---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, December 29, 2009, Vol. 12, No. 255

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Appoints Restructuring Advisers
GREAT SOUTHERN: Gunns to Take Control of Eight Forestry Assets
PERMANENT CUSTODIANS: Fitch Affirms Ratings on Eight Classes
RHG LIMITED: Wins Temporary Retrieve on Receivership Threat


C H I N A

SHENZHEN DEV'T: Ping An Extends Deadline for Buying Bank's Share


H O N G  K O N G

AGILE PROPERTY: Joint Acquisitions Won't Move Moody's 'Ba3' Rating
COUNTRY GARDEN: Moody's Reviews 'Ba2' Corporate Family Rating
NEXUS BONDS: S&P Raises Rating on 2004-15 Notes to 'B+'
SMART RISE: Court to Hear Wind-Up Petition on January 13
SONIC BATTERY: Creditors' Meeting Set for January 15

SNS ASIA: Commences Wind-Up Proceedings
STANDARD ACCIDENT: Chau Kam Hung Steps Down as Liquidator
STANDARD CHARTERED: Members' Final Meeting Set for January 18
STRATEGIC VALUE: Creditors' Proofs of Debt Due January 8
SUPERMAX INVESTMENT: Commences Wind-Up Proceedings

SWEET ESSENTIALS: Middleton and lan Appointed as Liquidators
TING FUNG: Creditors' Proofs of Debt Due January 19
UNITED EAST: Fung Kit Yee Appointed as Liquidator
WEBCENTRAL (HK): Creditors' Proofs of Debt Due January 18
WILLLINK TECHNOLOGIES: Sutton and Yu Appointed as Liquidators

WO FUNG: Court to Hear Wind-Up Petition on January 27
ZENESIS SPC: S&P Withdraws 'CCC-' Rating on Series 2006-5 Notes


I N D I A

AGRAWAL INDOTEX: ICRA Places 'LBB' Rating on INR366.9MM Term Loan
AMRITVARSHA FINANCE: CRISIL Puts 'BB' Rating on INR11.9MM Loan
ARYA COMMUNICATIONS: CARE Assigns 'BB' Rating on INR10cr LT Loan
BAID TEXKNIT: ICRA Places 'LBB' Rating on INR19.5MM Term Loan
BALLARPUR INDUSTRIES: S&P Gives Stable Outlook; Keeps 'BB-' Rating

BYOND TECH: CRISIL Rates INR50 Million Cash Credit at 'B+'
COLOR CHEMICALS: ICRA Assigns 'LBB+' Rating on INR90MM Facilities
ENMAS O&M: CRISIL Assigns 'BB+' Rating on INR20MM Cash Credit
ETT LIMITED: ICRA Places 'LB+' Rating on INR915 Mil. Term Loan
INNOVASSYNTH TECHNOLOGIES: CRISIL Put 'B' Rating on Cash Credit

INTER PUBLICITY: CRISIL Rates INR100 Mil. Cash Credit at 'BB+'
LUMBINI CONSTRUCTIONS: CRISIL Rates INR200MM Term Loan at 'B'
PURE CHEMICALS: ICRA Assigns 'LBB+' Rating to INR90MM Facilities
R. M. MOHITE: CRISIL Assigns 'BB-' Rating on INR616.1MM LT Loan
RAMKUMAR MILLS: Delay in Debt Repayment Cues ICRA 'LB' Rating

SHIVAM IRON: ICRA Assigns 'LBB+' Rating on INR137.8MM Term Loans
SIDDIQUE INFRASTRUCTURE: CRISIL Rates INR50MM Cash Credit at 'B+'
SPECTRUM POWER: Fitch Cuts National Long-Term Rating to 'BB-'
SUMEET EXPORTS: Poor Profitability Prompts ICRA 'LC' Rating
SUPRIYA SPINNING: Low Profitability Cues 'LB' Rating on Bank Lines

TURBO IMPEX: CRISIL Cuts Rating on Standby LOC to 'BB-'
TURBO INDUSTRIES: CRISIL Cuts Ratings on Various Debts to 'BB-'
TURBO TOOLS: CRISIL Cuts Bank Facilities Ratings to "BB-"
YORK CALLTECH: ICRA Rates INR880MM Fund Based Bank Limits at 'LB+'


I N D O N E S I A

BANK CENTURY: No Complaints Received Yet Over Controversial Book
BANK DANAMON: Red Dragon Withdraws Legal Action Against Bank
GARUDA INDONESIA: To Convert US$92-Mil. Debt Into Shares
MEDIA NUSANTARA: Moody's Confirms 'B1' Corporate Family Rating


J A P A N

AIFUL CORP: Creditors Approve Debt Rescheduling Plan
AIFUL CORPORATION: Moody's Reviews 'Caa1' Senior Debt Rating
AIFUL CORP: Moody's Changes Counterparty Credit Ratings to 'CCC-'
ARCH FINANCE: Moody's Reviews 'Ba1' Rating on Series 2007-1 Notes
JAPAN AIRLINES: Restructuring Plan May Include Bankruptcy

JLOC39 TRUST: Moody's Reviews Ratings on Four Classes of Notes
JLOC39 TRUST: S&P Cuts Ratings on Three Classes of Certificates
JLOC XXVIII: Moody's Reviews Rating on Senior Trust Certificates
L-JAC 6: Moody's Reviews Ratings on Various Certificates
LOPRO CORP: J Trust Agrees to Sponsor Rehabilitation

WMT GLOBAL: S&P Downgrades Ratings on Five Classes of Notes


N E W  Z E A L A N D

KINGSTON ACQUISITIONS: Mortgagee Rejects Seven Tender Offers
SOUTH CANTERBURY: S&P Affirms 'BB+' Counterparty Credit Ratings


P H I L I P P I N E S

BESTA SHIPPING: Operations Suspended After Sinking Incident
PHILIPPINE NATIONAL: S&P Gives Positive Outlook; Keeps 'B-' Rating


S I N G A P O R E

* Singapore Extends Credit Support Program Until January 2011


X X X X X X X X

* BOND PRICING: For the Week December 21 to December 25, 2009




                         - - - - -


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


CENTRO PROPERTIES: Appoints Restructuring Advisers
--------------------------------------------------
Centro Properties Group has appointed J.P. Morgan Australia
Limited and Moelis & Company LLC as co-advisers to undertake an
assessment of a restructure of Centro.  Centro Retail Trust has
also appointed UBS AG to undertake an assessment of a restructure
of CER.

"Although Centro and CER have each appointed independent advisers,
J.P. Morgan, Moelis and UBS will work on a collaborative basis
during the assessment phase," Centro said in a statement.

The Group said the objective of the assessment phase is to
identify the means by which the enterprise value of the Centro
group can be maximized and to separately identify and analyze
execution risks.

Centro anticipates that work undertaken during this assessment
phase should be completed by mid 2010.

"J.P. Morgan and Moelis have the necessary experience and
expertise to assist Centro with a restructure strategy that will
benefit all of Centro's stakeholders, including its managed
funds," Centro Chairman Paul Cooper said.

"We are confident that both J.P. Morgan and Moelis also have the
complementary expertise to develop and explore a range of
alternatives during the assessment phase," Mr. Cooper said.

J.P. Morgan is currently one of Centro's providers of finance, and
the nature of the appointment of J.P. Morgan and Moelis as co-
advisers, together with the establishment of appropriate
protocols, policies and procedures will address any potential
conflict of interest matters should they arise.

"The appointment of co-advisers to undertake an assessment of a
potential restructure is the appropriate next step for Centro,"
Mr. Cooper said.  "Restoring value will take time and it is
important to emphasize again that a transaction of any type is not
imminent."

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                           *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


GREAT SOUTHERN: Gunns to Take Control of Eight Forestry Assets
--------------------------------------------------------------
The Sydney Morning Herald reports that forestry firm Gunns Ltd is
set to take control of eight forestry assets of the failed
agricultural projects manager Great Southern, after its investor-
growers backed the proposal.

Members of the Great Southern forestry managed investment schemes
(MIS) met in Sydney on December 23 to vote in favor of Gunns
becoming their responsible entity, the report says.

According to the report, Gunns' bid for a ninth asset will not be
known until January 4 after that vote was adjourned because of the
late arrival of proxy votes.

As reported in the Troubled Company Reporter-Asia Pacific on
September 9, 2009, the Australian Associated Press said that the
receivers of Great Southern have started selling all, or parts, of
the failed agricultural projects operator.

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

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

                       About Great Southern

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

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

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

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


PERMANENT CUSTODIANS: Fitch Affirms Ratings on Eight Classes
------------------------------------------------------------
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.


RHG LIMITED: Wins Temporary Retrieve on Receivership Threat
-----------------------------------------------------------
Rebecca Urban at The Australian reports that RHG Limited has been
granted a temporary reprieve from a bank that threatened to wind
up part of its operations.

The Australian says the company has successfully applied for court
orders preventing Germany's HypoVereinsbank from taking further
action while it waits for an appeal early next year.  This follows
the NSW Supreme Court's recent ruling that RHG had defaulted on a
AU$324 million loan facility, the report notes.

"The effect of the orders is to allow RHG to pursue the appeal
without the threat of enforcement action and also to allow RHG to
pursue any refinancing opportunities during the appeal process,"
the company said.

According to the report, the ruling could have resulted in HVB and
its fellow noteholders calling a meeting to decide whether to
appoint a receiver to an underlying pool of RHG's mortgages.

The appeal is expected to be heard on February 4, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2009, RHG Ltd said it is facing a cross default worth a
total of AU$2.53 billion after a court ruling found the company in
breach of a loan covenant on AU$324 million debt facility.

RHG said it has been unsuccessful in a court action challenging
whether the loan covenant was breached.  The Company also said it
had filed an appeal in regards to the judgment.

"This event of default triggers a cross default in certain other
loans.  RHG has kept these other lenders fully informed throughout
the process," RHG said in a statement.

"In addition to the potential loss of future income of AU$47
million there is potentially AU$26.8 million of RHG's cash used as
credit enhancement at risk," the company said.

The Australian says RHG initiated the legal action after HVB
advised that it had breached a covenant of the loan facility by
permitting loans that were in arrears by more than 90 days to
exceed agreed levels.

The Supreme Court judgment was in HVB's favor and highlighted
significant defects in RHG's method of calculating its outstanding
loans, The Australian notes.

RHG Limited (ASX:RHG) -- http://www.rams.com.au/-- formerly RAMS
Home Loans, specializes in providing residential home loans
throughout Australia.


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


SHENZHEN DEV'T: Ping An Extends Deadline for Buying Bank's Share
----------------------------------------------------------------
Ping An Insurance (Group) Co. said it would extend the deadline
for the planned acquisition of Shenzhen Development Bank Co.
shares from Newbridge Capital LLC to April 30 from Dec. 31, China
Daily reports.  The insurer may further extend the deadline by 180
days beyond April 30, the report says.

China Daily relates Ping An said it extended the deadline after
talks with Newbridge.  Trading in Shenzhen Development Bank has
been suspended from Friday pending a statement, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 16, 2009, Ping An Insurance (Group) said that it planned to
purchase stake worth up to a combined CNY22 billion (US$3.2
billion) in Shenzhen Development Bank.

The company had agreed to purchase up to 585 million new shares
from Shenzhen Development Bank for CNY10.7 billion, or CNY18.26
per share, Xinhua said.

According to Xinhua, Ping An would also buy 520 million shares
from the U.S.-based TPG's Asian arm Newbridge Capital for
CNY11.45 billion by the end of 2010.  Newbridge Capital is
currently the top shareholder in Shenzhen Development Bank, Xinhua
noted.

Ping An, according to the news agency, would acquire no more than
a 30% stake in Shenzhen Development Bank after the deal, and
become the top shareholder instead.

                    About Shenzhen Development

Headquartered in Shenzhen, Guangdong, People's Republic of
China, Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 18, 2009, Moody's Investors Service changed the outlook on
Shenzhen Development Bank's D- bank financial strength rating and
Ba2 foreign currency deposit rating to positive from stable.


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


AGILE PROPERTY: Joint Acquisitions Won't Move Moody's 'Ba3' Rating
------------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Agile
Property Holdings Limited's Ba3 corporate family and senior
unsecured debt ratings -- or its positive ratings outlook -- from
the company's joint acquisition with Country Garden Holdings
Company Limited and R&F Properties of the Guangzhou Asian Games
Town site at a total cost of RMB25.5 billion.  Agile's share of
investment is estimated at around RMB8.5 billion.

"While Agile's investment amount is substantial, given its current
business scale, the spread of the land payments over two years
(40% payment in 3 days after the auction, plus two equal
installments in December 2010 and December 2011) would partly
mitigate the pressure on the company's liquidity," says Kaven
Tsang, a Moody's AVP/Analyst.

"Agile's recent fund raising activities -- including a
US$300 million bond and a US$150 million loan -- and stronger-
than-expected presales for the year (around RMB18 billion up to
November) also provide some support to the company's liquidity,"
adds Tsang, also Moody's lead analyst for Agile.

"While Agile's estimated cash holding of around RMB5-6 billion
currently would be sufficient to cover the upfront payment,
Moody's expects Agile will still have to raise additional debt to
fund its business and growth in the coming 1-2 years," says Tsang.

"Nevertheless, the impact on its debt service coverage position
and overall rating profile will be moderate.  Projected EBITDA
interest coverage at 5-6x will continue to position Agile at the
strong-end of its current Ba3 rating level," says Tsang.

The last rating action on Agile was on 27 October 2009 when
Moody's assigned a Ba3 rating to Agile's US$notes with a positive
outlook.

Agile Property Holdings Limited is one of the major property
developers in China, targeting the mid-to-high-end segment.  It
has a land bank with gross floor area of around 33.26 million sqm.


