TCRAP_Public/091223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, December 23, 2009, Vol. 12, No. 253

                            Headlines



A U S T R A L I A

ASCIANO GROUP: Inks New Loan Repayment Agreements with Lenders
AUSTRALIAN MUTUAL: S&P Downgrades Ratings on Three Classes
FORTESCUE METALS: Settles Shipping Dispute with SK Shipping


C H I N A

FORD MOTOR: Clears Major Hurdles in Sale of Volvo Unit


H O N G  K O N G

ATRICA HONG: Placed Under Voluntary Wind-Up Proceedings
AUCKLAND INDUSTRIAL: Court Enters Wind-Up Order
BBJ ENVIRONMENTAL: Court Enters Wind-Up Order
BESTLINK OPTOELECTRONICS: Court to Hear Wind-Up Petition Jan. 20
BETTER WAY: Members' Final Meeting Set for January 22

CHAMPION WELL: Court to Hear Wind-Up Petition on Jan. 20
CHIP WENG: Court to Hear Wind-Up Petition on December 30
EAST VICTORY: Members' Final Meeting Set for January 19
EDA HOLDINGS: Agnew and Tan Step Down as Liquidators
EVER PROSPECT: Commences Wind-Up Proceedings

EATI LIMITED: Creditors' Proofs of Debt Due January 20
DESCARTES FINANCE: Lees and Bancroft Appointed as Liquidators
DREAM LINK: Court to Hear Wind-Up Petition on January 13
FLYLUCRE PACKAGING: Court Enters Wind-Up Order
FORTUNE HOPE: Commences Wind-Up Proceedings

GERMANY SIEMENS: Court Enters Wind-Up Order
GOLDEN HERO: Court to Hear Wind-Up Petition on February 17
GOLDMART LEATHER: Lees and Ng Appointed as Liquidators
HAYES INTERNATIONAL: Leung Mei Fan Appointed as Liquidator
HK SIEMENS: Court Enters Wind-Up Order


I N D I A

ANDREW YULE: Fitch Affirms National Long-Term Rating at 'D'
ARIHANT SOLVEX: CRISIL Rates INR100MM Cash Credit at 'BB+'
ASHUTOSH METAL: CRISIL Assigns 'BB-' Rating on INR24.5MM Loan
ATLANTIC SHIPPING: Low Net Worth Cues CRISIL 'B+' Ratings
HARIG INDIA: Delay In Term Loan Servicing Cues Crisil Junk Ratings

INDUSTRIAL FILTERS: CRISIL Rates Various Bank Debts at 'BB+'
ITDL IMAGETEC: CRISIL Assigns 'BB+' Rating on INR131MM Loan
JALARAM COTTON: CRISIL Puts 'BB-' Rating on INR73MM Term Loan
KAMATH TRANSFORMERS: CRISIL Places 'BB' Ratings on Bank Debts
KOTSONS PRIVATE: CARE Assigns 'CARE BB+' on LT Bank Facilities

METECNO INDIA: Fitch Assigns National Long-Term Rating at 'BB-'
MONGIA HI-TECH: CRISIL Assigns 'B-' Rating on INR95MM Term Loan
PASUPATI SPINNING: ICRA Reaffirms 'LD' Rating on Various Debts
RAI BAHADUR: ICRA Reaffirms 'LBB' Rating on INR1.33BB LT Loans
S.R. TIMBER: CRISIL Assigns 'BB' Rating on INR40MM Cash Credit

S.R. WORTH: CRISIL Puts 'BB' Rating on INR32 Million Cash Credit
SAMBANDAM SPINNING: CARE Puts 'CARE BB' Rating on LT Loans
SAMBHAV ENERGY: Liquidity Pressure Cues CRISIL 'B-' Rating
SHREYANS CREATION: CRISIL Rates INR40 Mil. Cash Credit at 'B+'
TEJA EDUCATIONAL: CRISIL Rates INR111 Mil. Term Loan at 'B+'

UMIYA FLEXIFOAM: CRISIL 'BB-' Ratings on Various Bank Facilities


I N D O N E S I A

BANK CENTURY: VP Boediono Defends Decision to Bail Out Bank
BANK TABUNGAN: 4th Firm to List Shares with IDX in December
EXCELCOMINDO PRATAMA: Fitch Raises Issuer Default Ratings to 'BB'


J A P A N

CAPMARK FINANCIAL: Elliott Affiliated Firms Acquire Tokyo Unit
COMMERZBANK AG: Ordered to Pay JPY3 Mil. Over Rand Mispricing
JAPAN AIRLINES: Gov't. Won't Guarantee Loans, Minister Says


K O R E A

HYUNDAI MOTOR: Labor Union Tentatively Agrees on Wage Freeze


M A L A Y S I A

OILCORP BERHAD: SAP Unable to Redeem MYR24 Mil. Outstanding Notes


N E W  Z E A L A N D

ASSET FINANCE: S&P Assigns 'B' Counterparty Credit Ratings


P H I L I P P I N E S

AMERICAN INT'L: AIA Completes Acquisition of Philamlife


S I N G A P O R E

AGROSIN PRIVATE: Creditors' Meetings Set for Dec. 24 and Dec.30
EP CARRIERS: Creditors' Meeting Set for January 5
EP CARRIERS: Contributories' Meeting Set for January 5
WILLICH SINGAPORE: Creditors' Meeting Set for January 5


T A I W A N

TAISHIN SECURITIES: Fitch Upgrades Individual Rating From 'C/D'


V I E T N A M

* VIETNAM: Moody's Gives Negative Outlook on 'Ba3' Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ASCIANO GROUP: Inks New Loan Repayment Agreements with Lenders
--------------------------------------------------------------
Michael Evans at The Age reports that ports operator Asciano Group
has renegotiated its $5 billion debt, paying down AU$2.25 billion
due in six months, with no repayments now due until May 2012.

Under the revised debt structure, the report relates, Asciano paid
back the AU$2.25 billion debt due to mature in May using money
raised in the capital raising as well as available cash.

According to the report, Asciano took on a new AU$1.1 billion in
four and five-year facilities, with AU$640 million maturing in
December 2013, and a AU$500 million term-loan facility maturing in
December 2014.  Total drawn debt is now AU$2.9 billion, with a
limit of AU$3.4 billion, the Age notes.

Asciano is believed to have secured terms at 300 basis points
above the bank bill rate from its banking syndicate, which
includes the big four and Royal Bank of Scotland, the report says.

The report relates Asciano managing director Mark Rowsthorn said
the Company had AU$332 million in cash and access to a further
$500 million in undrawn facilities, giving it "significant
financial flexibility to pursue our strategy."

The debt-laden company, however, has disappointed investors by
failing to restore a dividend, the Age notes.

Asciano Group (ASX:AIO) -- http://www.asciano.com/-- is an
Australia-based infrastructure owner, with a primary focus on
transport infrastructure, including ports and rail assets, and
associated operations and services.  The company operates through
its wholly owned subsidiary, Asciano Limited, and its controlled
entities, including Asciano Finance Trust.  Asciano provides
freight transport solutions through two freight transport modes.
The company's operations include the Pacific National rail
operations and the Patrick ports and stevedoring businesses.  It
owns and operates a range of infrastructure assets, including
ports and rail across Australia.  It also provides intermodal
services, providing interstate rail freight services to freight
forwarders and steel manufacturers.  Through Patrick's ports and
stevedoring business, Asciano operates container terminals. It
provides a network of ports-related freight services and logistics
to importers and exporters.


AUSTRALIAN MUTUAL: S&P Downgrades Ratings on Three Classes
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered the
ratings on the three classes of notes issued by Australian Mutual
LT2 Capital Funding (No. 1) Ltd.  At the same time, the ratings
were removed from CreditWatch with negative implications, where
they were placed on Sept. 18, 2009.

The rating actions follow a review of the transaction in light of
the update of the criteria and assumptions applied in S&P's
collateralized debt obligation evaluator.  The revised criteria
provide for an increase in the minimum level of credit enhancement
at all rating levels, to augment the notes' capacity to withstand
stress scenarios commensurate to S&P's rating definitions.  These
rating actions are attributable to the criteria update and do not
reflect a change in S&P's anticipated performance of the
underlying assets.

The AU$49 million floating rate notes issued by AMCF is secured by
a portfolio of lower tier 2 instruments issued by 19 participating
Australian credit unions.  The credit performance of the
instruments has a direct impact on the timely payment of interest
and ultimate repayment of principal to noteholders.  The portfolio
composition and its credit quality have been stable since the
closing of the transaction.

                          RATINGS LOWERED

        Australian Mutual LT2 Capital Funding (No. 1) Ltd.

          Class              Rating to     Rating from
          -----              ---------     -----------
          Senior             A+            AAA/Watch Neg
          Mezzanine          BB+           BBB/Watch Neg
          Junior             B             BB/Watch Neg


FORTESCUE METALS: Settles Shipping Dispute with SK Shipping
-----------------------------------------------------------
Fortescue Metals Group said Tuesday it has reached a settlement
agreement for its shipping dispute with SK Shipping Europe Plc
pursuant to two suspended ship charter contracts.  Under the
settlement terms, SK will discontinue its legal proceedings
against Fortescue.

Fortescue has now successfully completed settlements with four
counterparties and now only has two remaining vessels to finalize.

The key terms of the settlement are:

    * Fortescue is to pay SK Shipping an upfront settlement sum
      that equates to US$10.17 million for each of the two
      disputed vessels.  Upon payment, the legal action initiated
      by SK Shipping will be withdrawn.

    * Fortescue has restructured its future cargo obligations with
      SK Shipping whereby two new time charter vessels have been
      agreed with respective terms of 4 and 8 years.

