TCRAP_Public/100104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, January 4, 2010, Vol. 13, No. 001

                            Headlines



A U S T R A L I A

ABB GRAIN: Obtains Waiver of Oct. 31 Breach of Loan Covenants
DIORO EXPLORATION: Avoca Increases Takeover Bid to AU$115 Million
GREAT SOUTHERN: Administrators to Sell Two of Remaining Assets
GRIFFIN COAL: Calls in Kordamentha as Voluntary Administrator
OCCUPATIONAL & MEDICAL: Voluntary Administrators Appointed

* Mortgage Holders May Forced to Refinance Amid Rising Rates


C H I N A

CHINA CONSTRUCTION: To Acquire ING's 50% Stake in Pacific Antai
CHINA EASTERN: Finalizes Deal to Buy 16 Airbus A330 Planes
CITIC BANK: Approves Plan to Sell CNY25 Bil. Bonds in 2010


H O N G  K O N G

CHINA STATE: Commences Wind-Up Proceedings
CRYSTAL GARMETS: Members' Final Meeting Set for January 25
CYBER TEAM: Tang Lai Sheung Appointed as Liquidator
DRESDNER KLEINWORT (CHINA): Commences Wind-Up Proceedings
DRESDNER KLEINWORT (HK): Commences Wind-Up Proceedings

DRESDNER KLEINWORT SECURITIES: Commences Wind-Up Proceedings
GC HK: Chiu and Har Step Down as Liquidators
GOLDEN AMBROSE: Lam and Toohey Step Down as Liquidators
GREAT PERFECT: Placed Under Voluntary Wind-Up Proceedings
GUO YE TECHNOLOGY: Yeung Mui Kwan David Appointed as Liquidator

HK CONSTRUCTION: Contributories and Creditors to Meet on Jan. 12
HUA CHIAO: Commences Wind-Up Proceedings
KINGSWAY DECORATION: Annual Meetings Set for January 13
MAJORETTE HK: Creditors' Meeting Set for January 8
SEAPOWER CONSORTIUM: Creditors Get 100% Recovery on Claims

SWEET ESSENTIALS: Creditors' First Meeting Set for January 5
* Hong Kong's Economy May Face Double-Dip in 2010, Tsang Says


I N D I A

AASHIANA ROLLING: CRISIL Puts 'BB+' Rating on INR110MM Term Loan
AMBANK BHD: S&P Raises Counterparty Credit Rating From 'BB+/B'
AMBIKA DIAMONDS: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
AMRIT ENVIRONMENTAL: CRISIL Rates INR125MM Term Loan at 'B'
BALAJI SOURCINGS: CRISIL Puts 'BB+' Rating on INR50MM Cash Credit

C I LIMITED: Small Net Worth Cues CRISIL 'BB+' Ratings
D.S. ALLOYS: CRISIL Assigns 'BB' Rating on INR27.6MM Term Loan
DALKAN SHIP: CRISIL Assigns 'BB' Rating on INR35MM Cash Credit
DIEHARD DIES: CRISIL Assigns 'BB' Ratings on Various Bank Debts
DURGA PAPER MILLS: Delay in Loan Repayment Cues CRISIL 'D' Ratings

DYNAMIC CABLES: CRISIL Places 'B+' Rating on INR76.7 Mil. LT Loans
H. R. INTERNATIONAL: CRISIL Rates INR60 Mil. Cash Credit at 'BB'
INDIAN OIL: S&P Changes Outlook to Stable; Affirms 'BB+' Rating
JALARAM CERAMICS: CRISIL Rates INR159.6 Mil. Term Loan at 'BB+'
MAHABIR COLD: Low Net Worth Prompts CRISIL to Assign 'B+' Rating

MANGAL ELECTRICAL: CRISIL Puts 'BB' Rating on INR78MM Cash Credit
METALLIC ALLOYS: CRISIL Assigns 'BB+' Rating on Various Debts
RAMA MUSTARD: Delay in Loan Repayment Cues CRISIL Junk Ratings
SHEETAL PHARMA: CRISIL Assigns 'B' Rating on INR95MM Cash Credit
WINE ENTERPRISES: Low Profitability Cues CRISIL 'BB+' Rating


