TCRAP_Public/091215.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

           Tuesday, December 15, 2009, Vol. 12, No. 247

                            Headlines

A U S T R A L I A

ABC LEARNING: Was Unable to Pay Tax Due to Insufficient Funds
METAL STORM: Makes Formal Demand to AFHL Over Investment Deal
SOLAR SYSTEMS: Administrator Has 45 More Days to Sell Business


C H I N A

CHINA MERCHANTS: To Complete CNY22 Bil. Rights Offer This Year


H O N G  K O N G

ACADEMY OF CONTINUING: Court to Hear Wind-Up Petition on Dec 30
ANALOG TRADING: Court to Hear Wind-Up Petition on January 6
ASIA METAL: Creditors' Proofs of Debt Due January 11
BIG RESOURCES: Creditors Get 3.416% Recovery on Claims
BRILLIANT SMART: Court Enters Wind-Up Order

BUILDING ACOUSTICS: Court Enters Wind-Up Order
CHAMPION CONTAINER: Court Enters Wind-Up Order
CHI FU: Court to Hear Wind-Up Petition on January 13
ELEGANCE GARMENTS: Creditors' Proofs of Debt Due December 25
ERA PETROLEUM: Court to Hear Wind-Up Petition on January 27

EUROPE LIGHTING: Court to Hear Wind-Up Petition on December 23
EXCEL WEALTHY: Court Enters Wind-Up Order
FREELAND ELECTRICAL: Court Enters Wind-Up Order
GOLD VIEW: Court Enters Wind-Up Order
HIGHFIT DEV'T: Creditors and Contributories to Meet on Dec. 23

HOOVER TECH: Creditors and Contributories to Meet on Dec. 17
VISION TECHNOLOGY: Members' and Creditors Meeting Set for Dec. 16


I N D I A

AKCT CIDAMBARAM: CRISIL Places 'B' Rating on INR108.8MM LT Loan
BALAJI POLYSACKS: Low Net Worth Prompts CRISIL 'BB+' Ratings
RAJCON ENGINEERS: CRISIL Rates INR50 Mil. Cash Credit at 'BB-'
SH-HARYANA WIRES: Low Net Worth Cues CRISIL 'B' Ratings
SHIVA METALLOYS: CRISIL Puts 'B+' Rating on INR110MM Cash Credit

SHRI INDHIRA: CRISIL Assigns 'B' Rating on INR70 Mil. Cash Credit
TATA STEEL: Plans to Raise INR50 Bil. in Equity


I N D O N E S I A

ARPENI PRATAMA: S&P Affirms Corporate Credit Rating at 'CC'
DIRGANTARA INDONESIA: Seeks to Restructure IDR1.6 Tril. Debt


J A P A N

JAPAN AIRLINES: Gov't. Unlikely to Provide Guarantee on Loans
JLOC XXVIII: Fitch Downgrades Ratings on Two Classes of Notes
TAKEFUJI CORPORATION: To Book JPY38.1 Bil. Loss on Bad Loans


K O R E A

KUMHO ASIANA: Investors Likely to Delay Put-back Option


M A L A Y S I A

OILCORP BERHAD: Unit Gets Winding Up Petition from AJ Petroleum


P H I L I P P I N E S

GLOBE TELECOM: S&P Affirms 'BB+' Long-Term Corporate Credit Rating


S R I  L A N K A

TRADE FINANCE: Fitch Affirms National Long-Term Rating at 'BB+'


X X X X X X X X

DUBAI WORLD: Abu Dhabi to Provide $10 Billion Funding
* BOND PRICING: For the Week December 7 to December 11, 2009


                         - - - - -


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


ABC LEARNING: Was Unable to Pay Tax Due to Insufficient Funds
-------------------------------------------------------------
The sister of ABC Learning Centres founder Eddy Groves has told
the court how the company fell behind in multimillion-dollar
payments to creditors and the Tax Office, The Australian
Associated Press reports.

The report relates that a public examination into the company last
week heard from Lorie Zullo, who was commercial services manager
and headed the accounts payable office.

Ms. Zullo told the Federal Court hearing in Brisbane cash was
tight in the months before November last year, when the company
went into voluntary administration and receivership, the AAP says.

According to the report, the court was told that by May the
company was behind in payments, including taxes.  NSW payroll tax
was not paid on time because there would have been insufficient
funds for wages if it had been, the report states.

Ms. Zullo, as cited by the AAP, said she remembered being told at
one time, either by her brother or the treasury, that ABC Learning
did not have the money to pay all of its tax obligations.

Ms. Zullo told the court that in August, she was fielding calls
from her former partner, Frank Zullo, for payments to his company,
QMS, which maintained the childcare centres.  QMS was paid AU$7
million in August and between AU$22 million and AU$23 million in
June, the court heard.

The examination, according to the AAP, was adjourned.  Mr. Groves
is expected to take the stand when it resumes in the Federal Court
in Sydney in March, the report notes.

                        About ABC Learning

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

                           *     *     *

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

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


METAL STORM: Makes Formal Demand to AFHL Over Investment Deal
-------------------------------------------------------------
Metal Storm Ltd on Friday gave formal notice to Assure Fast
Holdings Ltd BVI after failing to provide initial funding under a
US$35 million investment agreement.

The company said that the first tranche of approximately AU$2.1
million (US$1.9 million) of equity capital was initial scheduled
to close on November 3, 2009, but had been extended subsequently
until December 10, 2009.

The subscription agreement requires the company to give AFHL two
business days from the date of notice to remedy the failure to
provide the first tranche funding.

"Accordingly, the Company will allow that time before any further
action on the AFHL subscription agreement but reserves its rights.
The Company has not yet determined if there is any economic value
pursuing those rights," Metal Storm said in a statement Monday.

The Troubled Company Reporter-Asia Pacific reported on Oct. 23,
2009, that Metal Storm Ltd said it has secured an equity and debt
placement of up to US$35 million from international investment
company Assure Fast Holdings Limited BVI.  The negotiations were
completed in Hong Kong with AFHL and its bank, the Royal Bank of
Scotland.

Metal Storm CEO Dr. Lee Finniear said the Company signed a
subscription agreement for the issue of a total of 1,000,000,000
fully paid ordinary shares and 100,000,000 Options for
US$17.5 million with AFHL on October 19, 2009.

