TCRAP_Public/091214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, December 14, 2009, Vol. 12, No. 246

                            Headlines

A U S T R A L I A

EVEREST FINANCIAL: Investor Files Suit Over Frozen Funds
GREAT SOUTHERN: Pulpwood Withdraws Bid for Timber Schemes
SOLAR SYSTEMS: Will Likely Face Liquidation, Administrator Says
LIBERTY FINANCIAL: Fitch Takes Rating Actions on Various Classes
TRINITY LIMITED: Rejects Former Directors Bid to Acquire Two Units


C H I N A

TONGLI PHARMACEUTICALS: Incurs US$10,829 Net Loss in FY 2010 Q2


H O N G  K O N G

ATHENEE CDO: S&P Withdraws Rating on EUR5 Mil. Floating Notes
ENRON (CHINA): Roy Heng Pei Neng Appointed as Liquidator
ENRON (HK): Roy Heng Pei Neng Appointed as Liquidator
GIANT CHANNEL: Creditors' and Members Meeting Set for Dec. 21
HK WORLD: Members' Final Meeting Set for January 8

JENBACHER EAST: Members' Final Meeting Set for January 8
KELON ELECTRIC: Members' Final Meeting Set for January 5
KIANA PRINCIPAL: Creditors' Proofs of Debt Due December 28
MAY COMPANY: Members' Final Meeting Set for January 4
RAMS CITY: Members' Final Meeting Set for January 12

SELECT FOOD: Creditors' Meeting Set for December 22
SINOPEX ENTERPRISE: Members' Final Meeting Set for January 4
TAI LUNG: Creditors' Proofs of Debt Due January 16
TIMPSON INVESTMENT: Members' Final Meeting Set for January 4
CHINA STATE TRUSTEE: Members' Final Meeting Set for January 12

VCK VANAIR: Members' Final Meeting Set for January 8
WESTERGREN COMPANY: Creditors' Meeting Set for December 18
YIEN YIEH: Members' Final Meeting Set for January 12
YI FENG: Members' Final General Meeting Set for January 8


I N D I A

B.G. & ASSOCIATES: CRISIL Rates INR85 Million Cash Credit at 'B+'
BHANAVI AGRO: Low Net Worth Prompts CRISIL To Assign 'B+' Ratings
BOXTRANS LOGISTICS: CRISIL Reaffirms 'BB+' Rating on Term Loan
GANESH RAM: Low Net Worth Cues CRISIL To Assign 'BB+' Ratings
MEHALA MACHINES: CRISIL Upgrades Ratings on Various Debts to 'B+'

PRIDE COKE: CRISIL Cuts Rating on INR41.4MM Term Loan at 'BB-'
RAM LEATHER: CRISIL Assigns 'P4' Ratings on Various Bank Debts
SARAVANA SPINNING: CRISIL Rates INR1.29 Bil. LT Loan at 'BB+'
SISTEMA SHYAM: Fitch Assigns Rating on INR7.5 Bil. Term Loan


I N D O N E S I A

DAVOMAS ABADI: Moody's Upgrades Corporate Family Rating to 'Caa3'
PAKUWON JATI: Fitch Upgrades Issuer Default Ratings to 'CCC'


J A P A N

AIFUL CORP: Offers to Repay Goldman JPY3.7 Bil. to Win ADR Support
JAPAN AIRLINES: Conducts Survey on Proposed Pension Cuts
SANYO ELECTRIC: Panasonic Acquires 50.2% Stake for US$4.6 Billion
SHINSEI BANK: To Sell Pacific Century Bldg. for US$1.6 Bil.


M A L A Y S I A

ALLIANCE BANK: Fitch Affirms Individual Rating at 'C/D'


P A K I S T A N

PAKISTAN: Moody's Says 'B3' Rating Reflects Stable Economy


S I N G A P O R E

MASTER POINT: Court Enters Wind-Up Order
MEDIA AV: Court to Hear Wind-Up Petition January 8
ORCHARD CUPPAGE: Court Enters Wind-Up Order
PACIFIC CENTURY: Court Enters Wind-Up Order
PACIFIC INTERNATIONAL: S&P Affirms 'BB-' Corporate Credit Rating

SERENITY LIFESTYLE: Court to Hear Wind-Up Petition on January 8
SINGAPORE TIN: Court to Hear Wind-Up Petition on December 18


T A I W A N

AU OPTRONICS: Fitch Upgrades Issuer Default Ratings to 'BB-'
TAIWAN COOPERATIVE: Fitch Affirms Individual Rating at 'C/D'
TAIWAN FINANCE: Fitch Affirms Individual Rating at 'D'
TAIWAN INTERNATIONAL: Fitch Affirms Individual Rating at 'D'


                         - - - - -


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


EVEREST FINANCIAL: Investor Files Suit Over Frozen Funds
--------------------------------------------------------
Susannah Moran at The Australian reports that a Sydney investor is
suing Everest Financial Group Ltd. in Federal Court.

The report says the matter was in court on December 10 for the
first time.  Dr. Joe Ross, a Sydney anesthetist who invested AU$50
million, is one of the fund's biggest investors.

According to The Australian, the fund is in the process of being
wound up and the court heard that a distribution of 50c in the
dollar for investors and a further 24c per dollar distribution was
being planned.  But no further payment could be made while the
proceedings were afoot, the report adds.

The Australian relates Robert Dubler SC, on behalf of Dr. Ross,
said Everest's claims that Dr. Ross's case was holding up the
further distribution of funds was a "cruel irony", and should not
be used as grounds for expediting the case through the court.

As part of his case, says The Australian, Dr. Ross claims he
relied on representations made to him.  He is also suing chief
executive Jeremy Reid personally.

Dr. Ross, as cited by The Australian, claims he was persuaded to
invest a further AU$25 million in October 2007, after previously
investing AU$25 million.

Justice Nye Perram ordered that Babcock file its defense to the
case later this month and that Dr. Ross put on his own evidence by
February 17 next year.  The matter returns to court for further
directions on February 25.

Everest Financial Group Limited (ASX:EFG) --
http://www.everest.com.au/-- formerly as Everest Babcock & Brown
Limited, is an investment company.  Everest Capital Limited, the
wholly owned subsidiary of the Company is primarily responsible
for dealing with issues arising from the investment risk.  The
Company's subsidiaries are Everest Capital Limited, Everest
Capital Investment Management Limited, Everest Capital Management
Limited, Everest Babcock & Brown Employee Share Trust and Everest
Finance Group Pty Limited.  Everest Capital, a wholly owned
subsidiary of EBB has a 50% interest in the EBB-AFG Capital
Management Limited jointed venture company.


GREAT SOUTHERN: Pulpwood Withdraws Bid for Timber Schemes
---------------------------------------------------------
WA Business News reports that Pulpwood Plantations has withdrawn
its takeover bid for Great Southern timber schemes before the
official vote was to take place.

According to the report, the withdrawal followed an announcement
by Pulpwood head Gordon Martin last week that warned investors
against traveling to the meeting because proxy support indicated
the bid would not be successful.

WA Business News says Black Tree Pty Ltd. also suspended its
proposal.

Citing Black Tree executive chairman Tony Jack, the report relates
Mr. Jack said while the company remained ready for the receivers
of Great Southern to take its proposal to a meeting of growers, it
believed that "forces aligned against us make an independent
meeting unpractical and unlikely to succeed."

The report notes these events leave one active bid in the market,
Gunns Ltd., which will put its proposal up for investors' -- or
growers' -- vote on December 23.

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on Aug. 17, 2009, that Gordon Martin, chairman of a local
chemical group, set up Pulpwood Plantations to put between AU$10
million and AU$20 million into the Great Southern schemes.

Mr. Martin said that a group called Primary Securities, which has
experience with Managed Investment Schemes and was independent of
his organization, was willing to be nominated as Responsible
Entity to act as manager of the six schemes, which appear to
account for around half of Great Southern's timber schemes.

As reported in the TCR-AP on September 9, 2009, The Australian
Associated Press said the receivers of Great Southern have started
selling all, or parts, of the failed agricultural projects
operator.

Receiver McGrathNicol has called for interest from third parties
to buy all or part of the company: the land owned by Great
Southern entities and other of its assets, including assets
associated with Great Southern's managed investment schemes, the
AAP said.

According to the AAP, McGrathNicol has also called for expressions
of interest from parties who may be interested in replacing Great
Southern Managers Australia Ltd (GSMAL) as the responsible entity
for all or some of the managed investment schemes, in combination
with the sales process or separately.

                       About Great Southern

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

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

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

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


SOLAR SYSTEMS: Will Likely Face Liquidation, Administrator Says
---------------------------------------------------------------
Richard Willingham at The Advertiser reports that Solar Systems
Pty Ltd will likely be placed into liquidation at a creditors'
meeting today.

The second creditors meeting for Solar Systems Pty Ltd, Solar
Systems Generation Pty Ltd and Solar Power Stations Australia Pty
Ltd will be held today.