I N D O N E S I A

MEDIA NUSANTARA: S&P Affirms Corporate Credit Rating at 'B+'
* INDONESIA: 11 Firms Delisted from IDX in 2009


J A P A N

AIFUL CORP: ISDA Determinations Committee Votes Restructuring
JAPAN AIRLINES: DBJ to Double JAL's Credit Line to JPY200 Billion
* JAPAN: 160 Firms Delist from Tokyo, Osaka Bourses in 2009


K O R E A

KOREA EXCHANGE: Appellate Court Upholds Ruling on Lone Star Deal
KUMHO ASIANA: Banks to Put 2 Units Under Debt Rescheduling Program
KUMHO ASIANA: Sells Controlling Stake in Daewoo Eng'g. to KDB
* KOREA: Loan Delinquency Rate Declines in November, FSS Says


M A L A Y S I A

EKRAN BERHAD: High Court Dismisses Ownership Claims Over Hotels


N E W  Z E A L A N D

CEA GROUP: Receivers Sell Six South Island Bars


P H I L I P P I N E S

MC BASS: BIR Shuts Down Club Due to Alleged Tax Fraud


S I N G A P O R E

AC EQUIPMENTS: Court to Hear Wind-Up Petition on January 8
CIMNET PTE: Creditors' Proofs of Debt Due February 1
CHAMBERLAIN PTE: Creditors' Proofs of Debt Due February 1
CHUO MITSUI: Creditors' Proofs of Debt Due January 23
HEALTH CARE: Creditors' Proofs of Debt Due January 30

KINGMAC INT'L: Court to Hear Wind-Up Petition on January 8
LARENTA SHIPPING: Creditors' Proofs of Debt Due January 31
LINK-ZONE PTE: Court to Hear Wind-Up Petition on January 15
OLYMPIC SHIPPING: Creditors' Proofs of Debt Due January 29
SELUX ASIA: Creditors' Proofs of Debt Due January 29

SHAKOTAN SHIPPING: Creditors' Proofs of Debt Due January 31
SINGAPORE TIN: Court Enters Wind-Up Order
VIRTUS SHIPPING: Creditors' Proofs of Debt Due January 31




                         - - - - -


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


ABB GRAIN: Obtains Waiver of Oct. 31 Breach of Loan Covenants
-------------------------------------------------------------
Viterra Inc. provided an update on information contained in a
Business Acquisition Report that was filed with regulators on
December 7, 2009, with respect to its acquisition of ABB Grain
Ltd.

The BAR included financial statements for ABB for the period
October 1, 2008 to September 23, 2009, which reflected the
Australian business' financial performance prior to Viterra's
acquisition.  The report indicated that ABB was in breach of its
loan covenants at October 31, 2009.

Viterra said it has been in discussions with ABB's syndicate of
lenders and has received a waiver in respect of the October 31,
2009 breach.  Viterra will be issuing its consolidated financial
results on January 21, 2010, which will include approximately five
weeks of ABB results and consolidation of ABB's debt.

Rex McLennan, Chief Financial Officer at Viterra said, "We have
been working hard to implement changes in Australian operations to
strengthen business processes and accountability for bottom line
results. We are confident that our Australian operations will
achieve significant earnings recovery in 2010 given the larger
than average crop in the region, leadership changes in key
positions, and a more disciplined, sharper focus on business
execution to achieve its financial performance targets."

Since September 23, 2009, Viterra has been actively integrating
and rebranding the Australian business.  It has restructured the
grain operation to align storage and handling, transportation,
logistics and grain marketing into a single pipeline model that
focuses on shared objectives.  Viterra has implemented
organizational changes in Australia's Agri-products segment and is
designing a new farm customer relationship program.  Viterra has
put in place new leadership and expertise to oversee finance,
accounting, business planning, and information technology. The
company is also implementing enhanced financial management
processes to ensure financial administration and reporting
practices in the southern hemisphere are aligned with our North
American standards.