COUNTRY GARDEN: Moody's Reviews 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has placed Country Garden Holdings
Company Limited's Ba2 corporate family rating and Ba3 senior
unsecured bond rating on review for possible downgrade.

"The review follows Country Garden's joint acquisition of the
Asian Games Town site in Guangzhou with Agile Property Holdings
Limited and R&F Properties for RMB25.5 billion," says Kaven Tsang,
a Moody's AVP/Analyst.

The company's share of the investment will be approximately
RMB8.5 billion and will be paid out over the next 2 years.

"This transaction, together with its earlier land acquisitions,
will weaken the company's balance sheet liquidity and Moody's
expects it will have to draw on additional debt to fund its future
operation and acquisitions, as well as to maintain a minimum cash
level of RMB3 billion," says Tsang.

"As a result, Country Garden's projected credit metrics will
weaken in the coming 1-2 years, with debt/capitalization ratio
rising to 50-55% and EBITDA/Interest dropping to 3-3.5x.  Such a
financial profile may not support its current Ba2 ratings," adds
Tsang.

Furthermore, put options on the company's US$600 million
convertible bonds are exercisable in February 2011.  Refinancing
pressure will result if these put options are exercised.

In its review, Moody's will assess Country Garden's financing
arrangements for this new investment, its land acquisition
appetite and strategy going forward; and the feasibility of the
financing available to address potential refinancing needs, if the
convertible bonds' put options are exercised.

The last rating action on Country Garden was taken on September 1,
2009, when Moody's assigned a Ba3 rating to the company's
US$300 million 144A Regulation S, bonds with a negative outlook.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Ltd is one of the leading
integrated property developers in China.


NEXUS BONDS: S&P Raises Rating on 2004-15 Notes to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised the rating on a tranche
of each of these Asia-Pacific (excluding Japan) collateralized
loan obligation transactions: Nexus Bonds Ltd. ? Nexus 3 and
SELECT ACCESS Investments Ltd. Series 2004-15.  At the same time,
the ratings were removed from CreditWatch with positive
implications, where they were placed on Dec. 16, 2009.

S&P reviewed the credit quality of the securitized assets using
the synthetic rated overcollateralization scores and results from
S&P's supplemental tests: the largest obligor and largest industry
tests.  These results measure the degree by which the credit
enhancement of a tranche exceeds the stressed loss rate assumed
for a given rating scenario.

The SROC scores and test results show an improvement in the credit
quality of the underlying portfolios, which along with a higher-
than-expected recovery on defaulted reference names in the
portfolios, indicate sufficient credit support at the higher
rating levels.

     Deal Name                        Rating To   Rating From
     ---------                        ---------   -----------
     Nexus Bonds Ltd.
     ? Nexus 3 Notes                  BB+         B+/Watch Pos

     SELECT ACCESS Investments Ltd.
      Series 2004-15                  B+          B/Watch Pos


SMART RISE: Court to Hear Wind-Up Petition on January 13
--------------------------------------------------------
A petition to wind up the operations of Smart Rise Enterprise
Limited will be heard before the High Court of Hong Kong on
January 13, 2010, at 9:30 a.m.


SONIC BATTERY: Creditors' Meeting Set for January 15
----------------------------------------------------
Creditors of Sonic Battery Co., Ltd will hold their meeting on
January 15, 2010, at 2:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at the Room 1636, 16/F., One Grand Tower,
639 Nathan Road, Kowloon, in Hong Kong.


SNS ASIA: Commences Wind-Up Proceedings
---------------------------------------
SNS Asia Pacific Limited, which is in members voluntary
liquidation on December 8, 2009, commenced wind-up proceedings.

The company's liquidator is:

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


STANDARD ACCIDENT: Chau Kam Hung Steps Down as Liquidator
---------------------------------------------------------
Chau Kam Hung stepped down as liquidator of Standard Accident
Claim Limited on December 11, 2009.


STANDARD CHARTERED: Members' Final Meeting Set for January 18
-------------------------------------------------------------
Members of Standard Chartered Links (HK) Limited will hold their
final meeting on January 18, 2010, at 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.

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


STRATEGIC VALUE: Creditors' Proofs of Debt Due January 8
--------------------------------------------------------
Strategic Value Partners Hong Kong 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


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

The company's liquidator is:

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


SWEET ESSENTIALS: Middleton and lan Appointed as Liquidators
------------------------------------------------------------
Edward Simon Middleton and Chan Mei Lan on December 9, 2009, were
appointed as liquidators of Sweet Essentials Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Chan Mei Lan
         KPMG, 8th Floor
         Prince's Building
         10 Chater Road
         Central, Hong Kong


TING FUNG: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
Ting Fung Industrial Company Limited, which is in members
voluntary liquidation, requires its creditors to file their proofs
of debt by January 19, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lau Suet Meng
         Harvest Building, Room 1004
         29-37 Wing Kut Street
         Central, Hong Kong


UNITED EAST: Fung Kit Yee Appointed as Liquidator
-------------------------------------------------
Fung Kit Yee on December 11, 2009, was appointed as liquidator of
United East Investment Limited.

The liquidator may be reached at:

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


WEBCENTRAL (HK): Creditors' Proofs of Debt Due January 18
---------------------------------------------------------
Webcentral (Hong Kong) Limited, which is in members voluntary
liquidation, requires its creditors to file their proofs of debt
by January 18, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         One Island East, 62/F
         18 Westlands Road
         Island East, Hong Kong


WILLLINK TECHNOLOGIES: Sutton and Yu Appointed as Liquidators
-------------------------------------------------------------
Roderick John Sutton and Fok Hei Yu on November 12, 2009, were
appointed as liquidators of Willlink Technologies Limited.

The liquidators may be reached at:

         Roderick John Sutton
         Fok Hei Yu
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


WO FUNG: Court to Hear Wind-Up Petition on January 27
-----------------------------------------------------
A petition to wind up the operations of Wo Fung Transportation Co.
Limited will be heard before the High Court of Hong Kong on
January 27, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Y.C. Lee, Pang, Kwok & Ip
          2803, Wing On House
          71 Des Voeux Road
          Central, Hong Kong


ZENESIS SPC: S&P Withdraws 'CCC-' Rating on Series 2006-5 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on Series
2006-5 US$46 million, class A, floating-rate notes issued by
Zenesis SPC.  The rating has been withdrawn at the request of the
issuer following a repurchase and cancellation of the notes.

The rating action on the affected transaction is:

      Name                        Rating To     Rating From
      ----                        ---------     -----------
      Zenesis SPC Series 2006-5   N.R.          CCC-

                         N.R. ? Not rated.


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


AGRAWAL INDOTEX: ICRA Places 'LBB' Rating on INR366.9MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR366.90 million term loan
and INR130.00 million long term fund based facilities of Agrawal
Indotex Limited.  ICRA has also assigned an A4 rating to the
INR5 million short term non-fund based facility of AIL.

The ratings factor in AIL's small scale of operations, weak
financial profile characterized by leveraged capital structure and
stretched liquidity position that has resulted in a restructuring
of term loans and high utilization levels of its fund based
limits.  The highly competitive nature of the industry due to
overcapacity and the company's aggressive capital expenditure
program may also impact its financial position.  The rating
however favorably factors in the long track record of AIL's
promoters in textile business and the likely cost benefit the
company is expected to realize through backward integration into
cotton ginning.

                        About Agrawal Group

Agrawal Group of Industries was founded in 1980 by Shri Subhash
Agrawal.  It began operations as steel fabricators, shifted to PVC
cables and later on to breweries, in 1986 under the name Agrawal
Breweries Private Limited.  Further in 1994, it entered in the
field of textiles by starting the textile division in the existing
company under the name Agrawal Breweries & Textiles Ltd.  In 1997,
the Company demerged the breweries division into Agrawal
Distilleries Pvt. Ltd. and the textile division was retained by
Agrawal Breweries & Textiles Ltd., which was renamed Agrawal
Indotex Ltd.  The distillery business was disposed off in 2002 so
as to concentrate on the textile business.

AIL is engaged in the manufacture of polyester, viscose and cotton
yarn in various blends and grades.  The company has a
manufacturing facility in Khandwa, MP and an administrative and
marketing office in Mumbai.

AIL has recorded a net profit INR26 million on an operating income
of INR629.50 million for the year ending March 31, 2009.


AMRITVARSHA FINANCE: CRISIL Puts 'BB' Rating on INR11.9MM Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Amritvarsha Finance & Leasing Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR130.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR11.9 Million Term Loan            BB/Stable (Assigned)
   INR10.0 Million Standby Line         BB/Stable (Assigned)
                      of Credit
   INR10.0 Million Letter of Credit     P4+ (Assigned)
   INR20.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect Amritvarsha's moderate financial risk profile,
and exposure to risks relating to intense competition in the steel
structures segment.  These weaknesses are, however, partially
offset by the benefits that Amritvarsha derives from the
established track record of its promoters.

Outlook: Stable

CRISIL expects Amritvarsha to maintain a stable financial risk
profile over the medium term, backed by the promoters' extensive
experience in the steel manufacturing business.  The outlook may
be revised to 'Positive' if the company's accruals and operating
margins improve.  Conversely, the rating may have a negative bias
if inability to maintain operating margins results in decline in
cash accruals for Amritvarsha, or if large, debt-funded capital
expenditure leads to deterioration in its financial risk profile.

                     About Amritvarsha Finance

Amritvarsha, incorporated in 1995, was initially involved in
finance and leasing activities.  In 2002, however, the company
commenced manufacturing activities.  The company manufactures mild
steel ingots, channels, shapes, girders and sections at its plant
at Gautam Budh Nagar (Uttar Pradesh).  Amritvarsha has capacity to
manufacture 20,088 tonnes per annum (tpa) of ingots, and a rolling
capacity of 44,000 tpa.  The company proposes to change its name
to Amritvarsha Industries Ltd in 2009-10 (refers to financial
year, April 1 to March 31).  Amritvarsha reported a profit after
tax (PAT) of INR6.9 million on net sales of INR683.1 million for
2008-09, as against a PAT of INR6.9 million on net sales of
INR570.8 million for 2007-08.


ARYA COMMUNICATIONS: CARE Assigns 'BB' Rating on INR10cr LT Loan
----------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Arya Communications & Electronics Services Private
Limited.  This rating is applicable for facilities having tenure
of over one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.  Also, CARE has assigned,
a 'PR4' (PR Four) rating to the Short-term Bank Facilities of
Aryacom. This rating is applicable for facilities having a tenure
upto one year.  Facilities with this rating would have inadequate
capacity for timely payment of short-term debt obligations and
carry very high credit risk. Such facilities are susceptible to
default.  CARE assigns '+' or '-' signs to be shown after the
assigned rating (wherever necessary) to indicate the relative
position within the band covered by the rating symbol.

                                  Amount
   Facilities                  (INR crore)       Ratings
   ----------                   ----------       -------

   Long-term Bank Facilities       10.00         'CARE BB'
   Short-term Bank Facilities       8.50         'PR4'

Rating Rationale

The ratings are constrained by the small scale of operations,
losses in FY09, high collection period and gearing ratio,
competition from bigger players in the industry and unsatisfactory
track record in the payment of statutory dues.  However, the
ratings derive strength from the experienced management, tie-ups
with leading OEMs in the telecom industry for system integration &
distribution, nationwide presence and positive outlook for the
telecom and security products sector.  Improving profitability as
well as gearing levels and expanding its scale of operations in
order to benefit from the high growth in the telecom industry are
the key rating sensitivities

Aryacom, incorporated in 1988, is a part of the Arya Group which
is privately owned by the Kotak family.  The company offers end-
to-end solutions in wired and wireless communications, security
and surveillance, professional engineering services and emerging
technologies.  It is an ISO 9001-2000 certified company based in
Mumbai and has a network of branch offices, project offices and
service centers spanning metros and major cities across the
country.  As per the provisional results of FY09, the company
reported a 4% decline in total income to 67 crore and incurred a
loss of INR6 crore.  Overall gearing deteriorated from 0.95 as on
March 31, 2008 to 3.16 as on March 31, 2009 mainly owing to
increased borrowings and loss in FY09.


BAID TEXKNIT: ICRA Places 'LBB' Rating on INR19.5MM Term Loan
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR19.5 million term loan
and INR53.0 million fund based bank limits of Baid Texknit Private
Limited.  ICRA has also assigned an A4 rating to the
INR10.0 million non fund based bank limits of the company.

The ratings take into account the longstanding presence of BTPL's
promoters in the business of hosiery and elastic textiles items,
and an improvement in return on capital employed of the company in
recent years.  The ratings are however constrained by a highly
competitive business environment leading to low operating
profitability of BTPL, the company's small scale of operations,
and the significant geographical concentration of revenues.  The
ratings are further impacted by the company's high working capital
intensity of operations, which adversely impacts the liquidity
position and leads to a relatively aggressive capital structure,
and in turn, depresses coverage indicators.

BTPL was established in 1971 by Mr. Prem Prakash Baid in the form
of a partnership concern named M/s Swastik Udyog.  The private
limited concern under the current name was incorporated in
September, 2006.  The company is involved in production of hosiery
(vest and underwear for men, women and children) and elastics.
Approximately 67% of its revenues are generated through sale of
hosiery, and the balance 33% through sale of elastics. Currently
the company has streamlined its operations to focus on
manufacturing of hosiery through job work, and in-house production
of elastics.  For elastics manufacturing, the company has a
production capacity of 2,000 meters/day for knitting, and 40,000
meters/day for crochet.  The job work and production centers are
located in Tirupur, Tamil Nadu.  Its products are sold in India,
mostly in the NCR region and Tirupur, under the brand names "See
India Supremo" and "See India Supper Fine".

During 2008-09, BTPL recorded a profit after tax of INR2.1 million
on the back of an operating income of INR419.5 million.  In the
first half of the current year 2009-10, the company posted an
operating income and profit after tax of INR216.7 million and
INR1.7 million respectively.