    * The freight rate under the restructured charter arrangements
      has been set at a base daily rate plus a hire incentive
      payment and includes a profit share arrangement.

"As an update to the guidance provided on February 24, 2009,
regarding Fortescue's potential damages estimate of US$171
million, the quantum of the damages paid to SK Shipping together
with amounts paid under the previous 2 settlements with Classic
Maritime and Angelicoussis Shipping Group, are consistent with the
advised estimate," the miner said in a statement.

Fortescue said the extent of any further liability pursuant to the
two unresolved disputes should fall within the originally assessed
exposure estimate.

                       About Fortescue Metals

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

                          *     *     *

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


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


FORD MOTOR: Clears Major Hurdles in Sale of Volvo Unit
------------------------------------------------------
People familiar with the matter told The Wall Street Journal's
Matthew Dolan that Ford Motor Co. is expected to announce this
week that the major hurdles have been cleared in its effort to
sell its Volvo unit, enabling the auto maker to complete the sale
to a Chinese company by early 2010,.

The announcement could come as soon as Wednesday in the form of a
letter sent by Volvo chief executive Stephen Odell to employees of
the Swedish brand wholly owned by Ford, one person familiar with
the matter told the Journal.

The source, according to Mr. Dolan, said Ford is expected to
confirm some of the progress earlier announced by Zhejiang Geely
Holding Group, one of China's biggest auto makers, which had been
earlier identified as the preferred bidder for Volvo.  The Journal
relates Geely said in late November that it had reached an
agreement with Ford on intellectual-property rights involving
Volvo, addressing what had been a key stumbling block for a
possible acquisition.  Still, the timing of any final deal at that
time was unclear, according to Mr. Dolan.

Mr. Dolan relates Volvo officials declined to comment on the
matter Tuesday.  Other sources, according to Mr. Dolan, said that
several issues remained unresolved, including how to protect
Ford's intellectual property.

One source told the Journal the purpose of the upcoming
announcement would be two-fold:

     -- To give Volvo's an update on the talks 20,000 employees;
        and

     -- To reassure the Chinese government that the deal remained
        on track.

Geely has reached agreements for loans for the Volvo bid from Bank
of China Ltd., China Construction Bank Corp. and Export-Import
Bank of China, the Journal reports.

The Journal also says a Ford announcement would signal that the
chances for a rival bid from a consortium led by two former Ford
executives had dimmed.  The Journal notes the Crown consortium had
been led by former Ford director Michael Dingman and former Ford
and Chrysler LLC executive Shamel Rushwin and included
participation by Swedish investors.

One source told the Journal, Geely is financing a roughly $2
billon bid for Volvo with a combination of cash, bank loans and
funds from a small number of investors.  That source said those
investors include a government-owned fund based in Tianjin, China.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At September 30, 2009, the Company had $203.106 billion in total
assets against $210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

                           *     *     *

As reported by the Troubled Company Reporter on November 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.

Ford Motor Co. carries a long-term issuer default rating of 'CCC',
with a positive outlook, from Fitch Ratings.


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


ATRICA HONG: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on December 4, 2009,
creditors of Atrica Hong Kong Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Clement Chan Chung Wah
         Heng Shan Centre, 5/F
         145 Queen's Road East
         Wanchai, Hong Kong


AUCKLAND INDUSTRIAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order December 9, 2009, to
wind up the operations of Auckland Industrial Company Limited.

The company's official receiver is E T O'Connell.


BBJ ENVIRONMENTAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order December 9, 2009, to
wind up the operations of BBJ Environmental Solutions Limited.

The company's official receiver is E T O'Connell.


BESTLINK OPTOELECTRONICS: Court to Hear Wind-Up Petition Jan. 20
----------------------------------------------------------------
A petition to wind up the operations of Bestlink Optoelectronics
Limited will be heard before the High Court of Hong Kong on
January 20, 2010, at 9:30 a.m.


BETTER WAY: Members' Final Meeting Set for January 22
-----------------------------------------------------
Members of Better Way Limited, which is in members' voluntary
liquidation, will hold their final general meeting on January 22,
2010, at 2:00 p.m., at Unit 1902, 19/F., CLI Building, No. 313
Hennessy Road, Wanchai, in Hong Kong.

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


CHAMPION WELL: Court to Hear Wind-Up Petition on Jan. 20
--------------------------------------------------------
A petition to wind up the operations of Champion Well
International Limited will be heard before the High Court of Hong
Kong on January 20, 2010, at 9:30 a.m.


CHIP WENG: Court to Hear Wind-Up Petition on December 30
--------------------------------------------------------
A petition to wind up the operations of Chip Weng Company 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:

          Katherine Y.W. Or & Co.
          Suite 1201, 12th Floor
          Lippo Centre, Tower 2
          89 Queensway
          Hong Kong


EAST VICTORY: Members' Final Meeting Set for January 19
-------------------------------------------------------
Members of East Victory Development Limited will hold their final
meeting on January 19, 2010, at 11:00 a.m., at the 5/F, No. 100
Changliu Road, Shanghai, in China.

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


EDA HOLDINGS: Agnew and Tan Step Down as Liquidators
----------------------------------------------------
Dermot Agnew and Kenneth Kok-Oon Tan stepped down as liquidators
of Eda Holdings Limited on November 24, 2009.


EVER PROSPECT: Commences Wind-Up Proceedings
--------------------------------------------
Members of Ever Prospect Investment Limited, on December 11, 2009,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         Wing On Centre, Room 1601
         111 Connaught Road
         Central, Hong Kong


EATI LIMITED: Creditors' Proofs of Debt Due January 20
------------------------------------------------------
E.A.T.I Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by Jan. 20,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon


DESCARTES FINANCE: Lees and Bancroft Appointed as Liquidators
-------------------------------------------------------------
John Robert Lees and Colum Sebastian Joseph Bancroft on Nov. 18,
2009, were appointed as liquidators of Descartes Finance Limited.

The liquidators may be reached at:

         John Robert Lees
         Colum Sebastian Joseph Bancroft
         John Lees & Associates Limited
         Henley Building
         5 Queen's Road
         Central Hong Kong


DREAM LINK: Court to Hear Wind-Up Petition on January 13
--------------------------------------------------------
A petition to wind up the operations of Dream Link Limited will be
heard before the High Court of Hong Kong on January 13, 2010, at
9:30 a.m.


FLYLUCRE PACKAGING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order December 9, 2009, to
wind up the operations of Flylucre Packaging Company Limited.

The company's official receiver is E T O'Connell.


FORTUNE HOPE: Commences Wind-Up Proceedings
-------------------------------------------
Fortune Hope Investment Limited, which is in members voluntary
liquidation on December 11, 2009, commenced wind-up proceedings.

The company's liquidator is:

         Fung Kit Yee
         Wing On Centre, Room 1601
         111 Connaught Road
         Central, Hong Kong


GERMANY SIEMENS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order December 9, 2009, to
wind up the operations of Germany Siemens Group Limited.

The company's official receiver is E T O'Connell.


GOLDEN HERO: Court to Hear Wind-Up Petition on February 17
----------------------------------------------------------
A petition to wind up the operations of Golden Hero Industries
Limited will be heard before the High Court of Hong Kong on
February 17, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Rowland Chow, Chan & Co.
          Malaysia Building, 21st Floor
          No. 50 Gloucester Road
          Wanchai, Hong Kong


GOLDMART LEATHER: Lees and Ng Appointed as Liquidators
------------------------------------------------------
John Robert Lees and Mat Ng on November 13, 2009, were appointed
as liquidators of Goldmart Leather and Hide Limited.

The liquidators may be reached at:

         John Robert Lees
         Mat Ng
         Henley Building, 20/F
         5 Queen's Road
         Central, Hong Kong


HAYES INTERNATIONAL: Leung Mei Fan Appointed as Liquidator
----------------------------------------------------------
Leung Mei Fan on December 8, 2009, was appointed as liquidator of
Hayes International Limited.

The liquidator may be reached at:

         Leung Mei Fan
         Allied Kajima Building, Room 1005
         138 Gloucester Road
         Wanchai, Hong Kong


HK SIEMENS: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order December 9, 2009, to
wind up the operations of H.K. Siemens Electric Appliance Limited.

The company's official receiver is E T O'Connell.


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


ANDREW YULE: Fitch Affirms National Long-Term Rating at 'D'
-----------------------------------------------------------
Fitch Ratings has affirmed India's Andrew Yule & Company Ltd's
National Long-term rating at 'D(ind)', and its fund based working
capital of INR466.6 million at 'C(ind)'.  At the same time, the
agency has assigned a National Short-term rating of 'F5(ind)' to
AYCL's non-fund based limits of INR12.9m.

These rating actions update the same published by the agency on
November 18, 2009, and reflects AYCL's higher debt/limits as
sanctioned by the banking system.

The 'D(ind)' National Long-term rating reflects AYCL's continuous
operating losses over the years, with a net loss from FY01-
FY07(INR895.7 million net loss in FY07).  The company's net worth
was completely eroded in FY02 (due to consecutive net losses from
FY00).  In September 2004, AYCL registered with the Board for
Industrial and Financial Reconstruction under the Sick Industries
Company Act.  AYCL is still registered with BIFR and the company
is trying to implement the Rehabilitation Scheme for its revival,
as approved by the Board for Reconstruction of Public Sector
Enterprises, Union Cabinet and BIFR.