Integration is on track and Viterra expects to announce a new
leader of the Australia and New Zealand businesses in the coming
weeks.

                           About Viterra

Viterra Inc. (TSE:VT) -- http://www.viterra.ca-- provides premium
quality ingredients to leading global food manufacturers.
Headquartered in Canada, the global agribusiness has extensive
operations across Western Canada, Australia, and New Zealand, with
Adelaide, Australia as the base for Viterra's Southeast Asian
operations.  The Company's international presence also extends to
operations in the United States, offices in Japan, Singapore,
China, Switzerland and India.

                          About ABB Grain

ABB Grain Ltd -- http://www.abb.com.au -- is Australia's largest
agribusiness and offers marketing and supply-chain services for
the wheat, barley, canola, triticale (wheat and rye), and pulse
(legumes) crops.  The company owns 111 silos, seven export
shipping terminals, and seven storage sites (which can hold 10
million tons of grain).  ABB also stores more than 2.5 million
tons of mineral sands, wood chips, fertilizer, dolomite, salt, and
gypsum. Subsidiary Joe White Maltings produces more than 500,000
tons of malt per year for the international beer market.  ABB
Grain was founded in 1939 as the Australian Barley Board.  ABB was
acquired by Canada's Viterra in 2009.


DIORO EXPLORATION: Avoca Increases Takeover Bid to AU$115 Million
-----------------------------------------------------------------
Jesse Riseborough at Bloomberg News reports that Avoca Resources
Ltd. made a new AU$115 million cash and scrip bid for Dioro
Exploration NL, countering an offer from Ramelius Resources Ltd.

Bloomberg, citing Avoca's statement to the Australian stock
exchange, says Avoca offered 65 Australian cents in cash and 0.325
of a share, valuing Dioro at AU$1.25 a share.  The report relates
Avoca said the offer is final.

Bloomberg says Ramelius, owner of a 35% stake in Dioro, on Dec. 18
raised its all-share bid by 5%, offering 2.1 of its shares for
every Dioro share and valuing the company at AU$107 million.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 3, 2009, Ramelius Resources disclosed a AU$92 million
conditional offer to merge with Dioro Exploration.  The Offer was
an all share offer in which Ramelius will offer Dioro shareholders
two Ramelius shares for every one Dioro share held.

The TCR-AP reported on April 16, 2009, that Dioro Exploration said
it has received notification of an intention to make a takeover
offer from Avoca.  The original offer valued Dioro at about AU$49
million while the revised bid was worth about AU$68.5 million, at
the time of their respective announcements, according to WA Today.

Ramelius Resources Limited is an Australia-based company.  The
Company's principal activity is gold and minerals exploration and
production.  During the fiscal year ended June 30, 2008, the
Company milled 96,910 tons of Wattle Dam ore to produce
approximately 16,939 ounces of gold.

                       About Avoca Resources

Avoca Resources Limited is engaged in the mineral exploration and
resource development.  The Company is developing the Higginsville
Gold Project, as well as exploring several gold deposits in
Western Australia.  Avoca's principal project is the Higginsville
Gold Project, located 180 kilometer south of Kalgoorlie. In
Western Australia, it owns 100% of the Mt. Fisher Gold-Nickel
Project.  The Mt. Fisher Project is located 400 kilometer north of
Kalgoorlie and represents distinct gold and nickel mineralization
in a project area of 740 kilometer.  It has eight joint venture
developments in Western Australia.  The Company has Western
Australia Joint Ventures with La Mancha, Integra Mining,
Metex/Barrick, Great Gold Mines, Regal Resources and Encounter
Resources. Avoca Mining Pty Ltd is the Company's wholly owned
subsidiary.