BALLARPUR INDUSTRIES: S&P Gives Stable Outlook; Keeps 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
India's Ballarpur Industries Ltd. to stable from negative.  At the
same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit rating on Ballarpur Industries.

The outlook revision reflects S&P's expectation that Ballarpur's
operating performance will continue to improve because of the
company's cost efficiency measures and the stabilization of its
pulp operations at Sabah Forest Industries Sdn. Bhd.

"S&P expects Ballarpur to complete its paper capacity expansion in
2010, which, in S&P's view, will improve the company's economies
of scale and strengthen its cash flows over the medium term," said
Standard & Poor's credit analyst Yasmin Wirjawan.

Domestic demand for paper products continues to be strong, and the
company's pulp operations have stabilized after a weak
performance.  SFI's pulp operations have also stabilized over the
past two quarters.  The demand for paper products has improved in
both the domestic and export markets since mid-2009.  S&P expects
the company's capacity utilization to be high (at about 85%) in
the next few quarters, and its proportion of domestic sales, which
have higher margins than exports, to remain above 90%.

Ballarpur has completed its paper capacity expansion in India.
S&P expects the company's profitability and cash flows to improve
because of higher capacity and a better product mix.  S&P expects
Ballarpur's debt-to-EBITDA ratio, which was above 5x as at
June 30, 2009, to improve to about 4x in the near term, supported
by rising profit margins and higher production.

In S&P's view, Ballarpur's near-term liquidity is adequate.  As at
June 30, 2009, the company had cash of about INR1 billion, which
is sufficient to cover its short-term debt of about
INR300 million.

"The stable outlook reflects S&P's expectation that Ballarpur's
cash flow measures will improve, supported by continued stable
demand in the domestic paper market and better operating
environment at its overseas operations," Ms. Wirjawan said.

The rating may be lowered if Ballarpur's credit measures
deteriorate due to higher-than-expected debt (to fund capital
expenditure) or a weak operating environment.  It could be raised
if the company is able to maintain its ratio of debt to EBITDA
below 4x, after taking into consideration material improvements in
its Malaysian operation, capital expenditure, margins, and
liquidity, along with a continued improvement in its operating
environment.


BYOND TECH: CRISIL Rates INR50 Million Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Byond Tech.

   Facilities                           Ratings
   ----------                           -------
   INR50 Million Cash Credit*           B+/Stable (Assigned)
   INR100 Million Letter of Credit      P4 (Assigned)

   * There is interchangeability between CC and LC limits

The ratings reflect Byond Tech's small scale of operations with
limited track record in the electronic goods trading business, its
large working capital requirements, vulnerability to decline in
product prices and fluctuations in foreign exchange rates, and
weak financial risk profile.  The impact of these weaknesses is
mitigated by Byond Tech's increasing geographical reach and
growing distributor network.

Outlook: Stable

CRISIL believes that Byond Tech's scale of operations will remain
small, and its financial risk profile, weak, over the medium term,
as the firm's electronic goods trading business is in the start-up
phase.  The outlook may be revised to 'Positive', if the firm
scales up its operations and improves its profitability, thereby
generating larger-than-expected cash accruals.  Conversely, the
outlook may be revised to 'Negative' if Byond Tech's financial
risk profile deteriorates, most likely because of significant
pressure on revenue and profitability.

                         About Byond Tech

Set up in 2008 as a partnership firm by Mr. Subash Mutha,
Mr. Prashant Mutha, and Mr. Prashant Bora, Byond Tech trades in
mobile phones and accessories, and laptops. It commenced
operations in December 2008 by marketing and distributing China-
made mobile phones under its BYOND brand.  The firm places orders
with manufacturing entities in China according to demand in the
Indian market.  The firm distributes imported products in the
Indian market through its network of distributors and super
distributors.

Byond Tech reported a profit after tax of INR0.4 million on net
sales of INR43.5 million for 2008-09 (refers to financial year,
April 1 to March 31).


COLOR CHEMICALS: ICRA Assigns 'LBB+' Rating on INR90MM Facilities
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR90 million fund based
facilities of Color Chemicals.  ICRA has also assigned an A4+
rating to the INR20 million non-fund based limits of ColorChem.

The ratings are constrained by the firm's small size of
operations; weak outlook for the garment and apparel industry in
the short-term; and, moderate financial risk profile with moderate
debt coverage indicators and stretched working capital needs.
However, the ratings favorably factor the firm's established
presence in the trading and distribution of textile chemicals in
the key markets of Erode and Tirupur districts in Tamil Nadu; its
position as the largest distributor of textile chemicals for
Clariant chemicals; and, presence of adequate infrastructure to
support the operations.

Color Chemicals is a partnership concern, incorporated in 1988,
and is engaged in the trading of textile chemicals and dyes; the
entity is a group concern of the Pure Group which is also involved
in trading of chemicals.  ColorChem is the largest distributor for
Clariant chemicals and operates for customers based in Tirupur and
Erode in Tamil Nadu.  ColorChem handles more than 200 chemicals
and caters to 500 units in Tirupur. The chemicals handled by
ColorChem are used in various stages of textile manufacturing like
sizing, pre-treatment, dyeing, printing and finishing.  The
textile chemicals account for 10%-15% of the total textile value
chain. The entity is fully held by the promoter, Mr. Ponnuswamy,
and his family.


ENMAS O&M: CRISIL Assigns 'BB+' Rating on INR20MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Enmas O&M
Services Pvt Ltd's (EOM's) bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR20.00 Million Cash Credit Limit   BB+/Stable (Assigned)
   INR7.50 Million Letter of Credit     P4+ (Assigned)

The ratings reflect EOM's large working capital requirements and
exposure to risks relating to volatility in input prices.  These
weaknesses are partially offset by the company's good operating
efficiencies and above-average financial risk profile.

Outlook: Stable

CRISIL believes that EOM will continue to benefit from its
relationships with customers and healthy growth prospects in the
end-user industry.  The outlook may be revised to 'Positive' if
EOM's revenues increase and operating margin improves
significantly, leading to significant improvement in its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if EOM fails to win new contracts, raises large quantum
of debt to fund its capital expenditure, its scale of operations
and profitability remain lower than expected, or if there are
significant delays in its realization of receivables.

                          About Enmas O&M

Set up in 2005, EOM is part of the Chennai-based Resurgent group;
the company offers integrated services in operation and
maintenance (O&M) of power plants.  This includes pre-
commissioning assistance to new plants, pre-contract study of
existing O&M in running plant, repair, overhaul and modernization
services for power plants. The company executes O&M projects for
the entire power plant.

EOM is a wholly owned subsidiary of Enmas GB Power Systems
Projects Ltd. The 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 engineering, procurement and
construction (EPC) contracts, engineering and manufacturing of
power equipment, erection and commissioning of boilers,
installation and erection of electrical and instrumentation
systems, and operation and maintenance of power plants.

EOM reported a provisional profit after tax (PAT) of INR12.4
million on net sales of INR211.2 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR11.3
million on net sales of INR144.2 million for 2007-08.


ETT LIMITED: ICRA Places 'LB+' Rating on INR915 Mil. Term Loan
--------------------------------------------------------------
ICRA has assigned LB+ rating to INR915 million term loan of ETT
Limited.  The rating takes into account ETT's relatively high
gearing level, its low coverage indicators and the significant
amount of corporate guarantee extended by it to its group company.
The rating is also constrained by geographical concentration risk
owing to the presence of ETT's ongoing projects in National
Capital Region (NCR).  Further, due to erratic payment by tenants,
the company has uneven cash flows which have led to tight
liquidity conditions and delays in meeting its debt obligations
towards the lenders.  However, the rating derives comfort from
ETT's experienced management, high occupancy level in its
completed project and its reputed tenant profile.

ETT Limited has been promoted by the promoters of Baba Ventures
Private Limited (Real estate developers) and Unique Group (Export
house).  It was incorporated as Indian Express Media Private
Limited and changed its name to ETT Limited in 2007.  The company
is primarily engaged in the business of development and management
of Software Technology Centers, Multimedia Houses, Information
Technology Parks and other related activities.  The Company is
certified ISO 9001-2000 by DNV Certification B.V., Netherlands.


INNOVASSYNTH TECHNOLOGIES: CRISIL Put 'B' Rating on Cash Credit
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to Innovassynth
Technologies (India) Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR190.0 Million Cash Credit         B/Stable (Assigned)
   INR75.0 Million Letter of Credit     P4 (Assigned)
   INR15.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect ITIL's weak financial risk profile, and
exposure to risks relating to customer concentration in revenue
profile.  These weaknesses are partially offset by the company's
strong operational capabilities, and the benefits that it derives
from healthy growth potential for contract research and
manufacturing services industry.

Outlook: Stable

CRISIL believes that ITIL will maintain its market position over
the medium term on the back of its technological infrastructure
and human capital.  The outlook may be revised to 'Positive' in
case of a significant and sustainable growth in ITIL's revenues
and cash profits, resulting in an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company continues to report losses, as that would lead to pressure
on its accruals and deterioration in its debt servicing ability.

                  About Innovassynth Technologies

ITIL, promoted by Mr. S B Ghia and having financial investments
from Mr. Rajan Raheja and Mr. Rakesh Jhunjhunwala, is into the
manufactures and export of chemical compounds under two business
divisions -- contract manufacturing, and custom synthesis.  The
company's manufacturing units are located in Khopoli.

ITIL reported a net loss of INR137.1 million on net sales of
INR424.2 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR101.5 million on net sales of
INR325.5 million for 2007-08.


INTER PUBLICITY: CRISIL Rates INR100 Mil. Cash Credit at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Inter Publicity Pvt
Ltd's cash credit facility.

   Facilities                           Ratings
   ----------                           -------
   INR100 Million Cash Credit           BB+/Stable (Assigned)

The rating reflects the customer concentration in IPPL's revenue
profile, and its susceptibility to cyclicality in the economy.
These weaknesses are partially offset by IPPL's moderate financial
risk profile, marked by moderate, but improving, gearing and
comfortable debt protection measures, the company's established
market position in the advertising agency space, and the
promoter's industry experience.

Outlook: Stable

CRISIL believes that IPPL will maintain its market position in the
advertising agency space, and its moderate financial risk profile,
over the medium term.  The outlook may be revised to 'Positive' in
case the company diversifies its customer profile and increases
its scale of operations.  Conversely, the outlook may be revised
to 'Negative' if IPPL loses any major client, thereby adversely
affecting its operating income.

                       About Inter Publicity

Set up in 1964 by Mr. Homi Wadia, IPPL is a full-service
advertising and communication agency, which offers services such
as market research, strategy planning, concept development, design
and execution, and media selection and buying.  The company offers
advertising services across all media, including print,
television, outdoor, radio, sales promotion, and event marketing.
The company also offers services such as web and software
development.  IPPL is a member of all major advertising bodies and
is accredited by all major advertising and media bodies, including
Indian Newspaper Society, All India Radio, and major satellite
channels.

In 1994, faced with losses, Mr. Homi Wadia sold IPPL to the
current promoter, Mr. Sumatichand Gouti.

IPPL reported a profit after tax (PAT) of INR33.8 million on net
sales of INR1664.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR20.2 million on net
sales of INR1436.5 million for 2007-08.


LUMBINI CONSTRUCTIONS: CRISIL Rates INR200MM Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its rating of 'B/Negative' to Lumbini
Constructions Ltd's term loan facility.

   Facilities                           Ratings
   ----------                           -------
   INR200 Million Term Loan             B/Negative (Assigned)

The rating reflects LCL's below-average financial risk profile,
and exposure to risks relating to cyclicality in the Indian real
estate industry, and to execution and saleability of its ongoing
real estate projects, Lumbini SLN Terminus and Lumbini Ram Woods.
The ratings also factor in LCL's exposure to risks inherent in the
Indian real estate industry. These weaknesses are partially offset
by the company's strong track record in the building construction
segment.

Outlook: Negative

CRISIL believes that LCL will remain exposed to project
implementation risks, and to the current slowdown in the real
estate sector, resulting in strained cash flows.  The ratings may
be downgraded if LCL's financial risk profile deteriorates because
of low revenues from, or time and cost overruns on, its ongoing
project.  Conversely, the outlook may be revised to 'Stable' if
LCL completes projects on schedule, and finalizes sales contracts
for all saleable units without dilution in realizations.

                     About Lumbini Constructions

Set up in 1987 as a partnership firm, LCL (formerly, Lumbini
Constructions) was reconstituted as a closely-held public limited
company in 2001. LCL undertakes construction of residential and
commercial projects. LCL reported net losses of INR1 million on
net sales of INR21.60 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR3.50 million on
net sales of INR81.70 million for 2007-08.


PURE CHEMICALS: ICRA Assigns 'LBB+' Rating to INR90MM Facilities
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR90 million fund based
facilities of Pure Chemicals Co.  ICRA has also assigned an A4+
rating to the INR200 million non-fund based limits of PCC.

The ratings are constrained by the firm's small scale of
operations; vulnerability of its profitability to commodity price
and foreign exchange fluctuations; moderate financial risk profile
characterized by high gearing level and moderate coverage
indicators, tight liquidity position, and vulnerability of its
revenues to the import needs arising from demand-supply gap of the
various chemicals traded.  However, the ratings factor in
strengths of the firm such as its established presence in trading
and distribution of chemicals; diversified product and customer
portfolio rendering lower business risk; established relations
with international suppliers and strong customer profile.

Pure Chemicals Co. was started in 1981 by Mr. Ponnuswami as a
proprietorship firm to sell chemicals and dyes.  Mr. Ponnuswami
later promoted Pon Pure Chem (started in 1992), Pure Chemicals &
Solvents (started in 1998) and Color chemicals (started in 1988).
The group is involved in chemicals trading and caters to customers
in different regions.  In 2007, the management merged PPC with PCS
and renamed the merged entity Pon Pure Chem (P) Ltd. {rated LBBB-
/A3 by ICRA}. PCC's main operations are restricted to Chennai and
near-by regions while PPC has pan India operations.  Since, the
operations of the companies are similar; all the companies are
managed closely by the senior management of PPC, which is the
flagship of the group. Mr. Ponnuswami is the sole proprietor of
PCC.