The rating also reflects irregularities in depositing undisputed
statutory dues with appropriate authorities; this includes
Provident funds, employees' state insurance, sales tax, wealth
tax, income tax and other statutory dues by the company during the
year.  AYCL is still in default in repayment of some of its dues
to banks, even after taking into account the relief, concessions
and restructuring of dues payable to financial institutions and
banks, per BIFR's sanctioned scheme.  However, the particular bank
loan facility being rated is performing, and has been rated at
'C(ind)'.

A positive trigger for the Long-term rating would include the full
implementation of the Rehabilitation Scheme enabling AYCL to exit
BIFR.

AYCL is headquartered in Kolkata and is the flagship company of
the Andrew Yule group.  AYCL was incorporated in 1919 as a private
limited company and converted into a public limited company in
1949.  In 1979, it became a Central Public Sector Undertaking
under the Ministry of Industry.  The Government of India holds
98.62% of the company's equity shares, with the balance being held
by financial institutions and the public.  Its shares are listed
on the Bombay Stock Exchange, and it has around 12,000
shareholders.  AYCL presently operates four divisions, namely Tea,
Engineering, Electrical and General divisions.


ARIHANT SOLVEX: CRISIL Rates INR100MM Cash Credit at 'BB+'
----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Arihant Solvex Pvt
Ltd's INR100 million cash credit facility.  The rating reflects
ASP's limited financial flexibility because of small net worth,
and low operating margins because of intense competition arising
from a fragmented industry.  The impact of these weaknesses is
mitigated by ASP's established market position in the edible oil
industry.

Outlook: Stable

CRISIL believes that ASP will maintain its market position in the
edible oil business over the medium term on the back of promoters'
industry experience and steady demand for its products.  The
outlook could be revised to 'Positive' if there is significant and
sustainable improvement in the company's profitability and
business risk profile.  Conversely, large debt-funded capital
expenditure, or increased pressure on profitability, resulting in
steep deterioration in the capital structure, could trigger an
outlook revision to 'Negative'.

ASP was incorporated in 1990 by Mr. Rajendra Kumar Bader.  The
company is in the business of oil extraction from groundnut,
mustard seeds, and oiled cakes.  The company has processing unit
in Bikaner, Rajasthan, with an installed capacity of 60,000 tonnes
solvent extraction plant, 7500 tonnes refinery, 22,500 tonnes
expeller.  The company sells oil under the brand name Royale.

For 2008-09 (refers to financial year, April 1 to March 31), ASP
reported a profit after tax (PAT) of  INR4.4 million on net
revenues of  INR729 million, against a PAT of  INR4.5 million on
net revenues of  INR643 million for the previous year.


ASHUTOSH METAL: CRISIL Assigns 'BB-' Rating on INR24.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Ashutosh Metal Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR120.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR24.5 Million Term Loan               BB-/Stable (Assigned)

The rating reflects AMPL's weak financial risk profile, and
exposure to risks relating to customer concentration in revenue
profile.  These weaknesses are partially offset by the benefits
that the company derives from its promoters' experience in the
steel industry.

Outlook: Stable

CRISIL believes that AMPL will maintain a stable business risk
profile over the medium term, supported by its ability to get new
orders and sustain its revenue levels.  The company's financial
risk profile is likely, to remain constrained over the medium term
on account of large working-capital requirements.  The outlook may
be revised to 'Positive' if the company is able to increase its
scale of operations, while maintaining its operating margins.
Conversely, the outlook may be revised to 'Negative' in case the
company's financial risk profile weakens on account of decline in
sales or if the company undertakes large, debt-funded capital
expenditure, resulting in further deterioration of the debt
protection measures.

                        About Ashutosh Metal

Incorporated in 1999, AMPL manufactures stainless steel flats,
rounds, bars, ingots, and railway sleeper moulds.  It initially
had an installed melting capacity of about 7500 tonnes per annum
(tpa), and set up rolling capacity of about 90,000 tpa in 2007-08
(refers to financial year, April 1 to March 31) to integrate its
operations at Ahmedabad (Gujarat).  The company procures stainless
steel scrap largely from utensil manufactures, and sells converted
SS flats to stainless steel sheets manufacturers and SS rounds and
MS flats and rounds for industrial consumption.

AMPL reported a profit after tax (PAT) of  INR7 million on net
sales of  INR78.4 million for 2008-09, as against a PAT of  INR2
million on net sales of  INR170 million for 2007-08.


ATLANTIC SHIPPING: Low Net Worth Cues CRISIL 'B+' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Atlantic Shipping Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit           B+/Stable (Assigned)
   INR10.0 Million Overdraft Facility    B+/Stable (Assigned)
   INR10.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect ASPL's weak financial risk profile, marked by
low net worth, high gearing, and moderate debt protection
measures, and strained liquidity.  These weaknesses are mitigated
by ASPL's established presence in the port agency services
segment.

Outlook: Stable

CRISIL expects ASPL's financial risk profile to remain weak over
the medium term due to high gearing and low net worth.  The
outlook may be revised to 'Positive' if ASPL's financial risk
profile improves owing to substantial equity infusion and
efficient working capital management.  Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates further, because of large incremental working capital
requirements.

                      About Atlantic Shipping

Set up in 1985 by Mr. Shabbir Rangwala, ASPL provides port agency
services such as customs clearance and documentation, crew-related
services, loading and unloading of cargo, and other services to
vessels reaching Indian ports.  The company handles both dry and
liquid cargo; however, it plans to focus on liquid cargo over the
medium term.

ASPL's promoters also manage Admiral Shipping Pvt Ltd, Sunrich
Ship Management Pvt Ltd, Sunrich Properties and Investment Pvt
Ltd, and Sunrich Energy Pvt Ltd (collectively referred to as the
Sunrich group).

ASPL reported a profit after tax (PAT) of  INR4.3 million on net
sales of  INR111 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 INR101 million for 2007-08.


HARIG INDIA: Delay In Term Loan Servicing Cues Crisil Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Harig India Pvt Ltd.

  Facilities                              Ratings
  ----------                              -------
  INR42.5 Million Cash Credit Limit       D (Assigned)
  INR47.4 Million Term Loan               D (Assigned)
  INR25.0 Million Working Capital         D (Assigned)
                  Demand Loan
  INR37.5 Million Letter of Credit        P5 (Assigned)

The ratings reflect delay in term loan servicing by HIPL; the
delay has been caused by weak liquidity.

Set up in 1961, HIPL manufactures hydraulic pumps and lifts.  In
2008-09 (refers to financial year, April 1 to March 31), the
company began manufacturing tractors.  The company's facilities
have the capacity to manufacture up to 16,500 units of hydraulic
equipment per annum and 1200 tractors per annum; both the
facilities are in Ghaziabad.  HIPL has set up a joint venture,
Mita Harig India Pvt Ltd (MHIPL), with Mita Oleodinamica, of
Italy, which manufactures hydraulic equipment.  HIPL derives more
than 50% of its revenues from sales to MHIPL.

For 2008-09, HIPL reported a net loss of INR21.9 million on net
sales of INR130 million, against a profit after tax of
INR0.4 million on net sales of INR101 million for 2007-08.  The
losses in 2008-09 were due to instability in the company's new
tractor division.


INDUSTRIAL FILTERS: CRISIL Rates Various Bank Debts at 'BB+'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Industrial Filters & Fabrics Pvt Ltd.

  Facilities                         Ratings
  ----------                         -------
  INR45 Million Cash Credit          BB+/Stable (Assigned)
  INR12.5 Million Working Capital    BB+/Stable (Assigned)
                  Demand Loan
  INR18 Million Proposed Long Term   BB+/Stable (Assigned)
                Bank Loan Facility
  INR5 Million Letter of Credit      P4+ (Assigned)
  INR15 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect Industrial Filters' moderate scale of
operations marked by exposure to downturns in end-user industries,
large working capital requirements, ageing receivables, and to
fluctuations in foreign exchange rates.  These weaknesses are
partially offset by Industrial Filters' moderate gearing and debt
protection measures, small net worth, established clientele, and
the benefits that the company derives from its promoters' industry
experience.

Outlook: Stable

CRISIL believes that Industrial Filters' scale of operations will
remain moderate, given the small size of the filter bags and cages
industry.  The company will also continue to benefit from the
industry experience of its promoters.  The outlook may be revised
to 'Positive' in case of a significant increase in the company's
scale of operations, leading to economies of scale, or if there is
a significant improvement in its profitability or financial
flexibility on a sustained basis.  Conversely, the outlook may be
revised to 'Negative' if Industrial Filters' profitability
deteriorates or if the company undertakes a large debt-funded
capital expenditure programme.

                     About Industrial Filters

Incorporated in 1989 by Mr. Pradeep Maheshwari, Industrial Filters
manufactures filter bags and filter cages, which are used in dust-
collection systems.  The company has a manufacturing unit in
Indore, Madhya Pradesh.  Industrial Filters holds a 51% stake in
its joint venture with Hilson Ltd, UK, IFF Hilson Pvt Ltd.
Industrial Filters' group company, IFF Overseas Ltd, manufactures
cotton, polyester, and synthetic bags.

Industrial Filters reported a profit after tax (PAT) of INR10.5
million on net sales of INR431.8 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR8.9
million on net sales of INR316.1 million for 2007-08.


ITDL IMAGETEC: CRISIL Assigns 'BB+' Rating on INR131MM Loan
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of ITDL Imagetec Ltd.

  Facilities                          Ratings
  ----------                          -------
  INR45 Million Cash Credit Limit     BB+/Stable (Assigned)
  INR131 Million Term Loan            BB+/Stable (Assigned)
  INR14 Million Proposed Long-Term    BB+/Stable (Assigned)
                Bank Loan Facility
  INR5 Million Letter of Credit       P4+ (Assigned)
  INR5 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Imagetec's exposure to intensifying
competition from low-priced imported toners, and its weak
financial risk profile marked by small net worth, high gearing,
and weak debt protection measures.  These rating weaknesses are
partially offset by the support Imagetec receives from its parent
Indian Toners and Developers Ltd (ITDL, rated 'BBB/Stable/P3+' by
CRISIL).