                         About Metal Storm

Metal Storm Limited (ASX:MST) -- http://www.metalstorm.com/-- is
a defense technology company with offices in Australia and the
United States.  The Company specializes in the research, design,
development and integration of projectile launching systems
utilizing its electronically initiated / stacked projectile
technology for use in the defense, homeland security, law
enforcement and industrial markets.  Metal Storm has entered into
a number of partnerships with companies, including Singapore
Technologies Kinetics (STK), iRobot, Electro Optic Systems, and
Defence Technologies Inc., where partners provide capabilities,
such as manufacturing, complementary technology, or access to
markets in areas where Metal Storm is not active.

Metal Storm Limited's balance sheet at December 31, 2008, showed
current assets of US$8,701,884 and current liabilities of
US$22,397,651, resulting in a working capital deficit of
US$13,695,767.  At December 31, 2007, the Company reported a
working capital deficit of US$4,742,580.

The Company has incurred substantial losses since its formation
and anticipates incurring substantial additional losses over at
least the next few years as it continues its research and
development activities and conduct further trials of its
technology.  The Company's operations have been financed primarily
from capital contributions by investors, interest income earned on
cash and cash equivalents, and grants from government agencies.


SOLAR SYSTEMS: Administrator Has 45 More Days to Sell Business
--------------------------------------------------------------
Solar Systems Pty Ltd has until mid-February to find a buyer or go
into liquidation, The Age reports.

According to the report, the second meeting of creditors in
Melbourne on December 14 was adjourned for up to 45 business days
to give administrators at PricewaterhouseCoopers more time to sell
the business as a going concern.

"During this time we will continue negotiations with interested
parties," the report quoted administrator Stephen Longley as
saying.

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 Messrs. 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.


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


CHINA MERCHANTS: To Complete CNY22 Bil. Rights Offer This Year
--------------------------------------------------------------
China Merchants Bank said it is completing its rights offer of
shares worth CNY22 billion (US$3.2 billion) before the end of the
year, Alibaba.com reports.

Citing CMB in a statement Dec 12, Alibaba.com relates that the
bank aims to maintain its capital adequacy ratio at between 10%
and 12%, with the capital asset ratio above 8%, which will
generate a capital shortage of more than CNY20 billion during next
three years.

Merchants Bank in August decided to sell shares worth as much as
CNY22 billion through the allotment of A-shares and H-shares, the
report recalls.

According to the report, China Merchants said it will explore ways
to sell subordinated bonds and hybrid bonds at home and overseas
to boost capital after completing the offer.  It also said it
won't need additional equity financing in the next three years
unless a "major" event weakens its balance sheet, the report
notes.

                       About China Merchants

China's 11 largest publicly traded banks may need to raise up to
368 billion yuan by selling shares and bonds to ensure adequate
capital for credit growth, BNP Paribas estimated last month.
China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

China Merchants Bank continues to carry Moody's Investors
Service's Baa3/P-3 long-term/short-term foreign currency deposit
ratings and D+ bank financial strength rating.  The ratings'
outlook remains stable.


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


ACADEMY OF CONTINUING: Court to Hear Wind-Up Petition on Dec 30
---------------------------------------------------------------
A petition to wind up the operations of Academy Of Continuing
Education Limited will be heard before the High Court of Hong Kong
on December 30, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Kao, Lee & Yip
         17th Floor, Gloucenter Tower
         The Landmark
         Central, Hong Kong


ANALOG TRADING: Court to Hear Wind-Up Petition on January 6
-----------------------------------------------------------
A petition to wind up the operations of Analog Trading Company
Limited will be heard before the High Court of Hong Kong on
January 6, 2010, at 9:30 a.m.

The Petitioner's solicitor is:

         Christina Hadiwibawa
         Revenue Tower 30/F
         5 Glouecester Road
         Wan Chai, Hong Kong


ASIA METAL: Creditors' Proofs of Debt Due January 11
----------------------------------------------------
Creditors of Asia Metal and Mining Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by January 11, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 1, 2009.

The company's liquidators are:

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


BIG RESOURCES: Creditors Get 3.416% Recovery on Claims
------------------------------------------------------
Big Resources Industries Limited, which is in liquidation, will
pay the first and final dividend to its creditors on or after
December 18, 2009.

The company will pay 3.416% to all received claims.

The company's liquidators are:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong



BRILLIANT SMART: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order August 12, 2009, to
wind up the operations of Brilliant Smart Engineering Limited.

The company's liquidator is Bruno Arboit.


BUILDING ACOUSTICS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order October 9, 2009, to
wind up the operations of Building Acoustics Limited.

The company's liquidator is Bruno Arboit.


CHAMPION CONTAINER: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order November 5, 2009, to
wind up the operations of Champion Container Services Limited.

The company's liquidator is Bruno Arboit.


CHI FU: Court to Hear Wind-Up Petition on January 13
----------------------------------------------------
A petition to wind up the operations of Kwong Kwok Siu trading as
Chi Fu Construction Co. will be heard before the High Court of
Hong Kong on January 13, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Pansy Leung Tang & Chua
         Regent Centre, 21st Floor
         88 Queen's Road Central
         Hong Kong


ELEGANCE GARMENTS: Creditors' Proofs of Debt Due December 25
------------------------------------------------------------
Creditors of Elegance Garments & Textile Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 25, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

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


ERA PETROLEUM: Court to Hear Wind-Up Petition on January 27
-----------------------------------------------------------
A petition to wind up the operations of ERA Petroleum Corporation
Limited will be heard before the High Court of Hong Kong on
January 27, 2010, at 9:30 a.m.

The Petitioner's solicitor is:

         Christina Hadiwibawa
         Revenue Tower 30/F
         5 Glouecester Road
         Wan Chai, Hong Kong


EUROPE LIGHTING: Court to Hear Wind-Up Petition on December 23
--------------------------------------------------------------
A petition to wind up the operations of Europe Lighting Group
Limited will be heard before the High Court of Hong Kong on
December 23, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Hammonds
         Jardine House, Suite 3201
         1 Connaught Place
         Central, Hong Kong


EXCEL WEALTHY: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order November 2, 2009, to
wind up the operations of Excel Wealthy Investment Limited.

The company's liquidator is Bruno Arboit.


FREELAND ELECTRICAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order July 31, 2009, to
wind up the operations of Freeland Electrical Company Limited.

The company's liquidator is Bruno Arboit.


GOLD VIEW: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order August 17, 2009, to
wind up the operations of Gold View Jewellery Limited.

The company's liquidator is Bruno Arboit.