R. M. MOHITE: CRISIL Assigns 'BB-' Rating on INR616.1MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to R. M.
Mohite Textiles Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR616.1 Million Long Term Loan      BB-/Stable (Assigned)
   INR400.0 Million Cash Credit         BB-/Stable (Assigned)
   INR117.6 Million Proposed Long       BB-/Stable (Assigned)
          Term Bank Loan Facility
   INR20.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect RMMTL's modest financial risk profile, and
exposure to risks relating to limited vertical integration in its
operations.  These weaknesses are partially offset by the benefits
that the company derives from its established track record, and
its promoters' experience in the textile industry.


Outlook: Stable

CRISIL believes that RMMTL will maintain a stable credit risk
profile over the medium term, supported by a strong track record
and established relationships with customers.  The outlook may be
revised to 'Positive' if the company's accruals improve
significantly on the back of increased volumes or efficient
procurement of cotton coupled with savings in power costs on the
back of the proposed power project which is expected to be
commissioned shortly.  Conversely, the outlook may be revised to
'Negative' if RMMTL contracts large debt to fund its capital
expenditure (capex), or it reports a significant decline in
volumes or margins.

                         About R. M. Mohite

Incorporated as a public limited company in 1990, RMMTL commenced
operations in May 1995. RMMTL manufactures ring-spun cotton yarn
and knitted and woven fabric.  RMMTL and Pasi family of Bengaluru
each have a 50 per cent stake in First Step Baby Wear Pvt Ltd, a
baby-wear manufacturing company.  RMMTL has around 35,000 spindles
with a capacity of around 450 tonnes per month.  It also has
weaving and knitting capacities of around 40,000 metres per day
and 7 tonnes per day, respectively.

RMMTL reported a profit after tax (PAT) of INR17.5 million on net
sales of INR991 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR30 million on net
sales of INR1.03 billion for 2007-08.


RAMKUMAR MILLS: Delay in Debt Repayment Cues ICRA 'LB' Rating
-------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR120.0 million term loan
program and INR150 million Fund based limits of Ramkumar Mills
Private Limited.  ICRA has also assigned A4 rating to the INR40
million Fund based limits of RMPL. The outlook on the assigned
ratings is stable.

The rating takes into account fragmented and competitive nature of
industry, pressure on profitability of RMPL and its relatively
high gearing level.  The rating also factors in negative cash flow
of the company and its stretched liquidity profile resulting in
delay in debt servicing.  The rating however derives comfort from
the long experience of the promoters in the textile industry and
its diversified and reputed client base. The company's ability to
improve the profitability of the fabric processing business and
the cash flows from real estate venture are the key rating
sensitivity factors.

Ramkumar Mills Private Limited is a family-owned, closely managed
company engaged in the processing of cotton, viscose, polyester
and various blended fabrics for the export as well as the domestic
segments.  The company was incorporated in 1947 by late Mr.
Yadalam S Nanjaiah Setty and late Mr. Yadalam S Adinarayana Setty
and has been in the textile manufacturing business since then.
However, the company became a standalone fabric processing house
only in 2002 through divesting its spinning/weaving activities and
investments into technology upgradation under the TUFS.
Currently, the company has a total installed capacity of 25.20
million meters per annum for bleaching, dyeing, printing and
finishing of fabrics.  Apart from the fabric processing business,
RMPL is also engaged in real estate development through a joint
venture with another affiliate firm ? M/s Sumangala Properties.

In FY2008-09, the company reported a net loss of INR31 million on
an operating income of INR758 million as against a net profit of
INR2 million on an operating income of INR871 million in
2007-08.


SHIVAM IRON: ICRA Assigns 'LBB+' Rating on INR137.8MM Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR137.8 million term
loans and INR220.0 million fund based bank limits of Shivam Iron &
Steel Company Limited.  ICRA has also assigned an A4+ rating to
the INR140.0 million non-fund based bank limits of SISCL.

The ratings take into account the cyclicality inherent in the
steel business, which makes margins and cashflows volatile to
fluctuations in prices, and SISCL's weak financial indicators as
reflected in its low operating profitability, depressed level of
return on capital employed and a working capital intensive nature
of operation which in turn impacts its liquidity position
adversely.  ICRA also notes the absence of any captive plant
resulting in higher cost of operations and lower capacity
utilization due to problems with uninterrupted power supply.  The
ongoing capex programme for setting up a stainless steel billet
capacity and expansion of its rolling capacity may expose the
company to project related risks, which however is partially
mitigated by the debt tie-up that SISCL has achieved.  The
ratings, however, take into consideration the experience of
SISCL's promoters in the steel industry, its partially integrated
nature of operations, diversified product portfolio catering to
various segments of the steel market, proximity to raw material
sources leading to lower landed cost of raw material, and a
moderate gearing level.

                          About Shivam Iron

SISCL was incorporated as a private limited company in 1998 and
started commercial production in 1999-2000.  The company was
converted into a public limited company in 2006.  SISCL has been
involved in the production of mild steel ingot, billet, bar, flat,
angle, channel, TMT bar, silico manganese and ferro manganese.
Currently, its ingot/ billet, rolling and ferro alloy
manufacturing facilities stand at 90,400 MTPA, 27,000 MTPA and
28,050 MTPA respectively, and are located at Giridih, Jharkhand.

During 2008-09, SISCL reported a net profit of INR9.4 million on
net sales of INR1.77 billion.  During the first half of 2009-10,
the company posted a net profit of INR10.7 million on net sales of
INR790.7 million.


SIDDIQUE INFRASTRUCTURE: CRISIL Rates INR50MM Cash Credit at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Siddique
Infrastructure Projects Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR50.00 Million Proposed Cash Credit   B+/Stable (Assigned)

   INR250.00 Million Proposed Letter of    P4 (Assigned)
                              Credit

The ratings reflect SIPPL's exposure to risks relating to limited
track record of operations in the commodity-trading industry in
India, and fluctuations in the value of the Indian rupee.  These
rating weaknesses are partially offset by SIPPL's above-average
financial risk profile, and moderate operating efficiency.

Outlook: Stable

CRISIL believes that SIPPL will maintain a stable business and
financial risk profile, backed by moderate operating efficiency
and healthy capital structure.  The outlook may be revised to
'Positive' if a scale-up in operations leads to sustainable growth
in revenues and margins for SIPPL.  Conversely, the outlook may be
revised to 'Negative', if the company undertakes large, debt-
funded capital expenditure, or takes up unrelated
diversifications, or extends support to group or associate
companies, affecting its financial risk profile.

                   About Siddique Infrastructure

SIPPL, incorporated in 2007, is part of the Siddique group, which
has operations in India, Hong Kong, China, UAE and Singapore.  The
group has projects planned in infrastructure, power, quarry and
real estate sectors. SIPPL trades in commodities ? mainly coal,
crude edible oil, and steel products, and commenced operations in
2008-09 (refers to financial year, April 1 to March 31).  It
proposes to begin construction of a warehousing project, and an
industrial township project in Sriperumbudur (Tamil Nadu) over the
medium term.

SIPPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR663 million for 2008-09.


SPECTRUM POWER: Fitch Cuts National Long-Term Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has downgraded India's Spectrum Power Generation
Limited National Long-term rating to 'BB-(ind)' from 'BB+(ind)'.
The Outlook is Stable.  The agency has also downgraded the rating
of Spectrum's preference shares aggregating INR1766 million to
'B(ind)' from 'BB-(ind)'.

The downgrades reflect the sustained deterioration in Spectrum's
operating performance, despite an increase in Plant Load factor,
mainly as a result of less-than-expected fixed charge recoveries
from Andhra Pradesh Transmission Corporation; this has made it
difficult for the company to break even at the PBT level.

The significant delays in obtaining financial closure for the
required capacity expansion (an integral part of the company's
restructuring package) has also substantially increased the
refinancing risks for repayments to be made in 2012.  Fitch had
previously expected the construction of an additional 1050mw of
capacity to start in FY09; however the company has still not been
able to achieve financial closure for the project due to certain
regulatory delays, and a failure to bring in equity from the
promoter group.  The downgrades also reflect a significant amount
of disputed receivables and other assets on the company's books
and the fact that its negative net worth position is not likely to
be rectified in the medium-term.  Fitch notes that the financial
closure of the expansion project remains contingent upon the
operations turning profitable and equity infusion from the
promoter group.  Leverage is already stretched due to low margins
and credit metrics are not expected to improve significantly in
the near term.

Fitch notes the company is currently under negotiations with
lenders to relax certain conditions of the restructuring package
by making significant prepayments.  The agency will review the
ratings in case any significant proposal is finalized.

Fitch will also closely monitor developments on the expansion
front, as well as Spectrum's operating performance.  Fitch
continues to notch down the rating of Spectrum's preference shares
by two notches to reflect the high degree of subordination and the
low recovery prospects for the preference shareholders.

Fitch notes that further refinancing to repay Spectrum's financial
commitments falling due in March 2012, coupled with lower
profitability and failure to bring in more equity by then, could
put downward pressure on the ratings.  In any case, failure to
achieve financial closure of the expansion project and/or bringing
in fresh equity would result in a downward rating action.
Conversely, quick financial closure of the expansion project in
combination with a sustained improvement in margins may be a
positive ratings trigger.

In FY09 the company reported revenue of INR4312 million (2008:
INR3342 million), EBITDA margin of 20.9% (2008: 29.5%) and net
debt to EBITDA of 10.9x (2008: 10.3x).  For the six months to end-
September 2009, SPGL reported revenues of INR1790 million, on
which it recorded a EBITDA margin of 22.1%, Net loss of
INR96 million and interest cover of 1.8x.


SUMEET EXPORTS: Poor Profitability Prompts ICRA 'LC' Rating
-----------------------------------------------------------
ICRA has assigned an 'LC' and 'A4' ratings to the INR120.0 million
fund based and non fund based limits of Sumeet Exports.

The assigned ratings take into account the experience of the
promoters in the business.  However the rating is constrained by
the poor performance in FY09 with fall in turnover and poor
profitability as seen from low net margins.  Further the ratings
reflect the stretched liquidity position of the company leading to
the company's inability to timely service the bank obligations as
seen in the working capital over drawls in the past and delayed
term loan repayments. Moreover the fragmented nature of industry
and the company's moderate scale of operations limit its pricing
power.

Mr. Sumeet Thapar, Managing Director and Partner, along with his
family members hold entire 100% stake in the partnership firm. The
firm is engaged in manufacturing of baby garments and supplies to
high street as well as bulk retail outlets mostly in U.S, Canada
and Europe.  The integrated operations of knitting, dyeing,
stitching, printing etc are performed in-house and the firm
procures fiber from local spinning units.


SUPRIYA SPINNING: Low Profitability Cues 'LB' Rating on Bank Lines
------------------------------------------------------------------
ICRA has assigned 'LB' and 'A4' ratings to the INR315.2 million
bank lines of Supriya Spinning Mills Private Limited.

The ratings are constrained by irregular repayment track record,
limited net-worth, low profitability, high leverage levels,
stretched coverage indicators and the high competitive intensity
resulting from fragmented nature of the industry. While the
ratings draw comfort from the experience of the promoter and the
location advantages enjoyed by the company such as access to
quality raw material and reliable and low cost power supply.

An ISO 9001:2000 Certified company, Supriya was incorporated in
2005 and operates a cotton spinning mill of 14,400 spindles.  The
spinning unit is located in Guntur, A.P. which started Commercial
production in august 2006.  Apart from cotton yarn spinning the
company also does trading of cotton lint and cotton waste procured
from local ginning and spinning units.

Supriya reported an operating income of INR824.04 million and
profit after tax of INR7.17 million for the financial year ending
March 31, 2009.


TURBO IMPEX: CRISIL Cuts Rating on Standby LOC to 'BB-'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Turbo
Impex (TI; part of the Turbo group) to 'BB-/Negative/P4' from
'BBB-/Stable/P3'.


   Facilities                           Ratings
   ----------                           -------
   INR5.0 Million Standby Line of       BB-/Negative (Downgraded
                          Credit           from 'BBB-/Stable')

   INR48.0 Million Export Bill          P4 (Downgraded from 'P3')
                   Purchase

The downgrade reflects deterioration in the Turbo group's
financial risk profile, especially in its liquidity, because of a
steep decline in its cash accruals because of pressure on revenue
and profitability.  The group company Turbo Industries Pvt Ltd
(TIPL) has been over-utilizing its bank lines because of pressure
on its revenues.  The downgrade also factors in the pressure on
the Turbo group's business risk profile, marked by under-
utilization of installed capacities, and also reflects CRISIL's
belief that there will be further deterioration in the Turbo
group's financial and business risk profiles.  The group's scale
of operations is small, and it faces customer concentration risks
in its revenue profile; TIPL sells only to the construction
industry.  These rating weaknesses are partially offset by the
Turbo group's strong track record in manufacturing scaffoldings
and other structural products.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TI, TIPL, and Turbo Tools Pvt Ltd
(TTPL), together referred to as the Turbo group.  This is because
all the entities are in the same line of business and under a
common management.  Furthermore, TIPL's bank lines are guaranteed
by TI and TTPL.

Outlook: Negative

CRISIL believes that the pressure on the Turbo group's financial
risk profile, particularly liquidity, will increase over the
medium term, given the sharp decline in the group's profitability
and cash accruals.  The rating may be downgraded if the cash
accruals decline beyond expectations. Conversely, the outlook may
be revised to 'Stable' in case faster-than-expected increase in
cash accruals alleviates the pressure on the Turbo group's
liquidity.