According to the report, administrator Stephen Longley at
PricewaterhouseCoopers said given that a deed of company
arrangement had not been proposed, creditors would not need to
consider this option at the meeting.

"So it is likely the companies will be placed into liquidation,"
Mr. Longley was quoted by The Advertiser as saying.  "However, we
have recommended to creditors that they resolve to adjourn the
meeting for up to 45 business days in order to defer the
liquidation process until after the sale process is completed."

The report relates Mr. Longley said negotiations for the sale of
Solar Systems would continue.

"We will be updating creditors with the status of the sale process
at the meeting so they can make an informed decision on whether to
adjourn the meeting or place the companies into liquidation," Mr.
Longley told The Advertiser.

As reported in the Troubled Company Reporter-Asia Pacific on
September 9, 2009, Solar Systems Pty. Ltd. and two of its
subsidiaries were placed into voluntary administration on
September 7, 2009.

PricewaterhouseCoopers partners Stephen Longley and David McEvoy
were appointed voluntary administrators of:

   -- Solar Systems Pty Ltd;
   -- Solar Power Stations Australia Pty Ltd; and
   -- Solar Systems Generation Pty Ltd.

                        About Solar Systems

Based in Melbourne, Australia, Solar Systems Pty Ltd was building
Australia's first large scale solar power station, in the
Victorian regional town of Mildura.


LIBERTY FINANCIAL: Fitch Takes Rating Actions on Various Classes
----------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed three classes of
notes issued by Liberty Financial Pty Ltd as trustee of the
Liberty Series 2006-1 and 2007-1 Auto Trusts, and at the same time
assigned Outlooks and Loss Severity Ratings to the notes.  The
rating actions are listed below.  These transactions are backed by
pools of non-conforming auto receivables originated by Liberty
Financial Pty Ltd.

Liberty Series 2006-1 Auto Trust (Liberty 2006-1)

  -- AU$21.95 million Class B (AU3FN0000568) upgraded to 'A+',
     from 'A'; Outlook Stable; Loss Severity Rating assigned at
     'LS-1'; and

  -- AU$3.9 million Class C (AU3FN0000576) affirmed at 'BBB';
     Outlook Stable; Loss Severity Rating assigned at 'LS-3'.
     Class A2 was paid in full in June 2009.

Liberty Series 2007-1 Auto Trust (Liberty 2007-1)

  -- AU$14.13 million Class A (AU3FN0004172) affirmed at 'AAA',
     Outlook Stable; Loss Severity Rating assigned at 'LS-2';

  -- AU$15.40 million Class B (AU3FN0004164) affirmed at 'A',
     Outlook Stable; Loss Severity Rating assigned at 'LS-3';

  -- AU$8.0 million Class C (AU3FN0004180) upgraded to 'A-',
     from 'BBB+', Outlook Stable; Loss Severity Rating assigned
     at 'LS-3'; and

  -- AU$4.6 million Class D (AU3FN0004198) upgraded to 'BBB-',
     from 'BB', Outlook Stable; Loss Severity Rating assigned at
     'LS-3'.

"Both transactions have had sufficient excess to cover all losses
incurred to date, and this is expected to continue with additional
support provided by liquidity and credit reserves," notes Ms
Leanne Vallelonga, Associate Director in Fitch's Structured
Finance team.

Fitch has reviewed the performance of both transactions and
modelled forward the prospective outlook for each with base-case
net loss estimates for the remaining pool balances of 7.70% for
Liberty 2006-1 and 8.50% for Liberty 2007-1, with recovery ratings
of 40% utilized for both.

Arrears for both transactions peaked in early 2008 and have mostly
remained flat or fallen since then.

The rating actions reflect Fitch's view that the available credit
enhancement levels are able to support the upgrades and
affirmations of these notes.

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.


TRINITY LIMITED: Rejects Former Directors Bid to Acquire Two Units
------------------------------------------------------------------
James McCullough at the Courier Mail reports that the management
of the troubled Trinity Group has rejected an offer to acquire two
of the company's subsidiaries by former director Don O'Rorke,
describing the bid as "mischievous and misleading".

The report relates Trinity chairman Brett Heading said the company
had been involved in discussions with Mr. O'Rorke for several
weeks because he and some of his associated entities owed Trinity
about AU$3 million.  Mr. O'Rorke also had personal guarantees over
some of the debt, Mr. Heading added.

According to the report, Mr. O'Rorke's Consolidated Properties
Group last week made an offer to acquire Trinity Development Group
Holdings and Trinity Japan Trust.  The report says Mr. O'Rorke,
who is the second largest shareholder in Trinity with about 12% of
the stock, claimed the deal would deliver more than AU$33 million
in value to Trinity and its investors.

The Consolidated chief said the offer would result in his company
assuming all outstanding obligations for Trinity towards the
project partners and immediately cutting litigation costs being
incurred by Trinity on disputed recoverables he said involved 13
separate parties.

Mr. Heading, however, disputed Mr. O'Rorke's claim that his deal
would deliver AU$33 million in value to Trinity and its investors.

As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, The Australian said Queensland-based
superannuation firm Sunsuper's AU$100 million controversial
investment into Trinity Limited had been frozen indefinitely.

The Australian said Trinity also had warned that the value of the
now frozen Trinity Property Trust was in danger of "significant
negative capital reversion" weeks before Sunsuper made the
investment in August last year.  Trinity froze the trust because
it was "not in the best interests of unitholders" to allow
investors to withdraw funds.

Since Sunsuper invested AU$100 million in Trinity, the Australian
noted, the value of the trust has slumped 26%, with the investment
-- provided by the group's superannuation holders -- now worth
just AU$74 million.

Trinity said it would continue to pay distributions on investments
in the Trinity Property Trust despite the freeze, The Australian
disclosed.

Headquartered in Brisbane, Australia, Trinity Limited (ASX:TCQ) --
http://www.trinity.com.au/-- along with its subsidiaries, is
principally engaged in investment in commercial, retail and
industrial properties; funds management including property and
project management, and property development. The Company operates
four business segments: funds and property management, which is
engaged in the establishment and management of property investment
vehicles; property investment, which is engaged in investment and
management of income producing properties; co-investment, which is
engaged in investment in unlisted and listed property securities
managed within the Group, and property development and project
management, which is engaged in the participation in and
management of property development projects through participation
agreements.


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TONGLI PHARMACEUTICALS: Incurs US$10,829 Net Loss in FY 2010 Q2
---------------------------------------------------------------
Tongli Pharmaceuticals (USA), Inc. and subsidiaries reported a net
loss of US$10,829 on revenue of US$546,281 for the three months
ended September 30, 2009, compared with net income of US$487,036
on revenue of US$1,645,540 in the same period ended September 30,
2008.

The Company says that the US$1.09 million revenue decrease was
mainly attributable to the general slowdown of the economy in
China as well as the seasonal production suspension and the
Company's factory facility maintenance in August 2009.

The decrease in net income was primarily due to decreased sales.

For the six months ended September 30, 2009, the Company reported
net income of US$623,079 on revenue of US$2,893,375, compared with
net income of US$992,021 on revenue of US$3,310,710 for the same
period ended September 30, 2008.

At September 30, 2009, the Company's consolidated balance sheets
showed US$10,394,679 in total assets, US$1,885,430 in total
liabilities, and US$8,509,249 in total shareholders' equity.

A full-text copy of the Company's Form 10-Q is available for free
at http://researcharchives.com/t/s?4ba0

                       Going Concern Doubt

As reported in the TCR on July 21, 2009, Paritz & Company, P.A. in
Hackensack, New Jersey expressed substantial doubt about Tongli
Pharmaceuticals' ability to continue as a going concern after
auditing the financial results for the years ended March 31, 2009,
and 2008.  The auditors related that the Company has a working
capital deficit of US$275,450 and had minimum cash or available
borrowing capacity as of March 31, 2009.

As of September 30, 2009, the Company's working capital has
improved to US$566,178.  The Company says it has taken certain
actions and continues to implement changes designed to improve its
financial results and operating cash flows.  The actions include
certain cost-saving initiatives and continuous development of new
and existing clients.  The Company believes that these actions
will enable it to move towards profitability and improve cash flow
in its continuing operations through the coming year.

                   About Tongli Pharmaceuticals

Based in Flushing, New York, Tongli Pharmaceuticals (USA), Inc.,
through a wholly-owned subsidiary, Harbin Tianmu Pharmaceuticals
Co., Ltd., develops, produces and sells a wide variety of
pharmaceuticals and healthcare products in the People's Republic
of China that are based on traditional Chinese medicine.


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H O N G  K O N G
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ATHENEE CDO: S&P Withdraws Rating on EUR5 Mil. Floating Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on tranche
A of the Hunter Valley CDO Series 2007-11 EUR5 million floating-
rate notes due June 30, 2014 issued by Athenee CDO PLC.  The
rating has been withdrawn at the request of the issuer following a
repurchase and cancellation of the notes.

