TCRAP_Public/091228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, December 28, 2009, Vol. 12, No. 254

                            Headlines



A U S T R A L I A

FORTESCUE METALS: Court Dismisses ASIC Case Against Firm, CEO
KLEENMAID: Liquidators Resolve Dispute Over Customer Database
PERMANENT CUSTODIANS: Fitch Affirms Ratings on Three Classes
PERMANENT CUSTODIANS: Fitch Affirms Ratings on Seven Classes
PERMANENT CUSTODIANS: Fitch Affirms Ratings on Eight Classes

PERMANENT CUSTODIANS: Fitch Upgrades Ratings on Two Classes
PERMANENT CUSTODIANS: Fitch Upgrades Ratings on Two Classes
RUBICON ASSET: Three Managed Trust Removed from ASX Listing
SAPPHIRE XI: Fitch Affirms Ratings on Eight Classes of Notes
TRAFFIC TECHNOLOGIES: AU$34-Mln Debt Facilities Extended


C H I N A

CHINA LOGISTICS: Earns US$240,000 in Q3 2009; Sales Decrease 55%
FORD MOTOR: Settles Commercial Terms to Volvo's Sale to Geely
UTSTARCOM INC: Has US$140MM Sale-Leaseback Deal for Hangzhou Plant


H O N G  K O N G

HOPLIK CARTON: Creditors Get 100% and 25.5% Recovery on Claims
HONG KONG MING: Members' and Creditors Meeting Set for Jan. 22
HOP SHING: Chiong and Sutton Step Down as Liquidators
JR ORIENTAL: Court Enters Wind-Up Order
KING CHANNEL: Commences Wind-Up Proceedings

LINKY CHANCE: Court to Hear Wind-Up Petition on January 6
MATHARU'S PACKAGING: Court Enters Wind-Up Order
MAXXIUM ASIA-PACIFIC: Placed Under Voluntary Wind-Up Proceedings
MONEY HILL: Members' and Creditors Meeting Set for Jan. 22
NEXT STEP: Creditors' Proofs of Debt Due January 20

NICE CREATION: Court Enters Wind-Up Order
NOOR NAVIGATION: Fulton and Tang Appointed as Liquidators
OASIS GROWTH: Creditors' Proofs of Debt Due January 7
OCEAN CROWN: Creditors' Proofs of Debt Due January 18
PERFECTA DYEING: Lai and Yeung Appointed as Liquidators

POLYGON INVESTMENT: Creditors' Proofs of Debt Due January 8
QUEENRICH: Commences Wind-Up Proceedings
RAVENNA INVESTMENTS: Members' Final Meeting Set for January 20
RICHARD YUEN: Placed Under Voluntary Wind-Up Proceedings
SHISEI (PNG): Court to Hear Wind-Up Petition on January 13


I N D I A

ALPHA FOUNDATIONS: CRISIL Rates INR85 Mil. LT Loan at 'BB-'
ANAND CITI: CRISIL Rates INR500 Mil. Cash Credit Limit at 'BB'
BATLIBOI LIMITED: Fitch Assigns National Long-Tem Rating at 'B-'
DIASTAR JEWELLERY: CRISIL Cuts Ratings on Various Debts to 'P5'
ENMAS GB: CRISIL Assigns 'BB+' Ratings on INR68.80 Mil. LT Loan

G.K. AUTOWHEELS: CRISIL Puts 'BB-' Rating on INR62.5MM Cash Credit
GOLDEN SEAM: CRISIL Places 'B+' Ratings on Various Bank Debts
JET AIRWAYS: CCEA May Take Up Proposed US$400 Mil. Share Sale
MPM PRIVATE: CRISIL Places 'BB-' Rating on INR92.5MM Cash Credit
M/S DETAILS: Stretched Liquidity Prompts CRISIL 'P4' Ratings

MYSORE FRUIT: CRISIL Assigns 'B-' Ratings on Various Bank Debts
OCEANIC TROPICAL: CRISIL Rates INR364.30 Mil. LT Loan at 'BB+'
REPROSCAN TECH: Fitch Assigns National Long-Term Rating at 'BB+'
SATYAM COMPUTER: Court Issues Warrant Against Ramalinga Raju
SIDHI JEWELLERS: CRISIL Rates INR250 Million Cash Credit at 'B'

SNC JEWELS: CRISIL Puts 'BB+' Rating on INR70MM Proposed LT Loan
SUMATICHAND GOUTI: Low Profitability Cues CRISIL 'B+' Ratings
SURAJMULL GOUTI: CRISIL Rates INR100 Mil. Cash Credit at 'B+'
SUZLON ENERGY: Repays US$780 Mil. Loan; Lower Debts by 15%
SWADIST OILS: Small Net Worth Cues CRISIL to Assign 'BB' Ratings

TATA STEEL: Lord Mandelson Calls for Review on Corus Plant Closure
UMANG DAIRIES: ICRA Reaffirms 'LD' Rating on INR10.1MM Bank Debts
WOCKHARDT LTD: Fortis Completes Acquisition of 10 Hospitals


J A P A N

JAPAN AIRLINES: Government Mulls Extending Loan Guarantees
L-JAC 8: Moody's Downgrades Ratings on Various Certificates


K O R E A

GENERAL MOTORS: To Address Korean Unit Financial Trouble
HYUNDAI MOTOR: To Tap U.S. Commercial Vehicle Market


M A L A Y S I A

EKRAN BERHAD: Seeks April 4 Extension of Plan Filing Deadline
EVERMASTER GROUP: Wants Plan Filing Deadline Extended Until May 10
TALAM CORP: Court Extends Unit's Restraining Order for 90 Days
TENGGARA OIL: PM Securities Steps Down as Principal Adviser


N E W  Z E A L A N D

AIR NEW ZEALAND: To Launch Sydney-Ratoronga Direct Service in 2010
ASSET FINANCE: S&P Assigns 'B' Counterparty Credit Ratings
BOTRY-ZEN LTD: Asks BNZ to Appoint Receivers After Share Sale Fail
TRUSTEES EXECUTORS: Fitch Upgrades Ratings on Three Classes
TRUSTEE EXECUTORS: Fitch Takes Rating Actions on Sapphire Notes

TRUSTEE EXECUTORS: Fitch Downgrades Ratings on Two Classes


P A K I S T A N

PAKISTAN MOBILE: S&P Puts 'CCC+' Rating on CreditWach Positive


S I N G A P O R E

AIG INTERNATIONAL: Creditors' Proofs of Debt Due January 25
AMKEY (SINGAPORE): Court Enters Wind-Up Order
ASIAPAK INDUSTRIES: Court Enters Wind-Up Order
CENTRE FOR ORAL: Creditors' Proofs of Debt Due February 4
DELI MASTER: Court Enters Wind-Up Order

EAGLE MONEY: Creditors Get 72% Recovery on Claims
FXMARKETSPACE LIMITED: Creditors' Proofs of Debt Due February 15
IT SERVICES: Creditors' Proofs of Debt Due January 19
MITSU CORP: Court Enters Wind-Up Order
NFK TECHNOLOGY: Creditors' Proofs of Debt Due January 29

REISETECH PTE: Court to Hear Wind-Up Petition on January 8
SINGAPORE LEASING: Creditors' Proofs of Debt Due January 7
UNIVERSIS CORP(S): Court to Hear Wind-Up Petition on January 8


V I E T N A M

DEVELOCAP INC: Earns US$72,544 in Q3 2009


X X X X X X X X

* Chemicals Sector Needs New Strategies to Regain Profitability




                         - - - - -


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A U S T R A L I A
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FORTESCUE METALS: Court Dismisses ASIC Case Against Firm, CEO
-------------------------------------------------------------
Susannah Moran and Debbie Guest at The Australian report that
Fortescue Metals Group and its chief executive Andrew Forrest have
been cleared of any wrongdoing in a case brought by the corporate
regulator.

According to The Australian, Federal Court judge John Gilmour on
Wednesday dismissed the case brought by the Australian Securities
& Investments Commission.

The Australian relates Justice Gilmour said ASIC will also have to
pay the legal costs incurred by Mr. Forrest and Fortescue.

"Fortescue has been successful in defending all of the
contraventions alleged by ASIC," the company said in a statement
to the Australian Securities Exchange.

"ASIC failed in respect of all its 22 alleged breaches of the
Corporations Act relating to Misleading and Deceptive Conduct and
Continuous Disclosure obligations."

"The outcome of the ASIC case clearly vindicates the Company's
actions in the strong defence of its position," Fortescue chairman
Herb Elliott said in a statement.

"The court's decision follows over 3 years of legal proceedings
and with the result now so unequivocally determined, Fortescue
looks forward to continuing its focus on the ramp up of operations
where over 45 million tonnes of iron ore has been shipped," Mr.
Elliott said.

As reported in the Troubled Company Reporter-Asia Pacific on
April 6, 2009, the Australian Securities & Investments Commission
commenced proceedings against Fortescue Metals Group Ltd and its
CEO Andrew Forrest.

The regulator said the case centers on a series of announcements
Fortescue made to the market between August 23, 2004 and
November 9, 2004 concerning certain framework agreements with
three major state owned Chinese companies.

ASIC alleged that Fortescue engaged in misleading and deceptive
conduct by overstating the substance and effect of agreements with
the three Chinese companies, in announcements and media releases
made to the market and investors.

ASIC also alleged Fortescue failed to comply with its continuous
disclosure obligations under the Corporations Act (the Act) by
failing to correct the misleading announcements and disclose the
contents of the agreements.

In relation to Mr. Forrest, ASIC alleged that he was involved in
FMG's alleged contravention and also, that he breached his duty as
a director to exercise care and diligence under the Act by failing
to ensure that Fortescue complied with its obligations under the
Act.

ASIC said it is seeking civil penalties against the company and
Mr. Forrest.  The maximum penalties that Fortescue and Mr. Forrest
could be ordered to pay is $6 million and $4.4 million,
respectively.   ASIC has also asked the Federal Court to consider
disqualifying Mr. Forrest from as acting as a director.

                      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.


KLEENMAID: Liquidators Resolve Dispute Over Customer Database
-------------------------------------------------------------
The liquidators of whitegoods company Kleenmaid have settled a
dispute over the unauthorized use of the company's customer
database, ABC News reports.

ABC relates Deloitte said it took legal action against DGH
Holdings and Compass Capital Partners in August after it
discovered the companies were contacting former Kleenmaid
customers and offering them discounts on replacement products.

Compass Capital will be allowed to start a new whitegoods business
under the iconic brand name but will have to hand the company's
old customer database back to the liquidators under the deal,
according to The Sydney Morning Herald.

The Herald says Sydney-based Compass announced in August it
planned to start importing products from North America and Europe
which it would then re-badge with the Kleenmaid brand and sell
through existing retailers from next year.

According to the Herald, Compass maintained it had the right to
use the brand after GE Commercial offloaded a "fixed and floating
charge" over intellectual property held by one of 14 Kleenmaid
companies, sparking a dispute with liquidators from Deloitte.

The Herald notes joint liquidator and Deloitte partner Richard
Hughes said the issue had been resolved.

Deloitte is hoping to have a report ready for the Australian
Securities and Investments Commission by the end of January on
whether the Kleenmaid Group was trading while insolvent, the
Herald adds.

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard Hughes
and David Lombe as voluntary administrators.  A TCR-AP report on
May 26, 2009, said the creditors of Kleenmaid Group voted to wind
up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are now
owed AU$102 million, which included AU$3 million owed to Kleenmaid
employees.


PERMANENT CUSTODIANS: Fitch Affirms Ratings on Three Classes
------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed three classes of notes
issued by Permanent Custodians Limited as trustee of the Sapphire
VI Series 2004-2 Trust, and simultaneously assigned Loss Severity
Ratings to the notes.  The rating actions are listed below.  These
transactions are backed by pools of non-conforming residential
mortgages originated by Bluestone Group Pty Limited.

Sapphire VI Series 2004-2 Trust

  -- AUD13.7 million Class M notes (AU300SAP7047) upgraded to 'AA'
     from 'AA-'; Outlook Stable; Loss Severity Rating assigned at
     LS-2;

  -- AUD9.0 million Class BA notes (AU300SAP7054) affirmed at 'A-;
     Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD4.6 million Class BZ notes (AU300SAP7062) affirmed at
     'BBB-' ; Outlook Stable; Loss Severity Rating assigned at
     LS-3; and

  -- AUD2.8 million Class CA notes (AU300SAP7070) affirmed at
     'B+'; Outlook Stable; Loss Severity Rating assigned at LS-4.

  -- Classes AA, AM and AZ notes were paid in full in January
     2009.

"Sapphire VI Series 2004-2 has had sufficient excess interest to
cover all losses incurred to date, and this is expected to
continue with additional support provided by the accumulated Class
D turbo note," says James Leung, Associate Director in Fitch's
Structured Finance team.

The pool has paid down to AUD33.3 million from the original issue
size of AUD164.1 million.  The performance of the pool has
improved in terms of 30+ days arrears, which has fallen over the
last quarter, dropping to 9.3% in October 2009 from 20.4% in
June 2009, of which 6.3% were 90+ days in arrears.  As of the last
payment date, the subordination percentage of Classes M, BA, BZ
and CA notes have increased substantially, with the Class D turbo
note accumulating to over AUD3.0m.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of the agency's analysis.  In its
forward-looking analysis, Fitch assumed a base loss, given default
of 19.4%.  A cash flow analysis was performed on the transaction
stressing a combination of interest rates, defaults, default
timing and prepayment rates with each tranche passing at its
respective rating level.

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


PERMANENT CUSTODIANS: Fitch Affirms Ratings on Seven Classes
------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed seven classes of notes
issued by Permanent Custodians Limited as trustee of the Sapphire
VIII Series 2005-2 Trust, and simultaneously assigned Loss
Severity Ratings to the notes.  The rating actions are listed
below.  These transactions are backed by pools of non-conforming
residential mortgages originated by Bluestone Group Pty Limited.

Sapphire VIII Series 2005-2 Trust

  -- AUD32.2 million Class AA notes (AU300SAP9019) affirmed at
     'AAA';
     Outlook Stable; Loss Severity Rating assigned at LS-1;

  -- AUD4.1 million Class AM notes (AU300SAP9027) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD2.8 million Class AZ notes (AU300SAP9035) affirmed at
    'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- MER notes affirmed at 'AAA'; Outlook Stable;

  -- AUD20.5 million Class MA notes (AU300SAP9043) upgraded to
     'AA+' from 'AA'; Outlook Stable; Loss Severity Rating
     assigned at LS-2;

  -- AUD17.3 million Class MZ notes (AU300SAP9050) upgraded to
     'A+' from 'A'; Outlook Stable; Loss Severity Rating assigned
     at LS-2;

  -- AUD15.9 million Class BA notes (AU300SAP9068) affirmed at
    'BBB'; Outlook Stable; Loss Severity Rating assigned at LS-2;

  -- AUD14.7 million Class BZ notes (AU300SAP9076) affirmed at
     'BB-'; Outlook revised to Stable from Negative; Loss Severity
     Rating assigned at LS-2; and

  -- AUD5.1 million Class CA notes (AU300SAP9084) affirmed at
     'CCC'; Recovery Rating revised to RR2 from RR3.