                           About the Group

TI is a partnership firm, set up by the promoter Mr. Ravinder Pal
Singh and his family members. It exports products manufactured by
TIPL and TTPL, and processes orders that require products from
both TIPL and TTPL.

TTPL manufactures nuts, bolts, fasteners, and wing nuts, which are
used in the manufacture of scaffoldings.  These are sold to third
parties, and used for captive consumption in TIPL.  TTPL is also
into forging, pressing components, and machining tools.

TIPL was promoted in 2000 as Turbo Scaffolding Pvt Ltd. The name
was changed in 2006.  The company manufactures fabricated steel
structural products, mainly scaffoldings.

For 2008-09 (refers to financial year, April 1 to March 31), the
Turbo group posted a profit after tax (PAT) of INR60 million on
net revenue of INR934 million, against a PAT of INR52 million on
net revenue of INR920 million for 2007-08.


TURBO INDUSTRIES: CRISIL Cuts Ratings on Various Debts to 'BB-'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Turbo
Industries Pvt Ltd (TIPL; part of the Turbo group) to 'BB-
/Negative/P4' from 'BBB-/Stable/P3'.

   Facilities                           Ratings
   ----------                           -------
   INR95.0 Million Cash Credit*         BB-/Negative (Downgraded
                                             from 'BBB-/Stable')

   INR19.0 Million Standby Line of      BB-/Negative (Downgraded
                          Credit             from 'BBB-/Stable')

   INR157.4 Million Rupee Term Loan     BB-/Negative (Downgraded
                                             from 'BBB-/Stable')

   INR50.0 Million Export Bill Purchase P4 (Downgraded from 'P3')

   INR5.0 Million Letter of Credit      P4 (Downgraded from 'P3')

   *Fungible with export packing credit.

The downgrade reflects deterioration in the Turbo group's
financial risk profile, especially in its liquidity, because of a
steep decline in its cash accruals because of pressure on revenue
and profitability.  TIPL has been over-utilizing its bank lines
because of pressure on its revenues. The downgrade also factors in
the pressure on the Turbo group's business risk profile, marked by
under-utilization of installed capacities, and also reflects
CRISIL's belief that there will be further deterioration in the
Turbo group's financial and business risk profiles.  The group's
scale of operations is small, and it faces customer concentration
risks in its revenue profile; TIPL sells only to the construction
industry.  These rating weaknesses are partially offset by the
Turbo group's strong track record in manufacturing scaffoldings
and other structural products.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TIPL, Turbo Impex, and Turbo Tools Pvt
Ltd (TTPL), together referred to as the Turbo group. This is
because all the entities are in the same line of business and
under a common management. Furthermore, TIPL's bank lines are
guaranteed by TI and TTPL.

Outlook: Negative

CRISIL believes that the pressure on the Turbo group's financial
risk profile, particularly liquidity, will increase over the
medium term, given the sharp decline in the group's profitability
and cash accruals.  The rating may be downgraded if the cash
accruals decline beyond expectations.  Conversely, the outlook may
be revised to 'Stable' in case faster-than-expected increase in
cash accruals alleviates the pressure on the Turbo group's
liquidity.

                          About the Group

TIPL was promoted in 2000 as Turbo Scaffolding Pvt Ltd. The name
was changed in 2006. The company manufactures fabricated steel
structural products, mainly scaffoldings.

TTPL manufactures nuts, bolts, fasteners, and wing nuts, which are
used in the manufacture of scaffoldings.  These are sold to third
parties, and used for captive consumption in TIPL.  TTPL is also
into forging, pressing components, and machining tools.

TI is a partnership firm, set up by the promoter Mr. Ravinder Pal
Singh and his family members. It exports products manufactured by
TIPL and TTPL, and processes orders that require products from
both TIPL and TTPL.

For 2008-09 (refers to financial year, April 1 to March 31), the
Turbo group posted a profit after tax (PAT) of INR60 million on
net revenue of INR934 million, against a PAT of INR52 million on
net revenue of INR920 million for 2007-08.


TURBO TOOLS: CRISIL Cuts Bank Facilities Ratings to "BB-"
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Turbo
Tools Pvt Ltd (TTPL; part of the Turbo group) to 'BB-/Negative/P4'
from 'BBB-/Stable/P3'.

   Facilities                           Ratings
   ----------                           -------
   INR75.0 Million Cash Credit*         BB-/Negative (Downgraded
                                             from 'BBB-/Stable')

   INR25.0 Million Standby Line of      BB-/Negative (Downgraded
                           Credit            from 'BBB-/Stable')

   INR5.5 Million Rupee Term Loan       BB-/Negative (Downgraded
                                             from 'BBB-/Stable')

   INR75.0 Million Export Bill Purchase P4 (Downgraded from 'P3')

   *Interchangeable with export packing credit of INR60.0 million

The downgrade reflects deterioration in the Turbo group's
financial risk profile, especially in its liquidity, because of a
steep decline in its cash accruals because of pressure on revenue
and profitability.  The group company Turbo Industries Pvt Ltd
(TIPL) has been over-utilizing its bank lines because of pressure
on its revenues. The downgrade also factors in the pressure on the
Turbo group's business risk profile, marked by under-utilization
of installed capacities, and also reflects CRISIL's belief that
there will be further deterioration in the Turbo group's financial
and business risk profiles.  The group's scale of operations is
small, and it faces customer concentration risks in its revenue
profile; TIPL sells only to the construction industry.  These
rating weaknesses are partially offset by the Turbo group's strong
track record in manufacturing scaffoldings and other structural
products.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TTPL, TIPL, and Turbo Impex (TI),
together referred to as the Turbo group.  This is because all the
entities are in the same line of business and under a common
management. Furthermore, TIPL's bank lines are guaranteed by TI
and TTPL.

Outlook: Negative

CRISIL believes that the pressure on the Turbo group's financial
risk profile, particularly liquidity, will increase over the
medium term, given the sharp decline in the group's profitability
and cash accruals.  The rating may be downgraded if the cash
accruals decline beyond expectations. Conversely, the outlook may
be revised to 'Stable' in case faster-than-expected increase in
cash accruals alleviates the pressure on the Turbo group's
liquidity.

                           About the Group

TTPL manufactures nuts, bolts, fasteners, and wing nuts, which are
used in the manufacture of scaffoldings. These are sold to third
parties, and used for captive consumption in TIPL.  TTPL is also
into forging, pressing components, and machining tools.

TIPL was promoted in 2000 as Turbo Scaffolding Pvt Ltd. The name
was changed in 2006.  The company manufactures fabricated steel
structural products, mainly scaffoldings.

TI is a partnership firm, set up by the promoter Mr. Ravinder Pal
Singh and his family members. It exports products manufactured by
TIPL and TTPL, and processes orders that require products from
both TIPL and TTPL.

For 2008-09 (refers to financial year, April 1 to March 31), the
Turbo group posted a profit after tax (PAT) of INR60 million on
net revenue of INR934 million, against a PAT of INR52 million on
net revenue of INR920 million for 2007-08.


YORK CALLTECH: ICRA Rates INR880MM Fund Based Bank Limits at 'LB+'
------------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR880 million fund based
bank limits of York Calltech Private Limited.

The rating takes into account the significant market risk as the
company has not leased out any commercial space so far which is
further exacerbated by the current slowdown in demand and
expected over supply of commercial space in National Capital
Region (NCR).  Moreover since the project is running behind
schedule, the possibility of cost and time overruns cannot be
ruled out.  Further, the inability of the company to meet its
scheduled debt repayment indicates its stretched liquidity
profile.  Nevertheless, the rating draws comfort from YCPL's
experienced management, attractive location of its ongoing project
and the fact that the debt has been tied-up for the project.

YCPL is a wholly owned subsidiary of Valley Computech Private
Limited (VCPL) which in turn is a wholly owned subsidiary of ETT
Ltd.

YCPL has one ongoing project Express Trade Tower 2 (ETT 2)
located in Sector 132, on Noida Expressway  having a leasable area
of 0.6 million square feet.   The total cost of this project is
INR1400.0 million which is proposed to be funded in a debt-equity
ratio of 1.1:1.  The company has incurred a cost of INR1300.0
million as on November 30, 2009.  The project is expected to be
completed by January 2010.


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


BANK CENTURY: No Complaints Received Yet Over Controversial Book
----------------------------------------------------------------
The Attorney General's Office had not received any complaints
about a controversial book on the Bank Century scandal, the
Jakarta Globe.

The report says the book, titled "Membongkar Gurita Cikeas: Di
Balik Skandal Bank Century" ("Unraveling the Cikeas Octopus:
Behind the Bank Century Scandal"), and written by prominent
sociologist and anti-Suharto activists George Junus Aditjondro,
claims that President Susilo Bambang Yudhoyono's Democratic Party
received illegal funds during the 2009 presidential election
campaign.

The book also claims that cash flowed from fugitive corruptor Joko
S. Chandra to the Kesetiakawanan dan Kepedulian (Solidarity and
Care) Foundation, which is linked with the president, according to
the Globe.

The Globe relates that Bibit Samad Rianto, deputy chairman of the
Corruption Eradication Commission (KPK), confirmed the transfer of
funds from Joko to the foundation, which is managed by
Coordinating Minister for Political, Legal and Security Affairs
Djoko Suyanto.  During the election campaign, Djoko was the deputy
chairman of Yudhoyono-Boediono's campaign team, the report says.

Didiek Darmanto, the head of the AGO's Information and Legal
Affairs Center, told the Globe that the AGO had not received any
reports about whether or not the content of the book was in
violation of any regulations.  The AGO has the authority to pull a
book off the shelves if it is considered to create tension or
conflict, the report notes.

According the Globe, the controversial book was launched in
Yogyakarta last week and will be launched in Jakarta on Dec. 31.

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

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

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

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


BANK DANAMON: Red Dragon Withdraws Legal Action Against Bank
------------------------------------------------------------
Thai investment group Red Dragon had decided to withdraw its
lawsuit against PT Bank Danamon and Bank of New York Mellon, and
instead settle a dispute over a US$200 million bond default out of
court, Jakarta Globe reports citing Bank Danamon's lawyer.

"It was our goodwill to settle the case out of court," the Globe
quoted Red Dragon spokesman Edward Lontoh as saying. "All four
companies of the group will revoke the lawsuits over the banks."

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2009, The Financial Times recalled that the case began in
July 2007 when Red Dragon Group and the three other companies
pledged about US$1 billion worth of shares in PT Central Proteina
Prima to guarantee US$200 million in secured exchangeable bonds.
According to the FT, their troubles began last year when CP
Prima's share price plunged.

The FT related that efforts to restructure the deal failed and
bondholders ordered Bank of New York Mellon, the trustee, and Bank
Danamon, the security agent, to seize the collateral because they
believed the companies had defaulted on the bond.

On July 17, Red Dragon, Regent Central International, Charm Easy
and Surya Hidup Satwa, all controlled by the Chearavanont family,
sued the banks, and thus effectively the bondholders, for US$1
billion for "causing very large losses to the claimants" and for
seizing their assets after allegedly deciding without proof that
the companies were in default of their obligations to the
bondholders, according to four Jakarta court filings obtained by
the FT.

Red Dragon and Pertiwi Indonesia, another Chearavanont-owned
company, are also suing in London, the FT added.

Thailand-based Red Dragon is a special purpose vehicle controlled
by the Chearavanont family.

                          About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                           *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


GARUDA INDONESIA: To Convert US$92-Mil. Debt Into Shares
---------------------------------------------------------
Indonesia's flag carrier PT Garuda Indonesia is converting US$95
million owed to PT Bank Mandiri into shares, which will give the
bank a 10.6% stake in the airline, Flightglobal reports.

Flightglobal relates Garuda's CEO, Emirsyah Satar said the debt,
which was held by Mandiri in the form of mandatory convertible
bonds, will be converted to shares.  The process will be completed
by year-end, Satar added.

Mr. Satar told Flightglobal that "approval has already been given
by Indonesia's Central Bank, so we are just working out the
administrative details."

Mr. Satar, as cited by Flightglobal, said Mandiri will hold a
10.6% stake in Garuda after the transaction is completed, but this
will be reduced when the carrier rolls out its initial public
offering in mid-2010.

As reported in the Troubled Company Reporter-Asia Pacific on
September 1, 2009, Jakarta Globe said Bank Mandiri will take an
11% stake in PT Garuda Indonesia under a debt-to-equity conversion
agreed to by all parties involved, including the central bank.
Bank Mandiri will convert US$100 million of the state-owned
carrier's bond debt into equity.  The deal could be concluded
before Garuda's planned initial public offering, scheduled for the
middle of next year.

The TCR-AP reported on Aug. 13, 2009, that Garuda Indonesia
expects to raise as much as US$400 million from its much-awaited
Initial Public Offering in June, next year.  The expected launch,
however, is based on a positive outlook of the market condition,
vis-a-vis investor sentiment.

According to analysts, market response to the IPO will largely
depend on the company's ability to settle its US$670 million in
debts.  Garuda's total debts as of the end of last December
reached US$670 million ? US$450 million to the European Credit
Agency (ECA), US$100 million to Bank Mandiri, and the rest to
other creditors.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


MEDIA NUSANTARA: Moody's Confirms 'B1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed PT Media Nusantara Citra's
B1 corporate family and guaranteed notes ratings.  The ratings
outlook is stable.  This concludes the review for possible
downgrade initiated on October 16, 2009.

"The confirmation follows MNC's announcement that the Indonesian
Supreme Court has endorsed the cassation appealed by PT Cipta
Televisi Pendidikan Indonesia, MNC's 75%-owned subsidiary, and
nullified the decision of the Jakarta Trade Court concerning the
bankruptcy of TPI on October 14, 2009," says Wonnie Chu, a Moody's
Analyst, adding "After the Supreme Court decision, TPI will return
the operation to normal."