The rating action on the affected transaction is:

   Name                              Rating To    Rating From
   ----                              ---------    -----------
   Athenee CDO PLC                   N.R.          B+
   Series 2007-11 Tranche A

                         N.R. Not rated


ENRON (CHINA): Roy Heng Pei Neng Appointed as Liquidator
--------------------------------------------------------
Roy Heng Pei Neng on November 24, 2009, was appointed as
liquidator of Enron (China) Limited.

Mr. Neng replaces Heng Kwoo Seng who stepped down as liquidator on
November 24, 2009.

The liquidator may be reached at:

         Roy Heng Pei Neng
         Allied Kajima Building, 7/F
         138 Gloucester Road
         Wanchai, Hong Kong


ENRON (HK): Roy Heng Pei Neng Appointed as Liquidator
-----------------------------------------------------
Roy Heng Pei Neng on November 24, 2009, was appointed as
liquidator of Enron (HK) Limited.

Mr. Neng replaces Heng Kwoo Seng who stepped down as liquidator on
November 24, 2009.

The liquidator may be reached at:

         Roy Heng Pei Neng
         Allied Kajima Building, 7/F
         138 Gloucester Road
         Wanchai, Hong Kong


GIANT CHANNEL: Creditors' and Members Meeting Set for Dec. 21
-------------------------------------------------------------
Creditors and members of Giant Channel International Limited will
hold their annual meetings on December 21, 2009, at 11:00 a.m.,
and 11:45 a.m., respectively at the Suites 604-5, Kowloon
Building, 555 Nathan Raod, Kowloon, in Hong Kong.

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


HK WORLD: Members' Final Meeting Set for January 8
--------------------------------------------------
Members of Hong Kong World City Arts and Culture Limited will hold
their final meeting on January 8, 2010, at 9:30 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.


JENBACHER EAST: Members' Final Meeting Set for January 8
--------------------------------------------------------
Members of Jenbacher East Asia Limited will hold their final
general meeting on January 8, 2010, at 11:00 a.m., at the Rooms
1009-1012, 10th Floor, K. Wah Centre, 191 Java Road, North Point,
in Hong Kong.

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


KELON ELECTRIC: Members' Final Meeting Set for January 5
--------------------------------------------------------
Members of Kelon Electric Appliances Company Limited will hold
their final general meeting on January 5, 2010, at 10:00 a.m., at
the Flat A, 16/F., United Centre, 95 Queensway, in Hong Kong.

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


KIANA PRINCIPAL: Creditors' Proofs of Debt Due December 28
----------------------------------------------------------
Kiana Principal Investments Limited, which is in members voluntary
liquidation, requires its creditors 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 27, 2009.

The company's liquidator is:

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


MAY COMPANY: Members' Final Meeting Set for January 4
-----------------------------------------------------
Members of May Company Limited will hold their final general
meeting on January 4, 2010, at 10:30 a.m., at the 5/F., Dah Sing
Life Building, 99-105 Des Voeux Road Central, in Hong Kong.

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


RAMS CITY: Members' Final Meeting Set for January 12
----------------------------------------------------
Members of Rams City (Nominees) Limited will hold their final
general meeting on January 12, 2010, at 10:10 a.m., at the 5th
Floor, Jardine Huse, 1 Connaught Place, Central, in Hong Kong.

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


SELECT FOOD: Creditors' Meeting Set for December 22
---------------------------------------------------
Creditors of Select Food Limited will hold their meeting on
December 22, 2009, at 3:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, No. 15 Hennessy Road, Wanchai, in Hong Kong.


SINOPEX ENTERPRISE: Members' Final Meeting Set for January 4
------------------------------------------------------------
Members of Sinopex Enterprise Co Limited will hold their final
meeting on January 4, 2010, at 9:30 a.m., at the Rooms 1901-2,
Park-In Commercial Centre, 56 Dundas Street, in Kowloon.

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


TAI LUNG: Creditors' Proofs of Debt Due January 16
--------------------------------------------------
Creditors of Tai Lung Communication Company Limited, which is in
members voluntary liquidation, are required to file their proofs
of debt by January 16, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Zse Lin Tan
         Unit D, 21/F
         Max Sare Centre
         373 King's Raod
         North Point, Hong Kong


TIMPSON INVESTMENT: Members' Final Meeting Set for January 4
------------------------------------------------------------
Members of Timpson Investment Limited will hold their final
general meeting on January 4, 2010, at 11:00 a.m., at the 5/F.,
Dah Sing Life Building, 99-105 Des Voeux Road Central, in Hong
Kong.

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


CHINA STATE TRUSTEE: Members' Final Meeting Set for January 12
--------------------------------------------------------------
Members of The China State Trustee Limited will hold their final
general meeting on January 12, 2010, at 10:20 a.m., at the 5th
Floor, Jardine House, 1 Connaught Place, Central, in Hong Kong.

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


VCK VANAIR: Members' Final Meeting Set for January 8
----------------------------------------------------
Members of VCK Vanair Logistics Limited will hold their final
meeting on January 8, 2010, at 3:00 p.m., at Unit 325, 3/F., Metro
Centre, Phase 2, 21 Lam Hing Street, Kowloon Bay, in Hong Kong.

At the meeting, Leigh Man Sung Camballaw, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


WESTERGREN COMPANY: Creditors' Meeting Set for December 18
----------------------------------------------------------
Creditors of Westergren Company Limited will hold their meeting on
December 18, 2009, at 4:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, and 255 of the Companies Ordinance.

The meeting will be held at Rooms 201-3, 2nd Floor, China
Insurance Group Building, 141 Des Voeux Road Central, in Hong
Kong.


YIEN YIEH: Members' Final Meeting Set for January 12
----------------------------------------------------
Members of Yien Yieh (Nominees) Limited will hold their final
general meeting on January 12, 2010, at 10:30 a.m., at the 5th
Floor, Jardine House, 1 Connaught Place, Central, in Hong Kong.

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


YI FENG: Members' Final General Meeting Set for January 8
---------------------------------------------------------
Members of Yi Feng Consultants & Engineering Limited will hold
their final general meeting on January 8, 2010, at 2:00 p.m., at
the Enson CPA Limited, Suite 607, Star House, 3 Salisbury Road,
Tsimshatsui, in Kowloon.

At the meeting, Daniel Chun-chiu Ng, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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B.G. & ASSOCIATES: CRISIL Rates INR85 Million Cash Credit at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of B.G. & Associates.

   Facilities                       Ratings
   ----------                       -------
   INR85.0 Million Cash Credit*     B+/Stable (Assigned)

  * Includes a sublimit for Packing Credit and Bills Discounting
    of INR20.0 million

The rating reflects BGA's modest financial risk profile, and
exposure to risks relating to its modest scale of operations in
highly competitive retail jewellery business and geographical
concentration of its operations.  These weaknesses are partially
offset by the benefits that BGA derives from its promoter's
extensive experience in the diamond jewellery business and
expected support from the Dynamix group.

Outlook: Stable

CRISIL believes that BGA will maintain its credit risk profile on
the back of the promoter's extensive experience in the diamond and
jewellery business and expected support from the Dynamix group.
The outlook may be revised to 'Positive' if BGA generates better-
than-expected operating revenues and margins.  Conversely, the
outlook may be revised to 'Negative' if BGA's financial risk
profile deteriorates materially because of lower-than-expected
revenues and margins, or higher-than-expected debt-funding of
capital expenditure for capacity expansion.

                     About B.G. & Associates

BGA, set up in 2007 as a proprietary concern by Mrs. Bina Goenka,
manufactures high-value diamond studded jewellery.  The firm has a
manufacturing facility in Mumbai and a boutique at Hotel Grand
Hyatt, Mumbai.  The proprietor has set up a private limited
company, La' Casa De Joaillier Pvt Ltd, in April 2009, to take
over the business of BGA.

BGA reported a profit after tax (PAT) of INR5.12 million on net
sales of INR121.3 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.68 million on net
sales of INR42.32 million for 2007-08.


BHANAVI AGRO: Low Net Worth Prompts CRISIL To Assign 'B+' Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Bhanavi Agro Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR55.0 Million Cash Credit        B+/Stable (Assigned)
   INR51.0 Million Term Loan          B+/Stable (Assigned)
   INR0.5 Million Bank Guarantee      P4 (Assigned)

The ratings reflect BAPL's weak financial risk profile, limited
financial flexibility owing to low net worth, and exposure to
risks relating to small scale of operations and intense
competition in the agricultural commodities industry, and
dependence on wheat as raw material.  These weaknesses are
however, partially offset by the benefits that the company derives
from the geographical diversity in operations.

Outlook: Stable

CRISIL believes that BAPL will maintain a stable credit risk
profile, supported by the promoters' experience in the
agricultural commodities industry.  The outlook may be revised to
'Positive' if the company's cash accruals increase, or if equity
infusions lead to a stronger financial risk profile for BAPL.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large, debt-funded capital expenditure, thereby
weakening its financial risk profile.