The pool has paid down to AUD111.5m from the original issue size
of AUD323.8 million.  The performance of the pool has improved in
terms of 30+ days arrears, which has fallen over the last quarter,
dropping to 12.7% in October 2009 from 17.8% in June 2009, of
which 5.2% were 90+ days in arrears.  As of the last payment date
the Class D turbo note accumulated to over AUD1.1m.  The
transaction has sufficient excess interest to cover all losses
incurred to date.

Though the subordination percentages have increased as the pool
has paid down in the midst of a stressed property environment,
Fitch believes there is potential for the transaction to
experience further stress with interest rate rises expected for
2010.

In its forward-looking analysis, Fitch assumed a base loss given
default of 19.4%.  A cash flow analysis was performed on the
transaction stressing a combination of interest rates, defaults,
default timing and prepayment rates, with each tranche passing at
its respective rating level.  The Class CA note's rating has been
revised from 'CCC+' to 'CCC', due to a change in Fitch's rating
scale.

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


PERMANENT CUSTODIANS: Fitch Affirms Ratings on Eight Classes
------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed eight classes of notes
issued by Permanent Custodians Limited as trustee of the Sapphire
X Series 2007-1 Trust, and simultaneously assigned Loss Severity
Ratings to the notes.  The rating actions are listed below.  These
transactions are backed by pools of non-conforming residential
mortgages originated by Bluestone Group Pty Limited.

Sapphire X Series 2007-1 Trust

  -- AUD197.3 million Class AA notes (AU3FN0001939) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-1;

  -- AUD31.6 million Class AM notes (AU3FN0001947) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD16.5 million Class AZ notes (AU3FN0001954) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD26.4 million Class MA notes (AU3FN0001962) affirmed at
     'AA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD18.3 million Class MZ notes (AU3FN0001970) upgraded to
     'A+' from 'A'; Outlook Stable; Loss Severity Rating assigned
     at LS-3;

  -- AUD17.1 million Class BA notes (AU3FN0001988) upgraded to
     'BBB+' from 'BBB'; Outlook Stable; Loss Severity Rating
     assigned at LS-3;

  -- AUD18.6 million Class BZ notes (AU3FN0001996) affirmed at
     'BB-'; Outlook Negative; Loss Severity Rating assigned at
     LS-3;

  -- AUD9.0 million Class CA notes (AU3FN0002002) affirmed at
     'B-'; Outlook Negative; Loss Severity Rating assigned at
     LS-4;

  -- MER notes affirmed at 'AAA'; Outlook Stable; and

  -- Class I notes affirmed at 'AAA'; Outlook Stable.

"Sapphire X Series 2007-1 has sufficient excess interest to cover
all losses incurred to date, and this is expected to continue with
additional support provided by the accumulated Class D turbo
note," says James Leung, Associate Director in Fitch's Structured
Finance team.

The pool has paid down to AUD334.4m from the original issue size
of AUD634.6 million.  The performance of the pool has improved in
terms of 30+ days arrears, which has fallen over the last quarter,
dropping to 13.8% in October 2009 from 17.6% in June 2009, of
which 7.4% were 90+ days in arrears.  As of the last payment date
the Class D turbo note accumulated to over AUD4.8 million.

Though the subordination percentages have increased as the pool
has paid down in the midst of a stressed property environment,
Fitch believes there is potential for the transaction to
experience further stress with interest rate rises expected for
2010.

In its forward-looking analysis, Fitch assumed a base loss given
default of 25.0%.  A cash flow analysis was performed on the
transaction stressing a combination of interest rates, defaults,
default timing and prepayment rates, with each tranche passing at
its respective rating level.

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


PERMANENT CUSTODIANS: Fitch Upgrades Ratings on Two Classes
-----------------------------------------------------------
Fitch Ratings has upgraded two and affirmed eight classes of notes
issued by Permanent Custodians Limited as trustee of the Sapphire
VII Series 2005-1E Trust, and simultaneously assigned Loss
Severity Ratings to the notes.  The rating actions are listed
below.  These transactions are backed by pools of non-conforming
residential mortgages originated by Bluestone Group Pty Limited.

Sapphire VII Series 2005-1E Trust

  -- EUR18.2 million Class A1 notes (XS0223701540) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-1;

  -- AUD18.1 million Class A2 notes (AU300SAP8011) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-1;

  -- EUR7.3 million Class MA1 notes (XS0223702274) affirmed at
     'AA+'; Outlook Stable; Loss Severity Rating assigned at LS-2;

  -- AUD3.5 million Class MA2 notes (AU300SAP8029) affirmed at
     'AA+'; Outlook Stable; Loss Severity Rating assigned at LS-2;

  -- EUR6.9 million Class MZ1 notes (XS0223702357) upgraded to
     'AA-' from 'A+'; Outlook Stable; Loss Severity Rating
     assigned at LS-2;

  -- AUD3.1 million Class MZ2 notes (AU300SAP8037) upgraded to
     'AA-' from 'A+'; Outlook Stable; Loss Severity Rating
     assigned at LS-2;

  -- EUR4.2 million Class BA1 notes (XS0223702514) affirmed at
     'BBB'; Outlook Stable; Loss Severity Rating assigned at LS-2;

  -- AUD7.0 million Class BA2 notes (AU300SAP8045) affirmed at
     'BBB'; Outlook Stable; Loss Severity Rating assigned at LS-2;

  -- AUD8.5 million Class BZ notes (AU300SAP8052) affirmed at
     'BB'; Outlook Stable; Loss Severity Rating assigned at LS-2;

  -- AUD558,740 Class CA notes (AU300SAP8060) affirmed at 'B';
     Outlook Stable; Loss Severity Rating assigned at LS-4; and

  -- Sapphire VII Series 2005-1E Currency Swap Obligation affirmed
     at 'BBB'; Outlook Stable.

The pool has paid down to AUD106.7m from the original issue size
of AUD488.1 million.  The performance of the pool has improved in
terms of 30+ days arrears, which has fallen slightly over the last
quarter, dropping to 9.2% in October 2009 from 11.1% in June 2009,
of which 3.0% were 90+ days in arrears.  As of the last payment
date, the subordination percentage has increased substantially,
compared to the subordination at closing, with the Class D turbo
note accumulating to over AUD3.8 million.  The transaction has
sufficient excess interest to cover all losses incurred to date.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of the agency's analysis.  In its
forward-looking analysis, Fitch assumed a base loss given default
of 19.4%.  A cash flow analysis was performed on the transaction
stressing a combination of interest rates, defaults, default
timing and prepayment rates, with each tranche passing at its
respective rating level.

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


PERMANENT CUSTODIANS: Fitch Upgrades Ratings on Two Classes
-----------------------------------------------------------
Fitch Ratings has upgraded two and affirmed seven classes of notes
issued by Permanent Custodians Limited as trustee of the Sapphire
IX Series 2006-1 Trust, and simultaneously assigned Loss Severity
Ratings to the notes.  The rating actions are listed below.  These
transactions are backed by pools of non-conforming residential
mortgages originated by Bluestone Group Pty Limited.

Sapphire IX Series 2006-1 Trust

  -- AUD114.6 million Class AA notes (AU300SAPA010) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-1;

  -- AUD14.7 million Class AM notes (AU300SAPA028) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD9.8 million Class AZ notes (AU300SAPA036) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD12.7 million Class MA notes (AU300SAPA044) affirmed at
     'AA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD10.8 million Class MZ notes (AU300SAPA051) upgraded to
     'A+' from 'A'; Outlook Stable; Loss Severity Rating assigned
     at LS-3;

  -- AUD10.4 million Class BA notes (AU300SAPA069) upgraded to
     'BBB+' from 'BBB'; Outlook Stable; Loss Severity Rating
     assigned at LS-3;

  -- AUD10.1 million Class BZ notes (AU300SAPA077) affirmed at
     'BB'; outlook Negative; Loss Severity Rating assigned at
     LS-3;

  -- AUD3.1 million Class CA notes (AU300SAPA085) affirmed at
     'B-'; Outlook Negative; Loss Severity Rating assigned at
     LS-4; and

  -- MER notes affirmed at 'AAA'; Outlook Stable.

"Sapphire IX Series 2006-1 has had sufficient excess interest to
cover all losses incurred to date, and this is expected to
continue with additional support provided by the accumulated Class
D turbo note," says James Leung, Associate Director in Fitch's
Structured Finance team.

The pool has paid down to AUD194.4 million from the original issue
size of AUD492.1 million.  The performance of the pool has
improved in terms of 30+ days arrears, which has fallen over the
last quarter, dropping to 14.0% in October 2009 from 16.9% in
June 2009, of which 7.5% were 90+ days in arrears.  As of the last
payment date, the Class D turbo note accumulated to over
AUD3.2 million.  Though the subordination percentages have
increased as the pool has paid down in the midst of a stressed
property environment, Fitch believes there is potential for the
transaction to experience further stress with interest rate rises
expected for 2010.

In its forward-looking analysis, Fitch assumed a base loss, given
default of 24.0%.  A cash flow analysis was performed on the
transaction stressing a combination of interest rates, defaults,
default timing and prepayment rates, with each tranche passing at
its respective rating level.

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


RUBICON ASSET: Three Managed Trust Removed from ASX Listing
-----------------------------------------------------------
The three Rubicon real estate trusts, formerly part of now
collapsed investment firm Allco Finance Group Ltd, was removed
from the Australian stock exchange's official list.

The Australian securities exchange said in a statement that
Rubicon America Trust, Rubicon Europe Trust Group and Rubicon
Japan Trust will be removed from the official list of ASX Ltd at
the close of business on Wednesday, December 23, at the request of
the Trusts.

Rubicon Asset Management Ltd -- http://www.rubiconasset.com.au/--
is engaged in the creation, syndication and management of
specialist funds.  The listed entities managed by Rubicon are
Rubicon America Trust, Rubicon Europe Trust and Rubicon Japan
Trust.

Rubicon Asset Management Ltd on June 19, 2009, appointed
Paul Billingham and Michael Owen of Grant Thornton as voluntary
administrators of the Company.

At a second meeting of creditors held on October 22, 2009, the
creditors resolved to wind up the Company, with Messrs. Billingham
and Owen also appointed as liquidators.


SAPPHIRE XI: Fitch Affirms Ratings on Eight Classes of Notes
------------------------------------------------------------
Fitch Ratings has affirmed eight classes of notes issued by
Permanent Custodians Limited as trustee of the Sapphire XI Series
2007-2 Trust, and simultaneously assigned Loss Severity Ratings to
the notes.  The rating actions are listed below.  These
transactions are backed by pools of non-conforming residential
mortgages originated by Bluestone Group Pty Limited.

Sapphire XI Series 2007-2 Trust

  -- AUD77.3 million Class AA notes (AU3FN0004404) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-1;

  -- AUD30.9 million Class AM notes (AU3FN0004412) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-2;

  -- AUD22.0 million Class AZ notes (AU3FN0004420) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD13.6 million Class MA notes (AU3FN0004438) affirmed at
     'AA'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD14.6 million Class MZ notes (AU3FN0004446) affirmed at
     'A'; Outlook Stable; Loss Severity Rating assigned at LS-3;

  -- AUD10.9 million Class BA notes (AU3FN0004453) affirmed at
     'BBB'; Outlook Revised to Negative from Stable; Loss Severity
     Rating assigned at LS-3;

  -- AUD5.4 million Class BZ notes (AU3FN0004461) affirmed at
     'BB'; Outlook Revised to Negative from Stable; Loss Severity
     Rating assigned at LS-4; and

  -- AUD7.3 million Class CA notes (AU3FN0004479) affirmed at 'B';
     Outlook Negative; Loss Severity Rating assigned at LS-3.

The pool has paid down to AUD334.4 million from the original issue
size of AUD634.6 million.  The performance of the pool has
improved in terms of 30+ days arrears, which has fallen over the
last quarter, dropping to 13.8% in October 2009 from 17.6% in
June 2009, of which 7.4% were 90+ days in arrears.  As of the last
payment date the Class D turbo note accumulated to over
AUD2.7 million.  Though the subordination percentages have
increased as the pool has paid down in the midst of a stressed
property environment, Fitch believes there is potential for the
transaction to experience further stress with interest rate rises
expected for 2010.

In its forward-looking analysis, Fitch assumed a base loss given
default of 25.0%.  A cash flow analysis was performed on the
transaction stressing a combination of interest rates, defaults,
default timing and prepayment rates, with each tranche passing at
its respective rating level.

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


TRAFFIC TECHNOLOGIES: AU$34-Mln Debt Facilities Extended
--------------------------------------------------------
Traffic Technologies Ltd said it has received an extension of its
AU$34 million debt facility as a result of discussions with
Westpac Banking Corporation.  The debt facilities have been
extended from January 1, 2011, to October 1, 2011.

The company said its term facility was AU$34 million with an
interest rate margin of 5% and its working capital facility limit
was AU$12 million with an interest rate margin of 3.75%.

"The company acknowledges the continued support and cooperation
that Westpac has provided to the company," Traffic Technologies
said in a statement.

Based in Australia, Traffic Technologies Limited (ASX:TTI) --
http://www.trafficltd.com.au-- is engaged in providing solutions,
ranging from light emitting diode traffic lights to traffic
management services, signage, asset management and affiliated
services.  It operates through its Traffic Products and Traffic
Services divisions. The Traffic Products division includes
Technical Products segment and Signage segment. Technical Products
specializes in the design, manufacture and installation of traffic
signals and emergency telephones, supply of parking meters, and
design and manufacture of portable roadside technology. Signage
provides a range of traffic signs, traffic control products and
traffic cones to road traffic authorities, municipal councils and
construction companies. Traffic Services provides labor hire
(traffic controllers) and equipment hire (barrier guard and
portable roadside technology) services to road traffic authorities
and construction companies.

Traffic Technologies posted two consecutive annual losses of
AU$4.95 million and AU$16.21 million for the years ended June 30,
2009, and 2008, respectively.