                     About Dioro Exploration

Based in Australia, Dioro Exploration NL (ASX:DIO) --
http://www.dioro.com.au/-- is a gold mining and exploration
company.  The company owns the South Kalgoorlie mining operation
(South Kal operation) located 32 kilometers south of Kalgoorlie,
which includes 220,000 ounces of open pitable reserves, 1.675
million ounces of measured and indicated resources, the 1.2
million tonne per annum Jubilee processing facility and
approximately 1,100 square kilometers of exploration acreage.  In
addition, Dioro owns a 49% interest in the Frog's Leg gold project
located 20 kilometers west of Kalgoorlie, which includes 605,000
ounces of underground gold reserves.  Its subsidiaries include HBJ
Minerals Pty Ltd, Hampton Gold Mining Areas Limited and Lodestar
Minerals Limited.

                         *     *     *

Dioro Exploration reported a net loss of AU$15.99 million for the
year ended Aug. 31, 2008 -- its third consecutive annual loss.  In
2007, the company posted a AU$1.32 million net loss.  Dioro also
reported a AU$0.64 million net loss for 2006.


GREAT SOUTHERN: Administrators to Sell Two of Remaining Assets
--------------------------------------------------------------
The Sydney Morning Herald reports that Great Southern Group
administrators have put up for sale two of the last remaining
operational assets of the group to raise what money there may be
left to pay unsecured creditors.

According to the report, Ferrier Hodgson advertised on Dec. 30 for
buyers for Great Southern Timber Holdings and Great Southern
Infrastructure, which were the only subsidiaries out of 29
offshoots that creditors chose not to place in liquidation earlier
in December.

The report says the creditors voted to give Ferriers another 45
business days to see if the two companies could be sold before
meeting again and deciding whether they should be wound up.

Great Southern Timber has rights over 14,000 hectares of
plantation timber, while Great Southern Infrastructure owns a pulp
facility and a 50% stake in a woodmill, both in Western Australia,
the Herald notes.

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.

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.


GRIFFIN COAL: Calls in Kordamentha as Voluntary Administrator
-------------------------------------------------------------
Sarah McDonald at Bloomberg News reports that Griffin Coal Mining
Co., appointed Kordamentha as administrator with total debts
amounting to about AU$700 million.

Bloomberg, citing Kordamentha's e-mailed statement, relates that
the coal supplier defaulted on an interest payment last month to
bondholders owed $475 million and also missed a payment to
Australia's tax authority.

KordaMentha partner Brian McMaster said the 300 employees of the
coal operation would operate on a "business as usual" basis while
administrators assessed the condition of the business, according
to the Business Spectator.

The Business Spectator notes Mr. McMaster said that KordaMentha
would begin talks today with creditors, employees, unions, the WA
government and other stakeholders.

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/ -- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year. Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.


OCCUPATIONAL & MEDICAL: Voluntary Administrators Appointed
----------------------------------------------------------
Occupational & Medical Innovations Ltd on December 31, 2009,
appointed David Stimpson and Terrence Rose of SV Partners as joint
and several voluntary administrators of the company.

Dallas Business Journal has reported that U.S.-based syringe maker
Retractable Technologies Inc. had won a jury verdict in a patent
infringement case against Occupational & Medical Innovations Ltd.

Citing court documents, the Business Journal relates that the U.S.
District Court for the Eastern District of Texas found in favor of
Retractable Technologies.  Occupational & Medical Innovations was
directed to pay Retractable Technologies $1.57 million in damages
related to the infringement, the report says.

According to the Business Journal, the jury also directed
Occupational & Medical Innovations to pay Retractable Technologies
an additional $2.24 million after ruling that OMI misappropriated
the company's trade secrets.

The jury, the report says, found that Occupational & Medical
Innovations' auto-retractable safety syringe infringed on
Retractable Technologies' patent for its VanishPoint safety
syringe, which it developed and patented in the early 1990s.
Designed to prevent accidental needle sticks, the device will
automatically retract after a nurse or doctor has finished
injecting medicine into a patient, if used as designed, according
to court documents obtained by the Business Journal.

                            About OMI

Occupational & Medical Innovations Limited is an Australia-based
company.  The Company is engaged in the development and marketing
of safety engineered medical devices used in the medical industry.
The Company's products include OMI Auto Retractable Safety Syringe
and OMI Safety Scalpel.


