-Sao Paulo
route and seven flights from Narita to Shanghai, Bloomberg says.

                         Credit Guarantees

ATW Daily News says Transport Minister Mr. Maehara rejected
reports that the government has decided to provide JPY700 billion
in credit guarantees to Japan Airlines.

"We haven't decided how to fund state guarantees for JAL yet, let
alone the size of such potential guarantees," ATW Daily quoted
Mr. Maehara as saying.

As reported in Troubled Company Reporter-Asia Pacific on Dec. 8,
2009, Japan Today said the government may extend credit guarantees
worth up to JPY700 billion on loans and investments from financial
institutions to Japan Airlines to shield the air carrier from a
possible cash shortage.  The government is planning to include the
measure in the extra budget for fiscal 2009, Japan Today said.

                             About JAL

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

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 4, 2009, Standard & Poor's Ratings Services lowered to
'SD' (selective default) from 'CC' its long-term corporate credit
ratings on Japan Airlines Corp. and Japan Airlines International
Co. Ltd., its wholly owned subsidiary, and removed the ratings
from CreditWatch.  At the same time, Standard & Poor's maintained
its senior unsecured debt ratings on both companies at 'CCC' and
kept the ratings on CreditWatch with developing implications.  On
Sept. 18, 2009, S&P placed the corporate credit and senior
unsecured debt ratings on both companies on CreditWatch with
negative implications and maintained the CreditWatch status on
Oct. 16, 2009, and Nov. 4, 2009.  On Nov. 13, 2009, S&P maintained
its CreditWatch status on the corporate ratings on both companies
and revised to developing its CreditWatch status on the senior
unsecured debt ratings.

The TCR-AP reported on Nov. 3, 2009, that Moody's Investors
Service downgraded the long-term debt rating and issuer rating of
Japan Airlines International Co., Ltd. to Caa1 from B1, and will
continue to review both ratings for further possible downgrade.


SIGNUM VANGUARD: S&P Downgrades Ratings on 2010 Notes to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC-' its
rating on the secured floating rate credit-linked notes, due 2010,
issued under the Signum Vanguard Ltd. series 2005-10 transaction.
The transaction is an arbitrage synthetic CDO transaction
referencing global names.  S&P downgraded the notes because credit
event notices have been issued under the terms of the transaction,
and the cash settlement date is scheduled on Dec. 11, 2009.

                          Rating Lowered

                       Signum Vanguard Ltd.
    Series 2005-10 secured floating rate credit-linked notes

                     To   From   Issue Amount
                     --   ----   ------------
                     CC   CCC-   JPY2.0 bil.


TOSHIBA CORP: May Sell JPY100 Bil. In Straight Bonds Next Year
--------------------------------------------------------------
Toshiba Corp. may sell as much as JPY100 billion (US$1.13 billion)
in straight bonds early next year, its second such offering in
fiscal 2009, Bloomberg News reports citing Nikkei English News.

According to Bloomberg, Nikkei said Toshiba issued JPY20 billion
in straight bonds in September, and the company expects to raise
funds on better terms with the next issue.

Nikkei said the proceeds will be used to repay short-term loans
and commercial paper and fund help finance businesses including
semiconductors and nuclear power generation, Bloomberg relates.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.

The TCR-AP reported on Aug. 13, 2009, that Fitch Ratings affirmed
the FC and LC IDRs of Toshiba Corporation:

   -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
      Outlook assigned;

   -- Short-term FC and LC IDRs affirmed at 'B'; and

   -- Senior unsecured notes affirmed at 'BB'.


* JAPAN: Corporate Bankruptcies Fall to Two-Year Low
----------------------------------------------------
Japanese corporate bankruptcies fell for the fourth month in
November to their lowest level in almost two years, Bloomberg News
reports citing Tokyo Shoko Research Ltd.

Bloomberg relates the research agency said business failures drop
11.4% from a year earlier to 1,132 cases, the fewest since
December 2007.

Bloomberg reports Prime Minister Yukio Hatoyama unveiled a JPY7.2
trillion spending package Tuesday that extends existing programs
to guarantee loans to small and midsize companies, which employ
about 70% of the workforce.

According to the report, the new stimulus plan pledges JPY1.2
trillion in financial measures to help companies, including
extending policies to help small and medium-size enterprises
obtain loans and reduce interest rates on their borrowings.