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


CHINA LOGISTICS: Earns US$240,000 in Q3 2009; Sales Decrease 55%
----------------------------------------------------------------
China Logistics Group, Inc., and subsidiaries reported net income
of US$239,872 on sales of US$5,791,128 for the three months ended
September 30, 2009, compared with a net loss of US$1,383,633 on
sales of US$12,961,259 for the same period of 2008.

The Company reported a net loss of US$34,270 on sales of
US$13,597,689 for the nine months ended September 30, 2009,
compared with a net loss of US$881,383 on sales of US$27,753,459
for the same period last year.

Sales for the third quarter and nine months of 2009 decreased 55%
and 51%, respectively, compared to the same periods in 2008
primarily as a result of a continuing contraction of the Company's
customer base as some of the Company's clients have ceased or
suspended their manufacturing operations since 2008.  The Company
believes these declines are due to the continuing effects of the
overall global economic slowdown causing a reduction in demand for
Chinese sourced raw materials and finished goods.  As demand for
these goods decrease, demand for the Company's transportation
services also decreases.

The swing to net income in the third quarter of 2009 from a net
loss in the 2008 third quarter was primarily due to a decrease in
selling, general and administrative expenses of approximately
US$265,000 and the absence of the registration rights penalty of
US$1,597,000 recorded in the third quarter of 2008.  The decrease
in net loss for the first nine months of 2009 when compared to the
same period of 2008 is also due to the non-recurring nature of the
registration rights penalty and non-operating bad debt expense of
US$87,221 in 2008.

At September 30, 2009, the Company's consolidated balance sheets
showed US$7,576,644 in total assets, US$5,854,637 in total
liabilities, and US$1,722,007 in total equity.

A full-text copy of the Company's Form 10-Q is available for free
at http://researcharchives.com/t/s?4c3e

                       Going Concern Doubt

"Our ability to continue as a going concern is dependent upon our
ability to obtain the necessary financing to meet our obligations
and repay our liabilities arising from normal business operations
when they become due, to fund possible acquisitions, and to
generate profitable operations in the future.

These matters, among others, raise substantial doubt about our
ability to continue as a going concern.  These financial
statements do not include any adjustments to the amounts and
classification of assets and liabilities that may be necessary
should we be unable to continue as a going concern."

The report of the Company's independent registered public
accounting firm in connection with the Company's annual report on
Form 10-K for the year ended December 31, 2008, filed with the SEC
on September 29, 2009, contains an explanatory paragraph that
raised substantial doubt as to the Company's ability to continue
as a going concern based on its recurring losses from operations,
limited working capital and an accumulated deficit.

                      About China Logistics

China Logistics Group, Inc. (OTC BB: CHLO) operates as an
international freight forwarder and logistics management company
in the People's Republic of China.  It acts as an agent for
international freight and shipping companies; and sells cargo
space and arranges land, maritime, and air international
transportation for clients seeking to import or export merchandise
from or into the People's Republic of China.  The Company's
freight forwarding services include goods reception, space
reservation, transit shipment, traffic consolidating, storage,
multimodal transport, and export of mechanical equipment.  It
provides freight forwarding services for a range of merchandise,
such as refrigerated merchandise, hazardous merchandise, and
perishable agricultural products, as well as clothing and
electronics products, and daily merchandise and hardware products.
The Company was founded in 1997 and is based in Paramount,
California.


FORD MOTOR: Settles Commercial Terms to Volvo's Sale to Geely
-------------------------------------------------------------
Ford Motor Company on Dec. 23 confirmed that all substantive
commercial terms relating to the potential sale of Volvo Car
Corporation have been settled between Ford and Zhejiang Geely
Holding Group Company Limited.

While some work still remains to be completed before signing --
including final documentation, financing and government approvals
-- Ford and Geely anticipate that a definitive sale agreement will
be signed in the first quarter of 2010, with closing of the sale
likely to occur in the second quarter 2010, subject to appropriate
regulatory approvals.

The prospective sale would ensure Volvo has the resources,
including the capital investment, necessary to further strengthen
the business and build its global franchise, while enabling Ford
to continue to focus on and implement its core ONE Ford strategy.

While Ford would continue to cooperate with Volvo Cars in several
areas after a possible sale, the company does not intend to retain
a shareholding in the business post-sale.

More details will be made available once the expected definitive
sale agreement is signed in the first quarter of 2010.

Keith Naughton, Ola Kinnander and Cathy Chan at Bloomberg News
report that person familiar with the talks has said Ford has made
progress to resolve issues such as protecting intellectual
property.

Bloomberg recalls Ford named Geely its preferred bidder for Volvo
on Oct. 28 after putting the Swedish automaker on the block a year
ago to finish unloading overseas luxury brands and focus on its
namesake division.  Bloomberg notes people familiar with the bid
have said Geely is offering about US$2 billion, less than one-
third what Ford paid for Volvo a decade ago.

Bloomberg relates two people familiar with the proposal have said
Geely is planning to build a Volvo factory in China after the
purchase.

                        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 US$203.106 billion in total
assets against US$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.


UTSTARCOM INC: Has US$140MM Sale-Leaseback Deal for Hangzhou Plant
------------------------------------------------------------------
UTStarcom, Inc., on December 18, 2009, in China entered into
a Property Transfer and Leaseback Agreement to transfer its
facility in Hangzhou, China for RMB950 million (approximately
US$140 million) to Zhejiang Zhongnan Construction Group Co., Ltd.

The transaction is subject to customary closing conditions and is
expected to close before the end of first quarter of 2010.

Under the terms of the Agreement, the Company will transfer
its manufacturing operations, research and development and
administrative offices facility as well as certain other
assets related to the property for a total purchase price of
RMB950 million (approximately US$140 million).  Of the
purchase price, RMB50 million (approximately US$7.3 million)
will be withheld by Zhejiang, and Zhejiang has agreed to pay all
transaction-related taxes.

Within three business days of signing, Zhejiang is obligated
to pay the Company a deposit of RMB50 million (approximately
US$7.3 million) which may be retained by the Company under
certain conditions.  Within three business days of delivery to
Zhejiang of specified documentation regarding the property,
Zhejiang will pay the Company an additional RMB45 million
(approximately US$6.6 million).  Within 20 business days of the
delivery of the specified documentation and payment of the
RMB45 million (approximately US $6.6 million) the parties will
submit the title transfer documentation (the parties will work
together to transfer the title).  Zhejiang will pay to the Company
an additional RMB760 million (approximately US$111 million) upon
formal submittal of the title application.  The remaining purchase
price (minus the RMB50 million (approximately US$7.3 million)
transaction-related tax withholding) will be paid within three
business days of the final transfer and inspection of the
property.

The Company will lease back 70,000 sqm gross floor area
aboveground and 12,000 sqm GFA belowground of the property for a
period of 6 years at a rate of RMB2.5, 3.0 and 3.2 (approximately
US$0.37, $0.44, $0.47, respectively) per sqm per day for years
1-2, 3-4 and 5-6, respectively, of the leaseback period for the
aboveground space; and for RMB25 (approximately US$3.66) per sqm
per month for the underground space for the full leaseback period.

The Company may terminate the Agreement for any reason prior to
the transfer of the title to the property upon repayment of all
amounts paid to the Company by Zhejiang and payment by the Company
to Zhejiang of an additional RMB50 million (approximately
US$7.3 million).

The original Agreement is in Chinese.

In connection with the transaction, the management of the Company
also determined on December 18, 2009, that the Company will be
required to record a material non-cash impairment charge related
to the facility in its fourth quarter and 2009 financial results.
Due to the accounting complexity associated with the transfer and
leaseback transaction, the Company is unable in good faith to make
a determination of an estimate or range of estimates of such
material charge.

The Company is still evaluating the accounting treatment of the
transaction.  Although it would not impact the amount of cash
proceeds to be received, the transaction may not qualify as a sale
for accounting purposes which would require the Company to reflect
the transaction as financing and recognize the cash proceeds as
debt and retain the Hangzhou facility as an asset on its books
until the end of the leaseback period.

Jones Lang LaSalle acted as a real estate advisor to the Company.

                        Going Concern Doubt

At September 30, 2009, the Company's consolidated balance sheets
showed $1.004 billion in total assets, $707.0 million in total
liabilities, and $297 million in total stockholders' equity.

The Company incurred net losses of $150.3 million, $195.6 million
and $117.3 million during the years ended December 31, 2008, 2007,
and 2006, respectively.  During the nine months ended
September 30, 2009, the Company incurred a net loss of
$186.3 million.  The Company recorded operating losses in 18 of
the 19 consecutive quarters in the period ended September 30,
2009.  At September 30, 2009, the Company had an accumulated
deficit of $1.03 billion.  The Company incurred net cash outflows
from operations of $55.2 million and $225.1 million in 2008 and
2007 respectively.  Cash used in operations was $89.2 million
during the nine months ended September 30, 2009.  The Company
said it expects to continue to incur losses and negative cash
flows from operations over at least the remainder of 2009.

The Company's only committed source for borrowings is a credit
facility in China.  During the third quarter of 2009, a
$263.5 million credit facility expired and was not renewed.  The
remaining approximately $58.6 million credit facility expires in
the fourth quarter of 2009.

While improvements in operating results, cash flows and liquidity
are anticipated as management's initiatives to control and reduce
costs while maintaining and growing its revenue base are fully
implemented, the Company believes its recurring losses and
expected negative cash flows from operations raise substantial
doubt about its ability to continue as a going concern.  The
Company's independent registered public accounting firm included
an explanatory paragraph highlighting this uncertainty in the
Company's annual Report on Form 10-K for the year ended
December 31, 2008.

                          About UTStarcom

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company was
founded in 1991 and is headquartered in Alameda, California.


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


HOPLIK CARTON: Creditors Get 100% and 25.5% Recovery on Claims
--------------------------------------------------------------
Hoplik Carton Paper Factory Limited, which is in liquidation, will
pay the first and final dividend to its creditors on March 1,
2010.

The company will pay 100% for preferential claims and 25.5% for
deferred preferential claims.

The company's liquidator is:

         Anthony Nedderman
         China Hong Kong Tower
         11th Floor
         8 Hennessy Road
         Hong Kong


HONG KONG MING: Members' and Creditors Meeting Set for Jan. 22
--------------------------------------------------------------
Members and creditors of Hong Kong Ming Yi Limited will hold their
final meetings on January 22, 2010, at 9:30 a.m., and 9:45 a.m.,
respectively at Unit D, 12/F., Seabright Plaza, 9-23 Shell Street,
North Point, in Hong Kong.

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


HOP SHING: Chiong and Sutton Step Down as Liquidators
-----------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Hop Shing Loong Lightning Company Limited on
December 7, 2009.


JR ORIENTAL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order December 9, 2009, to
wind up the operations of JR Oriental Company Limited.

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


KING CHANNEL: Commences Wind-Up Proceedings
-------------------------------------------
King Channel Development 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


LINKY CHANCE: Court to Hear Wind-Up Petition on January 6
---------------------------------------------------------
A petition to wind up the operations of Linky Chance Limited will
be heard before the High Court of Hong Kong on January 6, 2010, at
9:30 a.m.

The Petitioner's Counsel is:

          Mark Chan
          Department Of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


MATHARU'S PACKAGING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order December 9, 2009, to
wind up the operations of Matharu's Packaging Consultancy Limited.

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


MAXXIUM ASIA-PACIFIC: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on December 4, 2009,
creditors of Maxxium Asia-Pacific Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


MONEY HILL: Members' and Creditors Meeting Set for Jan. 22
----------------------------------------------------------
Members and creditors of Money Hill Development Limited will hold
their final meetings on January 22, 2010, at 12:00 p.m., and 12:15
p.m., respectively at Unit 3517, 35/F, West Tower, Shun Tak
Centre, 168-200 Connaught Road Central, in Hong Kong.

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


NEXT STEP: Creditors' Proofs of Debt Due January 20
---------------------------------------------------
Next Step International 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:

         Li Fat Chung
         Chan Chi Bor
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


NICE CREATION: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order December 9, 2009, to
wind up the operations of Nice Creation Development Limited.

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


NOOR NAVIGATION: Fulton and Tang Appointed as Liquidators
---------------------------------------------------------
James T. Fulton and Cordelia Tang on December 10, 2009, were
appointed as liquidators of Noor Navigation Limited.

The liquidators may be reached at:

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


OASIS GROWTH: Creditors' Proofs of Debt Due January 7
-----------------------------------------------------
Creditors of Oasis Growth and Income Investments Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by January 7, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Edward Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


OCEAN CROWN: Creditors' Proofs of Debt Due January 18
-----------------------------------------------------
Creditors of Ocean Crown Transportation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 18, 2010, to be included in the company's
dividend distribution.

The company's liquidators are David K. T. Tse and Margaret K. W.
Lo.


PERFECTA DYEING: Lai and Yeung Appointed as Liquidators
-------------------------------------------------------
Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund) on November 20,
2009, were appointed as liquidators of Perfecta Dyeing Printing &
Weaving Works Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Yeung Lui Ming (Edmund)
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


POLYGON INVESTMENT: Creditors' Proofs of Debt Due January 8
-----------------------------------------------------------
Polygon Investment Partners HK Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by January 8, 2010, to be included in the company's
dividend distribution.

The company's liquidators are

         Chan Mi Har
         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


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

The company's liquidator is:

         Fung Kit Yee
         Golden Centre
         Room 402-3, 4th Floor
         No. 188 Des Voeux Road
         Central, Hong Kong


RAVENNA INVESTMENTS: Members' Final Meeting Set for January 20
--------------------------------------------------------------
Members of Ravenna Investments Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
January 20, 2010, at 3:00 p.m., at 13th Floor, Tower 2, New World
Tower, 18 Queen's Road Central, in Hong Kong.

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


RICHARD YUEN: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on December 14, 2009,
creditors of Richard Yuen Productions Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Richard Yuen Cheuk Fang
         Hing Yip Commercial Centre
         Room 104, 1/F
         272-284 Des Voeux
         Central, Hong Kong


SHISEI (PNG): Court to Hear Wind-Up Petition on January 13
----------------------------------------------------------
A petition to wind up the operations of Shisei (PNG) Enterprises
Company Limited will be heard before the High Court of Hong Kong
on January 13, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Messrs. Wat & Co.
          Chuang's Tower 12th Floor
          No. 30-32 Connaught Road
          Central, Hong Kong


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


ALPHA FOUNDATIONS: CRISIL Rates INR85 Mil. LT Loan at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Alpha Foundations
Pvt Ltd's term loan facility.

   Facilities                        Ratings
   ----------                        -------
   INR85.0 Million Long Term Loan    BB-/Stable (Assigned)

The rating reflects AFPL's small scale of operations and high
gearing, the geographical concentration in its revenue profile,
and its susceptibility to economic downturns.  These weaknesses
are partially offset by AFPL's healthy relationships with
established customers and the company's strong reputation in the
real estate construction business.