Outlook: Stable

CRISIL believes that Imagetec will continue to benefit from its
market position and support from ITDL.  However, the company's
financial risk profile will remain weak because of its small net
worth and high debt.  The outlook may be revised to 'Positive' if
the company reports higher-than-expected increase in revenue or
better-than-expected profitability, resulting in higher cash
accruals, or if there is fresh large equity infusion into the
company.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes an aggressive debt-funded capital
expenditure programme or if its operating margin deteriorates.

                          About Imagetec

Imagetec, a 51% subsidiary of ITDL, has set up a toner facility
with an installed production capacity of 1200 tonnes per annum
(tpa) in Uttarakhand; the facility started commercial operations
in April 2009.  The company enjoys a tax holiday for the first 10
years of operation - 100% income tax exemption for the first five
years, and 50% for the following five years.  In addition, the
plant is entitled to 100% exemption from excise duty.  The company
has rescheduled its term debt repayment because of delay in the
commencement of operations - initially expected to commence in
December 2008.

ITDL, incorporated in 1990, manufactures black toners for
photocopiers, laser printers, digital machines, and multi-function
printers.  Its manufacturing unit in Rampur, Uttar Pradesh, has a
production capacity of 1200 tpa. ITDL has an established presence
in the domestic toner replacement market, under the brand name
Supremo.


JALARAM COTTON: CRISIL Puts 'BB-' Rating on INR73MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Jalaram Cotton & Proteins Ltd.

  Facilities                             Ratings
  ----------                             -------
  INR200.0 Million Cash Credit Limit*    BB-/Stable (Assigned)
  INR73.0 Million Term Loan              BB-/Stable (Assigned)
  INR2.3 Million Overdraft Facility      BB-/Stable (Assigned)

  INR28.0 Million Working Capital        BB-/Stable (Assigned)
                    Demand Loan

  INR26.5 Million Proposed Long          BB-/Stable (Assigned)
                  Term Facility

  INR65.0 Million Foreign Bill           P4+ (Assigned)
                   Discounting

  INR5.0 Million Inland Letter of        P4+ (Assigned)
               Credit Discounting

  INR0.2 Million Bank Guarantee          P4+ (Assigned)

  *Includes Bill Discounting sub limit of INR40 Million.

The ratings reflect JCPL's exposure to risks relating to stretched
financial profile, and to unfavorable changes in regulatory
policies.  These weaknesses are, however, partially offset by the
benefits that the company derives from forward integration in its
operations.

Outlook: Stable

CRISIL believes that JCPL will maintain a stable financial risk
profile over the medium term supported by operational benefits
derived through the forward integration of its operations.  The
outlook may be revised to 'Positive', if the company is able to
increase it scale of operations and improve its debt protection
measures.  Conversely, the outlook may be revised to 'Negative',
if the company's financial risk profile deteriorates, owing to
large borrowings to meet increased working capital requirements,
or if there are unfavorable changes in regulatory policies.

                       About Jalaram Cotton

Set up in 2007, JCPL (formerly, Jalaram Cottex) became a limited
company in August 2008.  It undertakes cotton ginning and
pressing, and manufactures refined cotton seed oil.  JCPL reported
a profit after tax (PAT) of INR5.3 million on net sales of
INR1690.9 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR1.8 million on net sales of
INR1442.1 million for 2007-08.


KAMATH TRANSFORMERS: CRISIL Places 'BB' Ratings on Bank Debts
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Kamath
Transformers Pvt Ltd's bank facilities.

  Facilities                              Ratings
  ----------                              -------
  INR58.00 Million Long Term Loan         BB/Stable (Assigned)
  INR15.00 Million Cash Credit (Stock)    BB/Stable (Assigned)

  INR10.00 Million Cash Credit            BB/Stable (Assigned)
                   (Receivable)

  INR5.00 Million Letter of Credit        P4+ (Assigned)
  INR9.00 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect KTPL's concentration in revenue profile, risk
related to implementation and commissioning of its new
manufacturing plant, and small scale of operations.  These
weaknesses are partially offset by KTPL's above-average financial
risk profile, and its promoters' industry experience.

Outlook: Stable

CRISIL believes that KTPL will continue to benefit from its above-
average financial risk profile, and increasing investments in the
power sector over the medium term.  The outlook may be revised to
'Positive' if the company scales up its operations, and
diversifies its customer base, while maintaining its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure program, or if its revenues and accruals decline,
because of delay in stabilization of operations in the new
facility or deterioration in relationships with key customers,
thereby resulting in weakening in its financial risk profile.

                    About Kamath Transformers

Set up in 1994 in Bengaluru by Mr. K V Kamath, KTPL, a family-
owned company, manufactures power transformers of up to 800
megavolt-ampere (MVA) capacity.  The company derives nearly 70 per
cent of its revenues from the sale of transformers to windmill
manufacturers.  KTPL is constructing a new manufacturing plant to
expand facilities by 2500 MVA at a project cost of INR83 million
(of which 77 per cent is funded through debt). The new facility is
expected to be completed in March 2010.

KTPL reported a profit after tax (PAT) of INR5 million on net
sales of INR174 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR25 million on net sales
of INR187 million for 2007-08.


KOTSONS PRIVATE: CARE Assigns 'CARE BB+' on LT Bank Facilities
--------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term (Fund-
Based) Bank Facilities aggregating INR51.59 cr of Kotsons Private
Ltd.  This rating is applicable for facilities having tenure of
more than one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.

CARE has assigned a 'PR4' rating to the Short-term (Non Fund-
Based) Bank Facilities aggregating INR56.00 cr of Kotsons.  This
rating is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

CARE assigns '+' or '-' signs shown after the assigned rating to
indicate the relative position within the band covered by the
rating symbol.

Rating Rationale

The ratings consider weak financial profile characterized by
liquidity constraints on account of growing working capital
intensity and declining profitability during FY09 leading to an
instance of irregularity in debt servicing.  The ratings however
consider the strengths enjoyed by the Company through established
track record and experience of promoters, diversified client base
and established product profile.

Going forward, improvement in working capital management and
sustenance of the profitable operations will be the key rating
sensitivities.

Kotsons Pvt. Ltd. was incorporated in 1978 as a small scale unit.
It is promoted and managed by Mr. Pawan Kumar Jain & family, who
have an experience of more than 30 years in the transformer
industry.  It is engaged in the manufacturing, repairing and
servicing of Power & Distribution Transformers.  The Company is
ISO
9001:2000 and ISO 14001:2004 certified.

The Company's business model is order driven which are secured
either by way of tender basis (in case of State Electricity
Boards) or through direct marketing.  The Company has a
diversified client base and during FY09 its sales profile was
characterized by 41% contribution from the private sector, 28%
from the public sector and the remaining 31% from the exports
market.

As per the audited results for FY08, income from operations stood
at INR208.37 cr, reflecting a growth of 18% over FY07.  The
profitability at both the operating as well as the net level
increased during FY08 with PBILDT of INR19.43 cr and PAT of
INR10.04 cr.  However, the Company's operations have exhibited
high working capital intensity characterized by increasing
inventory and debtor days which led to moderate current ratio.
As per the provisional results for FY09, income from operations
stood at INR240 cr, reflecting a growth of 15% over FY08. However,
the challenging operating environment during FY09 affected the
earnings potential, leading to stressed liquidity position.


METECNO INDIA: Fitch Assigns National Long-Term Rating at 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned Metecno India Private Limited a
National Long-term rating of 'BB-(ind)' with a Stable Outlook.
The agency has also assigned these ratings to MIPL's bank loans:

  -- Term loans amounting to INR148.0m: 'BB-(ind)';

  -- Fund based working capital limits amounting to INR130.0m:
     'BB- (ind)'; and

  -- Non-fund based working capital limits amounting to INR200.0m:
     'F4(ind)'.

MIPL's ratings incorporate its relatively small size of
operations, present low capacity utilization levels (and
consequent modest financial profile), and proposed debt-funded
capex (to increase its product portfolio).  Fitch notes that
increasing the awareness in the market on its product -- sandwich
metal panels -- and expanding its market share would be a key
challenge in increasing MIPL's capacity utilization.

The ratings are strengthened by the growth of MIPL's scale of
operations; turnover has increased to INR519.3 million in the
nine-month period to end September 2009 (9MFY09), from
INR327.7 million in the nine month period to end December 2007.
Fitch notes that MIPL receives product and process knowledge from
its parent, Italy's Metecno Group, a leading global manufacturer
of sandwich panels, and the ratings are strengthened by the sound
technical expertise of the company in quality insulated panels
manufacture by virtue of its parentage.  MIPL currently supplies
to several major Indian industries.

Negative ratings triggers include an increase in debt/EBITDA above
6.0x, while the ratings could be revised upwards if there is a
decrease in debt/EBITDA below 4.0x.

MIPL is in the business of manufacturing sandwich metal panels and
started operations in March 2007.  In 9MFY09 MIPL had a net
turnover of INR519.3 million (FY08: INR487.8 million), EBITDA of
INR35.3 million (FY08: INR33.5 million), while debt/ EBITDA at
end-December 2008 was 4.8x.


MONGIA HI-TECH: CRISIL Assigns 'B-' Rating on INR95MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the bank
facilities of Mongia Hi-Tech Pvt Ltd, which is part of the Mongia
group.