"TPI is a restricted subsidiary of MNC, and its default would
trigger a cross-default on MNC's US$143 million notes.  The
conclusion of the court case thus removes the uncertainty
overshadowing MNC's financial and liquidity profile," says Chu.

MNC's ratings are underpinned by its leading position in
Indonesia's growing FTA TV market, where it has about one third of
audience share, and its integrated platform provides cost
synergies and, to certain extent, earnings and cash follow
stability.  These strengths, however, are counterbalanced by its
declining margin trend on the back of an increasingly competitive
advertising market in Indonesia and its aggressive growth
appetite.

The stable outlook reflects Moody's expectations that (1) MNC will
maintain its leading market position and ample liquidity; and (2)
the company will see its EBITDA margin stabilizing at around the
20% level.

The rating is unlikely to experience upward rating pressure over
the next 12 to 18 months in view of the competitive character of
the media industry in Indonesia, and MNC has yet to turn around
the businesses it acquired in the last 1-2 years.  In addition,
the company has a potential debt-funded expansion plan.

On the other hand, downgrade pressure could emerge if (1) MNC's
operating performance deteriorates beyond expectations for the
aforementioned factors; and/or (2) the company's expansion proves
too aggressive and is not accompanied by a corresponding increase
in cash inflows, such that Adjusted Debt/EBITDA rises above 4x and
EBITDA/interest coverage falls below 2x-2.5x.

The last rating action with regard to MNC was on Oct 16, 2009 when
the ratings were put on review for possible downgrade following
the Jakarta Trade Court's ruling that TPI was bankrupt.

PT Media Nusantara Citra, headquartered in Jakarta, Indonesia, is
an integrated media company with television, radio, print media,
content production and distribution, and wireless value added
services operations.  It is the market leader in Indonesia's free-
to-air TV industry, owning three of 11 FTA TV networks nationwide.
It also owns 57.1% of Linktone, a Chinese-based media company.

PT Global Mediacom Tbk owns approximately 71.14% of MNC, while
MediaCorp, as a strategic investor, owns another 6.85%.


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


AIFUL CORP: Creditors Approve Debt Rescheduling Plan
----------------------------------------------------
Atsuko Fukase at Dow Jones Newswires reports that Aiful Corp. said
Thursday all of its creditor financial institutions have agreed to
the company's debt rescheduling plan during an out-of court debt
mediation, allowing Aiful to delay loan repayments of JPY280
billion, or about US$3.06 billion.

Dow Jones notes that had all 65 creditors not voted in favor of
the plan, the consumer finance company might have had to seek debt
rescheduling through the courts, ending up in legal liquidation.

Under the restructuring plan, Dow Jones notes, the lender has
reduced the number of its branches to 675 from 915 and has cut
nearly the half its group workforce to 2,200.

                        Credit Swaps Ruling

Bloomberg News reports that UBS AG's request for a ruling on
credit contracts linked to Aiful Corp. was accepted by an
international group governing swaps and derivatives, paving the
way for debt holders of the Japanese company to get repaid.

Citing the International Swaps and Derivatives Association's
statement, Bloomberg relates that the ISDA's determinations
committee may decide next week whether Aiful's restructuring
agreement with creditors is considered a "credit event," which
would ensure payouts to holders.

Holders of credit-default swaps on Aiful were roiled in October
after the committee rejected three requests to rule a credit event
had occurred, citing a lack of publicly available information on
which to make a judgment, according to Bloomberg.

Bloomberg reports that Zurich-based UBS submitted a request to the
determinations committee of 15 dealers and investors including
Goldman Sachs Group Inc. and Mizuho Securities Co.  The committee
will discuss the request on a teleconference call on Dec. 30 at
9 a.m. London time, Bloomberg discloses citing the ISDA statement.

Aiful said in September that it has begun preliminary
consultations with the Japanese Association of Turnaround
Professionals to apply for commencement of consensual business
revitalization alternative dispute resolution procedures.  The
JATP has provisionally accepted the company's preliminary
application to utilize the business revitalization procedures.
The lender asked its financial institutions for the maintenance of
its debt balance for a certain period and then the debt
rescheduling.

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

                           *     *     *

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

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


AIFUL CORPORATION: Moody's Reviews 'Caa1' Senior Debt Rating
------------------------------------------------------------
Moody's Investors Service is continuing its review of the Caa1
long-term senior unsecured debt rating, unsecured medium term note
rating, and issuer ratings of Aiful Corporation for possible
downgrade.

The continuation of Moody's review is prompted by the announcement
on December 24 that Aiful and its financial creditors have agreed
on an alternative dispute resolution in regard to the
revitalization of its business.

According to the announcement, about JPY279 billion in bank loan
principal payment obligations have been deferred and repayment
schedules have been changed with the consent of all creditors.
Under the agreement, related creditors will maintain the balance
of the loan principal until September 29, 2010 and, thereafter
until June 2014, Aiful will make payments of about JPY 76 billion.
According to the announcement, among the creditors, senior
unsecured bond holders of the bonds issued by Aiful inside and
outside Japan are not included.

In its announcement, Aiful mentions its policy of business
restructuring, including the consolidation of its sales branches,
contact centers, credit management and collection divisions, head
office operations and back office divisions, and reductions in
personnel.

Moody's review's focus is on assessing the impact of this
consensual business revitalization plan on Aiful's constrained
financial flexibility, including the management of its maturing
bonds, its residual franchise, and the prospect of stabilizing its
operations in a timely manner against the backdrop of a negative
operating environment.

Moody's last rating action with respect to Aiful was taken on
September 25, 2009, when the long-term senior unsecured debt
rating and unsecured MTN rating were downgraded to Caa1 from B3
and kept on review for possible further downgrade.

Aiful's rating was assigned by evaluating factors Moody's believes
are relevant to its credit profile, such as franchise value, risk
positioning, operating and regulatory environment, and financial
fundamentals versus its competitors, as well as the company's
projected performance in the near to medium term.  These
attributes were compared to those of other issuers both inside and
outside its core industry.  Thus, Moody's believes Aiful's rating
to be comparable to those of other issuers with similar credit
risk.

Aiful Corporation, headquartered in Kyoto, was established in
1967.  It is a major, specialized consumer finance company in
Japan, with consolidated assets of about JPY 1.4 trillion as of
September 30, 2009.


AIFUL CORP: Moody's Changes Counterparty Credit Ratings to 'CCC-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its long-term and
short-term counterparty ratings on Aiful Corp. to 'CCC-' and 'C',
respectively, from 'SD', and placed the long-term counterparty
rating on CreditWatch with positive implications.  The rating
action follows an agreement by Aiful's creditors on the
rescheduling of debt repayments worth JPY280 billion under
alternative dispute resolution procedures.  Repayments will be
suspended until September 2010.  Standard & Poor's considers that
the creditors' agreement on the rescheduling resolves the
selective default status on Aiful.  The revised ratings also
reflect S&P's review of the probability of debt repayment under
the new repayment schedule.

At the same time, S&P lowered its senior unsecured rating on Aiful
by one notch to 'CCC-' from 'CCC' and kept the rating on
CreditWatch with developing implications.  Although the agreement
by creditors increases the overall probability of repayments,
Standard & Poor's sees a likelihood of Aiful undertaking bond
repurchases.  According to S&P's rating criteria, such repurchases
may be regarded as distressed debt restructuring by an issuer in
difficulty, and may constitute a default.  As such, S&P may lower
ratings on repurchased bonds on a issue-by-issue basis.

The 'CCC-' counterparty rating reflects Standard & Poor's view
that Aiful's business prospects will remain difficult even after
the launch of the restructuring plan.  The company's asset size
and interest income are likely to decrease with the full
implementation of the amended money lending business law in 2010
and repayments of overcharged interest will remain a burden.
While the company's new financing is likely to be limited, Aiful
faces the challenge of balancing its cash flows while reducing its
asset size by about half.  In addition, the company's debt-to-
capital ratio rose to 7.2x as of the end of September 2009 from
2.3x six months ago, due to net losses of JPY282.3 billion posted
in the first half fiscal 2009 (ended Sept. 30, 2009).

On the positive side, the revision of the repayment schedule
mitigates the company's near-term repayment burden and increased
provisions will improve its capacity to refund overcharged
interest.  In addition, business restructuring is expected to
reduce operating expenses materially, which is likely to mitigate
pressure on cash management.  Standard & Poor's will review the
counterparty and senior unsecured ratings further after reviewing
the prospects of Aiful's revitalization.


ARCH FINANCE: Moody's Reviews 'Ba1' Rating on Series 2007-1 Notes
-----------------------------------------------------------------
Moody's Investors Service has announced this rating action on Arch
Finance Limited:

Issuer: Arch Finance Limited

  -- JPY12363.538M Series 2007-1 Notes, Ba1 Placed Under Review
     for Possible Downgrade; previously on February 19, 2009
     Downgraded to Ba1

This action follows the review of the underlying assets (rated
Baa3) for possible downgrade this week.  The rating takes into
account the risk of the underlying collateral and the swap
counterparty.


JAPAN AIRLINES: Restructuring Plan May Include Bankruptcy
---------------------------------------------------------
A state-back fund has proposed bankruptcy as an option in the
restructuring of Japan Airlines Corp., Reuters reports citing two
sources familiar with the matter.

According to Reuters, the Enterprise Turnaround Initiative Corp.
of Japan has been holding talks with creditor banks on how to
revive JAL, and is expected to make a final decision on whether to
support the struggling carrier next month.

Sources told Reuters that in those talks the ETIC has discussed
using a Chapter 11-style bankruptcy procedure as part of a
potential revival plan, but has not yet ruled out an out-of-court
restructuring in coordination with main creditors.

Meanwhile, Bloomberg News, citing Nikkei English News, reports
that Japan Airlines will delay the integration of its air cargo
operations with those of Nippon Yusen K.K. until at least July as
the airline formulates its rehabilitation plan.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2009, Japan Airlines and Nippon Yusen plan to integrate
their air cargo businesses in April.  The most likely plan would
be for Japan Airlines to spin off its air cargo business and merge
it with Nippon Yusen unit, Nippon Cargo Airlines Co, in an effort
to turn around their unprofitable operations.

Nippon Yusen KK is a Japan-based shipping and transportation
company.

                        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.


JLOC39 TRUST: Moody's Reviews Ratings on Four Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has placed four classes of JLOC39 Trust
on review for possible downgrade.  The final maturity of the trust
certificates will take place in April 2014.

The individual rating actions are listed below.

  -- Class A, Review for Possible Downgrade; previously, Assigned
     Aaa on December 21, 2007

  -- Class B, Review for Possible Downgrade; previously, Assigned
     Aa2 on December 21, 2007

  -- Class C, Review for Possible Downgrade; previously,
     Downgraded to Baa2 from A2 on July 6, 2009

  -- Class D, Review for Possible Downgrade; previously,
     Downgraded to Ba3 from Baa2 on July 6, 2009

JLOC 39 Trust, effected in December 2007, represents the
securitization of 14 specified bonds and a non-recourse loan
issued by/extended to 10 issuers/borrowers.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining significantly, and that real estate prices will remain
stressed.  Moody's has applied higher stress to its recovery
assumptions for those loans that are more likely to default than
in normal market conditions for the rating actions conducted in
July 2009.

In those previous rating actions, Moody's categorized two loans of
the loan pool as "Category 2" and the remaining loans as "Category
3", and estimated recovery stress in the range of 12% to 22% and
14% for the weighted average (regarded as having a high likelihood
of default).

At the same time, Moody's initial assumptions about collateral
recovery needed to be reconsidered for liquidating loans, which
consist of 30% of the loan pool, as does its scenario, since
actual disposition is slower than originally assumed.  For more
information about the category definitions, please see Moody's
Rating Methodology, "Methodology Update: Surveillance Assumptions
for Japanese CMBS" (April 2009).

The rating actions reflect Moody's growing concerns about the
performance of an underlying property on the specified bond (38.5%
of initial balance) and the need to reconsider Moody's stabilized
property value.

The underlying property is a high rise office building located in
central Tokyo area.  The leased rent level had been increased
gradually -- compared with the leased rent level at the initial
ratings -- for the past two years of leasing activities by the
asset manager; however, the occupancy rate had decreased as a
result of the vacation of the tenants.

According to the notice prepared by the Servicer dated on
December 15, 2009, the rent level of the main tenant -- which
occupies 20% of total leased area -- has declined substantially.

Moody's considers the profitability of the underlying property
will highly likely fall below Moody's assumptions during the
previous rating actions and continue to remain at the lower level;
thus, Moody's will review and decide the rent level, the
stabilized net cash flow and the property value.

In its review, Moody's is planning to conduct an interview with
the asset manager on leasing plans and leasing strategies to
decide whether to confirm or downgrade the ratings of the Class A
through Class D.


JLOC39 TRUST: S&P Cuts Ratings on Three Classes of Certificates
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to D trust certificates issued under the JLOC 39 Trust
Certificate transaction.  At the same time, Standard & Poor's
removed its ratings on these three classes from CreditWatch with
negative implications.  The rating on class D was placed on
CreditWatch negative on July 6, 2009, while those on classes B and
C were placed on CreditWatch negative on Oct. 2, 2009.  S&P also
affirmed its rating on the class A trust certificates issued under
the same transaction.

S&P has learned from the servicer that the debt service coverage
ratio of one of the transaction's underlying specified bonds
(representing about 38.5% of the total initial issuance amount of
the trust certificates) has declined markedly caused by the
dramatic rise of the property's vacancy rate and declining rent
levels.  This specified bond is backed by an office building
located in Chuo-ward, Tokyo.  Although the asset manager is
working to find new tenants for this property, S&P expects rent
levels for potential tenants to be significantly lower than S&P's
initial assumptions.  The rating actions reflect S&P's revised
assumption with regard to the value of the property backing the
specified bond.