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


DAEWOO SHIPBUILDING: KDB to Pick Sale Adviser Next Week
-------------------------------------------------------
The Korea Development Bank said Wednesday it plans to select an
adviser for the sale of Daewoo Shipbuilding & Marine Engineering
Co. next week, Yonhap News reports.

The news agency relates that the KDB terminated an estimated over
KRW6 trillion (US$5.16 billion) deal with Hanwha Group for Daewoo
Shipbuilding in January this year and said it plans to re-invite
bids for the sale of the shipbuilder.

"We sent requests for proposals for the sale of the shipbuilder to
around 20 financial companies, which means we put the shipbuilder
back on the block," an official at KDB was quoted by Yonhap as
saying.  "We will pick an adviser for the sale next week at the
earliest."

KDB, the shipbuilder's main creditor, and Korea Asset Management
Corp. hold a combined 50.4% stake in Daewoo Shipbuilding,
following their debt-for-equity swap in December 2000 that rescued
the company from near collapse.

                     About Daewoo Shipbuilding

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures. Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

                           *     *     *

The shipbuilder has been under a creditors-led corporate
restructuring program since 1999 along with some other affiliates
after its parent, Daewoo Group, collapsed under heavy debt
exposure.  Daewoo Shipbuilding is up for sale and the Korea
Development Bank and Korea Asset Management Corporation started
the sale process of their remaining stakes in the second half of
2006.


SSANGYONG MOTOR: Foreign Creditors May Oppose Revised Plan
----------------------------------------------------------
Foreign creditors of Ssangyong Motor Co. were opposing a fresh
turnaround plan submitted by the carmaker, dimming hopes it will
win enough support to take steps toward rehabilitation, Yonhap
News reports citing company officials.

Yonhap says the carmaker has mapped out a revised turnaround plan
reflecting demands from its foreign bondholders.

The Troubled Company Reporter-Asia Pacific reported on Nov. 10,
2009, that Ssangyong failed to win approval from the majority of
its bond and shareholders for its turnaround plan in a meeting
held on November 6.  The Seoul Central District Court said it will
hold a final meeting on Dec. 11 to vote again on a revised
turnaround plan.

Yonhap relates Ssangyong officials said foreign creditors were
meeting in Hong Kong on Wednesday to discuss Ssangyong's strategy.

Yonhap, citing industry sources, says that with the foreign
creditors decision to reject the new turnaround plan at the
Hong Kong meeting, Ssangyong is highly unlikely to win the court's
approval on Friday.

"The new plan was made in favor of creditors rather than
shareholders," Yonhap quoted a senior official at Ssangyong as
saying, though some foreign creditors were still opposing the
capital writedown ratio.  "Although we reflected a part of the
demands from foreign creditors in the new turnaround plan, we
could not accept more demands from them because that would harm
the interests of other stakeholders," the official said.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  On
Feb. 6, 2009, the TCR-AP reported that the Seoul Central District
Court accepted Ssangyong's application to rehabilitate under court
protection.  The court named former Hyundai Motor Co. executive
Lee Yoo-il and Ssangyong executive Park Young-tae to run the
automaker.

Ssangyong Motor on Sep. 15, 2009 filed revival plans to the Seoul
Central District Court.


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


STAMFORD COLLEGE: To Sell 98.88% Stake in Dotcom Sdn
-----------------------------------------------------
Stamford College Berhad disclosed that it has entered into a sale
and purchase of shares agreement with the purchasers for:

   (i) proposed disposal by SCB of 98.88% equity interest in
       Dotcom Sdn Bhd comprising 1,760,000 ADSB Shares for a
       cash consideration of MYR3,913,179; and

  (ii) assumption and payment by the Purchasers of the amount
       owing by ADSB to SCB (being amount owing to holding
       company) of MYR1,142,353.06 as reflected in the
       management accounts of ADSB as at October 31, 2009.

Pursuant to the proposed disposal, ADSB will cease to be a
subsidiary company of SCB.

ADSB is principally engaged in trading of all kind of steel
products.  It does not have any subsidiary company and associated
company.

                       About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.


TALAM CORP: Provides Update on Default Status as of October 31
--------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities as
of October 31, 2009.