HIGHFIT DEV'T: Creditors and Contributories to Meet on Dec. 23
--------------------------------------------------------------
Creditors and contributories of Highfit Development Co Limited
will hold their first meeting on December 23, 2009, at 2:30 p.m.,
and 3:30 p.m., respectively at the Office Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, Hong Kong.

At the meeting, E T O'Connell, the company's provisional
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


HOOVER TECH: Creditors and Contributories to Meet on Dec. 17
------------------------------------------------------------
Creditors and contributories of Hoover Technologies Ltd will hold
their first meeting on December 17, 2009, at 11:00 a.m., and
11:30 a.m., respectively at Room 203, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai in Hong Kong.

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


VISION TECHNOLOGY: Members' and Creditors Meeting Set for Dec. 16
-----------------------------------------------------------------
Members and creditors of Vision Technology corporate Limited will
hold their annual meetings on December 16, 2009, at 3:00 p.m., and
3:30 p.m., respectively at the Room 203, 2/F, Duke Of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Chong Man Leung and Fung Tat Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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I N D I A
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AKCT CIDAMBARAM: CRISIL Places 'B' Rating on INR108.8MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of AKCT Cidambaram Cotton Mill Pvt Ltd, part of the
AKCT group.

   Facilities                          Ratings
   ----------                          -------
   INR108.80 Million Long Term Loan    B/Stable (Assigned)
   INR60.00 Million Cash Credit        B/Stable (Assigned)
   INR7.50 Million Bank Guarantee      P4 (Assigned)

The ratings reflect the AKCT group's weak financial risk profile,
and exposure to risks relating to fluctuations in raw material
prices, intense competition in the polyester and blended viscose
yarn industry, and supplier concentration.  These weaknesses are
partially offset by the benefits that the group derives from its
promoters' experience in the textile industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AKCT and Shri Indhira Cotton Mills Pvt
Ltd.  This is because AKCT and Shri Indhira (collectively referred
to as the AKCT group) have common promoters and fungible cash
flows, and are in the same line of business.

Outlook: Stable

CRISIL believes that the AKCT group will continue to benefit from
its promoters' extensive experience in the textiles industry. The
financial risk profile of the company is likely to remain
constrained over the medium term, due to its leveraged capital
structure.  The outlook may be revised to 'Positive' if the group
scales up its operations, if its profitability increases, or if
its gearing reduces, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if underutilization of capacities results in poor cash flows or
decline in operating margin, leading to deterioration in the debt
protection measures, or if the group contracts large debt to fund
capital expenditure over the medium term.

                         About the Group

Set up in 2006 by Mr. AKCT Chidambaram, AKCT manufactures 100-per
cent polyester yarn of 40s and 76s count.  Its facility in
Thiruvannamalai (Tamil Nadu) is equipped with 39,744 spindles. Set
up in 1956, Shri Indhira manufactures blended viscose yarn with
counts of 47s and 60s, typically used for producing school
uniforms.  Its facility in Chennai (Tamil Nadu) is equipped with
39,252 spindles. Currently, the operations of both the companies
are managed by Mr. A L Chidambaram.

The AKCT group reported a loss of INR5.4 million on net sales of
INR417.9 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a profit after tax (PAT) of INR8.1 million
on net sales of INR452.4 million for 2007-08.


BALAJI POLYSACKS: Low Net Worth Prompts CRISIL 'BB+' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to Balaji
Polysacks Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        BB+/Stable (Assigned)
   INR13.4 Million Term Loan        BB+/Stable (Assigned)
   INR2.7 Million Proposed Long     BB+/Stable (Assigned)
                  Term Facility
   INR25 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect BPPL's limited financial flexibility, low net
worth, and small scale of operations in the intensely competitive
polyethylene bags industry.  These weaknesses are partially offset
by the benefits that the company derives from its established
customer base.

Outlook: Stable

CRISIL believes that BPPL will maintain healthy growth in revenues
over the medium term, on the back of benefits derived from the
promoters' experience and increased market potential.  The outlook
may be revised to 'Positive' if the company's financial risk
profile improves substantially, supported by capital infusion and
growth in topline. Conversely, the outlook may be revised to
'Negative' if the company contracts large debt to fund its capital
expenditure, thereby weakening its financial risk profile.

                      About Balaji Polysacks

Set up as a closely held company in 1995 by Mr. Sajjan Kumar
Agarwal, Mr. Sushil Agarwal and Mr. Naresh Kumar Agarwal, BPPL
commenced commercial production in 2000. BPPL manufactures high-
density polyethylene bags, primarily for the fertilizer industry.
The company has loom capacities of 5400 tonnes per annum. BPPL
reported a profit after tax (PAT) of INR1.7 million on net sales
of INR356 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR1.9 million on net sales of
INR336 million for 2007-08.


RAJCON ENGINEERS: CRISIL Rates INR50 Mil. Cash Credit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Rajcon Engineers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        BB-/Stable (Assigned)
   INR150 Million Bank Guarantee    P4 (Assigned)

The ratings reflect REPL's small scale of operations, low net
worth, and limited geographical and customer diversity.  These
weaknesses are partially offset by REPL's healthy revenue growth
and comfortable order book.

Outlook: Stable

CRISIL believes that REPL will benefit from the growth prospects
for the civil construction industry.  The outlook may be revised
to 'Positive' if REPL strengthens its business risk profile
through greater geographical and customer diversity while
maintaining its operating margins.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes any large, debt-
funded capital expenditure.

                       About Rajcon Engineers

REPL was set up as a partnership firm, Raj Constructions, by Mr. A
K Verma and his brother, Mr. M P Verma, in 1982.  REPL got its
present name when the partnership firm was converted to a private
limited company in 2000.  The company is engaged in civil
construction activities, such as construction of roads, mainly in
Chhattisgarh.  REPL reported a profit after tax (PAT) of INR10.1
million on net sales of INR213.5 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR9.8
million on net sales of INR294.0 million for 2007-08.


SH-HARYANA WIRES: Low Net Worth Cues CRISIL 'B' Ratings
-------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of SH-Haryana Wires Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR120.0 Million Cash Credit        B/Negative (Assigned)

   INR18.0 Million Standby Line        B/Negative (Assigned)
                   of Credit

   INR100.1 Million Rupee Term Loan    B/Negative (Assigned)

   INR21.9 Million Proposed Long       B/Negative (Assigned)
        Term Bank Loan Facilities

   INR40.0 Million Letter of Credit/   P4 (Assigned)
                   Bank Guarantee

The ratings reflect SH Haryana's moderate financial risk profile,
marked by operating losses and low net worth, and exposure to
risks relating to fluctuating commodity prices, and limited
pricing flexibility.  These weaknesses are, however, partially
offset by SH Haryana's established relationships with customers.