In reviewing its ratings, Standard & Poor's assumed that the
potential recovery amount from the office building backing the
specified bond would be about 54.2% of its initial assumption.
Although S&P removed the ratings on classes B to D from
CreditWatch with negative implications, S&P intend to continue
monitoring the performance of the aforementioned collateral
property.

S&P affirmed its 'AAA' rating on the class A trust certificates,
because a principal amount representing 18.5% of the total initial
issuance amount of the trust certificates has already been
redeemed, causing an increase in the credit enhancement level.

JLOC 39 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by 14 specified bonds, and one
loan extended to 10 obligors.  The specified bonds and the loan
were initially backed by 34 real estate properties and real estate
trust certificates.  The transaction was arranged by Morgan
Stanley Japan Securities Co. Ltd., and ORIX Asset Management &
Loan Services Corp. acts as the servicer for this transaction.

            Ratings Lowered, Off Creditwatch Negative

                    JLOC 39 Trust Certificate
    JPY40.3 billion trust certificates issued on Dec. 21, 2007,
                          due April 2014

Class      To        From            Initial Issue Amount   Coupon Type
-----      --        ----            --------------------   -----------
B          A         AA/Watch Neg    JPY5.4 bil.            Floating rate
C          BBB       A/Watch Neg     JPY3.9 bil.            Floating rate
D          B         BBB/Watch Neg   JPY2.2 bil.            Floating rate

                         Ratings Affirmed

                     JLOC 39 Trust Certificate

   Class   Rating      Initial Issue Amount        Coupon Type
   -----   ------      --------------------        -----------
   A       AAA         JPY28.8 bil.                Floating rate


JLOC XXVIII: Moody's Reviews Rating on Senior Trust Certificates
----------------------------------------------------------------
Moody's Investors Service has placed the Class C and D Senior
trust certificates issued by JLOC XXVIII Trust as well as the
Mezzanine Specified Bonds issued by Harajuku Holding Tokutei
Mokuteki Kaisha on review for possible downgrade.  The final
maturity for both transactions will take place in October 2012.

The individual rating actions are listed below.

  -- Class C, Review for Possible Downgrade; previously,
     Downgraded to A3 from Aa3 on June 2, 2009

  -- Class D, Review for Possible Downgrade; previously,
     Downgraded to Ba3 from Baa2 on June 2, 2009

  -- Mezzanine Specified Bond, Review for Possible Downgrade;
     previously, Downgraded to B3 from Ba2 on June 2, 2009

JLOC XXVIII Senior Trust and the Mezzanine Specified Bonds,
effected in October 2005, represent a liquidating CMBS
transaction.

JLOC XXVIII Senior Trust was originally secured by senior
specified bonds issued by two TMK, ultimately backed by 567
properties.  The specified bonds issued by Nakano Holding TMK were
redeemed in full in July 2006.  The remaining specified bonds were
issued by Harajuku Holding TMK, and were originally backed by 329
properties and/or property trust certificates; thus far, 153
properties have been disposed of.

With the previous rating actions, Moody's had reconsidered the
initial assumptions about collateral recovery and disposal
scenarios, reflecting concerns that leverage was not likely to
improve as expected due to increasing uncertainty on the progress
of disposition and the declining value of the remaining
properties, since actual disposition was slower than originally
assumed.

According to the new asset disposal plan -- as provided by the
asset adviser -- scheduled disposition prices are expected to
decline from the levels proposed in the previous plan of March
2009.

Additionally, given the progress of disposition, although the
asset adviser was to sell all of the remaining properties by
September 2010 in the previous plan, even at the balloon Moody's
initially assumed as October 2010, underlying properties are
likely to remain and the postponement of the disposition of high-
valued properties.

The rating actions are based on Moody's growing concerns about the
need to reconsider the previous assumptions about collateral
recovery and disposal scenarios in view of the foregoing factors
on the asset adviser's new plan.

Meanwhile, Moody's has decided not to place the Class A and B
Senior Trust Certificates on review since principal redemption by
past sequential payment has improved those classes' credit
enhancement.

The remaining top 10 properties -- on Moody's current value basis
-- account for approximately 45% of the portfolio.  At the same
time, residential properties located outside Tokyo account for
approximately 50%.

In its review, Moody's plans an interview with the asset adviser
on current disposition activities and future strategies in detail,
and will examine the degree of declines in credit enhancement and
recovery possibility, as expected by implementing this new plan.
Moody's will then decide whether to confirm or downgrade the
ratings of the Class C, D and Mezzanine Specified Bonds.

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.


L-JAC 6: Moody's Reviews Ratings on Various Certificates
--------------------------------------------------------
Moody's Investors Service has placed these L-JAC 6 CMBS Trust
Certificates on review for possible downgrade; their final
maturity will take place in October 2016.

  -- Class A, Aaa placed under review for possible downgrade;
     previously, assigned Aaa on November 12, 2007

  -- Class B-1, Aa2 placed under review for possible downgrade;
     previously, confirmed at Aa2 on June 12, 2009

  -- Class C-1, A3 placed under review for possible downgrade;
     previously, downgraded to A3 from A2 on June 12, 2009

  -- Class D-1, Baa3 placed under review for possible downgrade;
     previously, downgraded to Baa3 from Baa2 on June 12, 2009

  -- Class E-1, Ba2 placed under review for possible downgrade;
     previously, downgraded to Ba2 from Baa3 on June 12, 2009

  -- Class F-1, Ba3 placed under review for possible downgrade;
     previously, downgraded to Ba3 from Ba1 on June 12, 2009

  -- Class G-1, B1 placed under review for possible downgrade;
     previously, downgraded to B1 from Ba2 on June 12, 2009

  -- Class X-2, Aaa placed under review for possible downgrade;
     previously, assigned Aaa on November 12, 2007

L-JAC 6 Trust, effected in November 2007, represents the
securitization of two non-recourse loans.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining significantly, and that real estate prices will remain
stressed.

Moody's had applied higher stress to its recovery assumptions for
those loans that are more likely to default than in normal market
conditions for the rating actions conducted in July 2009.

The previous rating actions reflected Moody's concern about the
likelihood of collateral recovery, based on recovery stresses in
the range of 7% to 12% and 11% for the weighted average (excluding
the specially serviced loans) on the entire loan pool (regarded as
having a high likelihood of default).

The rating action reflects Moody's concerns over the need to
review the sustainable value of an underlying property on a loan
maturing in March 2010.

Though the property is a large office building in a central Tokyo
area and more than 95% of its over 30,000 m2 rentable area is
occupied by a sole tenant and its subsidiaries, actual rent -- 2
years since the initial rating -- remains more than 20% lower than
Moody's expectation at the time of this initial rating.

Therefore, Moody's considers that the fundamental profitability of
the property is likely to remain lower -- than assumed at the time
of the initial rating -- for a long period, and will review the
rent assumptions, sustainable net cash flow, and the property
value.

Moody's will interview the asset manager and monitor the leasing
plan, cost management, the refinancing strategy and disposition
activities for the loan maturity in March, 2010, to decide whether
to confirm or downgrade all classes.


LOPRO CORP: J Trust Agrees to Sponsor Rehabilitation
----------------------------------------------------
The Japan Times reports that J Trust Co. said Friday it has
concluded a sponsorship contract for rehabilitating Lopro Corp.

According to the report, J Trust said it hopes to expand its
business by helping with the rehabilitation of Lopro, formerly
known as Nichiei Co., through the contract between the two
parties.

J Trust plans to assist in the procurement of funds for Lopro and
the continued employment of its workers, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 4, 2009, Lopro Corp. filed for bankruptcy protection under
the civil rehabilitation law with the Tokyo District Court and was
granted protection from creditors.  The company has debts of
around JPY21.88 billion.

Lopros' business deteriorated after it was forced to payback
borrowers, who had been charged exorbitant interest, in line with
a 2006 law change that clamped down on moneylenders, according to
Kyodo.  The payback also forced the firm to increase loan-loss
reserves, lessening the likelihood that it could rehabilitate
itself, Kyodo said.

Lopro Corporation is a Japan-based company engaged in the
provision of financial loan services.  Lopro is involved in the
provision of lending services and discount of commercial bill
services, as well as the leasing services of real estate and the
lease guarantee services.  It principally offers its services to
small- and medium-sized companies, as well as small-scale
businesses.  Its major products include commercial bill discounts,
as well as unsecured loans on notes and deeds. The Company has one
subsidiary.


WMT GLOBAL: S&P Downgrades Ratings on Five Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A to E fixed-rate notes issued under the WMT Global Funding
I Inc. transaction and kept the ratings on the class A to C notes
on CreditWatch with negative implications.  The ratings on classes
A to E were initially placed on CreditWatch negative on April 9,
2009, and were revised several times thereafter.

With regard to the transaction's underlying loan that defaulted in
October 2008, a number of factors, including procedures described
in the notes' agreement and the type of properties (extended-stay
limited-service apartments), are causing delays in the sale of the
related collateral properties.  In addition, the amount of time
left until the transaction's legal final maturity is limited
(about 10 months).

The rating actions on the class A notes are based on what S&P view
as uncertainty over principal and interest payments on the notes
by the legal final maturity date in November 2010.  Nevertheless,
even if principal and interest payments on the class A notes are
not made by the legal final maturity date, S&P believes that there
is still a high likelihood that the principal and interest
payments will ultimately be made.

Meanwhile, S&P downgraded classes B to E because: none of the
collateral properties have been sold as of yet and the legal final
maturity date is drawing closer (less than 12 months).
Accordingly, S&P assumed that the properties would be sold all
together in haste at very low prices reflecting the current severe
market conditions, and signficantly lowered S&P's assumptions of
the likely recovery amount from the properties accordingly.  S&P
intend to examine reports submitted by the servicer, and assess a
number of factors, including progress in the implementation of the
collection plan, as well as the performance and recovery prospects
of the collateral properties.

S&P kept its ratings on classes A to C on CreditWatch with
negative implications because: (1) prospects for the full
repayment of the aforementioned loan by the legal final maturity
date appear increasingly uncertain; and (2) uncertainty is
mounting over the likely recovery amount from the related
collateral properties.  S&P may need to consider further rating
actions on classes A to C if the prospects of note repayment
remain uncertain as the legal final maturity date draws closer.

WMTGF I is a single-borrower multi-asset CMBS (commercial
mortgage-backed securities) transaction.  The notes issued under
this transaction are backed by a loan extended to a single
borrower.  The loan was originally secured by eight extended-stay
limited-service apartment properties.  The transaction was
arranged by Lehman Brothers Japan Inc. Capital Servicing Co. Ltd.
acts as the servicer for this transaction.

         Ratings Lowered And Kept On Creditwatch Negative

                    WMT Global Funding I Inc.
$10.7 billion commercial mortgage backed notes due November 2010

Class       To                From            Initial Issue Amount
-----       --                ----            --------------------
A           BBB/Watch Neg     A/Watch Neg     $5.9 bil.
B           BBB-/Watch Neg    A/Watch Neg     $1.4 bil.
C           B-/Watch Neg      A-/Watch Neg    $1.2 bil.

                         Ratings Lowered

                    WMT Global Funding I Inc.

     Class     To         From           Initial Issue Amount
     -----     --         ----           --------------------
     D         CCC        BB             $1.0 bil.
     E         CCC        B-             $1.2 bil.


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


KINGSTON ACQUISITIONS: Mortgagee Rejects Seven Tender Offers
------------------------------------------------------------
Will Hine at The Southland Times reports that Bayleys Queenstown
has failed to sell the historic Kingston Flyer steam train after
being listed for tender this month.

Kingston Flyer Charitable Trust spokesman Karl Barkley on
Wednesday forwarded a letter to The Southland Times from Bayleys,
which says none of the tenders were acceptable to the mortgagee.

The report relates the letter said the participants in the tender
offer will be contacted next year.

Malloch McClean receiver Lindsay McClean, according to The
Southland Times, confirmed the mortgagee had not accepted any
tenders, but declined to disclose how much the highest tender was.

According to the report, Mr. McClean said the mortgagee would
clarify what the sale involved before talking again to interested
parties.

"There's some confusion over ownership of assets and use of the
Kingston Flyer name and that's really got to be sorted out," the
report quoted Mr. McClean as saying.

The report says there were seven interested parties, who the
receiver would continue to negotiate with.  However, this would
not be through another tender process.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2009, The Southland Times said Kingston Acquisitions Ltd,
the company behind the Kingston Flyer steam train, was placed into
receivership by financier Prudential Mortgage Nominees, owing at
least NZ$4.7 million.

The company's assets, which include 80 hectares of development
land, would be sold in an international tender organized by
Bayleys Queenstown, the Southland Times said.

The Kingston Flyer is a vintage steam train operating in the South
Island of New Zealand at the southern end of Lake Wakatipu.  The
Kingston Flyer stopped operating since August 2009.


SOUTH CANTERBURY: S&P Affirms 'BB+' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term and 'B' short-term counterparty credit ratings on
South Canterbury Finance Ltd.  At the same time, the 'BB+' rating
was removed from CreditWatch Negative, where it was initially
placed on Sept. 20, 2009.  The outlook is negative.

"The rating affirmation reflects SCF's success in ameliorating
specific concerns raised when S&P placed the rating on CreditWatch
Negative," Standard & Poor's credit analyst Derryl D'silva said.
Specifically, SCF has been able to again access the debenture-
investor market; it has sourced three new independent directors to
assist in the management of the company; it has been able to
retain the confidence of its new private placement investors as
well as its debenture investors; and its audited financial
statements for fiscal 2009 have revealed nothing of concern.