                          Default Status

A. These companies are in the midst of finalizing the sales and
   purchase agreement for the disposal of the asset to repay the
   banking facilities:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 10/31/2009
   ----------            ------                ----------------
   Maxisegar Realty      TA First Credit         MYR28,097,278
   Sdn Bhd               Sdn Bhd                 MYR72,144,288
                                                 MYR77,114,954

B. These companies are finalizing the joint venture agreement
   with the reputable developers where the joint venture
   company will repay the loan:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 10/31/2009
   ----------            ------                ----------------
   Zhinmun Sdn Bhd       Insas Credit &            MYR5,510,129
                         Leasing Sdn Bhd          MYR22,810,670

   Ukay Land Sdn Bhd     Insas Credit &           MYR14,859,795
                         Leasing Sdn Bhd

C. This company is in the midst of negotiating with financial
   institutions to reschedule the banking facilities:

                                              Amt. Outstanding
   Subsidiary              Lender              of 10/31/2009
   ----------              ------             ----------------
   Talam Corporation Bhd   Pengurusan          MYR3,337,456
                           Danaharta Nasional

                         About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TENGGARA OIL: Defaulted on MYR21.30 Million in Loans as of Nov. 30
------------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary company, Tenggara Concrete
Sdn Bhd, have been unable to pay the amount of principal and
interest in respect of its credit facilities as of November 30,
2009:

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR6,939,778.07
   (Southern Bank Berhad)

   CIMB Bank Bhd              TOB                 1,463,525.44
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               12,904,815.62
                                              ----------------
                                              MYR21,308,119.13

Tenggara Oil Berhad is a Malaysia-based investment holding company
engaged in provision of management services. The principal
activities of the subsidiaries are filling, blending and
processing of lubricants.  The Company's subsidiaries include
Tenggara Lubricant Sdn. Bhd., which is engaged in filling,
blending and processing lubricants; Tenggara Plaza Sdn. Bhd.,
which is engaged in letting and managing of property, and Tenggara
Concrete Sdn. Bhd., which is engaged in manufacturing and
supplying of ready-mixed concrete.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


WONDERFUL WIRE: Posts MYR3.06 Mil. Net Loss in Qtr. Ended Sept. 30
------------------------------------------------------------------
Wonderful Wire & Cable Berhad posted a net loss of MYR3.06 million
on MYR4.37 million of revenues in the quarter ended Sept. 30,
2009, as compared to MYR6.39 million net loss on MYR4.33 million
of revenues in the same quarter of 2008.

The company's balance sheet as of end-September showed MYR40.02
million in total assets and MYR94.24 million in total liabilities,
resulting in a shareholders' deficit of MYR54.22 million.

As of Sept. 30, 2009, the company's balance sheet also showed
strained liquidity with MYR8.86 million of current assets
available to pay MYR91.21 million of current liabilities coming
due within the next 12 months.

                    About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


WONDERFUL WIRE: Total Default Reaches MYR81.12 Mil. as of Nov. 30
-----------------------------------------------------------------
Wonderful Wire Berhad disclosed with the Bursa Stock Exchange
that the company's total default reached MYR80,585,185.79 as of
November 30, 2009, which comprises of:

Wonderful Wire's loans:
                                            Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
CIMB Bank Berhad          Short Term Advance      11,112,098.50
                          Overdraft                2,490,047.35

CIMB Factor Lease Berhad  Leasing                  4,244,602.69

Malayan Banking Berhad    Term Loan               34,460,681.51
                            Overdraft              5,600,405.24

RHB Islamic Bank Berhad   Term Financing          20,550,683.96
                           Revolving Credit        2,324,037.43

Bank Muamalat Malaysia    Hire Purchase Car Loan      20,386.00

Orix Rentec (M)           Rental of office
Sdn. Bhd.                 equipment                   61,144.00
                                                  -------------
                                         Total:   80,864,086.70

WWC Oil & Gas (Malaysia) Sdn. Bhd.'s loan:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
  CIMB Factor Lease Bhd.      Leasing                260,577.90

                       About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


CHARTERED SEMICONDUCTOR: S&P Keeps 'BB-' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'BB-'
long-term corporate credit on Singapore-based foundry Chartered
Semiconductor Manufacturing Ltd. and the 'BB-' issue rating on the
company's senior unsecured notes on CreditWatch with developing
implications.