  Facilities                              Ratings
  ----------                              -------
  INR100 Million Cash Credit*             B-/Negative (Assigned)
  INR10 Million Stand by Line of Credit   B-/Negative (Assigned)
  INR95 Million Term Loan                 B-/Negative (Assigned)

  * Cash Credit limit are converted to FCNRB limit depending on
    the company's request.

The rating reflects Mongia's exposure to risks relating to the
working capital-intensive nature of its operations, and large
capital expenditure (capex) plans over the medium term.  These
weaknesses are, however, partially offset by the company's average
business risk profile, supported by high integration within the
Mongia group and established brand presence in the steel industry.

As part of this rating exercise, CRISIL has consolidated the
business and financial risk profiles of Santpuria Alloys Pvt Ltd
(Santpuria) and Mongia.  This is because the two companies,
collectively referred to as the Mongia group are under a common
management, in similar lines of business, and have fungible funds.
Moreover, Mongia is Santpuria's sole customer; Santpuria enables
backward integration of Mongia's operations.

Outlook: Negative

CRISIL believes that the Mongia group's liquidity will remain
strained on account of its capital expenditure (capex) plans.  The
ratings may be downgraded in case accruals are lower than
projected.  Conversely, the outlook may be revised to 'Stable' if
accruals are considerably higher than projected, or if the debt
taken to fund capex is lower than expected.

                         About the Group

Set up in 1974, the Mongia group manufactures sponge iron, ingots,
thermo-mechanically treated (TMT) bars, and other long products.
In 2008, the group acquired Nanak Hi-tech Pvt Ltd, which has the
capacity to manufacture 50-60 tonnes of ingots per day. The group
sells its finished products under the brand 'Mongia'.

Mongia was set up in 1995 and currently has a capacity of 210
metric tonnes. It manufactures Ingot, Bars, Strips, Profile and
Tube.

The Mongia group reported a profit after tax (PAT) of INR18
million on net sales of INR495.4 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR13.1
million on net sales of INR417.6 million for 2007-08.


PASUPATI SPINNING: ICRA Reaffirms 'LD' Rating on Various Debts
--------------------------------------------------------------
ICRA has reaffirmed 'LD' rating assigned to the INR117.7 million
Partially Convertible Debenture programme and INR50.0 million Non-
Convertible Debenture programme of Pasupati Spinning & Weaving
Mills Limited.  The rating re-affirmation takes into account
PSWM's continued delays in meeting its interest and principal
obligations to banks, financial institutions and other investors.
PSWM was declared a sick company by BIFR on July 14, 2005.


RAI BAHADUR: ICRA Reaffirms 'LBB' Rating on INR1.33BB LT Loans
--------------------------------------------------------------
ICRA reaffirms 'LBB' rating assigned to the INR1330 million,
long-term, fund-based limits and A4 rating assigned to the
INR80 million, short-term, non-fund based limits of Rai Bahadur
Narain Singh Sugar Mills Limited.

ICRA ratings factor in the improved sugar demand-supply position
and the consequent firming up of sugar realizations in the
domestic market.  It also factors in the long presence of RBNS in
the sugar business and its adequate scale of operations and
availability of fiscal sops (that is, excise and income tax
exemptions) on account of its location in Uttaranchal.  The
strengths are, however, constrained by low cane availability in
the country and consequent higher cane price, which in turn could
partially offset the benefit of increased sugar realizations.
Cane price in Uttaranchal continues to be delinked from sugar
prices in the domestic market, which also results in volatility in
operating margins, particularly given the partially integrated
status of the operations of the company.  In ICRA's view, the
forward integration of the company into co-generation would render
its profitability relatively less vulnerable to price cyclicality
in the sugar business once the capacities reach optimal
utilization.

Ratings also include risks arising from agro-climactic factors and
government policies concerning cane pricing, sugar release
mechanism and pricing of by-products such as molasses and power.
The debt-funded expansion of RBNS over the last few years and
increased working capital loans to support the sugar stock
inventory resulted in high gearing levels.  The ratings of ICRA
draw comfort from the adequate working capital limits of the
company and the availability of interest-free excise duty loan.
This along with the ongoing inventory correction is likely to
support the liquidity position of the company.

                         About Rai Bahadur

Rai Bahadur Narain Singh Sugar Mills Limited is engaged in sugar
production and cogeneration.

Promoted by Shri Rai Bahadur Narain Singh in 1933, the company is
currently being managed by his grandson Mr. Hardev Singh Akoi.
The company has cane crushing capacity of 8500 Tones Capacity per
Day (TCD), which has been expanded from 6500 TCD over the last
four years and a co-generation plant of 14.6 Mega Watts (MW),
which is expected to be expanded to 29.6 MW by FY 2010.  The
company operates from the Lhaksar Distt. Haridwar, Uttaranchal.


S.R. TIMBER: CRISIL Assigns 'BB' Rating on INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4+' to the bank
facilities of S.R. Timber Products Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         BB/Negative (Assigned)
   INR90 Million Letter of Credit    P4+ (Assigned)

The ratings reflect SR Timber's exposure to risks relating to
intense competition in the timber industry, and to over-dependence
on Malaysia for timber supplies.  These weaknesses are, however,
partially offset by the benefits that the company derives from the
promoter's experience in procurement of timber.

CRISIL has consolidated the financial risk profiles of SR Timber
and S.R. Worth Ayat Niryat Pvt Ltd, and SR Log Products Pvt Ltd.
This is because the three entities, collectively referred to as
the SR group, are under a common management, are engaged in
similar lines of business, and have extended cross guarantees to
one another.

Outlook: Negative

CRISIL believes that the SR group's financial risk profile and
debt protection measures will remain weak, over the medium term.
The outlook may be revised to 'Stable' if the group's
profitability improves, and if fresh equity infusions enhance its
net worth.  Conversely, the ratings may be downgraded if the group
takes on large, debt-funded capital expenditure or the group's
profitability declines sharply.

                          About the Group

Set up in 2004, by Mr. Akhilesh Singh and his sister Mrs. Chittra
Singh, SR Worth manufactures wooden products.  In 2005, the
promoters incorporated another company by SR Log which also trades
in timber.

The SR group reported a profit after tax (PAT) of INR11.0 million
on net sales of INR1,719 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR6.3 million on
net sales of INR1,208 million for 2007-08.

                         About SR Timber

SR Timber, incorporated in 2001, by Mr. Akhilesh Singh and Mr.
Sashi Bhushan Singh, trades in timber.


S.R. WORTH: CRISIL Puts 'BB' Rating on INR32 Million Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4+' to the bank
facilities of S.R. Worth Ayat Niryat Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR32 Million Cash Credit         BB/Negative (Assigned)
   INR120 Million Letter of Credit   P4+ (Assigned)

The ratings reflect SR Worth's exposure to risks relating to
intense competition in the timber industry, and to over-dependence
on Malaysia for timber supplies.  These weaknesses are, however,
partially offset by the benefits that the company derives from the
promoter's experience in procurement of timber.

CRISIL has consolidated the financial risk profiles of SR Worth
and S.R. Timber Products Pvt Ltd, and SR Log Products Pvt Ltd.
This is because the three entities, collectively referred to as
the SR group, are under a common management, are engaged in
similar lines of business, and have extended cross guarantees to
one another.

Outlook: Negative

CRISIL believes that the SR group's financial risk profile and
debt protection measures will remain weak, over the medium term.
The outlook may be revised to 'Stable' if the group's
profitability improves, and if fresh equity infusions enhance its
net worth.  Conversely, the ratings may be downgraded if the group
takes on large, debt-funded capital expenditure, or the group's
profitability declines sharply.

                         About the Group

SR Timber, incorporated in 2001, by Mr. Akhilesh Singh and Mr.
Sashi Bhushan Singh, trades in timber.  In 2005, the promoters
incorporated another company by SR Log which also trades in
timber.

The SR group reported a profit after tax (PAT) of INR11.0 million
on net sales of INR1,719 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR6.3 million on
net sales of INR1,208 million for 2007-08.

                          About SR Worth

Set up in 2004, by Mr. Akhilesh Singh and his sister Mrs. Chittra
Singh, SR Worth manufactures wooden products.


SAMBANDAM SPINNING: CARE Puts 'CARE BB' Rating on LT Loans
----------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Sambandam Spinning Mills Ltd.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations and carry high credit risk.  Also,
CARE has assigned a 'PR4' rating to the Short-term Bank
Facilities of SSML.   Facilities with this rating would have
inadequate capacity for timely repayment of short-term debt
obligations and carry very high credit risk.  Such facilities
are susceptible to default.   These ratings are assigned for an
aggregate amount of INR166.19 cr. CARE assigns '+' or '-' signs
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

                                  Amount
   Facilities                    (INR cr)        Rating
   ----------                     ------         ------
   Long-term Loans                110.19         CARE BB
   Long-term Fund-based limits     37.50         CARE BB
   Short-term Fund-based limits    18.50         PR4

Rating Rationale

The above ratings are constrained by weak financial position of
SSML as evidenced in the high overall gearing, tight liquidity
position and contraction in profitability during the last two
years ended FY09.  The ratings also factor in the unfavorable
industry scenario and poor power supply situation in Tamil Nadu,
where the company's facilities are located and the consequent
losses in FY09 necessitating debt restructuring by the company.
The ratings also factor in SSML's established track record of over
30 years along with promoter's vast experience in the cotton
spinning industry, its diverse product offering with focus on
value addition and finer counts yarn targeted at premium market
segment and synergies of operations with group firm, M/s Kandagiri
Spinning Mills Ltd.