Outlook: Stable

CRISIL believes that AFPL's turnover will grow over the medium
term, supported by the industry experience of its promoters.  The
outlook may be revised to 'Positive' if AFPL's net cash accruals
increase, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if AFPL
delays the completion of its ongoing residential project, or
undertakes a fresh debt-funded capital expenditure program,
leading to deterioration in its capital structure and liquidity.

                       About Alpha Foundations

Alpha Foundations Pvt Ltd, established in 1999, is in the business
of executing civil construction projects, mainly for the
industrial segment, and also for the mid-segment residential real
estate space.  The company is based in Chennai.  Almost all its
projects so far have been restricted to Chennai and Puducherry.
The company's day-to-day operations are managed by Mr.
Saravanperumal and his brother-in-law Mr. R. Vijayan, both civil
engineers.

AFPL reported a profit after tax (PAT) of INR5.5 million on net
sales of INR96 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.8 million on net sales
of INR97 million for 2007-08.


ANAND CITI: CRISIL Rates INR500 Mil. Cash Credit Limit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Anand Citi Centre
Holdings Pvt Ltd's bank facility.

   Facility                               Rating
   --------                               ------
   INR500.00 Million Cash Credit Limit    BB/Stable (Assigned)

The rating reflects ACCHPL's exposure to risks relating to the
commercialization of its real estate project.  These weaknesses
are partially offset by the benefits that the company derives from
the experience of the ETA group in executing construction
projects, and by the location advantage of ACCHPL's ongoing
project.

Outlook: Stable

CRISIL believes that ACCHPL will complete and sell its ongoing
project within the budgeted time and cost, given the project-
execution experience of the ETA group.  The outlook may be revised
to 'Positive' in case of early completion of the project or sale
of substantial portion of the built-up area within the next six
months and receipt of advances.  Conversely, the outlook may be
revised to 'Negative' if there are further delays or cost overruns
in the company's project, which would adversely affect its cash
accruals, and thereby its liquidity.

Set up in 2007, Anand Citi Centre Holdings Pvt Ltd is a special
purpose vehicle of ETA Properties and Investments Pvt Ltd; ACCHPL
is part of the ETA group, a Dubai-based industrial conglomerate,
which includes the ETA-ASCON group of companies and the ETA-Star
group of companies.  It is developing commercial office space on
outright sale model at Anna Salai, which is in the Central
Business District of Chennai.  The project is being developed on
1.616 acres of freehold land with a built-up area of 254,000
square feet, and is expected to be completed by August 2011.


BATLIBOI LIMITED: Fitch Assigns National Long-Tem Rating at 'B-'
----------------------------------------------------------------
Fitch Ratings has assigned India's Batliboi Limited a National
Long-term rating of 'B-(ind)'.  Fitch has also assigned 'B-(ind)'
ratings to the company's term loans of INR382.5 million and to its
fund based credit limits of INR189.0 million, and an 'F4(ind)'
rating to its non-fund credit facility of INR527.3 million.  The
Outlook is Negative.

The ratings primarily reflect Batliboi's limited financial
flexibility and substantial liquidity pressure on standalone and
consolidated levels.  Batliboi, in FY09, merged the special
purpose machines division in itself and now holds three
subsidiaries including Canada's Quickmill (100%) and France's Asea
(70%).

Batliboi's ratings are constrained by poor demand for machine
tools and textile machinery, both in the domestic and
international markets, which has significantly affected sales,
profitability and its order book.  In addition, the working
capital remains stretched due to increased receivable days
stemming from government orders.

The ratings are further constrained by the recent financial
restructuring of domestic currency and foreign currency loans with
banks.  Fitch notes that the restructuring has not resulted in
significant impairment of the contractual terms for the creditors,
with the revised terms envisaging an extension in maturity profile
together with higher interest in some loans and/or no additional
security.  Fitch has considered that the post restructuring credit
profile of Batliboi's and factored in the benefits from an
extended repayment schedule.

Batliboi's ratings also factor in its long operating track record
in the machine tools and textile engineering segment, and the
expected recovery demonstrated in Q2FY10 (versus Q1FY10).  The
ratings also take into account the company's cost-cutting measures
and increased focus on higher margin sales in all the three
divisions (Machine Tools, Textile Air Engineering, Air-
Conditioning), the benefits of which are expected to accrue in
FY10.  The company is also expected to benefit from the clearance
of past orders and expected growth in domestic demand in the
textile and tools sector.

Negative rating triggers include any major debt-fund capex and/or
expansion plans, or a failure to achieve the required capacity
utilization, which would then result in severe refinancing risk.

Established in 1892, Batliboi is a capital goods company.  For the
year to end-March 2009, Batliboi had a net revenue of INR2560.7
million (FY08: INR2736.8m), an EBITDA margin of 1.7% (FY08: 8.8%)
and a net income of INR54.8 million (FY08: INR147.1 million).  For
the six months to end-September 2009, Batliboi had net revenue of
INR878.3 million with an EBITDA margin of -1.7%.


DIASTAR JEWELLERY: CRISIL Cuts Ratings on Various Debts to 'P5'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Diastar
Jewellery Pvt Ltd to 'P5' from 'P4', and has assigned its 'P5'
rating to DJPL's gold loan facility.

   Facilities                        Ratings
   ----------                        -------
   INR32.5 Million Gold Loan         P5 (Assigned)

   INR63.4 Million Foreign Bill      P5 (Downgraded from 'P4')
           Purchase

   INR62.1 Million Packing Credit    P5 (Downgraded from 'P4')
   (Enhanced from INR46.6 Million)

The rating action reflects DJPL's consistent over-utilization of
its packing credit limits and bill purchase facilities because of
liquidity pressures arising from delays in export receivables and
substantial write-offs of debtors.

Diastar Jewellery Pvt Ltd was incorporated by Mr. Pramod K Jain in
1987.  The company is in the business of manufacturing gold,
diamond, and silver jewellery.  DJPL has manufacturing units at
Andheri (Mumbai); it mainly caters to the export market.  The
company earlier focused on the US and European markets. However,
it has shifted its business focus to markets in the Middle East
and the Far East.

DJPL reported a net loss of INR98.2 million on net sales of
INR248.6 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net profit of INR0.31 million on net sales of
INR438.8 million for 2007-08.


ENMAS GB: CRISIL Assigns 'BB+' Ratings on INR68.80 Mil. LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Enmas GB Power
Systems Projects Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR80.00 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR68.80 Million Long Term Loan        BB+/Stable (Assigned)
   INR100.00 Million Letter of Credit     P4+ (Assigned)
   INR500 Million Bank Guarantee          P4+ (Assigned)
   INR49.50 Million Letter of Credit      P4+ (Assigned)
                    & Bank Guarantee

The ratings reflect Enmas GB's below-average financial risk
profile, large working capital requirements, and exposure to risks
related to intense competition in the turnkey engineering,
procurement, and construction (EPC) business and volatility in
input prices. These weaknesses are partially offset by the
company's established position in the erection and commissioning
of boilers segment, and its growing presence in the EPC business.

Outlook: Stable

CRISIL believes that Enmas GB will continue to benefit from its
established position in the erection and commissioning of boilers
segment, and healthy growth prospects in the end-user industry.
The outlook may be revised to 'Positive' if the company's revenues
increase and operating margin improves considerably, thereby
improving its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' in case Enmas GB's order book reduces
significantly, or if the company undertakes large, debt-funded
capital expenditure program, or is unable to manage its working
capital efficiently, resulting in pressure on its capital
structure and liquidity.

                         About Enmas GB

Set up in 1995, Enmas GB (formerly Enmas Engenius Projects Ltd) is
engaged in the erection and commissioning of boilers, and
manufacture of non-pressure parts used in boilers.  Recently, the
company ventured into turnkey EPC for power boilers.  Enmas GB has
manufacturing units in Chennai, Vizag (Andhra Pradesh), and Yamuna
Nagar (Haryana).

Enmas GB is a part of Chennai-based Resurgent group and is a
wholly owned subsidiary of Resurgent India Pvt Ltd (RIPL), the
holding company of Resurgent group. The Resurgent group has been
promoted by Mr. B Pattabhiraman, Mr. Loknath Ratho, and Mr. S K
Sawhney.  The group entities are engaged in execution of turnkey
EPC contracts, engineering and manufacturing of power equipment,
erection and commissioning of boilers, installation and erection
of electrical and instrumentation systems, and operations and
maintenance of power plants.

Enmas GB reported a profit after tax (PAT) of INR20.30 million on
net sales of INR553.07 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR18.52 million on
net sales of INR368.61 million for 2007-08.


G.K. AUTOWHEELS: CRISIL Puts 'BB-' Rating on INR62.5MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to G.K.
Autowheels Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR62.5 Million Cash Credit       BB-/Stable (Assigned)
   INR7.5 Million Letter of Credit   P4+ (Assigned)

The ratings reflect GK Auto's weak financial risk profile, and
exposure to risks relating to intense competition in the
automobile dealership market.  These weaknesses are partially
offset by the benefits that the company derives from its
promoters' experience in the automobile dealership business.

Outlook: Stable

CRISIL believes that GK Auto will maintain a moderate business
risk profile over the medium term backed by established
relationships with principals Piaggio Vehicles Pvt Ltd and Eicher
Motors Ltd (EML), and promoters' industry experience.  The outlook
may be revised to 'Positive' if GK Auto's operating margins
improve. Conversely, the outlook may be revised to 'Negative' if
GK Auto's turnover and margin decline sharply.

Set up in 1998 as a partnership firm by Mr. Puroshottam Parwani
and his brothers, Mr. Amar Parwani and Mr. Hemant Parwani, GK Auto
(formerly, GK Motors) converted into a closely held company in
July 2008. GK Auto initially operated as an automobile dealer for
Fiat India; however, this dealership was discontinued in 2008.  GK
Auto acquired the dealership of PVPL and EML in 2004 and 2007,
respectively.  The company has three showrooms in South
Chhattisgarh.

GK Auto reported a profit after tax (PAT) of INR0.09 million on
net sales of INR177 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.04 million on net
sales of INR169 million for 2007-08.


GOLDEN SEAM: CRISIL Places 'B+' Ratings on Various Bank Debts
-------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable/P4' to Golden Seam
Textiles Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR108.7 Million Long Term Loan     B+/Stable (Assigned)
   INR22.5 Million Cash Credit*        B+/Stable (Assigned)
   INR6.7 Million Proposed Long Term   B+/Stable (Assigned)
                Bank Loan Facility

   INR37.5 Million Packing Credit*     P4 (Assigned)

   INR30.0 Million Bill Discounting    P4 (Assigned)
                   Facility

   INR10.0 Million Letter of Credit    P4 (Assigned)
   INR5.0 Million Bank Guarantee       P4 (Assigned)

  * Cash Credit and Packing Credit are completely interchangeable
    with each other.

The rating reflects GSTPL's weak financial risk profile, and
exposure to risks relating to small scale of operations in the
textile industry, and to fluctuations in the value of the Indian
rupee.  These weaknesses are partially offset by GSTPL's presence
in the high-value segment, and the benefits that the company
derives from its diversified customer base, and association with
Mandhana Industries (rated 'BBB+/Stable/P2' by CRISIL).

Outlook: Stable

CRISIL believes that GSTPL will maintain a stable credit risk
profile, supported by well-diversified customer profile and stable
revenue growth over the medium term.  The outlook may be revised
to 'Positive' if the company's net cash accruals increase, and its
overall debt reduces, leading to substantial improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if the company's operating margins decline, weakening
its liquidity, or it undertakes debt-funded capital expenditure
programs, resulting in deterioration of the financial risk
profile.

                         About Golden Seam

Set up in 2006, as a joint venture between the members of the
Mukhija family and Mandhana family, Golden Seam Textiles Pvt Ltd
manufactures bottom wear readymade garments, which are exported to
Europe; it also trades in the domestic markets.  The company has
its manufacturing plant in Bangalore, while the registered office
is in Mumbai.

GSTPL reported a profit after tax (PAT) of INR6.2 million on net
sales of INR260 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.1 million on net
sales of INR189 million for 2007-08.


JET AIRWAYS: CCEA May Take Up Proposed US$400 Mil. Share Sale
--------------------------------------------------------------
The cabinet committee on economic affairs (CCEA), the apex body
for deciding investment proposals, may take up Jet Airways'
proposal to raise US$400 million (INR2,000 crore) through sale of
shares to institutional investors, The Economic Times reports.

The company's proposal had been stuck for more than three months
since the civil aviation ministry objected to the likely breaching
of foreign direct investment limit in the company, the report
says.

An aviation ministry official told Economic Times that "We have
made it clear that the airline would have to comply with the 49%
FDI cap within three years."

According to the report, the fresh issue of equity may bring down
the promoter Naresh Goyal's holding in the company to 42% from
80%, and if all shares are bought by foreign funds it could breach
the FDI limit.

"The approval to QIP would be conditional with no change in
controlling structure.  The control has to be in the hands of
existing promoter in spite of issue of fresh shares to new foreign
investors," the official told ET.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


MPM PRIVATE: CRISIL Places 'BB-' Rating on INR92.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to MPM Pvt Ltd's
bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR92.5 Million Cash Credit           BB-/Stable (Assigned)
   INR7.5 Million Proposed Long Term     BB-/Stable (Assigned)
          Bank Loan Facility
   INR70.0 Million Letter of Credit      P4 (Assigned)

The ratings reflect MPM's small scale of operations in the foundry
consumables and additives industry, its large working capital
requirements, vulnerability to fluctuations in raw material
prices, and average financial risk profile.  The impact of these
weaknesses is mitigated by the benefits the company derives from
its promoters' industry experience, and its diverse product
profile in the foundry consumable and alloys industry.

Outlook: Stable

CRISIL believes that MPM's scale of operations will remain small,
and its financial risk profile, moderate, over the medium term, as
the company has no capital expenditure planned for the medium
term.  The outlook may be revised to 'Positive' if the company
increases its scale of operations, or improves its financial risk
profile by increasing its net worth, most likely through equity
infusion.  Conversely, the outlook may be revised to 'Negative' in
case MPM's financial risk profile deteriorates, most likely
because of debt-funded capital expenditure or investment, or
significant pressure on margins.

                          About MPM Pvt

MPM (formerly, Mineral Pulverizing Mills) was incorporated in 1996
to take over the business of a proprietorship firm set up in 1984
by Mr. Deepak Chowdhary.  The company manufactures and trades in
foundry consumables and additives, such as lustrous, refractory
coating, racarburiser, alloys, and inoculants, for the ferrous
metal casting industry. The company is a pioneer, and has a market
share of 40 per cent, in the lustrous product segment; it has two
manufacturing units in Nagpur (Maharashtra).  The company entered
into an equal joint venture with James Durrans & Sons Ltd, UK, in
November 2007, for manufacturing refractory coating for MPM
Durrans Refracoat Pvt Ltd.