                        About Bhanavi Agro

Incorporated in 2001, BAPL has a flour mill for production of
wheat products like maida, atta, rava, and suzi.  Its mills at
Udaipur and Banswara (Rajasthan) have a manufacturing capacity of
90 tonnes per day (tpd) and 150 tpd, respectively.  BAPL reported
a profit after tax (PAT) of INR1.8 million on net sales of INR223
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR4.2 million on net sales of
INR253 million for 2007-08.


BOXTRANS LOGISTICS: CRISIL Reaffirms 'BB+' Rating on Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Boxtrans Logistics
(India) Services Pvt Ltd  continue to reflect BLIS's vulnerability
to intense market competition and risks related to initial stage
of operations, and its weak financial risk profile.  These
weaknesses are partially offset by the strong growth potential of
the container transport industry, and by the synergies the company
derives from its association with its promoters' existing lines of
business.

   Facilities                        Ratings
   ----------                        -------
   INR1850 Million Term Loan         BB+/Stable (Reaffirmed)
   INR100 Million Bank Guarantee     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that BLIS will continue to benefit from promoter
support over the medium term.  The improved macro environment will
help the company achieve higher revenues and profitability. The
outlook may be revised to 'Positive' if the company's cash
accruals are adequate to service its debt in a timely manner.
Conversely, the outlook may be revised to 'Negative' in case
demand recovery is slower than expected resulting in strain on
cash flows.

                     About Boxtrans Logistics

Boxtrans Logistics (India) Services Pvt Ltd, a special purpose
vehicle, is an equal joint venture between J M Baxi & Co and
United Liner Agencies of India Pvt Ltd.  BLIS is in the private-
container cargo transport business, and has a Category 3 license
from the Indian Railways, enabling it to operate container rakes.
BLIS started commercial operations on June 30, 2008, and currently
transports cargo on three routes: Loni-Mundra, Loni-Visakhapatnam,
and Morbi-Cossipore-Wardha-Morbi.  It also runs non-scheduled
services from the Orissa and Jharkhand iron ore belts to North-
Indian destinations, and in the Visakhapatnam-Jharsuguda belt.

For 2008-09 (refers to financial year, April 1 to March 31), the
company reported a net loss of INR355 million on net sales of
INR655 million. For the six months ended September 30, 2009, BLIS
reported a net loss of INR155 million on net sales of INR560
million.

                       About the Promoters

Established in 1916, JMB is the largest shipping agency house in
India, with a network of over 55 offices across ports on the east
and west coast.

Established in 1947, ULA runs container terminals, freight
stations, shipping agencies, and offers stevedoring and allied
shipping services. The company has its offices at all major Indian
ports and inland container depots.


GANESH RAM: Low Net Worth Cues CRISIL To Assign 'BB+' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to Ganesh Ram
Dokania's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Cash Credit*        BB+/Stable (Assigned)
   INR100 Million Bank Guarantee@     P4+ (Assigned)

   *Includes proposed amount of INR90 million
   @Includes proposed amount of INR80 million

The ratings reflect GRD's low net worth, small scale of operations
in the civil construction industry, and exposure to risks relating
to geographical concentration in revenue profile. These weaknesses
are partially offset by the benefits that the firm derives from
its comfortable order book.

Outlook: Stable

CRISIL believes that GRD will benefit from the growth prospects in
the civil construction industry.  The outlook may be revised to
'Positive' if GRD strengthens its business risk profile through
segmental and geographical diversity in its revenue profile, while
maintaining its operating margins. Conversely, the outlook may be
revised to Negative' if GRD contracts large debt to fund any
capital expenditure (capex) or acquisition, thereby weakening its
financial risk profile.

                         About Ganesh Ram

Set up in 1958 by Mr. Ganesh Ram Dokania as a proprietorship
concern, GRD converted into a partnership firm in 1996.  The
company undertakes civil construction activities such as
construction of roads and bridges.  The firm is registered as a
Class IA contractor with the Government of Bihar.

GRD reported a profit after tax (PAT) of INR12 million on net
sales of INR528 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR23.5 million on net
sales of INR862 million for 2007-08.


MEHALA MACHINES: CRISIL Upgrades Ratings on Various Debts to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on Mehala Machines India Pvt Ltd's
long-term facilities to 'B+/Stable' from 'D/C', and reaffirmed the
short-term facilities at 'P4'.

   Facilities                            Ratings
   ----------                            -------
   INR100 Million Long-Term Loan         B+/Stable (Upgraded from
                                                    'D')

   INR65 Million Cash Credit Limit*      B+/Stable (Upgraded from
                                                    'C')
   INR10 Million Letter of Credit        P4 (Reaffirmed)

   INR60 Million Short-Term Bank         P4 (Reaffirmed)
                       Facility

   * includes proposed limit of INR5 million

The upgrade reflects improvement in Mehala's liquidity.  Mehala's
term loan has been restructured, and the company has been
servicing the facility in a timely manner.  The upgrade also
reflects CRISIL's belief that Mehala will maintain its financial
performance, on the back of stable business profile, over the
medium term.

The ratings reflect Mehala's average financial risk profile
constrained by working capital intensive nature of operations and
competition from other brands.  These rating weaknesses are
partially offset by Mehala's established market position, backed
by sole distributorship status.

Outlook: Stable

CRISIL expects Mehala's credit risk profile to improve over the
medium term backed by improvement in its debt protection measures
and the overall financial risk profile.  The outlook may be
revised to 'Positive' if Mehala improves its profitability more
than expected, while maintaining its business risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
decline in revenues or pressure on profitability, or if the
company undertakes higher-than-expected debt-funded capital
expenditure program or extends support to group companies.

                       About Mehala Machines

Mehala was established in 1978 as a proprietary concern (Mehala
Machines India Ltd) by Mr. C Subramaniam; the company was
converted into a public limited company in 1991.  Mehala is the
sole selling agent in India, Sri Lanka, Singapore and Bangladesh,
for Siruba sewing machines, which are manufactured by Kaulin
Manufacturing Company Ltd, Taiwan.  Mehala imports and sells
textile machinery for the entire garment manufacturing value
chain, consisting of sewing machines, embroidery machines, cutting
machines, and finishing equipment.

Mehala was amalgamated with Sanmarco Texmac Pvt Ltd in
December 2008, with effect from April 1, 2007. In May 2009, the
name of the amalgamated entity was changed to Mehala. Sanmarco
Texmac was a manufacturer of worsted ring frames for spinning and
related components.

Mehala reported a profit after tax (PAT) of INR32 million on net
sales of INR590 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR29 million on net
sales of INR486 million for 2007-08.


PRIDE COKE: CRISIL Cuts Rating on INR41.4MM Term Loan at 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the above-mentioned bank
facilities of Pride Coke Pvt Ltd to 'BB-/Stable' from
'BB+/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR110 Million Cash Credit Limits    BB-/Stable (Downgraded
                                             from 'BB+/Stable')

   INR41.4 Million Term Loan            BB-/Stable (Downgraded
                                             from 'BB+/Stable')

The downgrade reflects significant deterioration in PCPL's
profitability in 2008-09 (refers to financial year, April 1 to
March 31) driven by lower-than-expected revenues because of
decrease in coke prices.  The downgrade also reflects CRISIL's
belief that PCPL's financial risk profile will remain weak, and
its liquidity will continue to be under pressure, over the medium
term, because of continuing weak operating performance of the
company.

The revised ratings reflect the susceptibility of PCPL's margins
to volatility in coke prices. This weakness is partially offset by
PCPL's medium scale of operations and stable customer base.

Outlook: Stable

CRISIL believes that PCPL will maintain a stable credit risk
profile over the medium term, driven by its established
relationship with suppliers and successful implementation of coal
beneficiation plant.  However, the company's financial risk
profile is unlikely to witness any significant improvement, given
the large working capital requirements and weak debt protection
metrics.  The outlook may be revised to 'Positive' in case of
significant and sustainable increase in PCL's revenues and
improvement in profitability or capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates further or if it undertakes a large,
debt-funded capital expenditure program.

                         About Pride Coke

PCPL was incorporated in 2004 by Mr. Kamal Harlalka, and began
operations in 2005. It is a closely held company. The company
manufactures low-ash metallurgical coke (LAMC) and coke breeze.
Its manufacturing unit in Guwahati, Assam, has capacity to produce
125,000 tonnes of coke per annum.

For 2008-09 (refers to financial year, April 1 to March 31), PCPL
reported a net loss of INR22 million on net sales of INR284
million, against a profit after tax of INR39 million on net sales
of INR353 million in the preceding year.


RAM LEATHER: CRISIL Assigns 'P4' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of Ram
Leather Apparels (RLA, part of the SL Leather group).