                     About Sambandam Spinning

Sambandam Spinning Mills Ltd was incorporated in 1973 as a private
limited company and converted into a public limited company in
1994.  SSML belongs to the 'Sambandam' group of companies based in
Salem, Tamilnadu.  SSML is mainly into manufacturing of cotton
yarn with focus on higher counts and value-additions catering to
the premium yarn market.  As on March 31, 2009, the company had a
capacity of 84,252 spindles spread among three units in Salem. For
the year ended FY09, SSML reported a net loss of INR4 cr on a
total income of INR117 cr.


SAMBHAV ENERGY: Liquidity Pressure Cues CRISIL 'B-' Rating
----------------------------------------------------------
CRISIL has downgraded its rating on Sambhav Energy Ltd's long-term
bank facility to 'B-/Negative' from 'BB/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR630 Million Rupee Term Loan     B-/Negative (Downgraded from
                                                   'BB/Stable')

The rating action reflects the pressure on SEL's liquidity because
of delay in commissioning of the company's biomass power project.
SEL's operating margin is also expected to decline because of the
significant increase in juliflora (primary biomass) prices;
consequently, SEL's debt servicing ability is expected to
deteriorate in 2009-10 (refers to financial year, April 1 to
March 31).

The rating continues to reflect SEL's below-average financial risk
profile, susceptibility to fluctuations in juliflora prices, and
the customer concentration in its revenue profile.  These rating
weaknesses are partially offset by the benefits that the company
derives from its flexible power purchase agreement (PPA) with
power distribution companies, which enables sale of power to third
parties, and adequate availability of biomass.

Outlook: Negative

CRISIL believes that the time overruns in the implementation and
stabilisation of SEL's greenfield biomass power project will
constrain SEL's debt servicing ability, unless supported by funds
from promoters.  The rating may be downgraded in case the company
delays servicing its debt.  Conversely, the outlook may be revised
to 'Stable' if SEL's promoters infuse additional funds in the
project, or the plant generates higher-than-expected cash flows,
thereby alleviating the liquidity pressure.

                       About Sambhav Energy

Incorporated in October 2005, SEL is setting up a 20-megawatt
agri-residue combustion-based power plant at Sirohi, for a capital
expenditure of INR900 million.  The project is expected to be
completed by January 2010.  The company has entered into a PPA
with Jaipur Vidyut Vitran Nigam Ltd, Ajmer Vidyut Vitran Nigam
Ltd, and Jodhpur Vidyut Vitran Nigam Ltd - in the ratio 36:36:28
for a period of 10 years from the date of commencement of
commercial operations - for supply of grid quality power.


SHREYANS CREATION: CRISIL Rates INR40 Mil. Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Shreyans
Creation Pvt Ltd's bank facilities.

  Facilities                              Ratings
  ----------                              -------
  INR40 Million Cash Credit               B+/Stable (Assigned)
  INR5 Million Standby Line of Credit*    B+/Stable (Assigned)
  INR5 Million Letter of Credit           P4 (Assigned)

  * Interchangeable with Cash Credit

The ratings reflect SCPL's weak financial risk profile, and
exposure to risks relating to the working-capital-intensive nature
of its operations.  These weaknesses are partially offset by the
benefits that the company derives from its promoters' experience
in the textiles business.

Outlook: Stable

CRISIL believes that SCPL's financial risk profile will remain
strained over the medium term on account of low net worth and
limited financial flexibility.  The outlook may be revised to
'Positive' if the company's financial risk profile improves
considerably, driven by increase in margins and revenues.
Conversely, the outlook may be revised to 'Negative' in case the
company undertakes large debt funded capital expenditure
programmes or any unrelated diversifications.

                      About Shreyans Creation

Set up in 1988 as a partnership firm by Mr. Rajendra Surana and
Mr. Naveen Kapoor, SCPL (formerly, Instyle Apparel) converted into
a closely-held company in 2005. It manufactures readymade garments
for men and trades in fabrics; the readymade garments are sold
under the Zedd brand. The company supplies to retail chains apart
from the wholesalers.

SCPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR237 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR191 million for 2007-08.


TEJA EDUCATIONAL: CRISIL Rates INR111 Mil. Term Loan at 'B+'
------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the term loan
facility of Teja Educational Society.

   Facilities                    Ratings
   ----------                    -------
   INR111 Million Term Loan      B+/Stable (Assigned)

The rating reflects TES's weak financial risk profile and limited
track record in the educational sector.  These weaknesses are,
however, partially offset by the increasing number of seats
offered by TES, and the fees it charges for its courses.

Outlook: Stable

CRISIL expects the Teja Educational Society (TES) to maintain a
stable business risk profile on the back of increase in the number
of seats offered, and fees charged and there by a healthy
operating income growth over the medium term.  The outlook may be
revised to 'Positive' if there is a larger than expected growth in
its operating income aided by increase in the number of seats
offered, or fees charged.  Conversely, the outlook may be revised
to 'Negative' in the event of a substantial decline in student
intake, or any large debt funded capital expenditure resulting in
deterioration in the financial risk profile of TES.

                      About Teja Educational

TES is an educational trust set up in 2004-05 (refers to financial
year, April 1 to March 31) in Hyderabad, Andhra Pradesh.  The
trust manages Geetanjali College of Engineering and Technology,
Geetanjali College of Pharmacy, and Geetanjali School of
Management Studies.  The courses offered by TES are accredited by
the All India Council for Technical Education (AICTE).

TES reported a profit after tax (PAT) of INR1 million on net sales
of INR60 million for 2008-09, as against a PAT of INR2 million on
net sales of INR40 million for 2007-08.


UMIYA FLEXIFOAM: CRISIL 'BB-' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to Umiya
Flexifoam Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR45.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR10.0 Million Term Loan              BB-/Stable (Assigned)
   INR10.0 Million Letter of Credit*      BB-/Stable (Assigned)
   INR17.5 Million Letter of Credit       P4+ (Assigned)

   *Fully interchangeable with Cash Credit

The ratings reflect UFPL's weak financial risk profile, and
exposure to risks relating to small scale of operations in the
competitive aluminium composite panels (ACPs) industry.  These
weaknesses are partially offset by the company's stable operating
margins despite slowdown in the end-user industry.

Outlook: Stable

CRISIL believes that UFPL will maintain its business risk profile
over the medium term backed by stable operating margins and
improving marketing network.  The outlook may be revised to
'Positive' in case the company registers high growth in revenues,
along with improvement in its capital structure.  Conversely, the
outlook may be revised to 'Negative' in case the company's
revenues are adversely impacted by the overall slowdown in the
real estate sector, or if its debt protection measures deteriorate
further due to large debt-funded capital expenditure.

                       About Umiya Flexifoam

UFPL, incorporated in 2003, manufactures ACPs in five different
finishings, namely brushed faced, fireproof, marble faced, mirror
faced, and wood textured.  UFPL's facility in Sanand (Gujarat) has
capacity to manufacture 0.61 million square meters of ACPs.  ACPs
find application in building interiors and exteriors for
commercial and residential premises in the real estate industry.

UFPL reported a profit after tax (PAT) of INR4.3 million on net
sales of INR150 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 INR107 million for 2007-08.


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


BANK CENTURY: VP Boediono Defends Decision to Bail Out Bank
-----------------------------------------------------------
Indonesian Vice President and former central bank governor
Boediono defended his decision to bail out Bank Century so as to
avoid the country from plunging into bigger economy crisis, Xinhua
News Agency reports.

The news agency relates Boediono, speaking at a hearing with
members of the parliament's team to investigate into the alleged
scam in the bank's bailout, said that Indonesia was in a crisis
when the IDR6.7 trillion bailout decision was made in November
2008.

?We had unstable reserves, banks stopped giving loans to one
another, rumors about sick banks spread wildly, foreign exchange
was fluctuating. The condition was exactly like that of the big
crisis in 1997-1998,? Xinhua quoted Boediono as saying.

When asked about Bank Indonesia's decision to change the short
term loan facility policy in the case of Century, Boediono said
the policy was changed to try and stop the financial situation
from disintegrating.

?We decided to change the requirements for the short term loan
facility policy and changed the required CAR to try and salvage
the situation and help avoid a greater crisis,? Boediono said.

Boediono and Finance Minister Sri Mulyani are under intense fire
from lawmakers for authorizing the bailout, AFP relates.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector.  The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after Indonesia's
Deposit Insurance Corp. seized it on Nov. 21, 2008, over a week
after the bank failed to comply with a IDR5 billion obligation.
Bank Century then received a total capital injection of IDR6.76
trillion from the LPS.

AFP states that Indonesia's top auditor, Hadi Poernomo, presented
a report last month that found strong indications of "violations"
in the bailout procedure and recommended a full investigation.

AFP notes Mr. Poernomo found no evidence the collapse of Bank
Century posed a systemic threat to the economy and said IDR2.8
trillion injected into the bank after December 18, 2008 had "no
legal basis".

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


BANK TABUNGAN: 4th Firm to List Shares with IDX in December
-----------------------------------------------------------
Jakarta Post reports that Bank Tabungan became the fourth company
to list its shares at the Jakarta Stock Exchange so far in
December, gaining by 5% in its trading debut. The report says 12
companies have gone public so far this year.

Last week's listing came after BTN sold 2.36 billion shares at
IDR800 a share in an initial public offering (IPO) earlier this
month, representing about a 27% stake in the bank, according to
the Post.

The report relates that Mandiri Sekuritas and CIMB Securities
acted as underwriters for BTN's IPO, in which the lender raked in
IDR1.88 trillion (about US$199.2 million) in proceeds.