MPM reported a net loss of INR7.1 million on net sales of INR511
million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR13.5 million on net
sales of INR583 million for 2007-08.


M/S DETAILS: Stretched Liquidity Prompts CRISIL 'P4' Ratings
------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
M/S Details.

   Facilities                           Ratings
   ----------                           -------
   INR35.0 Million Bill Discounting     P4 (Assigned)
   INR75.0 Million Packing Credit       P4 (Assigned)
   INR5.0 Million Letter of Credit      P4 (Assigned)

The rating reflects Details' weak financial risk profile marked by
stretched liquidity and weak debt protection measures, and
exposure to risks relating to small scale of operations in
readymade garments industry.  Further, Details' revenue profile is
marked by geographic concentration.  These weaknesses are, however
partially offset by the benefits that the firm derives from its
promoters' experience in the readymade garments business, and
established relationships with customers.

Set up in 1988 by Ms. Tara Kochhar Batra, Details is a sole
proprietorship firm that manufactures and exports readymade
garments and accessories for women and children. The firm's
initial facility at Okhla (New Delhi) has more than 1000 sewing
machines, and capacity to produce l lakh garments per month.
Details reported a profit after tax (PAT) of INR2.7 million on net
sales of INR210.2 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.9 million on net
sales of INR229.3 million for 2007-08.


MYSORE FRUIT: CRISIL Assigns 'B-' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to Mysore Fruit
Products Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR30.60 Million Long Term Loan        B-/Stable (Assigned)
   INR10.00 Million Cash Credit           B-/Stable (Assigned)
   INR75.00 Million Packing Credit*       P4 (Assigned)
   INR50.00 Million Bill Discounting      P4 (Assigned)
                    (Non LC)^
   INR50.00 Million Bill Discounting      P4 (Assigned)
                    (LC)^
   INR70.00 Million Letter of Credit      P4 (Assigned)
   INR2.50 Million Bank Guarantee         P4 (Assigned)

  *Includes peak season ad hoc limit of INR20.00 Million

  ^INR25.00 Million Interchangeable with Packing Credit

The ratings reflect Mysore Fruit's constrained financial risk
profile, the concentration in revenue profile, and its small scale
of operations in the fruit processing industry.  The impact of
these weaknesses is mitigated by the benefits the company derives
from its promoters' industry experience, and its moderate
operating efficiency.

Outlook: Stable

CRISIL believes that Mysore Fruit will maintain a stable business
risk profile on the back of its promoters' experience in the fruit
processing industry.  The outlook may be revised to 'Positive' if
the company diversifies its customer base and improves its
financial risk profile by way of significant increase in revenue
and cash accruals.  Conversely, the outlook may be revised to
'Negative' if Mysore Fruit's relationships with major customers
deteriorate, or its financial risk profile is adversely affected
because of large borrowings for capital expenditure or decline in
revenue and cash accruals, thereby affecting its ability to
service debt.

                        About Mysore Fruit

Set up in 1957 by the Government of Karnataka, Mysore Fruit was
acquired by Mr. D Adikesavulu in 1987.  It manufactures fruit
juice and pulp from mango, guava, grape, pomegranate, and tomato,
with capacity of 12,000 tonnes per annum.  Around 70% of the
company's revenue comes from the sale of juice and pulp of mango,
and the remaining 30% from the sale of juice and pulp of guava,
grape, pomegranate, and tomato.  The company derives 90% of its
revenue from exports to manufacturers of juices and aerated drinks
in France, Russia, the Middle East, and European countries.

Mysore Fruit's profit after tax (PAT) is estimated at INR1.3
million on net sales of INR234 million for 2008-09 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR0.75 million on net sales of INR223 million for 2007-08.


OCEANIC TROPICAL: CRISIL Rates INR364.30 Mil. LT Loan at 'BB+'
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Oceanic Tropical Fruits
Pvt Ltd continue to reflect OTFPL's short track record, exposure
to risks related to variations in fruit yields, and aggressive
capital expenditure (capex) plan.  The ratings also factor in the
intense competition in the fruit-processing industry.  These
rating weaknesses are partially offset by OTFPL's strong project-
execution skills, and good marketing capabilities, reflected in
its healthy order book.

   Facilities                              Ratings
   ----------                              -------
   INR364.30 Million Long-Term Loan        BB+/Stable
   (Enhanced from INR75.00 Million)

   INR345.00 Million Packing Credit        P4+
   (Enhanced from INR275.00 Million)

   INR305.00 Million Foreign Bill          P4+
   Purchase (Enhanced from INR100 Mil.)

   INR11.50 Million Bank Guarantee         P4+
   (Enhanced from INR4.50 Million)

   INR150.00 Million Letter of Credit      P4+
   (Enhanced from INR70.00 Million)

Outlook: Stable

CRISIL believes that OTFPL will continue to benefit from its
market position and increasing demand for processed fruit
products, over the medium term.  The outlook may be revised to
'Positive' if there is a steady increase in the company's cash
accruals, backed by timely completion of the ongoing capacity
expansion program.  Conversely, the outlook may be revised to
'Negative' in the event of time and cost overruns in the capex
program, or if the company fails to contract off-takers for the
enhanced capacities.

                      About Oceanic Tropical

Incorporated in September 2007, Oceanic Tropical Fruits Pvt Ltd is
part of the Oceanaa group (previously the Oceanic group) promoted
by Mr. A Joseph Raj and Mrs. Vimala Joseph.  OTFPL is engaged in
fruit-pulp extraction and aseptic packaging of processed fruit
products.  The Oceanaa group, started in 1990, has a presence in
printing, production of aqua-shrimp seeds, aqua farming,
individually quick freezing (IQF) processing of fruits, vegetables
and marine products, aseptic fruit purees and concentrates, retail
outlets for processed food products, information technology,
infrastructure, aqua-research foundation, and charities.  For
2008-09 (refers to financial year, April 1 to March 31), OTFPL
posted a profit after tax (PAT) of INR9.4 million on net sales of
INR520.9 million.


REPROSCAN TECH: Fitch Assigns National Long-Term Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned India's Reproscan Tech Park a National
Long-term rating of 'BB+(ind)'.  The Outlook is Stable.  Fitch has
also assigned a rating of 'BB+(ind)' to RTP's long term loan of
INR600 million.

The National Long-term rating takes into account the timely
completion of the construction phase of RTP's IT park by March
2009.  Further substantial proportion of the total area has
already been sold or leased.  The credit quality of tenants is
good, with Tata Tele Services Ltd being the largest tenant.
However concerns remain regarding the remaining unsold area.
Also, the cash flows from the area leased till date (217720 square
feet) would not be sufficient to service loans within the
scheduled timeframe.  However Fitch also notes that the company
maintains adequate liquidity to fulfill its commitments.

RTP is a Partnership Firm promoted by SRIJAN Group & PS Group, and
the rating also considers the successful track record of these
partners.  The JV has successfully completed four residential and
one commercial project, with four projects under construction.
The rating also reflects location advantage - The IT Park boasts
of excellent connectivity and is in the immediate neighborhood of
top IT/ITES firms.  The rating also factors in LEED Gold Rated
Green IT Building status, given the demand for Green Buildings
among MNCs and other tenants.

The rating remains constrained by a difficult real estate
environment, particularly in the commercial segment, and Fitch
notes that this segment is witnessing signs of over-supply in
certain markets particularly the metros, which could lead to a
further drop in rentals.  The rating is also constrained by
growing competition, with other realtors planning to build IT
parks/commercial complexes in the same location as RTP.  The
agency will monitor the company's progress with the leasing out of
the remaining space.  Any material delay or any cancellation could
act as a negative rating trigger.

RTP is developing the Information Technology Project at an
estimated cost of INR887.1 million; this is part financed by the
promoters' contribution of INR287.1 million, and a bank term loan
of INR600 million.  Total construction area will be 3,95,183
square feet.


SATYAM COMPUTER: Court Issues Warrant Against Ramalinga Raju
------------------------------------------------------------
The Press Trust of India reports that a local court has issued a
production warrant against former Satyam Computer chairman
Ramalinga Raju to produce him before the court on December 30, in
a case filed by Serious Fraud Investigation.

According to the PTI, Raju is among the 11 former directors of
erstwhile Satyam Computers, now renamed as Mahindra Satyam,
against whom the SFIO has filed seven complaints for alleged
violations under different sections of the Companies Act of 1956.

The Special Court for Economic Offences had earlier issued summons
on Raju, Satyam's former Managing Director B Rama Raju and its ex-
CFO Vadlamani Srinivas for examination on December 17, the PTI
relates.

The PTI says Rama Raju and V Srinivas who are under judicial
remand were produced before the court but Ramalinga Raju, who is
presently being treated for Hepatitis C at the Nizam's Institute
of Medical Sciences (NIMS) here, was unable to appear in the
court.

The Economic Times, meanwhile, reports that government-nominated
director C Achuthan said Friday the class action suits pending
against Satyam in the U.S. courts is the biggest concern right now
for the company.

The Times relates Achuthan told a private news channel that he
strongly believes the firm is "out of danger" and problems like
class action suits in the U.S. against the company would be
resolved.

"Ninety per cent of class action suits in America are settled out
of court . . . that (suits against Satyam) also should be," the
Times quoted Achuthan as saying.

Achuthan further said that to bring Satyam founder Ramalinga Raju
to justice may take longer, the Economic Times notes.

                         Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.

Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell a stake in the company, as it seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31%
stake in Satyam Computer, beating strong rival L&T.  Tech Mahindra
would acquire the stake in an all-cash deal, followed by an open
offer for a 20% stake to take management control of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                       About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.


SIDHI JEWELLERS: CRISIL Rates INR250 Million Cash Credit at 'B'
---------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to Sidhi Jewellers'
cash credit facility.

   Facilities                        Ratings
   ----------                        -------
  INR250 Million Cash Credit         B/Stable (Assigned)

The rating reflects SJ's weak financial risk profile, and exposure
to risks relating to fluctuations in gold prices.  These
weaknesses are partially offset by the firm's healthy presence in
the retail jewellery market in Hyderabad (Andhra Pradesh).

CRISIL has treated interest-free, unsecured loans of INR47 million
that SJ has received from partners as quasi-equity; this is
because the management has provided an undertaking to retain the
amount in the business till the existence of the rated facility.

Outlook: Stable

CRISIL expects SJ's financial risk profile to remain weak over the
medium term due to weak debt protection measures together with
high gearing.  The outlook may be revised to 'Positive' if the
firm is able to improve its operating margins further and expand
its operations.  Conversely, the outlook could be revised to
'Negative' if there is a fall in operating margins, or the firm
undertakes any major debt-funded capex.

Set up as a partnership firm in 1997 by Mr. Suresh C Jain and his
three brothers, SJ is a reputed retailer of pearls, gold and
diamond jewellery in Hyderabad.  SJ reported a profit after tax
(PAT) of INR7.8 million on net sales of INR2,159 million for
2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR5.0 million on net sales of INR2,021 million
for 2007-08.


SNC JEWELS: CRISIL Puts 'BB+' Rating on INR70MM Proposed LT Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the proposed
long-term bank facility, and 'P4+' to the short-term gold loan
facility, of SNC Jewels Pvt Ltd, while reclassifying the rating on
the company's other short-term bank facilities as 'P4+' from the
earlier 'P4'.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Proposed LT Loan       BB+/Stable (Assigned)
   INR25.0 Million Gold Loan              P4+ (Assigned)

   INR35.0 Million Export Packing         P4+ (Reclassified from
   Credit (Enhanced From INR20 Million)        'P4')

   INR80.0 Million Post-Shipment Credit   P4+ (Reclassified from
                                               'P4')

The ratings reflect SNC Jewels' high concentration of sales to
select customers in the US market, limited scale of operations,
and moderate net worth.  These rating weaknesses are partially
offset by the benefits that SNC Jewels derives from the three-
decade-long experience of its promoters in the gems and jewellery
business, and the company's comfortable financial risk profile.

Outlook: Stable

CRISIL believes that SNC Jewels will maintain its financial risk
profile over the medium term on the back of moderate cash accruals
and improved working capital management. The outlook may be
revised to 'Positive' in case of a significant increase in the
company's scale of operations and net worth, leading to sustained
improvement in its credit risk profile.  Conversely, the outlook
may be revised to 'Negative' if SNC Jewels' profitability
deteriorates significantly, thereby adversely affecting its cash
accruals, or its capital structure deteriorates because of large
debt-funded capital expenditure.

                         About SNC Jewels

SNC Jewels was established in 2002 by Mr. Amish R Jhaveri and Mr.
Aditya V Choksi. Both the Jhaveri and Choksi families have been in
the business of gems and jewellery for over three decades.  SNC
Jewels was set up for exporting diamond-studded gold jewellery.
The company catered only to the US market till recession hit the
US gems and jewellery market.  Thereafter, it started marketing
its products in Europe and the Middle East as well. Currently,
sales to the US market accounts for 84 per cent of SNC Jewels'
total sales.

SNC Jewels reported a profit after tax (PAT) of INR39 million on
net sales of INR358 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR12 million on net sales
of INR327 million for 2007-08.


SUMATICHAND GOUTI: Low Profitability Cues CRISIL 'B+' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Sumatichand Gouti Jewellers Pvt Ltd, which is part
of the Gouti group.

   Facilities                        Ratings
   ----------                        -------
   INR900.0 Million Cash Credit      B+/Stable (Assigned)
   INR900.0 Million Proposed Long    B+/Stable (Assigned)
          Term Bank Loan Facility
   INR600.0 Million Gold Loan        P4 (Assigned)

The ratings reflect the group's weak financial risk profile and
its low profitability because of intense competition in the gold
jewellery business.  These weaknesses are partially offset by the
group's prudent risk management policies, diverse revenue profile,
and its promoters' industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SCGJPL and Surajmul Gouti.  This is
because the two entities, together referred to as the Gouti group,
are in the same line of business, have strong business linkages
and operational and commercial synergies arising from having
common customers as well as suppliers though intra-group
transactions are low.  Moreover, the entities have fungible cash
flows, and have common promoters and management.

Outlook: Stable

CRISIL believes that the Gouti group will continue to benefit from
prudent risk management policies. However, the group's financial
risk profile is expected to remain stretched over the near to
medium term.  The outlook may be revised to 'Positive' in case of
significant improvement in the group's capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
downward pressure on the group's profitability or further
deterioration in its capital structure.