"We have kept the Chartered ratings on CreditWatch because
Advanced Technology Investment Corp. (not rated) has not completed
its proposed acquisition of all of Chartered's shares, pending
fulfillment of the conditions stipulated in the relevant scheme of
arrangement," said Standard & Poor's credit analyst Wee Khim Loy.

Chartered's shareholders voted in favor of the acquisition on
Nov. 4, 2009.  S&P revised the implications of the CreditWatch
placement to developing from negative on Sept. 7, 2009, following
the announcement of ATIC's acquisition plans.  The ratings were
initially placed on CreditWatch on July 3, 2009.

Chartered's financial risk profile remains aggressive, with a
ratio of debt to EBITDA consistently above 4x since 2006.
However, the recent downturn in the global semiconductor market
seems to have abated.  Chartered's revenue of US$1 billion for the
first nine months of 2009 was about 23% lower than in the same
period in 2008.  Wafer demand has since improved, particularly in
the third quarter of 2009, with revenue rising 19% quarter-over-
quarter.  Nevertheless, Chartered reported a net loss of
US$150.6 million for the first nine months of 2009, compared with
a profit of US$13.9 million for the same period in 2008.

In S&P's view, Chartered's liquidity is adequate.  At Sept. 30,
2009, the company had US$805.7 million in cash, sufficient to
cover short-term debt due of US$565.7 million.

"The ratings on Chartered reflect the company's aggressive debt
leverage, high industry cyclicality, intense competition, and high
customer concentration risk.  These weaknesses are tempered by the
company's dominant position as the third-largest foundry globally
and its strategic technological alliances," said Ms. Loy.


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

NTUC Fairprice Co-operative Limited filed the petition against the
company on November 23, 2009.

The Petitioner's solicitors are:

         Messrs Bih Li & Lee
         79 Robinson Road
         #24-08 CPF Building
         Singapore 068897


INDIGO CONCEPTS: Creditors' Proofs of Debt Due on January 4
-----------------------------------------------------------
Creditors of Indigo Concepts Pte. Ltd, 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's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


LABONE SINGAPORE: Creditors Get 100% Recovery on Claims
-------------------------------------------------------
LabOne Singapore Pte Ltd will declare the first and final dividend
on December 11, 2009.

The company will pay 100% to the received claims.

The company's liquidators are:

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


NATURAL FUEL: Court to Hear Wind-Up Petition on December 18
-----------------------------------------------------------
A petition to wind up the operations of HSBC Institutional Trust
Services (Singapore) Limited will be heard before the High Court
of Singapore on December 18, 2009, at 10:00 a.m.

Sino London Pte Ltd filed the petition against the company on
November 30, 2009.

The Petitioner's solicitors are:

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


ROCKEBY BIOMED: Creditors' Meeting Set for December 24
------------------------------------------------------
Rockeby Biomed (Singapore) Pte. Ltd, which is in creditors
voluntary liquidation, will hold a meeting for its creditors on
December 24, 2009, at 11:00 a.m.

The company's liquidator is:

         Lai Seng Kwoon
         c/o 8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


SIN TYE: Creditors' Proofs of Debt Due December 19
--------------------------------------------------
Sin Tye Construction 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


TAMR PTE: Creditors' Proofs of Debt Due January 4
-------------------------------------------------
Tamr Pte Ltd, which is in members voluntary liquidation, requires
its creditors to file their proofs of debt by January 4, 2010, to
be included in the company's dividend distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


TRANSBILT ENGINEERING: Creditors' Proofs of Debt Due December 19
----------------------------------------------------------------
Transbilt Engineering 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


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


TAIWAN POWER: Expects to Post Lower Net Loss This Year
------------------------------------------------------
Taiwan Power Co. will come close to breaking even in 2009 after a
difficult 2008 but expects to post a stiff loss next year based on
an anticipated rise in crude oil prices, Antara News reports.

The report, citing Taipower Chairman Edward Chen, says the company
is set to post a small loss of NT$1 billion (US$30.96 million)
this year, far below the record high NT$101.35 billion pre-tax
loss and NT$75.6 billion net loss it reported in 2008.  Taipower
reported net losses of NT$200 million and NT$23.13 billion in 2006
and 2007, respectively.

According to the report, Mr. Chen said Taipower is forecasting a
net loss of NT$26.7 billion in 2010, based on projected total
revenues of NT$507.3 billion and expenses of NT$534 billion.