   Facilities                                   Ratings
   ----------                                   -------
   INR75.00 Million Export Packing Credit*      P4 (Assigned)
   INR40.00 Million Export Bill Discounting     P4 (Assigned)
   INR5.00 Million Letter of Credit             P4 (Assigned)

   * Includes ad hoc limit of INR5.00 Million.

The rating reflects the SL Leather group's weak financial risk
profile, customer concentration in revenue profile, large working
capital requirements, and exposure to intense competition in the
leather industry.  These weaknesses are partially offset by the
benefits that the SL Leather group derives from the industry
experience of its management, and vertically integrated
operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RLA and SL Leathers Pvt Ltd.  This is
because the two entities, together referred to as the SL Leather
group, are vertically integrated and are part of the leather value
chain; the entities are also under a common management, with
common operational and financial linkages.

                          About the Group

The SL Leather group consists of two entities, RLA and SL owned
and managed by Mr. R Asokan.  The Chennai-based group manufactures
and sells finished leather, leather garments, and leather
footwear. It has a capacity to manufacture 48,000 pieces of
garments, 72,000 pairs of footwear, and 7.2 million square feet of
finished leather per annum.

SL was formed in 1986, and converts semi-finished leather into
finished leather. RLA, established in 1992, manufactures leather
garments and footwear, and procures around 50 per cent of its
finished leather requirements from SL.

The SL Leather group's profit after tax (PAT) and net sales are
estimated at INR3 million and INR386 million respectively, for
2008-09 (refers to financial year, April 1 to March 31), against a
reported PAT of INR3 million and net sales of INR314 million for
2007-08.


SARAVANA SPINNING: CRISIL Rates INR1.29 Bil. LT Loan at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Sri Saravana Spinning Mills Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR1295.10 Million Long Term Loan       BB+/Stable (Assigned)
   INR1032.50 Million Cash Credit          BB+/Stable (Assigned)
   INR170.00 Million Letter of Credit      P4+ (Assigned)
   INR20.00 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Sri Saravana's below-average financial risk
profile, customer and geographical concentration in revenue
profile, and vulnerability of the company's operating margin to
intense market competition and fluctuations in foreign exchange
rates.  These rating weaknesses are partially offset by Sri
Saravana's established market position supported by the industry
experience of its promoters, diversified product profile resulting
in steady revenues, and healthy operating efficiencies.

Outlook: Stable

CRISIL believes that Sri Saravana will continue to benefit over
the medium term from its healthy operating efficiencies and steady
export revenues.  The outlook may be revised to 'Positive' if the
company reduces the customer and geographic concentration in its
revenue profile while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large, debt-funded capital expenditure
programme or acquisition, its realisations and margins decline
steeply, or the company extends financial support to its associate
companies that have relatively weaker credit risk profiles.

                        About Sri Saravana

Incorporated in 1984 by Mr. Krishnasamy, Dindigul-based Sri
Saravana is in the business of manufacturing cotton yarn and
knitted garments, and processing of fabrics.  The company's
operations are fully integrated, from cotton yarn manufacturing to
knitted garments.  The company has a spinning capacity of around
86,000 spindles, garment manufacturing capacity of 4 million
pieces per annum, and processing capacity of 12 tonnes of fabric
per day and 7 tonnes of yarn per day; the units are in
Pithalaipatty, Batlagundu, and Palladam, in Tamil Nadu.  In
December 2008, associate companies SSM Fine Yarns Pvt Ltd and
Sumeru Knits Pvt Ltd, engaged in dyeing and knitting respectively,
were merged into Sri Saravana as per order of the High Court of
Madras, with the effective date fixed as April 1, 2007.

For 2008-09 (refers to financial year, April 1 to March 31), Sri
Saravana posted a provisional profit after tax (PAT) of INR145
million on net sales of INR2.60 billion, against a PAT of INR82
million on net sales of INR1.87 billion for the preceding year.


SISTEMA SHYAM: Fitch Assigns Rating on INR7.5 Bil. Term Loan
------------------------------------------------------------
Fitch Ratings has assigned India's Sistema Shyam Teleservices
Limited's INR7.5 billion term loan from Punjab National Bank a
National Long-term rating of 'A-(ind)(SO)'.

The rating is based solely on the corporate guarantee from SSTL's
parent, Sistema JSFC ('BB-'/Stable), which owns a 73.7% stake.
SSTL has the license and the required spectrum to roll out
services in 22 telecom circles in India, and is in the process of
rolling out its pan-India telecom services network; it has
commenced roll-out in eight circles.  During FY09 (year ending
March 2009), Sistema infused INR20bn by way of equity and
INR11.67 billion as a loan in SSTL.

Fitch notes that SSTL has a weak stand-alone credit profile.
During FY09, the company posted operating revenues of INR952
million, operating EBITDA of negative INR2.2 billion and a net
loss of INR5.9 billion.  The management expects the company to be
EBITDA positive from FY13 and net income positive from FY16.
India's telecom market is highly competitive, and has recently
been further affected by tariff wars led by the new entrants in
the sector.  The Indian telecom sector has low average revenue per
user (ARPU) of under INR300 (US$6), combined with a high number of
competing telecom operators within a telecom circle.

An upgrade in SSTL's guaranteed debt programme would be based on
the upgrade of Sistema's rating.  Likewise, a downgrade of
Sistema's rating or the revocation of the corporate guarantee for
the rated programme constitute negative ratings drivers.

Sistema is the majority share holder in SSTL with a 73.7% equity
stake, while the Shyam Group holds a 23.79% stake and the
remaining 2.5% is held by Indian minorities.  Formerly known as
Shyam Telelink Limited, SSTL was re-named in FY09.  Incorporated
in 1995, the company obtained a Basic Telephony Service License in
1998 for the Rajasthan Circle and started its commercial
operations in June 2000 under the 'Rainbow' brand name.  Further
in 2003, the Company migrated to the Unified access service
Licenses.  Presently SSTL offers mobile telephony services on code
division multiple access platform in eight circles namely -
Rajasthan, Tamil Nadu, Kerala, West Bengal, Bihar, Kolkata, Delhi
and Karnataka.

Sistema is a diversified, Russia-based industrial investment
holding company with subsidiaries operating in various industries,
including telecoms, technology, banking, real estate, tourism and
the media.  Telecommunications dominate Sistema's profile.


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


DAVOMAS ABADI: Moody's Upgrades Corporate Family Rating to 'Caa3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Caa3 from Ca the
corporate family rating of PT Davomas Abadi Tbk.  The rating
outlook is stable.

At the same time, Moody's has withdrawn the Ca senior secured bond
rating of Davomas International Finance Company Pte Ltd, which is
guaranteed by Davomas.

The rating action follows the completion of Davomas' exchange
offer and consent solicitation for its US$238 million notes due
2011, with 98.35% of the nominal amount accepted for the offer.

"The upgrade reflects the fact that the debt restructuring has led
to lower interest payments for Davomas," says Wonnie Chu, a
Moody's Analyst.

"Nevertheless, the company still faces high operating challenges
in turning around its business, including the restoration of its
relationships with suppliers and customers, and the restart of its
production, which has been suspended since May 2009," say Chu.

At the same time, Moody's notes that Davomas has no major near-
term cash flow needs; it does not have any major capex
requirements and its interest payments for 2009 and 2010 can be
paid by issuing new notes as payment in kind.

In addition, it has obtained a US$33m zero interest shareholders'
loan to fund its working capital requirements.

The Caa3 rating reflects the company's volatile operating
performance, concentrated customer base, and history of debt
restructurings.

On the other hand, the rating also recognizes Davomas' position as
a leading cocoa bean grinder in Indonesia.

The stable outlook is based on Moody's expectation that the
shareholders' loan should be sufficient to support Davomas'
working capital needs for the restoration of its operations.

A positive rating trend could evolve over time if Davomas executes
according to its business plan and improves its operating
performance and liquidity position.

On the other hand, the ratings could be subject to downward
pressure if its liquidity position weakens, leaving it unable to
meet cash interest payments due 2011.

The last rating action with respect to Davomas was taken on
May 12, 2009, when its ratings were downgraded to Ca from Caa1
with a negative outlook after it failed to make its interest
coupon payment.

Established in 1990 and listed on the Jakarta Stock Exchange since
1994, PT Davomas Abadi Tbk is one of the dominant producers and
exporters of cocoa butter and cocoa powder in Indonesia.


PAKUWON JATI: Fitch Upgrades Issuer Default Ratings to 'CCC'
------------------------------------------------------------
Fitch Ratings has upgraded PT Pakuwon Jati Tbk's Long-term foreign
and local currency Issuer Default Ratings to 'CCC' from 'RD' and
National Long-term rating to 'B(idn)' from 'D(idn)'.  The Outlook
is Stable.  The agency has also upgraded the US$ senior notes due
2011 ("2011 Notes") to 'CCC/RR4' from 'C/RR4' and Senior Bond I
(outstanding IDR38.5bn) due 2011 to 'B(idn)' from 'C(idn)'.