                          About the Group

SG is a proprietorship concern, with Mr. Sumatichand as the
proprietor; SCGJPL is a private limited company.  Both the
entities trade in gold, and export hand-made gold jewellery.  SG
is primarily engaged in bullion trading, while SCGJPL exports gold
jewellery. The group ventured into the advertising business in
1996 by acquiring Inter Publicity Pvt Ltd from Mr. Homi Wadia.
The group also trades in shares and property under SG, though on a
very small scale.

The Gouti group reported a profit after tax (PAT) of INR7.4
million on net sales of INR6.5 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR4.5
million on net sales of INR3.5 billion for 2007-08.


SURAJMULL GOUTI: CRISIL Rates INR100 Mil. Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of M/s Surajmull Gouti, which is part of the Gouti
group.

   Facilities                             Ratings
   ----------                             -------
   INR100.0 Million Cash Credit*          B+/Stable (Assigned)
   INR50.0 Million Gold Loan Facility     P4 (Assigned)

   *Fully interchangeable with gold loan facility

The ratings reflect the group's weak financial risk profile and
its low profitability because of intense competition in the gold
jewellery business.  These weaknesses are partially offset by the
group's prudent risk management policies, diverse revenue profile,
and its promoters' industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SG and Sumatichand Gouti Jewellers Pvt
Ltd.  This is because the two entities, together referred to as
the Gouti group, are in the same line of business, have strong
business linkages and operational and commercial synergies arising
from having common customers as well as suppliers though intra-
group transactions are low.  Moreover, the entities have fungible
cash flows, and have common promoters and management.

Outlook: Stable

CRISIL believes that the Gouti group will continue to benefit from
prudent risk management policies.  However, the group's financial
risk profile is expected to remain stretched over the near to
medium term.  The outlook may be revised to 'Positive' in case of
significant improvement in the group's capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
downward pressure on the group's profitability or further
deterioration in its capital structure.

                          About the Group

SG is a proprietorship concern, with Mr. Sumatichand as the
proprietor; SCGJPL is a private limited company.  Both the
entities trade in gold, and export hand-made gold jewellery.  SG
is primarily engaged in bullion trading, while SCGJPL exports gold
jewellery.  The group ventured into the advertising business in
1996 by acquiring Inter Publicity Pvt Ltd from Mr. Homi Wadia.
The group also trades in shares and property under SG, though on a
very small scale.

The Gouti group reported a profit after tax (PAT) of INR7.4
million on net sales of INR6.5 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR4.5
million on net sales of INR3.5 billion for 2007-08.


SUZLON ENERGY: Repays US$780 Mil. Loan; Lower Debts by 15%
----------------------------------------------------------
Suzlon Energy Limited said it has repaid the entire outstanding
acquisition loan facility of approximately US$780 million.

The payment was made from the proceeds of a partial stake sale in
Hansen Transmissions International NV, in addition to a new, five-
year US dollar-denominated loan US$465 million from State Bank of
India.  The exercise has also achieved a net reduction in the
overall debt by approximately US$350 million.

"Over the past few months, Suzlon has taken various initiatives to
de-leverage its balance sheet and solidity a long-term sustainable
capital structure," the company said in a statement.  The
repayment of the acquisition loans is an integral part of the
overall debt consolidation and refinancing exercise undertaken by
Suzlon.

Suzlon said the new, five-year US$465 million loan provides for a
two-year moratorium on repayments of principal as well as a two-
year holiday on debt covenants.

The company said it has also achieved significant progress in the
consolidation and refinancing of its existing rupee-denominated
term loans and working capital loans through new debt facilities
from a syndicate of banks.

"This transaction concludes the first phase of our refinancing
exercise.  We are also happy to report that we have achieved an
overall improvement in our debt profile, with a reduction of
nearly 15%, or approximately US$350 million, since Sept. 30,
2009," Suzlon Energy COO Sumant Sinha said.  "We continue to work
towards optimising our capital structure."

SBI Caps was the sole financial advisor on the US dollar facility,
while on the rupee facility, SBI Caps is global coordinator and
mandated lead arranger and IDBI Bank is the lead arranger.
Rothschild is acting as financial advisor to Suzlon on the debt
refinancing.

The Troubled Company Reporter-Asia Pacific, citing The Financial
Times, reported on November 12, 2009, that Suzlon Energy is taking
steps to build up its cash position and is weighing up whether to
divest more assets to repair its balance sheet as it weathers the
effects of the global financial crisis.

The FT related Tulsi Tanti, founder and chief executive officer of
Suzlon Energy, said he would renegotiate loans with Indian banks
as the company, which was one of the most ambitious Indian
acquirers of recent years, ran out of liquidity to support green
technology projects.

According to the FT, the company has recently found itself in a
tight cash position after a tough year for the industry and
pressure to refinance the recent US$1.7 billion acquisition of
German rival Repower Systems.

The FT stated that Suzlon aims to reduce its debt level by the end
of the fiscal year. "Our total working capital cash is nearly 40%
and we are bringing it down to the 25 to 30% level by this
financial year," Mr. Tanti told the FT.

Suzlon Energy posted net losses of INR3.56 billion (US$76 million)
over the three months ending September 30, with sales falling 31%
to INR47.9 billion.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd --
http://www.suzlon.com/-- is an integrated wind power company.
Its operations include to manufacturing, designing, developing and
selling of wind turbine generators (WTGs) and gear box.  Its other
operations include sale/sub-lease of land, infrastructure
development income and power generation income.  The Company's
main manufacturing plants at Daman, Pondicherry, Bhuj, Chhadvel
(Dhule) and Vadodara.  Its subsidiaries include AE-Rotor Holding
B.V., AE-Rotor Techniek B.V., Cannon Ball Wind Energy Park- 1,
LLC, Eve Holding NV, Hansen Drives Limited, Hansen Transmissions
Inc., Hansen Transmissions International NV, Hansen Transmissions
Limited , Hansen Transmissions Pty. Limited,Hansen Transmissions
South Africa Pty. Limited and Hansen Transmissions Tianjin
Industrial Gearbox Co Limited.  The Company operates in India,
Europe, United States and China.  On October 9, 2007, the
Company's wholly owned subsidiary Hansen Transmissions
International N.V. acquired Lommelpark N.V., Belgium.


SWADIST OILS: Small Net Worth Cues CRISIL to Assign 'BB' Ratings
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swadist Oils Pvt Ltd
continue to reflect the company's limited financial flexibility
because of its small net worth base and high working capital
requirement, as well as the highly fragmented nature of the edible
oil industry, leading to low operating margins.  These weaknesses
are mitigated by the extensive experience of the promoters in the
edible oil industry.

   Facilities                        Ratings
   ----------                        -------
   INR250 Million Cash Credit        BB/Stable (Reaffirmed)
   INR70 Million Term Loan           BB/Stable (Reaffirmed)
   INR130 Million Letter of Credit   P4+ (Reclassified from 'P4')

Outlook: Stable

CRISIL expects SOPL to stabilize its oil extraction operations,
supported by the promoters' four decades of experience in the
edible oil industry.  The outlook may be revised to 'Positive' if
SOPL stabilizes its operations, and generates sustained
profitability at higher-than-expected levels, while maintaining
its capital structure.  Conversely, the outlook may be revised to
'Negative' in case the company undertakes more-than-expected debt-
funded capital expenditure, leading to deterioration in its
financial risk profile.

                        About Swadist Oils

Swadist Oils Pvt Ltd was originally incorporated as AMG Exports
Pvt Ltd in 1996; the name was changed in April 2004.  The company
was non-operational till December 2007, when Mr. Dinesh Arora and
Mr. Tilak Raj Sharma bought the company from its previous
promoters, and started importing crude palm oil on a high-seas
basis.  The company has recently set up a solvent extraction plant
of 600 tonnes per day (tpd) capacity at Rania, Kanpur, Uttar
Pradesh.  The plant is fully integrated and is currently
undertaking test runs. SOPL expects to begin commercial production
by October 2009.

For 2007-08 (refers to financial year, April 1 to March 31), SOPL
reported a profit after tax of INR6.9 million on net sales of
INR178 million.


TATA STEEL: Lord Mandelson Calls for Review on Corus Plant Closure
------------------------------------------------------------------
James Lamont and Joe Leahy at The Financial Times report that
Lord Mandelson called on Tata Group on Tuesday to review its
decision to close Corus' Teesside Cast Products site with the loss
of 1,700 jobs.

The FT relates Lord Mandelson urged Tata to consider alternative
uses for the plant in Redcar.

Tata Steel needed to stay "very firmly in touch with" the
government to honor a shared responsibility to look after the
workforce and local community, Lord Mandelson said, according to
the FT.  "We are not walking away from Teesside."

According to the FT, the global economic crisis has led to a sharp
fall in production at Corus, the Anglo-Dutch steelmaker, which
Tata Steel bought in 2007 for GBP6.7 billion.  The Tata Group says
it cannot run a 3m tonne capacity steel plant without any
customers or a long-term strategic partner, the FT discloses.  It
said it had held protracted negotiations to try to keep the plant
open, the FT notes.

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

                          *     *     *

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


UMANG DAIRIES: ICRA Reaffirms 'LD' Rating on INR10.1MM Bank Debts
-----------------------------------------------------------------
ICRA has reaffirmed 'LD' rating assigned to the INR10.1 million
Non-Convertible Debenture of Umang Dairies Limited (erstwhile J.K.
Dairy and Foods Limited).

The rating takes into account the weak financial profile of the
company resulting in the continued inability to honor its interest
and principal obligations in the past.  The company was declared a
Sick Industrial company under the provisions of Sick Industrial
Companies (Special Provisions) Act, 1985 (SICA) and was registered
with BIFR (Board for Industrial and Financial Reconstruction)  as
a Sick Industrial unit in May 2002.  In the current year, draft
rehabilitation scheme has been approved wherein a significant
portion of liabilities of Umang Dairies Limited have been taken
over by its group company.


WOCKHARDT LTD: Fortis Completes Acquisition of 10 Hospitals
-----------------------------------------------------------
The Financial Express reports that Wockhardt Hospitals has
completed the transition of 10 of its hospitals in Bangalore,
Mumbai and Kolkata to Fortis Healthcare as part of the INR909
crore transaction through which the hospitals division of
Wockhardt Hospitals was absorbed into the Fortis Healthcare
network.

The report says the 10 Wockhardt Hospitals, now renamed Fortis
Hospitals, would enable Fortis to scale up operations across 12
cities to a chain of 39 hospitals including three international
accredited hospitals and its bed capacity would rise from 3,278 to
5,180.

                      About Fortis Healthcare

Fortis Healthcare Limited -- http://www.fortishealthcare.com/--
is a healthcare chain in India.  As of December 31, 2008, it had a
network of 27 healthcare delivery facilities, including 15
hospitals, of which 14 are in India and one is in Mauritius, and
12 satellite and heart command centers, of which 11 centers are in
hospitals across India and one satellite center is in Afghanistan.
Most of its hospitals are multi-specialty hospitals, which provide
secondary and tertiary healthcare to patients.  Some of its multi-
specialty hospitals also include super-specialty providing
quaternary healthcare to patients in key specialty areas, such as
cardiac care, orthopedics, neuro-sciences, oncology, renal care,
metabolic diseases and mother and child care.  In addition, two of
its hospitals, Escorts Heart Institute & Research Centre in and
Escorts Heart Centre in Raipur, focus primarily on cardiac
patients, with Escorts Hospital-Delhi serving as a super-specialty
for cardiac care.  FHL also operates Fortis La Femme at New Delhi.

                       About Wockhardt Limited

India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.  In
November 2007, the Company completed the acquisition of Morton
Grove Pharmaceuticals Inc.  In May 2007, the Company completed the
acquisition of Megma Lerads, France.

                           *     *     *

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

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

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

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


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


JAPAN AIRLINES: Government Mulls Extending Loan Guarantees
----------------------------------------------------------
Dow Jones Newswires' Yoshio Takahashi reports Japan's Transport
Minister Seiji Maehara said at a regular news conference on Friday
the government is still considering loan guarantees for Japan
Airlines Corp. to avoid disruptions as JAL seeks to revamp its
operations.  Dow Jones relates the statement was made in response
to emerging concerns about the government's position on JAL.
According to Dow Jones, Mr. Maehara acknowledged there had been
questions from "a variety of industries" about whether Tokyo would
continue to back JAL.

Dow Jones notes that Finance Minister Hirohisa Fujii on Tuesday
said the government had no plan to include a loan guarantee in the
budget for the next fiscal year, and suggested such a guarantee
may never appear in the budget.

But Mr. Maehara said "discussions are under way," suggesting the
budgeting may be worked out at a later date, Dow Jones relates.

Dow Jones notes that Mr. Maehara on Tuesday said some Cabinet
members believe loans to JAL by the state-backed Development Bank
of Japan could be regarded as government guarantees.  Similarly,
he said aid from the quasi-government Enterprise Turnaround
Initiative Corp. could also be considered a government guarantee.

According to Dow Jones, Mr. Maehara also said Friday the
government is still considering a bill to allow JAL to change its
pension plan to reduce its obligations.

                       About Japan Airlines

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.


L-JAC 8: Moody's Downgrades Ratings on Various Certificates
-----------------------------------------------------------
Moody's Investors Service has downgraded these L-JAC 8 CMBS Trust
Certificates; their final maturity falls in January 2013.

  -- Class A, downgraded to A1 from Aa2; previously, Aa2 placed
     under review for possible downgrade on December 15, 2009

  -- Class B, downgraded to B2 from A2; previously, A2 placed
     under review for possible downgrade on December 15, 2009

  -- Class C, downgraded to Caa3 from Baa3; previously, Baa3
     placed under review for possible downgrade on December 15,
     2009

  -- Class D, downgraded to Ca from Ba3; previously, Ba3 placed
     under review for possible downgrade on December 15, 2009

  -- Class E, downgraded to C from B1; previously, B1 placed under
     review for possible downgrade on December 15, 2009

  -- Class F, downgraded to C from B2; previously, B2 placed under
     review for possible downgrade on December 15, 2009

  -- Class G, downgraded to C from B3; previously, B3 placed under
     review for possible downgrade on December 15, 2009

  -- Class H, downgraded to C from Caa1; previously, Caa1 placed
     under review for possible downgrade on December 15, 2009

  -- Class I, downgraded to C from Caa2; previously, Caa2 placed
     under review for possible downgrade on December 15, 2009

  -- Class J, downgraded to C from Caa3; previously, Caa3 placed
     under review for possible downgrade on December 15, 2009

  -- Class K, downgraded to C from Caa3; previously, Caa3 placed
     under review for possible downgrade on December 15, 2009

  -- Class X, downgraded A1 to from Aa2; previously, Aa2 placed
     under review for possible downgrade on December 15, 2009

L-JAC 8Trust, effected in March 2008, represents the
securitization of two non-recourse loans.