That said, SCF's financial profile?particularly liquidity and
asset quality?is weak at the current rating level.  With no
debenture prospectus in the public domain for longer than six
weeks, and no access to a banking facility, SCF's liquidity
position has weakened.  S&P's rating also factors in the ongoing
pressure of negative asset quality trends, which, on further
deterioration, could increase lending losses.  Additionally, SCF
is in the early stages of formally addressing matters concerning
related-party investments.  These pressures, against a backdrop of
a nascent restructuring and recapitalization initiative, give us
cause for uncertainty in the near and medium term.

To contend with these negative pressures, SCF is taking remedial
steps, which, if successful, will probably ameliorate S&P's
concerns.  SCF is looking to steadily rebuild its internal cash
position.  Further, it is looking to source an alternative
liquidity provider, and is also evaluating strategic options,
including a more urgent and assertive approach in reducing
nonperforming assets, and related party investments, and noncore
assets.

"The negative outlook reflects immediate pressures on SCF's
financial profile, principally liquidity, asset quality, and
governance issues, and medium-term uncertainty concerning
restructuring and recapitalization initiatives," said Mr. D'silva.

S&P's immediate concern is that SCF maintain higher liquidity,
leading up to its recapitalization plans; its failure to do so
would likely to lead to the company being downgraded.  An equally
important but slightly less urgent concern is that SCF's
restructuring and recapitalization initiatives restore financial
strength to a level that S&P believes is consistent and
sustainable at the current rating level.  Failure to do this would
likely to lead the finance company being downgraded.

Conversely, negative pressure will abate if SCF is able to
moderate liquidity pressures, manage its credit loss experience,
eliminate related party investments, and successfully restructure
and recapitalize the business to a level that is consistent with
the 'BB+' rating level.


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


BESTA SHIPPING: Operations Suspended After Sinking Incident
-----------------------------------------------------------
The Philippine Daily Inquirer reports that Transportation and
Communication Secretary Leandro Mendoza has ordered the suspension
of operations of Besta Shipping Lines after one of its vessels
sank off Verde Island in Batangas late Saturday night.

According to the Inquirer, Lieutenant Commander Armand Balilo,
Philippine Coast Guard spokesman, said Mr. Mendoza ordered the
Maritime Industry Authority to suspend the operations of the
remaining vessels of Besta Shipping, which had a total five ro-ro
vessels serving the Oriental Mindoro and Batangas routes.

The Inquirer relates Mr. Mendoza also ordered the conduct of
safety systems audit for all merchant vessels nationwide to
include operators and crew, and called for a performance audit of
government vessel safety regulatory agencies.

Besta?s ill-fated M/V Baleno 9, which had 74 passengers and 14
crew, sank off Barangay San Agapito, Verde Island around
10:00 p.m. Saturday.

Meanwhile, The Associated Press reports that Philippine President
Gloria Macapagal Arroyo on Friday ordered the owners of a ferry
and fishing boat involved in a collision on Christmas Eve.

The AP relates Mr. Balilo said 46 of the 73 people on board the
44-foot- (13-meter-) MV Catalyn B were rescued.  The ferry
traveling from Manila to southwest Mindoro Island was carrying
passengers returning to their home province for Christmas, when it
collided with the 369-ton fishing vessel Anathalia off Cavite
province's Limbones island.  Steel-hulled Anathalia did not sink,
and its 22 crewmen were safe.

Officials said Monday that at least 12 victims were found inside
the MV Catalyn B as Coast Guard divers were able to locate the
ill-fated passenger boat last Sunday, according to the Manila
Bulletin.  The recovery of the trapped victims would bring to at
least 15 the confirmed deaths, the Bulletin relates.

Officials are investigating the accident, but they say it was
likely caused by human error, the AP says.

Besta Shipping Lines Inc. operates roll-on roll-off vessels
serving Oriental Mindoro and Batangas routes.


PHILIPPINE NATIONAL: S&P Gives Positive Outlook; Keeps 'B-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on Philippine National Bank to positive from
stable.  At the same time, S&P affirmed the 'B-' long-term and 'B'
short-term counterparty credit rating on the bank.

"S&P revised the outlook to reflect PNB's strong franchise and
network, and improving financial profile in recent years.  The
affirmed ratings also reflect the fact that the bank's asset
quality remains comparatively weak by domestic and international
standards, despite recent improvements.  PNB's capitalization is
weak, weighed down by its asset quality problems," said Standard &
Poor's credit analyst Paul Clarkson.

PNB's financial profile has improved significantly since it put
into place a professional management team in 2001.  Management
implemented a two-pronged strategy of strengthening profitability
from core businesses and reducing nonperforming assets.  The bank
is attempting to switch from its traditional focus on corporate
lending toward higher-yielding consumer and small to medium
enterprise businesses through the development of a wider product
range and maximizing the effectiveness of its branch network.

PNB's asset quality has strengthened in recent years but continues
to be weak compared with peers'.  At Dec. 31, 2008, the bank's NPA
ratio of 30% was notably lower than its five-year peak of 91% in
2003.  The decline reflected management's effort to pare down NPAs
through a combination of workouts, recovery, write-offs, and sales
to third parties.  However, the NPA ratio was still significantly
higher than the industry average of 10% and does not compare
favorably with major domestic peers'.

PNB's profitability has been improving since its turnaround in
2003.  The bank's after-tax return on average adjusted assets was
1.0% at Sept. 30, 2009, comparable to the industry average of
0.9%.  The improvement is attributable to higher net interest
margins on greater volumes and increased noninterest income from
fees and trading gains.

In Standard & Poor's opinion, PNB's capitalization remains weak
after taking into account the bank's still-high (albeit declining)
level of NPAs and associated credit costs.  In the absence of
further capital injection, any improvement is likely to be
gradual, suggesting that further capital support is necessary.
The bank's ratio of adjusted total equity to assets was 10.5% as
at Sept. 30, 2009, aided by retained earnings and unrealized gains
on available for sale assets.

PNB is the fifth largest bank in the Philippines in terms of
assets, and has a wide network of more than 324 domestic branches
across the country.  The bank is majority owned by the Lucio Tan
Group.


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


* Singapore Extends Credit Support Program Until January 2011
-------------------------------------------------------------
Dow Jones Newswires' P.R. Venkat reports the government of
Singapore on Monday extended by a year financial support for
companies it put in place during the global crisis in a bid to
keep a fragile economic recovery going.  The new plan will take
effect from February 2010 to the end of January 2011.

According to the report, the move will direct up to S$8.4 billion
Singapore -- US$6.0 billion -- to spur a recovery in commercial
lending and ensure companies in need of financing can get loans.

Dow Jones says the government will fund the extended financing
program with tax and other revenue such as land sales instead of
tapping reserves from previous budget surpluses.  Dow Jones notes
the S$20.5 billion stimulus package the government introduced in
January 2009 was noteworthy in part because the government funded
it partially with past reserves, a first for the country.

Under the new financing support, Dow Jones explains, companies --
especially smaller ones -- will continue to receive financing
support under a bridging loan program, but the maximum loan per
companies will be reduced to S$2 million from S$5 million under
the current scheme.  Also, the government will only shoulder 50%
of the risk involved in the loans, down from 80% now, with private
banks and other parties involved sharing the remainder.  Interest
rates on the government-supported loans will also be raised to
5.5% from 5.0%.

Dow Jones says extension of the credit support through the Special
Risk-Sharing Initiative indicates Singapore will take a cautious
approach to withdrawing fiscal support for the economy.  According
to Dow Jones, the move signals the export-dependent island state
may maintain an accommodative fiscal stance to support the
recovery.

Dow Jones says Singapore is one of the hardest hit nations in Asia
by last year's financial crisis.  According to Dow Jones,
Singapore emerged from recession in the third quarter, when the
economy expanded 14.2% on quarter in seasonally adjusted
annualized terms.  The government expects the economy to contract
between 2% to 2.5% this year, but rebound sharply next year,
posting growth of much as 5%, Dow Jones says.


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


* BOND PRICING: For the Week December 21 to December 25, 2009
-------------------------------------------------------------


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

   AUSTRALIA
   ---------

AINSWORTH GAME           8.00    12/31/2009   AUD       0.84
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.88
ANTARES ENERGY          10.00    10/31/2013   AUD       2.03
AUROX RESOURCES          7.00    06/30/2010   AUD       0.78
BECTON PROP GR           9.50    06/30/2010   AUD       0.50
BOUNTY INDUSTRIE        10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.13
CHINA CENTURY           12.00    09/30/2010   AUD       0.82
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.32
GRIFFIN COAL MIN         9.50    12/01/2016   USD      55.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.43
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.56
MINERALS CORP           10.50    12/31/2009   AUD       0.80
NATIONAL CAP II          5.49    12/29/2049   USD      72.32
NATIONAL WEALTH          6.75    06/16/2026   AUD      60.63
NEW S WALES TREA         1.00    09/02/2019   AUD      61.17
NYLEX LTD               10.00    12/08/2009   AUD       0.84
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
RESOLUTE MINING         12.00    12/31/2012   AUD       0.92
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.31
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      67.77

   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      70.75
SICHUAN CHANGHON         0.80    07/31/2015   CNY      72.78

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      22.25


   INDIA
   -----

AKSH OPTIFIBRE           1.00    01/29/2010   USD      55.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      69.00
GHCL LTD                 1.00    03/21/2011   USD      74.00
KEI INDUSTRIES           1.00    11/30/2011   USD      73.75
SUBEX AZURE              2.00    03/09/2012   USD      67.50
WANBURY LTD              1.00    04/23/2012   EUR      69.50


   INDONESIA
   ---------

BAKRIELAND DEV          12.85    03/11/2013   IDR      75.00


   JAPAN
   -----

AIFUL CORP               1.20    01/26/2012   JPY      37.21
AIFUL CORP               1.22    04/20/2012   JPY      36.76
AIFUL CORP               1.50    10/20/2011   JPY      41.71
AIFUL CORP               1.63    11/22/2012   JPY      35.61
AIFUL CORP               1.74    05/28/2013   JPY      34.73
AIFUL CORP               1.99    10/19/2015   JPY      30.55
AIFUL CORP               1.99    03/23/2012   JPY      36.85
AIFUL CORP               5.00    08/10/2010   USD      73.00
AIFUL CORP               6.00    12/12/2011   USD      52.25
AIFUL CORP               6.00    12/12/2011   USD      52.25
COVALENT MATERIA         2.87    02/18/2013   JPY      52.06
CSK CORPORATION          0.25    09/30/2013   JPY      59.84
JAPAN AIRLINES           3.10    01/22/2018   JPY      71.35
JAPAN GOV'T. 30-YR       1.10    03/20/2033   JPY      66.09
JAPAN GOV'T. 30-YR       1.40    12/20/2032   JPY      71.31
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      57.27
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      56.74
PROMISE CO LTD           1.37    06/04/2013   JPY      74.08
PROMISE CO LTD           2.06    03/20/2014   JPY      70.28
PROMISE CO LTD           2.10    04/21/2014   JPY      69.76
PROMISE CO LTD           2.74    10/11/2013   JPY      73.45
SHINSEI BANK             3.75    02/23/2016   EUR      74.69
SHINSEI BANK             5.63    12/29/2049   GBP      71.50
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15
TAKEFUJI CORP            8.00    11/01/2017   USD      24.25
TAKEFUJI CORP            9.20    04/15/2011   USD      62.75
TAKEFUJI CORP            9.20    04/15/2011   USD      62.75
WILLCOM INC              2.35    06/27/2012   JPY      45.10


   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.75
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.12
CRESCENDO CORP B         3.75    01/11/2016   MYR       0.73
DUTALAND BHD             4.00    04/11/2013   MYR       0.72
DUTALAND BHD             4.00    04/11/2013   MYR       0.47
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.00
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.86
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.43
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.09
KUMPULAN JETSON          5.00    11/27/2012   MYR       2.43
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.69
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.20
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.22
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
RUBBEREX CORP            4.00    08/14/2012   MYR       1.11
SCOMI GROUP BHD          4.00    12/14/2012   MYR       0.10
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.70
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.28
WAH SEONG CORP           3.00    05/21/2012   MYR       2.60
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.28
YTL CEMENT BHD           0.00    11/10/2015   MYR       2.10

   NEW ZEALAND
   -----------

ALLIED FARMERS           9.60    11/15/2011   NZD      52.91
ALLIED NATIONWID        11.52    12/29/2049   NZD      67.00
BBI NTWKS NZ LTD         9.00    11/30/2012   NZD       0.84
BLUE STAR PRINT          9.10    09/15/2012   NZD      73.50
CAPITAL PROP NZ          8.00    04/15/2010   NZD      15.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.02
FLETCH BUILD FIN         8.85    03/15/2010   NZD       8.00
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.50
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.13
INFRASTR & UTIL          8.50    09/15/2013   NZD      12.50
INFRATIL LTD             8.50    11/15/2015   NZD      11.00
INFRATIL LTD            10.18    12/29/2049   NZD      62.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.38
MANUKAU CITY             6.90    09/15/2015   NZD       1.01
MARAC FINANCE           10.50    07/15/2013   NZD       0.95
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      46.39
PROVENCOCADMUS           2.00    04/15/2010   NZD       0.84
SKY NETWORK TV           4.01    10/16/2016   NZD      54.05
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.84
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.92
ST LAURENCE PROP         9.25    05/15/2011   NZD      68.52
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    03/15/2014   NZD      10.25
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.80
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.01
VECTOR LTD               8.00    12/29/2049   NZD       7.40


   SINGAPORE
   ---------

BLUE OCEAN              11.00    06/28/2012   USD      29.78
BLUE OCEAN              11.00    06/28/2012   USD      29.78
UNITED ENG LTD           1.00    03/03/2014   SGD       1.25
WBL CORPORATION          2.50    06/10/2014   SGD       2.24

   SOUTH KOREA
   -----------

WOORI BANK               6.20    05/02/2037   USD      73.00

   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      70.42


                         *********

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.





                 *** End of Transmission ***