Outlook: Negative

CRISIL believes that SH Haryana's financial risk profile will
remain moderate, constrained by operating losses incurred in 2008-
09 (refers to financial year, April 1 to March 31) and low net
worth. Conversely, the rating may be downgraded if the financial
risk profile deteriorates further on account of large debt funded
capital expenditure.  The outlook may be revised to 'Stable' if
the company sustains improvement in profitability resulting in a
marked improvement in its financial risk profile.

                         About SH Haryana

SH Haryana, set up as a private limited company by name of Haryana
Insulated Wires Pvt Ltd in 1981 by Mr. Sunil Mangla, was converted
to a public limited company and renamed in 1997 when Schwering &
Hasse Elektro draht GMBH (SH Elektro), Germany, acquired a 40%
stake in the company.  SH Haryana bought back the entire
shareholding of SH Elektro in 2003, but retained the old name. SH
Haryana manufactures copper wires that find usage across
industries such as consumer electronics and appliances and
automobiles. Its manufacturing plant at Faridabad has capacity to
produce 5000 tonnes of wires per annum.  SH Haryana reported a net
loss of INR38 million on net sales of INR930 million for 2008-09,
as against a profit after tax of INR13 million on net sales of
INR1028 million for 2007-08.


SHIVA METALLOYS: CRISIL Puts 'B+' Rating on INR110MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Shiva Metalloys International Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR110.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR50.0 Million Letter of Credit^    B+/Stable (Assigned)
   INR100.0 Million Letter of Credit    P4 (Assigned)

   ^Interchangeable with the Cash Credit

The ratings reflect SMIL's weak financial risk profile, exposure
to risks relating to volatility in nickel prices leading to price
risk.  These weaknesses are, however, mitigated by the benefits
that SMIL derives from established relationships with its
suppliers and customers.

Outlook: Stable

CRISIL believes that SMIL will maintain a stable business risk
profile on the back of established relationships with suppliers
and clients.  However, the company's financial risk profile is
expected to remain weak owing to high gearing resulting from large
working capital requirements.  The outlook may be revised to
'Positive' if SMIL manages its working capital effectively, and if
its profitability and top line increase.  Conversely, the outlook
may be revised to 'Negative' if the company's profitability
deteriorates significantly, exerting pressure on already weak debt
protection measures.

                       About Shiva Metalloys

Incorporated in 1982 by Mr. Suresh Kumar Chawla, SMIL (formerly,
Shiva Metals) converted to a limited company in 1990.  It trades
in non-ferrous metal alloys, primarily nickel, zinc, tin, and
lead.

SMIL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR927.7 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.5 million on net
sales of INR1072.2 million for 2007-08.


SHRI INDHIRA: CRISIL Assigns 'B' Rating on INR70 Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Shri Indhira Cotton Mills Pvt Ltd, part of the AKCT
group.

   Facilities                         Ratings
   ----------                         -------
   INR70.00 Million Cash Credit       B/Stable (Assigned)
   INR7.50 Million Bank Guarantee     P4 (Assigned)

The ratings reflect the AKCT group's weak financial risk profile,
and exposure to risks relating to fluctuations in raw material
prices, intense competition in the polyester and blended viscose
yarn industry, and supplier concentration.  These weaknesses are
partially offset by the benefits that the group derives from its
promoters' experience in the textile industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shri Indhira and AKCT Cidambaram Cotton
Mill Pvt Ltd.  This is because AKCT and Shri Indhira (collectively
referred to as the AKCT group) have common promoters and fungible
cash flows, and are in the same line of business.

Outlook: Stable

CRISIL believes that the AKCT group will continue to benefit from
its promoters' extensive experience in the textiles industry. The
financial risk profile of the company is likely to remain
constrained over the medium term, due to its leveraged capital
structure.  The outlook may be revised to 'Positive' if the group
scales up its operations, if its profitability increases, or if
its gearing reduces, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if underutilization of capacities results in poor cash flows or
decline in operating margin, leading to deterioration in the debt
protection measures, or if the group contracts large debt to fund
capital expenditure over the medium term.

                          About the Group

Set up in 1956 by Mr. AKCT Chidambaram, Shri Indhira manufactures
blended viscose yarn with counts of 47s and 60s, typically used
for producing school uniforms.  Its facility in Chennai (Tamil
Nadu) is equipped with 39,252 spindles. Set up in 2006, AKCT
manufactures 100-per cent polyester yarn of 40s and 76s count.
Its facility in Thiruvannamalai is equipped with 39,744 spindles.
Currently, the operations of both the companies are managed by Mr.
A L Chidambaram.

The AKCT group reported a loss of INR5.4 million on net sales of
INR417.9 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a profit after tax (PAT) of INR8.1 million
on net sales of INR452.4 million for 2007-08.


TATA STEEL: Plans to Raise INR50 Bil. in Equity
-----------------------------------------------
The Economic Times, citing the DNA newspaper, reports that Tata
Steel Ltd is in talks with investors to raise INR50 billion
(US$1.1 billion) in equity and an equal amount in debt.  The
Company will first dilute equity and then raise debt, the report
says.

"The method has not been finalized, it's still on the table, but a
non-convertible debentures issue or bond sale would be the
preferred route," the report cited the DNA newspaper.

A company spokeman, however, said he could not immediately comment
on the report, the Economic Times notes.

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

                           *     *     *

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


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


ARPENI PRATAMA: S&P Affirms Corporate Credit Rating at 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
long-term corporate credit rating on Indonesia-based PT Arpeni
Pratama Ocean Line Tbk. at 'CC'.  The outlook is negative.  At the
same time, S&P affirmed the 'C' issue rating on the outstanding
US$140.85 million senior secured notes issued by its fully owned
special purpose vehicle Arpeni Pratama Ocean Line Investment B.V.
due May 3, 2013, and guaranteed by Arpeni.

"We affirmed the ratings following Arpeni's announcement that it
paid the pending coupon on its guaranteed senior secured notes due
2013 on Dec. 3, 2009, avoiding an event of default.  In S&P's
view, the company still has limited financial flexibility, with
derivative transactions adding to its financial commitments," said
Standard & Poor's credit analyst Manuel Guerena.