* Mortgage Holders May Forced to Refinance Amid Rising Rates
------------------------------------------------------------
Rising interest rates in 2010 are likely to force some mortgage
holders to refinance, the Australian Associated Press reports
citing non-bank lender Resi Mortgage Corporation.

According to the AAP, Resi's Head of Consumer Advocacy, Lisa
Montgomery, said that with three consecutive rate rises already
announced and more predicted for 2010 borrowers may find they need
to refinance to a better mortgage alternative.

"With rates now widening between loan providers and some borrowers
feeling frustrated at an absence of customer empathy from their
lender, now is the ideal time of year to decide whether you can
work within the features of your existing mortgage to improve your
cash flow," the report cited Ms. Montgomery as saying in a
statement.  "Or if you're better off cutting your losses and
paying break fees if necessary, by refinancing to a more
appropriate loan and lender."

The AAP relates Ms. Montgomery said people can save money over the
long term by considering a range of simple options, including:

  -- switching to fortnightly payments instead of monthly, which
     not only lessens the impact of paying one large lump sum
     each month but also means your loan is paid off sooner;

  -- consolidating any lingering credit card debt which is
     accruing high interest of up to 20% into your mortgage,
     allowing you to concentrate on paying off one lower interest
     loan;

  -- directing any savings from other accounts onto a mortgage,
     thus lowering the principal.

"If you then look at these changes and still find they won't
materially improve your finances or that your circumstances have
changed too much for them to make any significant impact - that's
when it may be time start looking around for a more customised
solution in the form of a new loan with a better rate, more
appropriate loan features or more genuine customer support."


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C H I N A
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CHINA CONSTRUCTION: To Acquire ING's 50% Stake in Pacific Antai
---------------------------------------------------------------
China Daily reports that China Construction Bank will buy the
entire 50% stake held by Dutch financial conglomerate ING Groep NV
in Pacific Antai Life Insurance Co.

The bank said the acquisition will expand CCB's customer base and
also help it to integrate its banking and insurance businesses,
according to the Daily.

China Daily relates CCB said the deal still has to be cleared by
the regulatory authorities.

Reuters reports that ING said it had agreed to sell its 50% stake
to CCB as part of a restructuring announced in April last year.
It aims to sell up to EUR8 billion (US$11.51 billion) in assets
and cut risks after being hit by the credit crisis and receiving
state aid last year, Reuters relates.

According to Reuters, ING said the Dutch group, which in October
announced it would split its insurance unit from the bank, will
focus its Chinese insurance operations on ING Capital Life
Insurance, its 50% joint venture with Beijing Capital Group.

ING wants to pay back EUR5 billion (US$7.19 billion) in state aid
by selling its insurance arm and other assets, after it paid back
EUR5 billion in aid last week and completed a EUR7.5 billion
rights issue, Reuters discloses.

Shanghai-based Pacific Antai Life Insurance Co, with total assets
of CNY3.5 billion and 300,000 policyholders, is a joint venture
set up by ING and China Pacific Insurance Co. in 1998.  The two
companies hold identical stakes of 50% in the venture.

                             About ING

Headquartered in Amsterdam, the Netherlands, ING Groep N.V. --
http://www.ing.com/-- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia. ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In July 2008, the Company
completed the acquisition of CitiStreet LLC, a retirement plan and
benefit service and administration company in United States.  In
November 2008, ING Groep N.V. increased its stake in joint venture
Billington Holdings PLC from 50% to 100%.  In February 2009, the
Company announced that it closed the sale of its Taiwanese life
insurance business to Fubon Financial Holding Co. Ltd.  In April
2009, the Company sold its non-state pension fund business and its
holding company in Russia to Aviva plc.

                     About China Construction

Beijing-based China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in
Hong Kong.