The rating upgrade reflects the improvement of Pakuwon's liquidity
profile after the completion of the exchange offer for the 2011
Notes with 76.14% of the noteholders validly accepting the offer.
Pakuwon has also received financing amounting to US$39 million
from PT Bank CIMB Niaga Tbk to fund the 60% cash portion of the
exchange offer, while the remaining 40% was exchanged into new
unsecured senior notes due 2015 ("2015 Notes").

Under the revised capital structure, the reduction in the
company's gross debt is minimal.  However, there is a substantial
improvement in the debt amortization schedule with repayments
spread out between 2010 and 2015, as compared to high levels of
maturities in 2010 and 2011 previously.  In addition to that, the
company's cash outflow for interest payment during 2010 and 2011
will be lower as a result of the combination of step up cash and
paid in kind coupon on the 2015 Notes.  With lower cash debt
servicing needs over the next two years, the company enjoys a
somewhat improved flexibility in cash use, especially in
prioritizing the completion of its Gandaria Superblock project.

However, Pakuwon's ratings continue to be constrained by the
company's exposure to the completion risks of its Gandaria
project.  Fitch notes the company's ability to complete the
project and to meet its debt amortization schedule will depend on
the improvement in pre-sales activity of the strata-title office
and condominium towers at Gandaria.  The risk is partially
mitigated by the recurring cash flow from Superblok Tunjungan
City, its mature retail mall in Surabaya.

The Stable Outlook reflects Fitch's expectation that even though
the company's liquidity profile remains tight, it will not face an
immediate liquidity crunch.  However, a negative rating action may
be taken if pre-sales activity does not improve as projected.
Given the company's tight liquidity, any positive rating action is
not envisaged over the next 18 to 24 months.


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


AIFUL CORP: Offers to Repay Goldman JPY3.7 Bil. to Win ADR Support
------------------------------------------------------------------
Aiful Corp. offered to repay JPY3.7 billion (US$42 million) of
loans held by Goldman Sachs Group Inc. at a discount to win the
U.S. lender's support of the Company's debt restructuring
proposal, Bloomberg News reports citing two people familiar with
the matter.

According to Bloomberg, Goldman Sachs told Aiful it may block the
proposal unless the Japanese consumer lender pays back the loans.
Aiful may make similar offers to other creditors before about 70
of them meet on Dec. 24 to vote on the plan, they said.

Goldman Sachs' could derail the talks since Japanese ADR rules
require acceptance from all parties involved for an agreement to
be reached, Bloomberg notes.

"The compromise is a significant move because it increases the
likelihood of the resolution being passed," Bloomberg quoted
Hisayoshi Nogawa, a strategist at BNP Paribas Securities Japan
Ltd, as saying.  Should Aiful fail to win creditor support
Dec. 24, it may go bankrupt, which would have "a negative impact
on the market," he said.

Bloomberg relates the people said Aiful plans to provide creditors
with an update on its restructuring proposal as early as this
week.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2009, Kyodo News said Aiful Corp. has drawn up a revival
plan calling for moving up repayments of outstanding loans from
dozens of creditors on the basis of a new JPY15 billion credit
line it will set up with its biggest creditor Sumitomo Trust &
Banking Co.

Aiful asked 66 creditors in September to consent to an out-of-
court debt resolution under the alternative debt resolution
method.  The Company is currently trying to secure by the yearend
the creditors' agreements to reschedule repayments of its group
debts, which came to around JPY300 billion as of Sept 24, Kyodo
said.

The plan calls for buying back at discounts the bonds which Aiful
floated in the past to the creditors on the basis of the credit
line, according to Kyodo.

Aiful's other creditors include Sumitomo Trust & Banking Corp.,
Aozora Bank Ltd. and Norinchukin Bank, according to documents
obtained by Bloomberg News.

                            About Aiful

Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/--  is
a Japan-based financial service provider.  The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts.  Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates.  Headquartered in Kyoto, the Company has 29 subsidiaries
and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 29, 2009, Moody's Investors Service downgraded to Caa1
from B3 the long-term senior unsecured debt rating and unsecured
medium-term note rating of Aiful Corporation.  At the same time,
Moody's continues to review the ratings for possible further
downgrade.  In addition, Moody's says Aiful's issuer rating
remains at Caa1, but continues to review it for possible further
downgrade.

Standard & Poor's Ratings Services also lowered its long- and
short-term counterparty ratings on Aiful Corp. to 'SD' from 'CC'
and 'C' respectively, after Aiful's application for ADR procedures
was officially accepted.  As a result, Aiful has temporarily
suspended principal payments on borrowings from financial
institutions, thereby breaching the terms and conditions of the
original agreements.  The 'CCC' rating on the senior unsecured
bonds remains on CreditWatch with developing implications.  S&P
placed the senior unsecured rating on CreditWatch with negative
implications on Sept. 14, 2009, based on growing concerns over
cash flow deterioration.  The CreditWatch status was revised to
developing on Sept. 18, 2009.


JAPAN AIRLINES: Conducts Survey on Proposed Pension Cuts
--------------------------------------------------------
Japan Airlines Corp. is carrying out a survey to see whether
company retirees are willing to accept proposed drastic cuts in
pension benefits, Japan Today reports citing company officials.

The report relates that the carrier hopes to get the feedback from
the retirees before an official vote in January to enable a quick
decision for longer-term financial aid by the state-backed
corporate turnaround body, the Enterprise Turnaround Initiative
Corp. of Japan.

According to the report, JAL President Haruka Nishimatsu held a
series of meetings with company retirees in seven cities
nationwide from November 23 to December 8 to explain the need for
the more than 30% cut in their pension benefits.  Officials said
the company has sent the survey to retirees since late November
and is seeking their responses by mail or fax, Japan Today
relates.  JAL, the report says, is also asking the retirees not to
withdraw from the pension program by seeking a lump sum payment in
benefits before the cuts are implemented.

The report says JAL plans to continue its campaign until the final
hours through phone calls, letters and interviews with retirees,
explaining the risks of further cuts in pension benefits if the
company is forced to undergo bankruptcy proceedings.

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

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.


SANYO ELECTRIC: Panasonic Acquires 50.2% Stake for US$4.6 Billion
-----------------------------------------------------------------
Panasonic Corp. said Thursday it will take majority control of
Sanyo Electric Co. in a US$4.6 billion deal, forging one of the
biggest electronics makers in the world, The Associated Press
reports.

According to the AP, Panasonic said it will buy 50.2% of Sanyo for
JPY403.78 billion (US$4.6 billion) after closing its five-week
tender offer that began on Nov. 5.  Panasonic will pay JPY131 per
Sanyo share, the AP relates.

The AP relates Panasonic said the deal will be settled on Dec. 16.

Bloomberg News reports that analysts said Panasonic's purchase of
Sanyo Electric may spur a wave of takeovers of rival electric-car
battery makers as automakers seek to avoid depending on a limited
pool of suppliers.

Batteries will become a key component for companies such as Toyota
Motor Corp. and "automakers may move to absorb companies that
produce those key devices," Mitsushige Akino, who oversees the
equivalent of US$450 million in assets in Tokyo at Ichiyoshi
Investment Management Co, was quoted by Bloomberg as saying.  "We
may see the auto and electronics industries fuse."

According to Bloomberg, Sanyo gives Panasonic access to Volkswagen
AG, Ford Motor Co. and Honda Motor Co. as customers.  Bloomberg
says Osaka-based Panasonic plans to invest JPY123 billion by 2011
to triple its capacity to produce lithium-ion cells, favored by
some carmakers because they are lighter and more powerful than
ones made of nickel-metal hydride.

The Troubled Company Reporter-Asia Pacific reported on November 9,
2009, that Panasonic launched a tender offer for shares of Sanyo
Electric to convert it into a subsidiary.  The offer was expected
to end successfully because the U.S. Goldman Sachs group and two
other major Sanyo shareholders have agreed to sell more than 50%
of their outstanding Sanyo shares to Panasonic at the planned
price of JPY131 per share.  The deal is expected to cost Panasonic
at least JPY400 billion.

                          About Panasonic

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd. -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of the
company's products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.  Some of its subsidiaries also use
their own brand names, such as PanaHome.  The company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation.  In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries.  The company merged with two
subsidiaries on October 1, 2008.

                           About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SHINSEI BANK: To Sell Pacific Century Bldg. for US$1.6 Bil.
-----------------------------------------------------------
Bloomberg News reports that Shinsei Bank Ltd., the Japanese lender
merging with Aozora Bank Ltd., plans to sell the Pacific Century
Place building in Tokyo to Secured Capital Japan Co. for about
US$1.6 billion.

Citing two people familiar with the deal, Bloomberg says Shinsei
and Secured Capital are seeking to complete the transaction for
the 32-story office building adjacent to Tokyo Station by the end
of December.

According to the report, Shinsei took control of Pacific Century
Place after K.K. DaVinci Holdings, which runs Japan's biggest
private real estate fund, failed to repay loans in September.