The delayed payment of the US$6.2 million coupon (equivalent to
about Indonesian rupiah (IDR) 59 billion) suggests to us that
Arpeni has depleted its cash at a faster-than-expected rate, given
that the company had IDR469 billion in cash and short-term
investments amounting to IDR304 billion as at June 30, 2009.
Arpeni's liquidity has been under increasing pressure, as the
company has funded its growing working capital requirements over
the past few quarters through short-term loans.  This situation
was compounded by a weakening of the company's operating margins
this year.  Arpeni's average EBITDA margin in the past three years
was about 38% -- including a 29% margin in the quarter ended March
2009 and 21% margin in the following quarter -- barely sufficient
to cover the company's quarterly interest expenses.  With a ratio
of debt to annualized EBITDA of 10x at June 30, 2009, Arpeni has
limited financial flexibility, especially if its debt is adjusted
to include the mark-to-market valuation of its derivatives as per
its balance sheet.

Arpeni dominates the local dry bulk industry, transporting about
one-fifth of the overall coal shipments within Indonesia, where
demand from the power sector is favorable.  The company should
benefit from the implementation of cabotage regulations to reduce
the dependence on foreign-flagged vessels trading within
Indonesian waters.  The regulations are expected to be fully in
place starting 2010.

"The negative rating outlook reflects the risks surrounding
Arpeni's liquidity position amid a challenging operating
environment, and the high likelihood that the company will
struggle to meet fully and on time its financial commitments in
the next six months.  Upgrade potential is currently limited,
unless the company significantly improves its liquidity," said
Mr. Guerena.


DIRGANTARA INDONESIA: Seeks to Restructure IDR1.6 Tril. Debt
------------------------------------------------------------
PT Dirgantara Indonesia is seeking to restructure debts related to
loans obtained under the Investment Account Fund and Subsidiary
Loan Agreement, The Jakarta Post reports.

The Post relates PT DI president director Budiman Sales said
Friday its unpaid debts under the SLA and RDI facilities totaled
IDR1.6 trillion.  The company would propose that the government
convert the debt to equity in the already 100-percent state owned
company, Mr. Sales added.

RDI is a loan facility provided by the government to state firms
using funds from foreign aid or loans while SLA is a loan facility
from the government using funds from state banks.

The Jakarta Post, meanwhile, reports that the office of the state
ministry for state enterprises listed 44 other SOEs currently
defaulting on paying debts under the RDI and SLA facilities.  The
government has so far facilitated the restructuring of IDR10
trillion out of IDR15 trillion of bad debts owed by 26 state
firms, according to the Post.

                     About Dirgantara Indonesia

PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/--
is an Indonesian aerospace company in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft.  In its production line,
Dirgantara Indonesia has delivered more than 300 units of
aircraft and helicopters, defense system, aircraft components
and other services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2007, the commercial court declared Dirgantara
Indonesia bankrupt at the request of some of the aircraft
maker's dismissed workers, in a bid to extract retirement funds.
The court declared victory of the claim of Dirgantara Indonesia
Employees' Communication Forum Trade Union by affirming
bankruptcy of the company, the TCR-AP reported, citing Arif
Minardi, general chairman of the trade union as saying.

On Oct. 29, 2007, the TCR-AP reported that the Indonesian
Supreme Court accepted an appeal filed by PT Dirgantara
Indonesia over the Commercial Court's bankruptcy ruling.
Supreme Court Judge Mariana Sutadi Mariana said the appeal was
accepted because the former employees had no legal right to file
an insolvency petition against a public company wholly owned by
the government, The Jakarta Post related.  Under the existing
bankruptcy law, the finance minister is the only party that is
allowed to take a state-owned company to the bankruptcy court,
the report explains.


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


JAPAN AIRLINES: Gov't. Unlikely to Provide Guarantee on Loans
-------------------------------------------------------------
The Japanese government is unlikely to provide a guarantee on
loans and other funding to Japan Airlines Corp. in the forthcoming
extra budget out of concern the public would oppose it, The Japan
Times reports citing a Cabinet member.

The Times reports that transport minister Seiji Maehara said a
government-backed corporate turnaround body will likely make a
decision on providing a broad financial package to the struggling
airline in January.

According to the report, Mr. Maehara said the administration will
discuss the government guarantee before or at the time of the
decision by the Enterprise Turnaround Initiative Corp. of Japan.

The report says Mr. Maehara also confirmed that he will meet with
executives of American Airlines Inc., a unit of AMR Corp., next
week following a similar meeting with top officials of Delta Air
Lines Inc. as the two U.S. carriers raise the ante for capital
ties with JAL.

The government will watch closely which airline JAL will decide to
partner with because it will affect the decision by the
government-backed body to offer financial support, Mr. Maehara
added.

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.


JLOC XXVIII: Fitch Downgrades Ratings on Two Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded two classes of trust beneficiary
interest from JLOC XXVIII Senior Trust and one class of JLOC
XXVIII mezzanine specified bonds due October 2012.  The agency has
also affirmed two and removed three classes of JLOC XXVIII Senior
Trust's TBIs from Rating Watch Negative.  This follows the
implementation of the recently published criteria for Japanese
CMBS surveillance.  Full details of the rating actions are:

JLOC XXVIII Senior TBIs

  -- JPY1.14 billion* Class A TBIs affirmed at 'AAA'; Outlook
     Stable; off RWN;

  -- JPY10.1 billion* Class B TBIs affirmed at 'AAA'; Outlook
     Stable; off RWN;

  -- JPY8.8 billion* Class C TBIs downgraded to 'BB-' from 'AA-';
     Outlook Negative; off RWN; and

  -- JPY7.2 billion* Class D TBIs downgraded to 'CCC' from 'BBB';
     assigned a Recovery Rating of 'RR5'; remains on RWN.

JLOC XXVIII mezzanine SB

  -- JPY3.6 billion* TMK1 mezzanine SB downgraded to 'CC' from
     'B+'; assigned a Recovery Rating of 'RR6'; remains on RWN.

  * as of December 10, 2009

Fitch has downgraded Class C and D TBIs as well as the mezzanine
SB, reflecting the revised valuations of the underlying collateral
properties.  In line with its recently published criteria, based
on the actual property disposition activity to date, on-site
meeting with the asset manager and the new disposition plan
submitted by the AM, the agency has revalued the properties in
accordance with the time to expected maturity of this transaction
(October 2010).  For the purpose of its review, the agency adopted
values for the properties that are on average 37.8% lower than its
initial valuations.