                           *     *     *

China Construction Bank continues to carry Moody's Investors
Service's 'D-' bank financial strength rating.  Moody's Bank
Financial Strength Ratings represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


CHINA EASTERN: Finalizes Deal to Buy 16 Airbus A330 Planes
----------------------------------------------------------
China Eastern Airlines has finalized deal to buy 16 Airbus A330
planes, according to China Daily.

The report, citing China Eastern's statement to the Shanghai Stock
Exchange, relates that the planes are due to be delivered between
2011 and 2014, and cost the Shanghai-based carrier approximately
CNY17.75 billion.  The company plans to pay Airbus with bank
loans, the Daily says.

With deliveries to be spaced out over a four-year period, further
expansion into international markets is expected to be gradual,
the report states citing Li Lei, an airline industry analyst with
CITIC China Securities.

The Daily relates Li said the order comes as air traffic in Asia
rose in October for the second consecutive month, in sharp
contrast to the situation in Europe and North America where major
carriers continue to bleed, according to the Daily.

According to the report, Ji Lijun, an industry analyst with
Shanghai Securities, sees the purchase as a move by China Eastern
to cushion the impact of competition from high-speed trains.

China Daily discloses that China Eastern reported a net loss of
CNY13.93 billion to the Shanghai bourse in 2008 on losses from
futures trading of fuel contracts.  It reported a net profit of
CNY1.85 billion in the first 10 months of 2009 after a management
reshuffle, cost reductions and a capital injection.

                        About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                           *     *     *

China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.


CITIC BANK: Approves Plan to Sell CNY25 Bil. Bonds in 2010
----------------------------------------------------------
Bloomberg News reports that China Citic Bank Co.'s board has
approved a plan to sell as much as CNY25 billion (US$3.7 billion)
of bonds in 2010 to replenish capital.

Bloomberg, citing Citic Bank's statement filed to the Hong Kong
and Shanghai stock exchanges on Dec. 30, relates that the bank
plans to sell subordinated or hybrid bonds to strengthen its
tier-2 capital.

The report says Chinese banks extended an unprecedented CNY9.21
trillion (US$1.3 trillion) of new loans in the first 11 months of
this year to support the government's economic stimulus package,
eroding their financial strength.

According to estimates from BNP Paribas SA, China's 11 largest
publicly traded lenders may need to raise as much as a combined
CNY368 billion to keep their capital adequacy ratios at 12%,
Bloomberg reports.

CITIC Bank Co. Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

                           *     *     *

As of November 23, 2009, China CITIC Bank continues to carry
Moody's 'D' bank financial strength rating.


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


CHINA STATE: Commences Wind-Up Proceedings
------------------------------------------
Members of The China State (Nominees) Limited, on December 17,
2009, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

        Leung Fung Yee Alice
        Jardine House, 5th Floor
        1 Connaught Place
        Central, Hong Kong


CRYSTAL GARMETS: Members' Final Meeting Set for January 25
------------------------------------------------------
Members of Crystal Garments Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
January 25, 2010, at 10:00 a.m., at 21/F, Fee Tat Commercial
Centre, No. 613, Nathan Road, Kowloon, in Hong Kong.

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


CYBER TEAM: Tang Lai Sheung Appointed as Liquidator
---------------------------------------------------
Tang Lai Sheung on December 23, 2009, was appointed as liquidator
of Cyber Team Limited.

The liquidator may be reached at:

        Tang Lai Sheung
        New Victory House
        Room 1206, 12/F
        93 Wing Lok Street
        Central, Hong Kong


DRESDNER KLEINWORT (CHINA): Commences Wind-Up Proceedings
---------------------------------------------------------
Members of Dresdner Kleinwort (China) Limited, on December 14,
2009, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

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


DRESDNER KLEINWORT (HK): Commences Wind-Up Proceedings
------------------------------------------------------
Members of Dresdner Kleinwort (Hong Kong) Limited, on December 14,
2009, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

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


DRESDNER KLEINWORT SECURITIES: Commences Wind-Up Proceedings
------------------------------------------------------------
Members of Dresdner Kleinwort Securities (Asia) Limited, on
December 14, 2009, passed a resolution to voluntarily wind-up the
company's operations.