Bloomberg relates that K.K. DaVinci paid JPY200 billion (US$2.26
billion) to Richard Li, son of Chinese billionaire Li Ka-shing, to
acquire the property, in September 2006.  Merrill Lynch & Co.,
which advised Mr. Li on the Tokyo sale, provided about US$330
million in loans to DaVinci while Shinsei provided about US$1.24
billion, Bloomberg discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
July 31, 2009, the Financial Services Agency issued business
improvement orders to six Japanese banks that have received public
funds due to their poor performance.

The six banks include:

   -- Shinsei Bank;
   -- Aozora Bank;
   -- Chuo Mitsui Trust Holdings Inc.;
   -- Chiba Kogyo Bank;
   -- Higashi Nippon Bank; and
   -- Gifu Bank.

The financial watchdog said the six banks had incurred net losses
in the fiscal year ended in March, falling "considerably short" of
the profit targets set in their revitalization plans.

                        About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Moody's Investors Service affirmed Shinsei Bank,
Limited's ratings, while the ratings outlook remains negative.
The ratings affected are its D+ bank financial strength rating,
Baa3 baseline credit assessment, A3/P-2 long- and short-term
deposit ratings, A3 senior unsecured debt rating, Baa1 senior and
junior subordinated debt ratings, and Baa3 preferred securities
rating.


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


ALLIANCE BANK: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed Alliance Bank Malaysia Berhad's
Individual rating at 'C/D' and Support rating at '3'.

The Individual rating of Alliance Bank reflects its reasonably
strong capital position and well-reserved NPLs, which should
buffer the bank against any unexpected stresses.  Profitability
has weakened but the downward pressure on interest margin is
expected to ease as domestic interest rates stablise.

Based on Fitch's calculations, return on assets (ROA) declined to
0.8% in 1HFY10 and FY09 from 1.4% in FY08 due to lower income and
higher impairment charges on securities.  Due to a high proportion
of floating rate loans -- at around 85% of total loans -- lending
yields were pressured by lower domestic interest rates.  However,
interest yields should stabilize as further reduction in domestic
interest rates are expected to be minimal.  Deposit mix remained
good with lower cost demand and savings accounts at a slightly
higher 37% of total deposits, which should benefit the bank if
interest rates rise in 2010.

The higher impairment charges are due to the bank's exposure to
MYR425 million in collateralized loan obligations (about 1.3% of
total assets) of which several of the underlying obligors have
defaulted.  Within this portfolio, a total of MYR175 million CLOs
matured and where the payments received and provisions made by the
bank were more than sufficient to offset the losses arising from
the defaults.  For the remaining MYR240m in CLOs outstanding,
provisions amounting to 96% of the CLOs have been set aside
suggesting that the exposure should not pose a material risk to
the balance sheet.  There was also no significant deterioration in
its loan book with gross NPLs lower at 4.1% of loans at end-
September 2009 from 4.5% at end-March 2009 and 7.0% at end-March
2008.

Alliance Bank was formed through the merger of Multi-Purpose Bank
with several financial institutions in 2001.  It is 100%-owned by
Alliance Financial Group Berhad, a publicly-listed holding company
which is in turn 29.06%-owned by Vertical Theme.  The latter is a
51:49 joint venture between Langkah Bahagia and Temasek Holdings.


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


PAKISTAN: Moody's Says 'B3' Rating Reflects Stable Economy
----------------------------------------------------------
Moody's Investors Service has issued a new sovereign report on
Pakistan that explains its reasoning for the B3 rating and stable
outlook.

"Pakistan's B3 rating reflects the stabilization of economic and
financial strength, albeit at low levels," says Aninda Mitra,
Moody's sovereign analyst for Pakistan.

"The country's growth downturn is bottoming out, its near-term
external liquidity has improved, and macroeconomic imbalances are
on the mend," says Mitra, noting that the government's
stabilization measures and the strong trend in remittances from
overseas Pakistanis were supporting these stabilizing trends.

"However, structural problems in the electricity sector and the
worsening security environment pose notable risks."

"The ratings also reflect the entrenched nature of Pakistan's low
savings, narrow tax revenues, and relatively weak external
competitiveness," says Mitra, adding that, "although
constitutional order is being restored, Pakistani politics remain
fractious, which could complicate implementation of much needed
structural, policy, and administrative reforms."

"The government has toughened its security response against
religious extremists.  Nonetheless, the fundamental
unpredictability of Pakistani politics and uncertainty about the
durability of medium-term growth subjects underlying sovereign
creditworthiness to a high degree of event risk," writes Mitra.

Mr. Mitra also noted that the government had signed on to an
aggressive package of reforms, and work is in progress to enhance
the government's tax revenue base.  Although such efforts contrast
with the track record of previous administrations, if sustained
progress is in fact achieved, they may constitute credit-
supportive developments.

"The stable outlook reflects augmentation of the IMF program,
which will alleviate external financing needs over the next 15
months and bridge near-term shortfalls in fiscal financing," says
the analyst, noting further that, "even though confidence-
sensitive foreign private investment may remain volatile, the
stable outlook is also supported by recent improvements in
monetary confidence and the stabilization of macroeconomic
imbalances."


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


MASTER POINT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on December 4, 2009,
to wind up the operations of Master Point Industries Corporation
Pte Ltd.

International Paints Singapore Pte. Ltd. filed the petition
against the company.

The company's liquidator is:

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


MEDIA AV: Court to Hear Wind-Up Petition January 8
--------------------------------------------------
A petition to wind up the operations of Media AV Int'l. Pte Ltd.
will be heard before the High Court of Singapore on January 8,
2010, at 10:00 a.m.

Sintech Mechanical & Electrical Services Pte Ltd filed the
petition against the company on December 3, 2009.

The Petitioner's solicitors are:

         Timothy Ng & Co.
         20 Maxwell Road
         #10-09A Maxwell House
         Singapore 069113


ORCHARD CUPPAGE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on December 4, 2009,
to wind up the operations of Orchard Cuppage Pte Ltd. (formerly
known as Harry's Orchard Pte Ltd).

Royal Brothers Pte Ltd filed the petition against the company.

The company's liquidator is:

         Lai Seng Kwoon
         M/s SK Lai & Co.
         8 Robinson Road #13-00
         ASO Building
         Singapore 048544


PACIFIC CENTURY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on December 4, 2009,
to wind up the operations of Pacific Century Link Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

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


PACIFIC INTERNATIONAL: S&P Affirms 'BB-' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'BB-' long-term
corporate credit rating on Singapore-based container shipping
operator Pacific International Lines (Pte.) Ltd. with a negative
outlook.  It then withdrew the rating at the company's request.

PIL focuses on mid/long-haul and intra-Asia trade, container
manufacturing, and logistics-related businesses.  In 2008, the
company reported revenues of US$3.8 billion with net income of
US$25.3 million.  Standard & Poor's does not rate any financial
obligations of PIL.

PIL's credit profile is constrained by the company's aggressive
financial risk profile, its low profitability, moderate dependence
on chartering, and the highly cyclical nature of the container
shipping industry.  However, these credit weaknesses are tempered
by PIL's niche in routes served by fewer liners, its revenue
diversity, and flexible fleet management.

The negative outlook reflected the expected challenging conditions
for the shipping industry for the next few years, particularly in
liner and container manufacturing segments.


SERENITY LIFESTYLE: Court to Hear Wind-Up Petition on January 8
---------------------------------------------------------------
A petition to wind up the operations of Serenity Lifestyle Pte Ltd
will be heard before the High Court of Singapore on January 8,
2010, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on December 7, 2009.

The Petitioner's solicitors are:

         Robert Wang & Woo LLC
         9 Temasek Boulevard
         #32-01 Suntec Tower 2
         Singapore 038989


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

ABN AMRO Bank N.V., Singapore Branch (Netherlands) filed the
petition against the company on November 26, 2009.

The Petitioner's solicitors are:

         Rodyk & Davidson LLP
         80 Raffles Place
         #33 UOB Plaza 1
         Singapore 048624


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


AU OPTRONICS: Fitch Upgrades Issuer Default Ratings to 'BB-'
------------------------------------------------------------
Fitch Ratings has upgraded AU Optronics Corporation's Long-term
foreign and local currency Issuer Default Ratings to 'BB-' from
'B+', and its National Long-term rating to 'BBB(twn)' from 'BBB-
(twn)'.  The Outlook is revised to Stable from Negative.

"Fitch has changed its forecast of AUO's operating results and
credit measurements over the medium-term, because AUO has shown
significant improvement in profitability since the second quarter
of 2009 (Q209)," noted Kevin Chang, Director of Fitch's Asia
Pacific Telecommunications, Media and Technology team.

In Q309, AUO's quarterly revenue increased by 6.9% yoy to
TWD111.2 billion, while its EBITDA margin improved to 27.9% from
single-digit percentage points in Q109.  "This effectively turned
its earnings before interest and tax positive for the first time
since Q408, enhancing the company's debt service capability,"
added Mr.  Chang.