Fitch has maintained the RWN on the Class D TBIs and the mezzanine
SB, reflecting the possibility that further rating actions may
follow, depending on the progress of the disposition activities.
Fitch received the new disposition plan in late November 2009.
The agency will review the RWN status again by the end of April
2010 and summaries the progress of the disposition at that point,
since the actual disposition activities may deviate from the AM's
plan, taking into account the large number of properties that the
AM has to dispose of before the legal final maturity date.

Fitch has affirmed the Class A and B TBIs reflecting increased
credit enhancement levels to date.  Although Fitch revised the
remaining properties' valuations downwards to a large extent
(37.8%), significant property disposition has occurred to date
with sales proceeds being allocated on a sequential basis.  This
resulted in the wide gap in ratings between these classes and
other lower-rated classes.  Future sales proceeds of underlying
properties are also expected to be allocated sequentially.
Consequently, the Class A TBIs are expected to be fully redeemed
before the end of H110.

This transaction was originally backed by specified bonds issued
by two Tokutei Mokuteki Kaisha, which were backed by 567
commercial real estate properties.  To date, the specified bonds
issued by one TMK were fully redeemed and a portion of the
collateral portfolio backing the other TMK has also been disposed.
The transaction is currently secured by 176 properties.

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.


TAKEFUJI CORPORATION: To Book JPY38.1 Bil. Loss on Bad Loans
------------------------------------------------------------
Bloomberg News reports that Takefuji Corp. said it will take an
JPY8.8 billion (US$99 million) charge for sales of bad loans.

The report, citing Takefuji's statement to the Tokyo Stock
Exchange, discloses that the one-time loss on the sale of JPY38.1
billion in loans won't affect its earnings outlook.

Company spokesman Hidehiko Hombu said the lender plans to use the
proceeds to redeem bonds, according to Bloomberg.

Bloomberg relates Takefuji said last week it may have to pay
JPY56.6 billion in cash to holders of its convertible bonds,
redeemable in June, after it failed to swap all of the debt in an
exchange offer.

                     Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on Nov. 19,
2009, that Standard & Poor's Ratings Services lowered its long-
term counterparty credit rating on Takefuji Corp. by four notches
to 'CC' from 'B-'.  The rating remains on CreditWatch with
negative implications.

S&P said the rating action reflects the high likelihood that a
debt exchange that Takefuji offered on Nov. 16, 2009, will be
recognized as a default under Standard & Poor's criteria, if it
goes ahead.  At the same time, S&P lowered its rating on the
outstanding senior unsecured bonds (straight bonds) issued by
Takefuji by two notches to 'CCC', given slower progress in
Takefuji's fund-raising than S&P expected, and removed the rating
from CreditWatch with negative implications.  The rated long-term
senior unsecured bonds are all straight bonds, and are not subject
to the debt exchange.  The long-term rating on Takefuji was placed
on CreditWatch with negative implication after it was downgraded
to 'B-' on Oct. 1, 2009.

Moody's Investors Service also downgraded to Caa1 from B2 the
long-term issuer rating and senior unsecured debt ratings of
Takefuji Corporation.  Moody's changed the ratings outlook to
stable from negative.

                          About Takefuji

Takefuji Corporation (TYO:8564) --http://www.takefuji.co.jp/ is a
Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.


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


KUMHO ASIANA: Investors Likely to Delay Put-back Option
-------------------------------------------------------
A group of financial investors is likely to delay a put-back
option for Daewoo Engineering & Construction Co. until January 15,
Yonhap News reports citing industrial sources and a Kumho Asiana
official.

"A group of financial investors who have a put-back option for
Daewoo Engineering & Construction expressed its intention to delay
exercising its rights to sell its share in the builder," the news
agency quoted a Kumho Asian official as saying.  They will
guarantee the delay in written form no later than Tuesday."

Yonhap recalls Kumho Asiana promised a group of financial
investors in 2006, when it bought Daewoo Engineering &
Construction, that it would buy back a 39% stake in the builder if
the company's stock price falls below KRW31,500 (US$27.22) by
Dec. 15, 2009.

The group bought a 72.1|% stake in the builder for KRW6.42
trillion, KRW3.5 trillion of which was funded by financial
investors, including banks and private equity funds, the news
agency discloses.

Yonhap, citing unnamed sources, relates that Kumho Asiana early
this month called on financial investors to delay exercising their
rights to sell stakes until January 15, saying that if they
exercise their options now, it could have a negative impact on the
sale of Daewoo Engineering & Construction that is currently
underway.

Under the deal with the group, the report relates, investors can
exercise their option anytime between December 15 and January 15.

"Banks agreed to delay the option, because banks may suffer losses
if the sale of Daewoo faces difficulty," Yonhap cited another
financial source as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2009, Kumho Asiana Group decided to put Daewoo Engineering
and Construction up for sale.

Kumho Asiana, which bought Daewoo Engineering for US$5 billion
three years ago, said it has not yet determined the exact size of
stake to be sold, the Financial Times said.  The size of the sale
would be designed to "minimize the group's losses and to reduce a
buyer's burden."

The announcement, according to the FT, follows pressure on Kumho
to raise money by finding fresh investors in Daewoo by the end of
July to ease a liquidity crunch.

Kumho has a 33% stake in Daewoo with management control while
financial investors hold a further 39%.

                     About Daewoo Engineering

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.


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


OILCORP BERHAD: Unit Gets Winding Up Petition from AJ Petroleum
---------------------------------------------------------------
Oilcorp Berhad disclosed that Oil-Line Engineering & Associates
Sdn. Bhd., a wholly-owned subsidiary of the company, has received
a winding up petition from AJ Petroleum Sdn. Bhd.

The petition was presented to the Shah Alam High Court on
November 6, 2009, and the winding-up petition was served and
received by OLEA on December 3, 2009.

The claim under the petition amounted to MYR591,000.00.  No
interest has been claimed.  In the petition, it is claimed that
OLEA is indebted to AJ Petroleum for sum, being the balance
outstanding due for consultancy services provided, and unable to
pay its debts.

The matter is fixed for hearing on February 19, 2010.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


=====================
P H I L I P P I N E S
=====================


GLOBE TELECOM: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Philippines-based telephone service
provider Globe Telecom Inc. with a stable outlook.  At the same
time, it affirmed the 'axBBB+' ASEAN scale rating on Globe.  Both
ratings were then withdrawn at the company's request.  Standard &
Poor's does note rate any debt facility associated with Globe.