With a generating capacity of more than 37,370 MW, Taiwan Power
(Taipower) serves nearly 11.7 million industrial, commercial, and
residential customers.  Thermal sources (coal, oil, and liquefied
natural gas) fuel most of Taipower's plants; nuclear energy and
hydroelectric sources make up the balance. Unable to meet Taiwan's
power needs on its own, the utility has opened its market to
independent power producers, allowing companies to build power
plants and sell to Taipower.  Taipower has resumed construction on
the nation's fourth nuclear plant, and the government has
announced plans to privatize Taipower.


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


DUBAI WORLD: Begins Talks with Major Bank Lenders
-------------------------------------------------
Helen Power and Hugh Tomlinson at The Times report that Dubai
World's six biggest lending banks have begun talks with the group
before a crunch creditors' meeting that is scheduled for
December 21.

The Times relates four British-listed banks -- HSBC, Royal Bank of
Scotland, Lloyds Banking Group and Standard Chartered -- and two
local lenders -- Emirates National Bank of Dubai and Abu Dhabi
Commercial Bank -- met NM Rothschild and Deloitte, Dubai World's
advisers, in the Gulf State Monday.

According to The Times, the banks tried to ascertain whether Dubai
World would make interest payments due on the bonds of Nakheel
PJSC, its property subsidiary, next Monday.  The leading banks,
which are forming a steering committee to represent all 90 of
Dubai World's bank lenders, also asked for detailed financial
information to help them to revalue the company in the event of a
default, The Times says.

The Times discloses insiders close to the talks said that Monday's
meeting had been exploratory but would establish the likely
direction of future negotiations.

                         6-Month Standstill

The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, ran a story about Dubai World seeking a six-month
standstill on its debt obligations.  In a statement obtained by
the Journal and Bloomberg, the government of Dubai said it would
restructure Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

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

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

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

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


DUBAI WORLD: W Hotel Sold for $2-Mil. at Foreclosure Auction
------------------------------------------------------------
Dow Jones Newswires' Lingling Wei says Dubai World's Istithmar
World Capital lost W Hotel Union Square in Manhattan to a
foreclosure auction Tuesday.

Istithmar, Dubai World's private-equity arm, acquired the property
for about $282 million in 2006.  On Tuesday, the property was sold
for $2 million.

Dow Jones says the W Hotel in October defaulted on $117 million in
junior debt.  The $115 million first mortgage, sliced into
commercial mortgage-backed securities, was transferred in
September to a special servicer in charge of handling loans in
danger of imminent default.

"When the foreclosure auction was scheduled, most observers
expected the only bidder to be LEM Mezzanine, a private-equity
fund affiliated with well-known property-investment firm Lubert-
Adler Partners.  LEM is the most junior creditor among three
investors that bought the $117 million in mezzanine debt,"
according to Dow Jones.

Dow Jones says Herbert Miller, co-founder of LEM, made the first
bid -- $100,000, or the minimum offer required at such an auction.

According to Dow Jones, in a last-ditch effort to salvage Dubai
World's investment, Harvey Strickon, Esq., at Paul, Hastings,
Janofsky & Walker LLP, representing Istithmar, immediately
followed with a $200,000 bid.  After several more rounds of
bidding, Mr. Strickon stood up and said "$2.1 million."

Dow Jones notes there was one condition attached to the offer: Mr.
Strickon said the bid would depend on Istithmar's ability to get
assurances it wouldn't have to pay anything to bring the hotel's
debts back to current status.  The auctioneer called a break, with
both parties going into a closed-door meeting.  No agreement was
reached.

Dow Jones relates that when the auction resumed, Kevin O'Shea,
Esq., at Allen & Overy LLP representing LEM, rejected the
Istithmar lawyer's suggestion that the private-equity arm
shouldn't be required to cure any default on the senior debt,
saying curing the debt could be required by an agreement between
creditors and LEM has no authority to change the terms.

Dow Jones says a few minutes after another meeting -- this time
involving Istithmar representatives and the private-equity arm's
lawyer -- the auctioneer declared LEM the winner, with a bid of $2
million.  LEM could have bid as much as its debt holding of $20
million without putting in any actual cash.  Mr. Strickon declined
to comment after the auction, Dow Jones says.