The agency still estimates that AUO will lose its free cash flow
positive position in 2009 due to a significant reduction in cash
flow from operations.  Revenue will likely decline 15%-20% yoy in
2009 owing to the reduction in the selling price of TFT-LCDs,
despite shipment growth for both large and small/medium sized
display panels.  Nevertheless this level of yearly top line
contraction is much lower than the agency's former projection of
30%-40% six months ago.

Under an improving global economic outlook, Fitch expects AUO's
revenue to grow in 2010, albeit at a much slower pace than pre-
crisis years, as a result of a more amiable pricing environment
for TFT-LCDs and greater demand for televisions and portable
computers in both emerging markets and advanced economies.  Fitch
does not foresee a material glut on the supply side in 2010 given
the sector's massive capex reduction in 2009 as well as the
positive momentum of global GDP partially underpinned by the
fiscal stimulus of various governments.

Fitch notes that further rating upgrades could occur if AUO's net
adjusted debt/EBITDAR leverage ratio falls below 1.0x on a
sustained annual basis, or if a sustainable pick-up in flat panel
pricing or demand is likely to improve profitability and credit
profile.  Conversely, negative rating actions may be triggered if
AUO's operating and financial results lead Fitch to expect that
net adjusted leverage could exceed 2.0x on a sustained annual
basis, or if the company registers negative quarterly EBITDA
margins.  Moreover, a downgrade could occur if loan covenants are
breached without satisfactory remedy, leading to narrower funding
options for the company.  The agency will closely monitor the
company's quarterly operating performance and credit metrics in
light of these rating action guidelines.

AUO's shipment of large sized (10-inch and larger) TFT-LCD ranked
the third largest on a global basis in 2008, and it provides
customers with a wide range of panels from 1.2 inches to more than
65 inches in size.  AUO's major operations are located in Taiwan,
China and Europe.


TAIWAN COOPERATIVE: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------------
Fitch Ratings has affirmed Taiwan Cooperative Bank's Long-term
foreign currency Issuer Default Rating at 'BBB+', Short-term
foreign currency IDR at 'F2', National Long-term Rating at 'AA-
(twn)', and National Short-term Rating at 'F1(twn)'.  The Outlook
is Stable.  The agency has simultaneously affirmed TCB's other
ratings:

  -- Individual rating at 'C/D';
  -- Support rating at '2';
  -- Support Rating Floor at 'BBB+';
  -- Perpetual cumulative bonds at 'A(twn)'; and
  -- Two subordinated bonds at 'A+(twn)'

TCB's IDRs are based the expectation that strong government
support is forthcoming should the need arise, given its
significant market position in the Taiwanese banking industry.
TCB's Individual rating considers its strong liquidity profile and
reasonable asset quality, which are offset by its less diversified
revenue sources and lower Tier 1 capitalization compared to other
large state-controlled banks.  TCB is the second largest lender in
Taiwan after Bank of Taiwan ('AAA(twn)/Stable').  The bank was
originally established to support grassroots financial
institutions such as agricultural cooperatives and credit unions.
Since its privatization in 2005, the bank has been working to
become more commercially driven.  It signed a joint venture
agreement with BNP Paribas group to set up a life insurance
company in January 2009, aimed at introducing a broader range of
bancassurance products.  Fitch views this strategic cooperation
positively, as TCB can benefit from BNP's strong product
origination as well as penetrate TCB's large customer base.  In
the long run, this can reduce the bank's reliance on loan-related
business.

Despite the challenging operating environment, TCB was able to
record a profit with an annualized return on equity of 7.1% in
9M09, thanks to its large operating scale and well-contained bad
loan losses.  Fitch expects TCB to deliver steady profits in 2010,
as improved net interest margin should offset the probably higher
loan loss provision charges.  TCB has adequate asset quality,
evidenced by the reduced formations of new NPLs.  Nevertheless,
the bank's provision cover remained low at 59.4% of NPLs at end-
Q309 (industry: 78.6%).  Fitch notes that TCB's NPLs excluded
restructured loans of some financially weak corporations, but
believes the bank has the financial capacity to absorb potential
credit losses.  TCB's capitalization is acceptable, with a Tier 1
ratio of 6.7% and CAR of 10.7% at end-Q309.  Fitch expects the
bank to maintain steady capitalization, supported by stable
earnings performance and modest asset growth.  TCB has a sound
liquidity profile, reflecting its leadership in setting the market
prices.

Founded in 1946, TCB is a state-controlled bank with government
ownership of 39%.  The bank has the widest branch network in
Taiwan, and operates 300 domestic branches and five foreign units.


TAIWAN FINANCE: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Taiwan Finance
Corporation.

TFC's IDRs are based on the expectation that support will be
forthcoming from its major shareholders should the need arises.
TFC is 95%-owned by reasonably strong financial institutions,
including Cathay United Bank (Individual Rating: 'B/C'), Mega
International Commercial Bank Company Limited ('A-'/Stable),
International Bills Finance Corporation ('BBB'/Negative), Shanghai
Commercial and Savings Bank (Individual Rating: 'B/C') and city
government-controlled Bank of Kaohsiung (NR).

TFC's Individual rating takes into account its reasonable asset
quality and strong capitalization, although the firm's small
franchise and modest profitability weigh negatively on the rating.
Additionally, Fitch notes the company's susceptibility to interest
rate changes since an abrupt spike in interest rates could lead to
narrower interest margins and weaker profitability.

In light of heightened market uncertainty in the near-term, TFC
has materially reduced its exposure to bond investments and
commercial paper guarantees.  Thanks to its reduced risk
exposures, TFC's capital adequacy ratio rose markedly to a high
33% at end-Q309 (end-2008: 24%), well above the 8% regulatory
minimum.  In January-September 2009, TFC's profitability improved
to an annualized return on assets of 0.8% (2008: 0.6%), driven by
greatly expanded interest gapping spreads despite its reduced
credit exposures.  TFC maintains adequate asset quality; its
problem guarantees (including still-performing restructured loans)
remained moderate at TWD364m at end-Q309, which were mainly legacy
issues and were sufficiently covered by reserves and collaterals.
Despite TFC's reliance on repos to fund its fixed-income
securities investments, it actively manages liquidity risks
through reasonably good quality underlying securities against
repos, as well as readily accessible support from its major
shareholders.

Established in 1995, TFC is a small bills finance company in
Taiwan, which trades mostly on fixed-income securities and
provides corporate commercial paper guarantee services.

These ratings have been affirmed:

  -- Long-term foreign currency Issuer Default Rating at
     'BBB-'; Outlook Stable

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

  -- National Long-term rating at 'A(twn)'; Outlook Stable

  -- National Short-term rating at 'F1(twn)';

  -- Individual rating at 'D'; and

  -- Support rating at '2'.


TAIWAN INTERNATIONAL: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Taiwan International
Securities Corporation.

TISC's ratings mainly reflect its volatile earnings performance
due to a lack in the economies of scale in the important brokerage
market.  The ratings also take into account TISC's adequate
capitalisation and improved liquidity, since there was a notable
decline in its less liquid investments in January-September 2009.
TISC's ratings are not based on state support or support from its
largest institutional shareholder, China Development Financial
Holding Corporation, which does not have management control of the
company.

TISC continues to be managed independently from CDIBH, despite the
latter's dominant ownership of 48%.  This is due to CDIBH's
inability to acquire full ownership and the resistance from TISC's
founding Chang family, which holds management control despite its
disproportionately smaller share ownership in TISC.

TISC returned to a net profit of TWD0.4 billion in January-
September 2009 after a net loss of TWD1.4 billion in 2008 as
brokerage revenues and trading profits benefited from the strong
recovery of Taiwan's stock market since March 2009.  Given the
greater uncertainty in local capital markets, TISC materially
reduced its investments in bonds and stocks to 48% and 3% of net
worth at end-Q309 respectively (from 85% and 11% at end-2008).
Thanks to the reduced market risk exposures, TISC's capital
adequacy ratio stood at a high 480% at end-Q309, well above the
150% regulatory minimum.  Based on audited financials, TISC has an
adequate liquidity position with the ratio of long-term funding to
less-liquid assets at 167% at end-Q309 (up from 79% at end-2008),
mainly due to a decline in its holdings of less liquid re-sell
agreements backed by inverse floating-rate bonds.

TISC is one of the smaller fully licensed securities firms in
Taiwan with 2.3% of the local stock brokerage.

These ratings have been affirmed:

  -- Long-term foreign currency Issuer Default Rating affirmed at
     'BB'; Outlook Stable

  -- Short-term foreign currency IDR affirmed at 'B';

  -- National Long-term rating affirmed at 'BBB+(twn)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F3(twn)';

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '5'; and

  -- Support rating floor affirmed at 'NF'.


                         *********

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.


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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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