According to the Post, BTN said the fresh capital would be used
mainly to boost lending expansion next year.

After the IPO, says the Post, BTN plans to issue bonds amounting
to between IDR1 trillion and IDR1.5 trillion in the first half of
next year.  It would be the bank's 14th bond issue, the report
notes.

The proceeds will also be used to further accelerate credit
expansion, the Post adds.

                            About BTN

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

                           *     *     *

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

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


EXCELCOMINDO PRATAMA: Fitch Raises Issuer Default Ratings to 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded PT Excelcomindo Pratama Tbk's Long-term
foreign and local currency Issuer Default Ratings to 'BB' from
'BB-'.  The Outlook is Stable.

The rating action follows the completion of XL's IDR2.8Tr 1:5
rights issue.  The rating upgrade reflects the strong strategic
ties between XL and its majority shareholder Indocel Holdings Sdn
Berhad, a 100% owned subsidiary of Axiata Group Berhad, in line
with Fitch's Parent and Subsidiary Rating Linkage methodology.

"Participation in XL's rights issue, and in particular Indocel's
(a 100% owned subsidiary of Axiata) commitment to act as a standby
buyer of the unsubscribed portion of the rights issue,
demonstrates an increased support which has been consequently
factored into the rating," said Vicky Melbourne, Senior Director
in Fitch's Asia Pacific Telecommunications, Media and Technology
team.  As its largest non-domestic subsidiary and a core
contributor to Axiata's operating income, which represented about
31% of EBITDA as at H109, XL is considered to be of considerable
strategic importance.  This is further emphasized by the planned
change in name to PT XL Axiata Tbk, which will come into effect in
the next two months following approval from the Minister of
Justice.

The Stable Outlook factors in lower net debt levels by end-
December 2009, noting that the proceeds from the rights issue will
be directed to debt repayment.  With the agency's expectation of
higher EBITDAR, a slightly lower net-adjusted leverage at FYE09
over the previous year (3.3x at FYE08) is expected.  The agency
notes that downward pressure on the ratings could arise if debt-
funded capex is more aggressive than anticipated, or in the event
of a material deterioration in the operating environment, such as
unfavourable regulatory developments or a return to irrational
price competition.  Furthermore, the rating upgrade associated
with the strong linkage to Axiata could be removed is there was a
substantial reduction in Axiata's shareholding, a change in board
composition, or if XL is no longer a core strategic asset for the
Axiata group.

XL is Indonesia's third largest cellular operator and is 86.5%
ultimately owned by Malaysia's Axiata Group Berhad.


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


CAPMARK FINANCIAL: Elliott Affiliated Firms Acquire Tokyo Unit
--------------------------------------------------------------
Luxembourg-based investment companies affiliated with Elliott
Management Corporation, a $16 billion private investment firm,
announced today that they have entered into a Sale and Purchase
Agreement to acquire 100% of the outstanding shares of Premier
Asset Management Company in Tokyo, the servicing business of
Capmark Financial Group.  Financial terms were not disclosed.

The transaction, which was approved last week by a U.S. Bankruptcy
Court in Delaware handling the sale of Premier in an auction
process of certain Capmark assets, is scheduled to close by
January 29, 2010.

Premier was the first company to acquire a servicing license in
Japan in the late 1990s.  Since then, Premier has grown into one
of Japan's market leaders for CMBS and warehouse non-recourse loan
servicing. In addition, the company provides special servicing to
defaulted non-recourse loans as well as third party non-performing
loan collections.

Elliott said it will to keep Premier's current management in place
and expects to maintain the company's existing platform in the
Japanese market.

"We are pleased to have been the successful bidder in this process
and expect to close the transaction as soon as possible," Elliott
said.

Elliott Management acts as advisor to Elliott Associates, L.P.,
and Elliott International Limited, which together have more than
$16 billion in assets under management.  The firm, founded in
1977, is one of the oldest private investment firms of its kind
under continuous management.  Elliott's investors include private
endowments and charitable institutions, family offices,
individuals, and friends and employees of the firm.

                  About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- is a diversified company that provides
a broad range of financial services to investors in commercial
real estate-related assets.  Capmark has three core businesses:
lending and mortgage banking, investments and funds management,
and servicing.  Capmark operates in North America, Europe and
Asia.  Capmark has 1,000 employees located in 37 offices
worldwide.

On October 25, 2009, Capmark Financial Group Inc. and certain of
its subsidiaries filed voluntary petitions for relief under
Chapter 11 (Bankr. D. Del. Case No. 09-13684)

Capmark's financial advisors are Lazard Fr? res & Co. LLC and
Loughlin Meghji + Company. Capmark's bankruptcy counsel is Dewey &
LeBoeuf LLP.  Richards, Layton & Finger, P.A. serves as local
counsel.  Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor.  Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

Capmark has total assets of US$20 billion against total debts of
US$21 billion as of June 30, 2009.

Bankruptcy Creditors' Service, Inc., publishes Capmark Financial
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Capmark Financial Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)


COMMERZBANK AG: Ordered to Pay JPY3 Mil. Over Rand Mispricing
-------------------------------------------------------------
The Tokyo Financial Exchange said Monday it will impose a fine of
JPY3 million (US$33,198) on Commerzbank AG for inappropriate
pricing of South Africa's rand versus the Japanese currency.

The exchange, which provides prices for at least 12 currencies,
listed the yen's Oct. 30 closing price at 8.435 per rand, compared
with a level of 11.4562 per rand quoted on Bloomberg.

Bloomberg relates the exchange said the Frankfurt-based bank was
the source of the lower bids for the rand, a mispricing that left
?hundreds? of currency investors with losses, the Nikkei newspaper
reported on Nov. 21.

According to the report, the exchange said the lower bids ?stemmed
from a lack of an appropriate system risk management? and breached
rules banning member financial institutions from offering prices
that ?deviate sharply? from market prices.

The bourse, as cited by Bloomberg, said it will ban Commerzbank
from market-making services between Dec. 21 and Jan. 3, while
asking the German bank to present a report by Dec. 30 on how to
improve its operations.

On June 22, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Commerzbank management board member
Markus Beumer said the bank plans to repay state aid of
EUR16.4 billion or US$22.9 billion as early as 2011 if market
conditions are "favorable".  Bloomberg disclosed Mr. Beumer also
said that the bank plans to return to profitability in 2011 "at
the latest."

Bloomberg recalled Commerzbank Chief Executive Officer Martin
Blessing had to seek EUR18.2 billion in capital from the German
government to carry the bank through the financial crisis and the
country's worst recession since World War II.  The January
takeover of Dresdner Bank saddled the company with billions of
euros in toxic assets.

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
https://www.commerzbank.com/ -- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.


JAPAN AIRLINES: Gov't. Won't Guarantee Loans, Minister Says
------------------------------------------------------------
Japan's government will not provide a guarantee on loans and other
funding to Japan Airlines Corp., Kyodo News reports citing Finance
Minister Hirohisa Fujii.

Kyodo relates Mr. Fujii said at a news conference that the
government now has no plans to provide a loan guarantee as JAL is
"a private company."

But Transport Minister Seiji Maehara said the government would
provide support so that the carrier gets funding, although he did
not offer details, according to Reuters.

Reuters notes Mr. Fujii and other ministers earlier agreed to
consider guarantees for bridge loans to JAL, including loans from
the state-backed Development Bank of Japan.

"The agreement stated that we would consider the matter but it did
not say we would actually do it," Reuters quoted Mr. Fujii as
saying.  The budget for next fiscal year would not include such
loan guarantees, Mr. Fujii added.

                            About JAL

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

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

                          *     *     *

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

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


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


HYUNDAI MOTOR: Labor Union Tentatively Agrees on Wage Freeze
------------------------------------------------------------
Yonhap News reports that Hyundai Motor Co.'s labor union on
Tuesday tentatively agreed to a wage freeze for this year without
resorting to a walkout, marking the first strike-free year in 15
years.

The rare move by one of the most militant labor unions in the
country came after last year's global financial turmoil disrupted
the company's sales, Yonhap notes.

The news agency says the agreement is subject to a vote by union
members, which is set for today, December 23.

"The union expects a wise decision from our members, as we
painfully reached the decision to an agreement over strikes,"
Yonhap quoted Chang Kyu-ho, a union spokesman, as saying.

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

                           *     *     *

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

The TCR-AP reported on Dec. 11, 2009, that Fitch Ratings revised
the Outlook on Hyundai Motor's and Kia Motors' foreign currency
Long-term Issuer Default Ratings to Positive from Negative, and
simultaneously affirmed them at 'BB+'.  The agency also affirmed
the 'BB+' rating on both companies' senior unsecured debt and the
Short-term IDRs at 'B'.


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


OILCORP BERHAD: SAP Unable to Redeem MYR24 Mil. Outstanding Notes
-----------------------------------------------------------------
Oilcorp Berhad said that Straight A's Portfolio Sdn. Bhd., an
indirect wholly owned subsidiary of the company, is unable to
redeem the outstanding MUNIF Note totaling MYR24,000,000.00 on the
redemption date of December 10, 2009.

The notes relate to SAP's Murabahah Underwritten Notes Issuance
Facility of up to MYR200 million dated March 26, 2007, between
SAP, MIDF Amanah Investment Bank Berhad and the Eligible
Investors, namely MIDF Amanah Investment Bank Berhad and Bank
Kerjasama Rakyat Malaysia Berhad.

Oilcorp said it will formulate a restructuring plan to regularize
its financial condition to address the default.  Oilcorp will also
appoint a Principal Adviser to assist in formulating the
restructuring plan.