Dow Jones says LEM will now have to cure any defaulted loans that
are in line ahead of its debt.  The two other pieces of mezzanine
debt, totaling $97 million, are held by DekaBank Group of Germany
and Sandleman Partners, a New York hedge fund.  LEM also needs to
keep the first mortgage current after taking over the property.

Dow Jones recalls Istithmar spent about $50 million in cash and
borrowed $232 million to buy a 90% stake in the hotel in October
2006.  In June, Istithmar bought the remaining stake from UBS AG
for about $4 million, or about two-thirds of its original value,
Dow Jones says, citing a person familiar with the matter.  UBS
acquired the stake in 2007 from Island Capital Group, a New York
real-estate firm founded by Andrew Farkas, a longtime outside
adviser to Istithmar.

According to Dow Jones, Realpoint LLC, a credit-rating company,
estimates that the hotel is now worth $137.5 million.


* Moody's Cuts Ratings on Six Dubai Government-related Issuers
--------------------------------------------------------------
Moody's Investors Service downgraded all six Dubai government-
related issuers.  This rating action follows recent comments and
statements from government officials, which cause us to believe
that no meaningful government support should be assumed for any
entity that is not directly part of or formally guaranteed by the
government.  As a result, Moody's has reduced the government
support assumptions for all six issuers.  All ratings now reflect
the respective company's stand-alone credit profile (baseline
credit assessment) with the exception of Dubai Electricity & Water
Authority and DIFC Investments, whose revised ratings include one
notch uplift for government support recognizing their stronger
strategic linkage to Dubai's core economic development policies.

Moody's has also downgraded various baseline credit assessments to
reflect (1) increased liquidity challenges in a tougher financing
environment that Moody's expect will continue for a protracted
period, and (2) the longer term implications thereof on Dubai's
economy.

Ratings affected by the rating actions include these:

  -- DP World issuer and debt ratings were downgraded to Ba1 from
     Baa2;

  -- Dubai Electricity & Water Authority issuer and debt ratings
     were downgraded to Ba2 from Baa2;

  -- Jebel Ali Free Zone issuer and debt ratings were
     downgraded to B1 from Ba1;

  -- Dubai Holding Commercial Operations Group issuer and debt
     ratings were downgraded to B1 from Ba2;

  -- Emaar Properties issuer ratings were downgraded to B1 from
     Ba2;

  -- DIFC Investments issuer and debt ratings were downgraded to
     B2 from Ba1.

All ratings remain on review for further downgrade.

Since the announcement by the Dubai government on November 25 that
it would restructure the debt of Dubai World and request a
standstill on financings of some of its liabilities, the
government has further clarified its position towards GRI
obligations.  In recent statements the government has highlighted
that it sees no legal obligation to support non-guaranteed debt of
its GRI's.  GRI's that are able to demonstrate a viable business
model and an ability to service their debt obligations over the
long-term remain eligible for support from the government's
Financial Support Fund.  Taking into account the government's most
recent position, Moody's no longer believes it appropriate to
assume timely support that results in any uplift for the ratings
of four of the GRIs.  Moody's views the probability of support for
DEWA and DIFC as being diminished but sufficient to lift these
ratings by one notch.

The ongoing review for downgrade reflects continuing uncertainty
over the potential negative implications on ratings from (1) the
Dubai World restructuring itself, including the risk of contagion
effects for DP World and JAFZ as subsidiaries of Dubai World; (2)
the potential for reduced investor confidence to diminish the
ability of Dubai corporates to access the debt capital markets in
order to refinance debt maturities, and (3) the possible longer
term detrimental impact on Dubai's economy.  Accordingly, Moody's
will continue to closely monitor restructuring events involving
Dubai World over the coming weeks.

In addition, the review of DHCOG and Emaar reflects prospects for
a prolonged real estate market slump, as well as the evolving
nature of both entities as a result of their pending merger.

The review of DEWA's ratings considers the potential for liquidity
pressure due to the triggering of an acceleration clause on its
USD 2 billion Receivables Securitization Programme that is issued
under Thor Asset Purchase Company Limited.

The last rating action on Dubai's corporate GRI's was on
November 26, 2009, when Moody's downgraded ratings of DP World,
DIFC Investments, DEWA, JAFZ, Emaar and Dubai Holding Commercial
Operations Group.


                         *********

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

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

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


                            *********


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

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

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

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

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





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