The previous rating actions in June 2009 reflected Moody's concern
about the likelihood of collateral recovery, based on recovery
stresses in the range of 22% to 24% and 24% for the weighted
average (excluding the specially serviced loans) on the entire
loan pool (regarded as having a high likelihood of default).

With the current rating action, Moody's received a servicer report
on December 10, 2009, on a loan that defaulted in July 2009
("Loan1"), and interviewed the trustee and servicer.  In October
2009, it was decided that the servicer would include the option to
sell Loan1 at auction as a way towards recovery in addition to the
disposition of the underlying property.

The minimum reserve price for the auction was decided on Dec. 9,
2009, based on appraisals from third parties.  (The special
servicer is now preparing to sell the underlying loan.) The loan
appraisal reports by third parties were not disclosed to Moody's.

Additionally, in December 2010, another loan will mature
("Loan2"); Moody's needed to estimate a recovery stress higher
than was assumed in the previous rating action.  Loan2 is backed
by a local mall.

The rating action reflects the loss probability assumed in case of
the execution of the option to sell Loan1.  For Loan2, Moody's
checked the performance of an underlying property, estimated the
deterioration in revenue from rent and net cash flow, and assumed
that Loan2 could be sold at a loan auction towards recovery -- as
well as Loan1 -- after its maturity.

However, Moody's believes that the servicer should maximize
recovery in respect of the underlying loans, according to the
Accepted Servicing Standards.

Moody's assumption for recovery scenarios was based on the
disposition of the underlying property instead of the disposition
of the underlying defaulted loan.  Therefore, it is necessary to
anticipate further recovery stress for the disposition of the
underlying defaulted loan.

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


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


GENERAL MOTORS: To Address Korean Unit Financial Trouble
--------------------------------------------------------
A senior executive at General Motors Co. said Tuesday the troubled
U.S. automaker plans to move quickly to turn around its ailing
South Korean unit, GM Daewoo Auto & Technology Co., according to
Yonhap News.

Yonhap relates that Ray Young, GM's chief financial officer who is
scheduled to be transferred to the carmaker's operations in China
next year, made the comment after being named a member of GM
Daewoo's board.

State-owned Korea Development Bank, GM Daewoo's major creditor,
has previously expressed concern over Daewoo's survival.  KDB
chief Min Euoo-Sung has stated that Daewoo's long term survival is
imperiled after posting a net loss of 875 billion won ($750
million) in 2008.  The loss, brought about by falling demand amid
the global economic dilemma, contributed mainly to Daewoo's use up
of its $2 billion credit line.  Daewoo is now seeking a one
trillion won loan to keep it beyond the red, the Associated Press
said.

KDB has a 28% stake in GM Daewoo while GM holds 51%.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


HYUNDAI MOTOR: To Tap U.S. Commercial Vehicle Market
----------------------------------------------------
Hyundai Motor is looking to make inroads into the U.S. commercial
vehicle market in a couple of years to carve out a bigger share in
the world's largest economy, The Korea Times reports.

"We are now considering making a foray into the U.S. commercial
market in a couple of years," the report quoted Hyundai Motor Vice
Chairman Choi Han-young as saying.  "We have yet to fix detailed
plans but we are likely to forge a business alliance with a U.S.
player.  After the U.S., we will also turn to European markets."

The Times says that Hyundai Motor, along with its affiliate Kia
Motors, has chalked up substantial growth this year in major
markets such as the United States, China and India despite the
unprecedented global financial crisis.

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
===============


EKRAN BERHAD: Seeks April 4 Extension of Plan Filing Deadline
-------------------------------------------------------------
Ekran Bhd, through its principal adviser OSK Investment Bank
Berhad, asked the Bursa Malaysia Securities Bhd to further
extend its deadline to submit a regularization plan to relevant
authorities for approval from Dec. 4, 2009 to April 4, 2010.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2009, the bourse had already extended to Dec. 4, 2009,
Ekran's plan submission deadline.  However, the company wasn't
able to meet that deadline.

The new extension request is currently pending Bursa's approval.

Ekran Berhad is a Malaysian company engaged in investment holding
and the provision of management services to its subsidiary
companies.  Through its subsidiaries, the company is engaged in
property development; the provision of property management
services; timber logging and saw milling; the sale of timber
products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

                           *     *     *

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when auditors expressed a disclaimer
opinion on the company's audited financial report for the
financial year ended June 30, 2005, and for defaulting on various
credit facilities.


EVERMASTER GROUP: Wants Plan Filing Deadline Extended Until May 10
------------------------------------------------------------------
Evermaster Group Berhad asked the Bursa Malaysia Securities Bhd to
extend the period to submit its regularization plan to the
relevant authorities for four months until May 10, 2010.

The request for extension is currently pending Bursa's approval.

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

According to the company's disclosure statement with the bourse,
a Receiver and Manager has been appointed over the asset of the
the company.  The asset accounts for at least 50% of the total
assets employed of the listed issuer on a consolidated basis
under the terms of the Debenture dated December 18, 2003 executed
between the company and Abrar Discounts Berhad.


TALAM CORP: Court Extends Unit's Restraining Order for 90 Days
--------------------------------------------------------------
The Kuala Lumpur High Court has granted a 90-day restraining order
to Maxisegar Sdn Bhd, a wholly-owned subsidiary of the Company.
The restraining order took effect on December 2, 2009.

This restraining Order will supersede the Restraining Order
granted by Kuala Lumpur High Court on June 22, 2009, which expired
on December 26, 2009.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 18, 2006, Maxisegar obtained the restraining order from the
court to facilitate the holding of creditors meeting concerning
the implementation of a proposed debt-restructuring scheme.  With
the restraining order in effect, parties are inhibited to conduct
any legal proceedings against the company.  The restraining order
has been extended several times, the TCR-AP noted.

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

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


TENGGARA OIL: PM Securities Steps Down as Principal Adviser
-----------------------------------------------------------
Tenggara Oil Berhad disclosed in a regulatory filing that PM
Securities Sdn Bhd has resigned as the Company's principal adviser
for its Proposed Corporate and Debt Restructuring Scheme.

Under the new Guidelines on Principal Adviser issued by the
Securities Commission, principal advisers are required to have at
least two Qualified Senior Personnel approved by SC based on the
criteria stated in Chapter 3 of the Guidelines before they can act
as a principal adviser and submit Specific Corporate Proposal.
The Company was informed by PM that they may not meet the deadline
by December 31, 2009, to recruit two QSP in order to comply with
the Guidelines.  Accordingly, PM has decided to resign as the
principal adviser to TOB on the PCDRS.

As a result of PM's resignation, Tenggara said it will appoint a
new principal adviser for its PCDRS.

                        About Tenggara Oil

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

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


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


AIR NEW ZEALAND: To Launch Sydney-Ratoronga Direct Service in 2010
------------------------------------------------------------------
Roeland Van den Bergh at The Dominion Post reports that Air New
Zealand is planning to start a direct service between Sydney and
Rarotonga next year.

The report says the direct service, to run on a trial basis
between July and October, will be the first international route
from Australia, other than to New Zealand, in five years for the
airline.

Air New Zealand dropped its Australian service from Sydney to
Los Angeles in 2003 due to a lack of demand, the report notes.
The Post states that Air New Zealand brand was severely damaged in
Australia when subsidiary Ansett Australia collapsed in 2001.  The
carrier was bailed out by the Government later that year.

The report, citing General manager of Tasman Pacific airline
operatons, Glen Sowry, relates that the new weekly Cook Islands
service would cater for existing demand for a direct flight.  The
airline already carried a large number of Australian passengers to
Rarotonga via Auckland.  The direct service was expected to
increase demand and there would be no reduction in the Auckland
flights, Mr. Sowry said.

                     Fashion Week Sponsorship

Separately, The Dominion Post reports that Air New Zealand has
dropped its naming-rights sponsorship of Air New Zealand Fashion
Week.  Air New Zealand has been the event's naming-rights sponsor
for the past six years, the report says.

The Post relates event organizer Pieter Stewart said the airline,
however, would still be involved with the show.

According to the Post, an Air New Zealand spokeswoman said the
decision had been made as part of a review of sponsorship costs
and the company was discussing how to stay involved in the event.

                       November Performance

Air New Zealand said it carried 951,000 passengers in November,
down 0.6% on the same month last year.  Demand (RPKs) was down
3.7% and capacity (ASKs) was reduced by 10.2% increasing the Group
load factor by 5.4 percentage points.

Short Haul passenger numbers decreased by 0.2% compared to
November last year.  Demand was up in the Domestic market by 4.3%
on last year and the load factor rose to 77.5% as capacity was
reduced by 3.0%. Tasman/Pacific capacity was reduced by 17.4%
primarily through downsizing to smaller aircraft, reduced
frequencies on some sectors and the withdrawal of Trans Tasman
flights from Hamilton and Dunedin.  This resulted in the load
factor increasing by 8.8 percentage points to 79.9%.

Long Haul passenger numbers decreased by 3.1% on last year.  On
North America/UK routes demand increased by 3.3% on similar
capacity to last November, load factors increased by 2.7
percentage points to 83.1%. Capacity on the Asia/Japan/UK routes
was reduced by 18.2% in response to a 12.9% decline in demand,
resulting in loads increasing by 4.9 percentage points to 80.5%.

Group-wide yields for the financial year to date were down 10.6%
on the same period last year.  Year to date Short Haul yields were
down 10.4% and the respective Long Haul yields were down by 13.5%.
Removing the impact of foreign exchange, Group-wide yields were
down 12.5%.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


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.


BOTRY-ZEN LTD: Asks BNZ to Appoint Receivers After Share Sale Fail
------------------------------------------------------------------
Botry-Zen Limited has requested its bankers, Bank of New Zealand
Limited, to appoint receivers.

The move comes after the company failed to raise a minimum of
NZ$1.5 million under the Share Purchase Plan offering and other
funding opportunities.

The company said earlier this month that it needed to raise a
minimum of $1.5 million to enable the company to continue to
operate and to seriously pursue international opportunities
particularly in the United States, according to SHARECHAT.co.nz.

SHARECHAT.co.nz. says the capital was also to be used to fund the
purchase of four new fermenters for the Dunedin factory, to grow
production to allow the initial anticipated international demand
to be met.

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry.  The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.

                          *     *    *

The company incurred three consecutive annual net losses of
NZ$1.70 million, NZ$1.22 million and NZ$1.67 million for the
years ended March 31, 2009, 2008 and 2007, respectively.


TRUSTEES EXECUTORS: Fitch Upgrades Ratings on Three Classes
-----------------------------------------------------------
Fitch Ratings has upgraded three classes and affirmed one class of
notes issued by Trustees Executors Limited as trustee of the
Sapphire II NZ Series 2005-1 Trust, and simultaneously assigned
Loss Severity Ratings to the notes.  The rating actions are listed
below.  These transactions are backed by pools of non-conforming
residential mortgages originated by Bluestone Mortgages NZ
Limited, a wholly-owned subsidiary of Bluestone Group Pty Limited
(Bluestone).

Sapphire II NZ Series 2005-1 Trust

  -- NZD5.0 million Class M notes (NZSPHDT203C9) upgraded to 'AA'
     from 'AA-'; Outlook Stable; Loss Severity Rating assigned at
     LS-3;

  -- NZD4.7 million Class BA notes (NZSPHDT204C7) upgraded to 'A'
     from 'BBB+'; Outlook Stable; Loss Severity Rating assigned at
     LS-3;

  -- NZD1.2 million Class BZ notes (NZSPHDT205C4) upgraded to
     'BBB' from 'BB+'; Outlook Stable; Loss Severity Rating
     assigned at LS-4; and

  -- NZD2.5 million Class CA notes (NZSPHDT206C2) affirmed at
     'B+'; Outlook Stable; Loss Severity Rating assigned at LS-3.

The Class I notes and MER notes were paid in full in September
2008.

The pool has paid down to NZD16.4 million from the original issue
size of NZD97.6 million.  The performance of the pool has improved
in terms of 30+ days arrears, which has fallen over the last
quarter, dropping to 6.0% in October 2009 from 15.4% in June 2009,
of which 1.5% were 90+ days in arrears.  As of the last payment
date, the subordination percentage has increased substantially,
compared to that at closing with the Class D turbo note
accumulating to over NZD1.4 million.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of the agency's analysis.  In its
forward-looking analysis, Fitch assumed a base loss given default
of 20.4%.

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


TRUSTEE EXECUTORS: Fitch Takes Rating Actions on Sapphire Notes
---------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed five classes of notes
issued by Trustee Executors Limited as trustee of the Sapphire III
NZ Series 2006-1 Trust and assigned Loss Severity Ratings to the
notes.  The rating actions are listed below.  These transactions
are backed by pools of non-conforming residential mortgages
originated by Bluestone Mortgages NZ Limited, a wholly owned
subsidiary of Bluestone Group Pty Limited.

Sapphire III NZ Series 2006-1 Trust

  -- NZD28.4 million Class A notes (NZSPHDT301C1) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-1;

  -- NZD7.4 million Class MA notes (NZSPHDT302C9) upgraded to
     'AA+' from 'AA'; Outlook Stable; Loss Severity Rating
     assigned at LS-3;

  -- NZD7.7 million Class MZ notes (NZSPHDT303C7) upgraded to 'A+'
     from 'A'; Outlook Stable, Loss Severity Rating assigned at
     LS-3;

  -- NZD7.1 million Class BA notes (NZSPHDT304C5) affirmed at
     'BBB'; Outlook Stable, Loss Severity Rating assigned at LS-3;

  -- NZD5.0 million Class BZ notes (NZSPHDT305C2) affirmed at
     'BB'; Outlook Stable, Loss Severity Rating assigned at LS-3;

  -- NZD2.6 million Class CA notes (NZSPHDT306C0) affirmed at
     'B-';
     Outlook Negative, Loss Severity Rating assigned at LS-3; and

  -- MER notes affirmed at 'AAA', Outlook Stable.

The Class I notes were paid in full in July 2009.

The pool has paid down to NZD60.6m from the original issue size of
NZD166.4 million.  The 30+ day arrears percentage has decreased
slightly over the last quarter, dropping to 22.9% in October 2009
from 24.4% in June 2009; 12.3% of the outstanding mortgages were
in arrears by greater than 90 days, with further losses expected
to materialize.  Though carry forward charge-offs remain
outstanding on the Class D note, which stands at just over
NZD313,000, there are no carry forward charge-offs outstanding on
the above ranking CZ note.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the default of large loans becomes a greater
factor in the agency's analysis.  In its forward-looking analysis,
Fitch assumed a base loss given default of 20.4%.  Though the
subordination percentages have increased as the pool has paid down
in the midst of a stressed property environment, Fitch believes
there is potential for the transaction to experience further
stress in 2010.