"We affirmed the ratings to reflect S&P's expectation that the
industry's subscriber growth will slow down and that competition
will remain intense.  These challenges are offset by Globe's
steady market position and solid cash flow protection measures.
In S&P's view, the company will continue to be a leading player in
the Philippines' telecom service market over the medium term,
given its significant customer base and nation-wide network
coverage," said Standard & Poor's credit analyst Manuel Guerena.

After a period of industry-wide intense promotion to attract
customers and increase on-net traffic, Globe cleaned disconnected,
inactive, or marginal consumers from its user base, most of them
prepaid users.  At Sept. 30, 2009, Globe had 23.1 million
Subscriber Identity Module cards in use, down from 23.7 million a
year earlier.  This number suggests the company's market share is
only slightly higher than 30%, compared with 50%-55% for its major
competitor, Philippine Long Distance Telephone Co. (foreign
currency BB+/Stable/--).

Globe's business position supports its stable cash flow protection
measures.  S&P expects the company's funds from operations to
reach about Philippine peso (PHP) 30 billion each year.  In the
past few years, the company's additional borrowings complemented
its internal cash generation to fund increased capital expenditure
and dividend payments (decreased capex needs may lead to higher
dividend payments in the future).  Globe's ratio of FFO to debt
ratio was about 60% as at September 2009 (annualized), down from a
peak of 94% in 2007.  Because of the higher capex and dividend
payments, Globe's ratio of debt to EBITDA was 1.6x as at September
2009, compared with 1.1x for 2007, and was in line with its
previous historical levels.

S&P expects these ratios to remain stable over the medium term,
even if market growth slows down (penetration is about 80%) amid
intense competition.  Globe's margins reflect the increasing
revenue contribution of the high-growth but lower-margin broadband
and fixed-line data revenues, which compensated for the decline of
voice and Short Message Service revenues.

The stable outlook reflected the company's steady market position,
favorable financial situation, and higher operating efficiency.


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


TRADE FINANCE: Fitch Affirms National Long-Term Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sri Lanka's Trade Finance &
Investments Ltd's National Long-term rating at 'BB+(lka)'.  The
Outlook is Stable.

TFI's rating factors its high capitalization in terms of its size
of operations and good profitability.  The rating is constrained
by TFI's small asset base, limited product diversity and its
narrow funding base.

Three-wheelers accounted for approximately 90% of its assets
financed over the six-month period ended September 2009 (H110).
TFI's loan book shrank by 5% in H110, with incremental lending
coming from repeat customers.  Fitch will monitor the development
of the second-hand four stroke three-wheeler market, TFI's
incremental growth with respect to financing, and any progress
with regards to lending diversification.

Profitability was well above the sector average with an ROA of
15.9% in H110 (FYE09: 9.8%) largely due to high capitalization,
strong net interest margins (H110: 22%) and good cost management
(cost/income of 27.8% in FY09).

Historically, TFI's NPLs at the three-month level have been high,
with gross NPLs/gross loans of 26% at end-H110, reflecting the
risk profile of the clientele and the company's business strategy.
Provision coverage for NPLs was 21% at end-H110 on account of 75%
of NPLs falling in the three to six month in arrears bucket, for
which regulatory provisioning is not required.  Provision coverage
for NPLs more than six months in arrears was 85%.  TFI's net
NPL/equity ratio was good at 14% at end-H110 (0.7% for six-month
NPLs), which was significantly better than the sector average.

Funding is predominantly from equity, deposits and loans from
shareholders and related parties.  Equity/assets ratio was 63% at
end-H110, which was significantly above the sector average.
Internal capital generation was robust, in light of good
profitability and the high earnings retention policy.

TFI is a finance company established in 1978 with an asset base of
LKR519 million at end-H110.  The Cooray family (owners of the
Jetwing Group) acquired TFI in the early 1990s, and currently owns
around 93%.


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


DUBAI WORLD: Abu Dhabi to Provide $10 Billion Funding
-----------------------------------------------------
Margaret Coker at The Wall Street Journal reports Dubai on Monday
said the government of Abu Dhabi would provide $10 billion to meet
the debt obligations of Dubai World.

Ms. Coker says the timing of the bailout coincided with a deadline
for a $4.1-billion payment related to an Islamic bond, or sukuk,
issued by Dubai World's real-estate subsidiary Nakheel, which
matured Monday.

"But it also raised fresh questions about the opaque and
complicated relationship between Abu Dhabi, the capital of the
U.A.E., and Dubai, its financial and trade hub," Ms. Coker says.

Ms. Coker says the funding brings Abu Dhabi's direct and indirect
support for Dubai to $25 billion so far.  That sent stock markets
in both emirates soaring, she says.

By underwriting Dubai World, Ms. Coker says, Abu Dhabi triggered
an immediate bout of investor optimism that promises to ease its
own borrowing costs.  The move also appeared aimed at protecting
the United Arab Emirate's reputation as a global transportation
hub, according to one person familiar with the situation.

According to Ms. Coker, in the wake of Dubai's announcement for a
six-month standstill of its debts, worry over the implied support
Abu Dhabi would give its own companies hit hard.  After the Dubai
announcement in late November, Ms. Coker relates the cost of
insuring Abu Dhabi debt against default soared from just under
$100,000 per $10 million to over $177,000 earlier this month,
according to market tracker CMA.  Late Monday in London, that had
eased back to about $151,500, she says.

Last week, according to Ms. Coker, Moody's Investors Service
placed the credit rating of several Abu Dhabi companies, including
Mubadala Development Co., a vehicle that has financed much of the
capital's infrastructure projects, on review for a possible
downgrade, citing the uncertainty over government support.
Mubadala said last week that it was confident that its strategic
importance and "sound business model" put it in a strong position
with credit agencies.

The rising cost of its own borrowing appears to have outweighed
any hesitancy in Abu Dhabi about providing more cash to Dubai,
analysts said, according to Ms. Coker.