OSK Trustee Berhad may at its discretion and shall, if instructed
by the MUNIF Noteholders by Special Resolution, declare an Event
of Default and may declare by notice in writing to SAP that
notwithstanding the maturity dates stated on the MUNIF Notes, the
face amount of all outstanding MUNIF Notes together with all sums
payable to the MUNIF Noteholders, shall become immediately due and
payable.

The total face amount of all outstanding MUNIF Notes is
MYR80,000,000.00 and this includes this particular MUNIF Note of
MYR24,000,000.00.

The Trustee may appoint a receiver when the security becomes
enforceable upon a declaration of an Event of Default under the
Trust Deed.

The Company is seeking legal advice whether such a default does
constitute an Event of Default under the agreements with other
financiers.

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.

The Court has ordered costs of RM15,000 to be paid by BJD to PJM
within 14 days from the date hereof.

The Company had instructed its lawyer to appeal on the
abovementioned Court decision.


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


ASSET FINANCE: S&P Assigns 'B' Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B'
long-term counterparty credit ratings to Asset Finance Ltd., a
privately owned finance company based in Whakatane, New Zealand.
S&P also assigned its 'B' short-term counterparty credit rating.
The outlook is negative, which recognizes AFL's vulnerability to
asset quality and liquidity pressures in the current difficult
operating environment.

The ratings reflect AFL's susceptible business profile; the
company is small and its market position is not significantly
different to that of its competitors.  It also has a vulnerable
funding profile that relies on ongoing debenture and unsecured-
note investor support.  Although shareholder support has been
steadfast through the recent difficult operating environment, the
ability and willingness of shareholders to provide additional
capital, if required, remains unclear and depends on AFL's ability
to generate sufficient commercial returns to shareholders.

"And yet despite these weaknesses and vulnerabilities AFL has
shown it can manage its business through what has been a difficult
time for finance companies raising debentures in New Zealand,"
Standard & Poor's credit analyst Peter Sikora said.  "The
company's operating performance has also been supported by the
expertise of its board and staff in effectively managing the
company's credit losses to date."

The negative outlook recognizes AFL's vulnerability to asset
quality and liquidity pressures in the current challenging
environment.  The outlook could be revised to stable if AFL were
to boost its balance sheet liquidity, and show us that it could
manage its liquidity through 2010.  S&P would also need to see
that its asset quality problems had stabilized and that the
company's profitability had become more sustainable.

"AFL's rating could be lowered if its funding and liquidity
position weakened materially as a result of deterioration in its
asset quality or profitability," added Mr. Sikora.

S&P does not expect to raise the ratings on AFL in the short term.
Before S&P could consider an upgrade, a significantly large
capital injection would be needed to moderate the group's
susceptibility to any unforeseen operational risk loss and to help
it meet new capital adequacy requirements.


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


AMERICAN INT'L: AIA Completes Acquisition of Philamlife
-------------------------------------------------------
The American International Assurance Co. Ltd. has completed the
acquisition of a 99.78% stake in the Philippine American Life and
General Insurance Co. previously held by American International
Group Inc., BusinessWorld Online reports.

AIA, AIG's life insurance subsidiary in Asia, said in a statement
Friday the transaction was completed on Nov. 3, the report says.

According to the report, AIA Group Chief Executive Officer and
President Mark Wilson said the integration of Philamlife would
benefit employees and agents.

BusinessWorld Online says the integration of Philamlife into AIA
is part of the restructuring of AIG's businesses, which would have
collapsed if not for a financial lifeline by the U.S. government
at the height of the financial crisis last year.

AIA, which is based in Hong Kong, has US$60 billion in assets, and
serves about 20 million policyholders in 13 countries across Asia.

                             About AIG

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


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


AGROSIN PRIVATE: Creditors' Meetings Set for Dec. 24 and Dec.30
---------------------------------------------------------------
Agrosin Private Limited, which is in creditors voluntary
liquidation, will hold a meeting for its creditors on December 24,
2009, at 11:00 a.m., at Blvd 4, Bolshoy Znamensky Per. 2, in
Moscow, Russia 119991.

The company will also hold another meeting on December 30, 2009,
at 11:30 a.m., at 47 Hill Street, #08-00 (RoomWisdom), Singapore
Chinese Chamber of Commerce & Industry Building, in Singapore
179365.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      Company;

   b. to appoint Messrs. Kon Yin Tong and Aw Eng Hai of Foo Kon
      Tan Grant Thornton, 47 Hill Street, #05-01 Singapore Chinese
      Chamber of Commerce & Industry Building, in Singapore 179365
      as joint and several Liquidators of the Company;

   c. to authorize the appointed Liquidators to open bank accounts
      with a bank for the orderly winding up of the Company and
      the authorized signatories of such bank accounts be
      appointed by the Liquidators;

   d. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of winding up the Company; and

   e. discuss other business.


EP CARRIERS: Creditors' Meeting Set for January 5
-------------------------------------------------
EP Carriers Pte Ltd, which is in creditors voluntary liquidation,
will hold a meeting for its creditors on January 5, 2010, at 3:00
p.m., at 7 Shenton Way, Level 2, Singapore Conference Hall, in
Singapore 068810.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         C/O 19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


EP CARRIERS: Contributories' Meeting Set for January 5
------------------------------------------------------
EP Carriers Pte Ltd, which is in creditors voluntary liquidation,
will hold a meeting for its Contributories on January 5, 2010, at
10:00 a.m., at 19 Keppel Road, #02-01 Jit Poh Building, in
Singapore 089058.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         C/O 19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


WILLICH SINGAPORE: Creditors' Meeting Set for January 5
-------------------------------------------------------
Willich Singapore Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on January 5, 2010, at 3:30 p.m., at
8 Wilkie Road, #03-08 Wilkie Edge, in Singapore 228095.

The company's liquidator is:

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


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


TAISHIN SECURITIES: Fitch Upgrades Individual Rating From 'C/D'
---------------------------------------------------------------
Fitch Ratings has upgraded Taishin Securities Co., Ltd's Long-term
foreign currency Issuer Default Rating, National Long-term rating
and Individual rating.  Simultaneously, the agency has removed the
Rating Watch status placed on the ratings on November 27, 2009.
Fitch has simultaneously withdrawn the ratings.  The rating
actions follow the completion of the sale of TSC to KGI Securities
Co. Ltd. ('BBB') and TSC's consolidation into KGI on 19 December
2009.  A detailed list of the rating actions is shown below.

TSC

  -- Long-term foreign currency IDR upgraded to 'BBB' from 'BBB-';
     removed from Rating Watch Positive (RWP); assigned Stable
     Outlook; withdrawn;

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

  -- National Long-term rating upgraded to 'A+(twn)' from
     'A(twn)'; removed from RWP; assigned Stable Outlook;
     withdrawn;

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

  -- Individual rating upgraded to 'C' from 'C/D'; removed from
     RWP; withdrawn;

  -- Support rating downgraded to '5' from '3'; removed from
     Rating Watch Negative; withdrawn; and

  -- Support Rating Floor assigned at 'NF'; withdrawn.


=============
V I E T N A M
=============


* VIETNAM: Moody's Gives Negative Outlook on 'Ba3' Rating
---------------------------------------------------------
Moody's Investors Service says that the outlook for the Vietnamese
government's Ba3 foreign and local currency bond ratings is
negative as the effects of the global recession and re-emerging
inflationary expectations are destabilizing external balances.

"Credit challenges are considerable enough to justify a negative
rating outlook, but Vietnam's credit fundamentals have not yet
moved out of the comfort zone for a Ba3 rating," says Byrne.  "The
efficacy of the authorities' policy tightening and the path of
recovery in global trade will be key determinants to the rating
outlook."

"At the same time, Moody's notes that the ratings reflect progress
made in externally oriented policies and state enterprise
restructuring and reform.  Prospects that Vietnam can continue on
a path of relatively rapid economic growth seem favorable, if
policies are supportive," says Thomas Byrne, a Moody's Senior Vice
President.

"Moreover, public finances are manageable, even though the deficit
has swelled as a result of a robust stimulus package and the
adverse effects of the global financial crisis and recession,"
adds Byrne.

While the downturn in global trade dims somewhat Vietnam's
prospects for continued rapid economic growth, the country's
growth model may remain relatively vigorous.

Byrne was speaking on the release of Moody's latest annual report
-- which he authored -- on Vietnam, and which looks specifically
at key rating factors, including Economic Strength, Institutional
Strength, Government Financial Strength and Event Risk.

"While the authorities are seeking to find a balance between pro-
growth and stabilization policies, downward pressure on the
exchange rate persists and the drain of official foreign exchange
reserves has continued, according to available information," says
Byrne.

In such a context, for Moody's to consider a change in the rating
outlook to stable there would need to be a stabilization of the
balance of payments and the loss in official foreign exchange
reserves would need to be stemmed.  This would likely require
additional policy adjustments, as well as a boost from an
uninterrupted recovery in the global economy.

Moody's notes that Vietnam's nearly $100 billion economy remains
relatively moderate in scale and its certain institutional
features and the country's per capita income remains relatively
low among its Ba rating peers.  However, Vietnam's relatively high
savings rate and considerable external financing support from the
World Bank and other official creditors provides for moderate
government financial strength.  And social stability in Vietnam
reduces political event risk.

"On balance, Moody's methodological assessment of Vietnam's credit
fundamentals remain supportive of its Ba3 rating, although
macroeconomic imbalances justify a negative rating outlook and
have not completely allayed rating concerns," says Byrne.

The last rating action with respect to Vietnam was on June 4, 2008
when Moody's changed the rating outlook to negative from positive
on the government's Ba3 ratings, while maintaining a negative
outlook.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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