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


TRUSTEE EXECUTORS: Fitch Downgrades Ratings on Two Classes
----------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed five classes
of notes issued by Trustee Executors Limited as trustee of the
Sapphire IV NZ Series 2007-1 Trust, and simultaneously assigned
Loss Severity Ratings to the notes.  The rating actions are listed
below.  These transactions are backed by pools of non-conforming
residential and small balance commercial mortgages originated by
Bluestone Mortgages NZ Limited, a wholly-owned subsidiary of
Bluestone Group Pty Limited.

Sapphire IV NZ Series 2007-1 Trust

  -- NZD76.7 million Class AA notes (NZSPHDT401C9) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-1;

  -- NZD31.7 million Class AZ notes (NZSPHDT402C7) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at LS-2;

  -- NZD5.3 million Class MA notes (NZSPHDT403C5) affirmed at
     'AA', Outlook Stable; Loss Severity Rating assigned at LS-4;

  -- NZD6.0 million Class MZ notes (NZSPHDT404C3) affirmed at 'A';
     Outlook Stable; Loss Severity Rating assigned at LS-4;

  -- NZD8.0 million Class BA notes (NZSPHDT405C0) affirmed at
     'BBB'; Outlook revised to Negative from Stable; Loss Severity
     Rating assigned at LS-3;

  -- NZD8.5 million Class BZ notes (NZSPHDT406C8) downgraded to
     'B' from 'BB'; Outlook Negative; Loss Severity Rating
     assigned at LS-3; and

  -- NZD7.8 million Class CA notes (NZSPHDT407C6) downgraded to
     'CCC' from 'B-'; Recovery Rating assigned at RR2.

As of the last payment date, carry forward charge-offs of
NZD789,000 and NZD5.6 million remain outstanding on Classes D and
CZ notes, respectively.  While the 30+ day arrears percentage has
decreased slightly over the last quarter, it still remains
relatively high at 21.3% in October 2009; 12.3% of the outstanding
mortgages were in arrears by greater than 90 days with further
losses expected to materialize at loss severities of over 40%.

The pool has paid down to NZD135.6 million from the original issue
size of NZD249.3 million.  As the mortgage portfolio reduces in
size, the risk of principal losses resulting from the default of
large loans becomes a greater factor in the agency's analysis.  In
its forward-looking analysis, Fitch assumed a base loss given
default of 44.0%.  Though the subordination percentages have
increased, as the pool has paid down in the midst of a stressed
property environment, Fitch believes there is potential for the
transaction to experience further stress in 2010.  A cash flow
analysis was performed on the transaction stressing a combination
of interest rates, defaults, default timing and prepayment rates.

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


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


PAKISTAN MOBILE: S&P Puts 'CCC+' Rating on CreditWach Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'CCC+' corporate credit rating on Pakistan-based wireless service
provider Pakistan Mobile Communications Ltd. on CreditWatch with
positive implications.  At the same time, S&P placed the 'CCC+'
issue rating on the senior unsecured debt issued by Mobilink on
CreditWatch with positive implications.

"The CreditWatch reflects S&P's view that Mobilink's financial
flexibility would improve and the potential pressure to support
its parent Orascom Telecom Holdings S.A.E. (CCC+/Watch Pos/--)
would reduce if there is an improvement in the parent's credit
profile," said Standard & Poor's credit analyst Yasmin Wirjawan.
In S&P's opinion, Orascom Telecom's US$800 million rights issue
should improve its liquidity.

S&P expects the likely improvement in Orascom Telecom's credit
profile to ease the potential pressure that Mobilink could have
come under because of the important role it could have played in
the parent's strategy for additional funding; Mobilink, 100% owned
by Orascom Telecom, is the parent's second-largest operation,
which accounted for 20.6% of its consolidated EBITDA for 2008.

The likely improvement in Orascom Telecom's credit profile would
also boost Mobilink's financial flexibility.  This would help
Mobilink mitigate any refinancing risk from its weak liquidity and
potential pressure on its covenants in June 2010.

In S&P's view, Mobilink's liquidity is weak with cash and cash
equivalents of US$77 million, as well as undrawn committed credit
facilities of US$40 million, compared with debt due in one year,
excluding equipment payables, of about US$211 million.

The CreditWatch placement on Mobilink will be resolved on the
resolution of the CreditWatch on the parent Orascom Telecom.  The
rating on Mobilink could be raised by one notch if the rating on
its parent is also raised by at least one notch.  However, this is
based on its assumption that the 'B-' sovereign rating and
transfer and convertibility risk assessment for Pakistan (B-
/Stable/C) does not deteriorate.


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


AIG INTERNATIONAL: Creditors' Proofs of Debt Due January 25
-----------------------------------------------------------
Creditors of AIG International (Singapore) Pte Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by January 25, 2010, to be included in the
company's dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap &Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


AMKEY (SINGAPORE): Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on December 18, 2009,
to wind up the operations of Amkey (Singapore) Pte Ltd.

Royal Brothers Development Pte Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


ASIAPAK INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on December 11, 2009,
to wind up Asiapak Industries Pte Ltd's operations.

Greenpath Pte Ltd, formerly known as Commercial Forms (S)
Pte Ltd filed the petition against the company.

The company's liquidator is:

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


CENTRE FOR ORAL: Creditors' Proofs of Debt Due February 4
---------------------------------------------------------
Creditors of Centre for Oral Surgery & Implants Pte Ltd., which is
in voluntary liquidation, are required to file their proofs of
debt by February 4, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Heng Lee Seng
          #12-02 Tower Fifteen
          15 Hoe Chiang Road
          Singapore 089316


DELI MASTER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on December 18, 2009,
to wind up the operations of Deli Master Concepts Pte. Ltd.

NTUC Fairprice Co-Operative Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


EAGLE MONEY: Creditors Get 72% Recovery on Claims
-------------------------------------------------
Eagle Money Changer Pte Ltd declared the first dividend to
unsecured creditors on December 24, 2009.

The company paid 72% to the received claims.

The company's liquidator is Goh Ngiap Suan.


FXMARKETSPACE LIMITED: Creditors' Proofs of Debt Due February 15
----------------------------------------------------------------
Creditors of FXMarketspace Limited, formerly Trushelfco (No.3211)
Limited and RCFX Limited, are required to file their proofs of
debt by Feb. 15, 2010, to be included in the company's dividend
distribution.

FXMarketspace Ltd was placed into members? voluntary liquidation
on Dec. 14, 2009 and Stephen R Browne and Richard Victor Yerburgh
Setchim were appointed Joint Liquidators.

The company's registered office is at The Thomson Reuters
Building, 30 South Colonnade, Canary Wharf, London E14 5EP, in
United Kingdom.

The company's joint liquidators are:

         Stephen R Browne
         Richard Victor Yerburgh Setchim


IT SERVICES: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------
Creditors of IT Services Co-Operative Ltd., which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 19,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

          Rangarajan Narayanamohan
          Natarajan & Swaminathan
          #19-04/05 High Street Centre
          1 North Bridge Road
          Singapore 179094


MITSU CORP: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on December 11, 2009,
to wind up Mitsu Corp Pte Ltd's operations.

LBH Construction Pte. Ltd. filed the petition against the company.

The company's liquidator is:

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


NFK TECHNOLOGY: Creditors' Proofs of Debt Due January 29
--------------------------------------------------------
Creditors of NFK Technology Singapore Pte Ltd., which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 29, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Chua Keng Khng
         #08-11 Golden Wall Centre
         89 Short Street
         Singapore 188216


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

Superworld Electronics(S) Pte Ltd filed the petition against the
company on December 9, 2009.

The Petitioner's solicitors are:

          M/s N.S. Kang
          6001 Beach Road
          #16-08 Golden Mile Tower
          Singapore 199589


SINGAPORE LEASING: Creditors' Proofs of Debt Due January 7
----------------------------------------------------------
Creditors of Singapore Leasing (International) Pte. Ltd., which is
in members voluntary liquidation, are required to file their
proofs of debt by Jan. 7, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Ong Yew Huat
         Nagaraj Sivaram
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


UNIVERSIS CORP(S): Court to Hear Wind-Up Petition on January 8
--------------------------------------------------------------
A petition to wind up the operations of Universis Corp(S) Pte. Ltd
will be heard before the High Court of Singapore on Jan. 8, 2010,
at 10:00 a.m.

The Bank of East Asia, Limited, filed the petition against the
company on December 15, 2009.

The Petitioner's solicitor is:

          Tan Peng Chin LLC
          30 Raffles Place
          #11-00 Chevron House
          Singapore 048622


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


DEVELOCAP INC: Earns US$72,544 in Q3 2009
-----------------------------------------
Develocap, Inc., reported net income of US$72,544 for the three
months ended September 30, 2009, compared with net income of
US$11,191 on net revenues for the same period of 2008.

Revenues for the three months ended September 30, 2009, increased
to US$1.7 million compared to US$912,253 for the three months
ended September 30, 2008.  This increase is primarily due to the
launching of an additional leased vessel with capacity of 3,762
DWT in January 2009.  The Company also attributes the revenue
increase to increased capacity utilization during the three months
ended September 30, 2009, compared to the prior year period as the
Company expanded its local and international routes.

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed total assets of US$17.8 million, total liabilities of
US$5.4 million, and total stockholders' equity of US$12.4 million.

The Company's consolidated balance sheets also showed strained
liquidity with US$2.3 million in total current assets available to
pay US$5.2 million in total current liabilities.

A full-text copy of the Company's Form 10-Q is available at no
charge at http://researcharchives.com/t/s?4c5d

                       Going Concern Doubt

The Company has committed and contracted for the construction of
nine (9) vessels in Vietnam with a combined carrying capacity of
58,500 deadweight tons in the aggregate value of approximately
US$80 million (equivalent to VND1.449 trillion), which are
expected to be delivered between October 2009 and 2011.  As of
September 30, 2009, the Company has available US$1,938,269 cash
and cash equivalents, which may not able to meet with such capital
commitments.  The Company plans to finance the construction of the
nine (9) vessels through the additional capital from its
shareholders or external financing from the banks.  However, there
can be no assurance that the Company will be able to obtain
sufficient funds to meet with its obligations on a timely basis
towards the delivery of the vessels.

"These factors raise substantial doubt about the Company's ability
to continue as a going concern."

                       About Develocap Inc.

Based in Ho Chi Minh City, Vietnam, Develocap, Inc. was
incorporated under the laws of the State of Nevada on January 23,
2004.

The Company operates chartered vessels in the ocean transportation
in Vietnam, through its variable interest entity, Trai Thien,
which is registered as a joint stock company under the Enterprise
Law of the Socialist Republic of Vietnam on June 11, 2007, which
primarily charters vessels from the ship-owners and operates the
vessels in the ocean transportation of a broad range of major and
minor bulk cargoes including iron ore, coal, grain, cement and
fertilizer, along Asian shipping routes.


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


* Chemicals Sector Needs New Strategies to Regain Profitability
---------------------------------------------------------------
A new report by Deloitte, the business advisory firm, shows that
the global chemicals sector has suffered a severe decline in
profitability over the past decade and must evolve to re-gain
profitability.

Analysis of the financial and operational performance of 231
global chemical companies over a ten-year period (1998?2008) shows
that profitability has not improved in either the commodity or
speciality chemicals sectors during that period.

Mark Adams, chemicals partner at Deloitte commented: "While the
global chemicals industry has doubled in size since 1999, the
growth rate has slowed over the past five years.  Unless chemical
companies take decisive action to respond to the current
challenges facing the sector, there is a risk that profits will
either stagnate or may even continue to spiral downward.

"The future of the industry is unclear as it emerges from the
downturn with a vast set of challenges.  Planning for a range of
alternative possibilities is critical to ensuring that
profitability returns to the sector.  By analyzing three macro
trends -- economy, regulation and technology -- companies can
strategically plan for the uncertainty ahead and incorporate
adaptive and innovative approaches to achieve sustainable growth.?
The report predicts that as the industry prepares for the future,
the commodity sector will focus on preserving cash, managing
excess capacity, and securing access to capital.  The specialities
sector will continue to seek competitive strategies that rely on
understanding customer behavior and offering only the most
profitable products and services, but at increasing levels of
sophistication.  For integrated players new acquisitions will be a
prime growth objective, particularly as a means of moving further
downstream into differentiated businesses.

As chemical companies are broadening their geographic scope,
Western commodity chemical companies will focus on growing
opportunities in the Asia-Pacific region and other areas within
the developing world.  With a small but growing share, the Middle
East has significant potential advantages in low-cost hydrocarbon
feed stocks and therefore continues to attract significant new
capacity.  It is forecast that China and the Middle East will
contribute 78% of new capacity by 2013.   Meanwhile, the chemicals
industry continues to play a key role in the economies of the US
and Europe.

Mr. Adams continued: "The US$3 trillion global chemicals sector is
a significant contributor to the global economy.  While the US and
Europe are the more developed and mature markets, the fast growing
markets in Asia and the Middle East will continue to present major
challenges, as well as some opportunities, for both US and
European participants as we enter the next decade."

A key differentiator for global chemical companies will be
developing and implementing customized growth strategies that have
the flexibility to be altered if unplanned obstacles or openings
arise.  The report identifies three scenarios of how the global
business environment could unfold over the next decade and
explores the implications of each scenario for chemicals
companies.

The scenarios identified include:

    1. Transition.  Western economies suffer inflationary spells
       followed by hard landings, while the developing world
       focuses on domestic consumption and enjoys steadier growth.
       Economic and energy supply issues are higher priorities
       than emissions control.

    2. Resilience.  In both developed and developing nations,
       growth rebounds as governments play an active role in
       managing their economies, directing investment, and
       promoting national competitiveness.  Renewable energy and
       nanotechnology are among the top areas targeted for
       support.

    3. Dislocation.  Difficult challenges and heavy-handed
       government policies keep growth subdued in the West.  In
       Asia and the Middle East, the fall-off in foreign export
       demand causes an economic slowdown that leads to social and
       political unrest.

Mr. Adams concluded: "The chemicals industry must take steps to
ensure that it is prepared for the future, and that company's
business models have the flexibility to deal with challenges as
they arise.  Keeping sight of a range of alternative possibilities
is imperative for effective planning."

Deloitte LLP is the United Kingdom member firm of Deloitte Touche
Tohmatsu, a Swiss Verein, whose member firms are legally separate
and independent entities.

                         *********

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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