                         6-Month Standstill

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

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

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

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

                          Large Exposure

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

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

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

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

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

                        About Dubai World

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

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


* BOND PRICING: For the Week December 7 to December 11, 2009
-------------------------------------------------------------


Issuer                  Coupon     Maturity   Currency  Price
------                  ------     --------   --------  -----

   AUSTRALIA
   ---------

AINSWORTH GAME           8.00    12/31/2009   AUD       0.85
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.93
ANTARES ENERGY          10.00    10/31/2013   AUD       1.72
AUROX RESOURCES          7.00    06/30/2010   AUD       0.78
BECTON PROP GR           9.50    06/30/2010   AUD       0.54
BOUNTY INDUSTRIE        10.00    06/30/2010   AUD       0.03
CAPRAL ALUMINIUM        10.00    03/29/2012   AUD      72.00
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.18
CHINA CENTURY           12.00    09/30/2010   AUD       0.80
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.50
GRIFFIN COAL MIN         9.50    12/01/2016   USD      53.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.24
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.63
MINERALS CORP           10.50    12/31/2009   AUD       0.84
NATIONAL CAP II          5.49    12/29/2049   USD      72.04
NATIONAL WEALTH          6.75    06/16/2026   AUD      76.76
NEW S WALES TREA         1.00    09/02/2019   AUD      61.15
NYLEX LTD               10.00    12/08/2009   AUD       0.84
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
RESOLUTE MINING         12.00    12/31/2012   AUD       0.83
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.50
SUNCORP METWAY I         6.75    10/06/2026   AUD      73.35
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      67.55


   CHINA
   -----

BAILIAN GROUP            4.15    03/26/2012   CNY      54.39
CHINA GOVT BOND          4.86    08/10/2014   CNY     108.17
JIANGXI COPPER           1.00    09/22/2016   CNY      70.60
SICHUAN CHANGHON         0.80    07/31/2015   CNY      72.75


   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      24.00


   INDONESIA
   ---------

BAKRIELAND DEV          12.85    03/11/2013   IDR      75.00
BANK DKI                12.25    03/04/2018   IDR      75.00


   INDIA
   -----

AKSH OPTIFIBRE           1.00    01/29/2010   USD      60.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      68.50
GHCL LTD                 1.00    03/21/2011   USD      69.75
JCT LTD                  2.50    04/08/2011   USD      40.00
KEI INDUSTRIES           1.00    11/30/2011   USD      73.75
KSL REALTY & INF         2.00    05/19/2012   USD      46.44
SUBEX AZURE              2.00    03/09/2012   USD      67.50
WANBURY LTD              1.00    04/23/2012   EUR      69.50


   JAPAN
   -----

AIFUL CORP               6.00    12/12/2011   USD      45.00
AIFUL CORP               1.22    04/20/2012   JPY      35.55
AIFUL CORP               1.74    05/28/2013   JPY      31.13
AIFUL CORP               6.00    12/12/2011   USD      39.88
AIFUL CORP               1.20    01/26/2012   JPY      36.60
AIFUL CORP               1.14    10/19/2010   JPY      52.41
AIFUL CORP               1.50    10/20/2011   JPY      41.35
AIFUL CORP               1.99    03/23/2012   JPY      36.50
AIFUL CORP               1.63    11/22/2012   JPY      34.00
AIFUL CORP               1.99    10/19/2015   JPY      30.34
AIFUL CORP               5.00    08/10/2010   USD      64.50
AIFUL CORP               5.00    08/10/2010   USD      64.50
COVALENT MATERIA         2.87    02/18/2013   JPY      61.87
CSK CORPORATION          0.25    09/30/2013   JPY      60.28
FUKOKU MUTUAL            4.50    09/28/2025   EUR      69.50
JAPAN AIRLINES           3.10    01/22/2018   JPY      71.33
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      57.08
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      57.66
PROMISE CO LTD           1.37    06/04/2013   JPY      68.26
SHINSEI BANK             5.63    12/29/2049   GBP      73.75
SHINSEI BANK             3.75    02/23/2016   EUR      82.76
TAKEFUJI CORP            8.00    11/01/2017   USD      11.00
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15
TAKEFUJI CORP            9.20    04/15/2011   USD      48.63
TAKEFUJI CORP            9.20    04/15/2011   USD      49.96
WILLCOM INC              2.35    06/27/2012   JPY      44.67


   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.08
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.03
BERJAYA LAND             5.00    12/30/2009   MYR       3.81
CRESCENDO CORP B         3.75    01/11/2016   MYR       0.74
DUTALAND BHD             4.00    04/11/2013   MYR       0.40
DUTALAND BHD             4.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.00
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.99
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.43
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.10
KUMPULAN JETSON          5.00    11/27/2012   MYR       2.30
LBS BINA GROUP           4.00    12/31/2009   MYR       0.42
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.25
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.20
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.23
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.66
RUBBEREX CORP            4.00    08/14/2012   MYR       1.11
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.70
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.28
WAH SEONG CORP           3.00    05/21/2012   MYR       2.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.30
YTL CEMENT BHD           0.00    11/10/2015   MYR       1.99

   NEW ZEALAND
   -----------

ALLIED FARMERS           9.60    11/15/2011   NZD      51.89
ALLIED NATIONWID        11.52    12/29/2049   NZD      33.00
BBI NTWKS NZ LTD         9.00    11/30/2012   NZD       0.82
BLUE STAR PRINT          9.10    09/15/2012   NZD      74.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD      10.50
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCH BUILD FIN         8.85    03/15/2010   NZD       8.00
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.50
INFRASTR & UTIL          8.50    09/15/2013   NZD      11.00
INFRATIL LTD             8.50    11/15/2015   NZD      11.45
INFRATIL LTD            10.18    12/29/2049   NZD      60.00
MANUKAU CITY             6.90    09/15/2015   NZD       1.01
MARAC FINANCE           10.50    07/15/2013   NZD       0.96
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      52.43
PROVENCOCADMUS           2.00    04/15/2010   NZD       0.82
SKY NETWORK TV           4.01    10/16/2016   NZD      55.81
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.77
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.94
ST LAURENCE PROP         9.25    05/15/2011   NZD      60.20
TOWER CAPITAL            8.50    04/15/2014   NZD       1.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.50
TRUSTPOWER LTD           8.50    09/15/2012   NZD       8.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               7.80    10/15/2014   NZD       1.01
VECTOR LTD               8.00    12/29/2049   NZD       7.65


   SINGAPORE
   ---------

BLUE OCEAN              11.00    06/28/2012   USD      32.88
BLUE OCEAN              11.00    06/28/2012   USD      28.07
SENGKANG MALL            8.00    11/20/2012   SGD       0.01
UNITED ENG LTD           1.00    03/03/2014   SGD       1.21
WBL CORPORATION          2.50    06/10/2014   SGD       2.20

   KOREA
   -----

WOORI BANK               6.21    05/02/2037   USD      79.50

   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      68.77


                         *********

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

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

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


                            *********


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

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

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

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

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





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