The company's liquidators are:

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


GC HK: Chiu and Har Step Down as Liquidators
--------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of GC
Hong Kong Limited on December 21, 2009.


GOLDEN AMBROSE: Lam and Toohey Step Down as Liquidators
-------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey stepped down as
liquidators of Golden Ambrose Limited on December 17, 2009.


GREAT PERFECT: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on December 16, 2009,
creditors of Great Perfect Investment Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

        Kwok-leung Yeung
        Manulife Tower, 11/F
        169 Electric Road
        North Point, Hong Kong


GUO YE TECHNOLOGY: Yeung Mui Kwan David Appointed as Liquidator
---------------------------------------------------------------
Yeung Mui Kwan David on December 16, 2009, was appointed as
liquidator of Guo Ye Technology Development Limited.

The liquidator may be reached at:

         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


HK CONSTRUCTION: Contributories and Creditors to Meet on Jan. 12
----------------------------------------------------------------
Contributories and creditors of Hong Kong Construction (Works)
Limited will hold their annual meetings on January 12, 2010, at
2:00 p.m., and 2:30 p.m., respectively at 18/F, 1801 Wing On
House, 71 Des Voeux Road, Central, in Hong Kong.

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


HUA CHIAO: Commences Wind-Up Proceedings
----------------------------------------
Members of Hua Chiao Commercial (Nominees) Limited, on Dec. 17,
2009, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

        Leung Fung Yee Alice
        Jardine House, 5th Floor
        1 Connaught Place
        Central, Hong Kong


KINGSWAY DECORATION: Annual Meetings Set for January 13
-------------------------------------------------------
Members and creditors of Kingsway Decoration & Engineering Company
Limited will hold their annual meetings on January 13, 2010, at
2:30 p.m., and 3:00 p.m., respectively at 18/F, 1801 Wing On
House, 71 Des Voeux Road, Central, in Hong Kong.

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


MAJORETTE HK: Creditors' Meeting Set for January 8
--------------------------------------------------
Creditors of Majorette Hong Kong Limited, which is in voluntary
liquidation, will hold their meeting on January 8, 2010, at 10:30
a.m., for the purposes provided for in Sections 241, 242, 243, and
244 of the Companies Ordinance.

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


SEAPOWER CONSORTIUM: Creditors Get 100% Recovery on Claims
-----------------------------------------------------------
Seapower Consortium Company Limited, which is in creditors'
voluntary liquidation, declared the preferential dividend to its
creditors on or after January 4, 2010.

The company paid 100% for preferential claims.

The company's liquidators are:

         Cosimo Borrelli
         Kelvin Edward Flynn
         Level 17, Tower 1
         Admiralty Centre
         18 Hardcourt Road
         Hong Kong


SWEET ESSENTIALS: Creditors' First Meeting Set for January 5
------------------------------------------------------------
Creditors of Sweet Essentials Limited, which is in creditors'
voluntary liquidation, will hold their first meeting on Jan. 5,
2010, at 10:00 a.m., for the purposes provided for in Sections 241
as modified by section 228A(17), 242, 243, and 244 of the
Companies Ordinance.

The meeting will be held at Room 201, Duke of Windsor Social
Service Building, No. 15 Hennessy Road, Wanchai, in Hong Kong.


* Hong Kong's Economy May Face Double-Dip in 2010, Tsang Says
-------------------------------------------------------------
Hong Kong Chief Executive Donald Tsang has warned that the city
could face a double-dip downturn in the middle of 2010, because of
continued uncertainties about the state of the global economy,
Chester Yung at Dow Jones Newswires reports.

"Hong Kong's economic recovery won't be a smooth one, and I am
prepared," Dow Jones quoted Mr. Tsang as saying.  "I am a bit
pessimistic on the pace of recovery and we may experience a
double-dip in the middle of next year."

Mr. Tsang, however, said the government has adequate resources to
cope with any adverse economic conditions, according to Dow Jones.

Dow Jones also reports the Census and Statistics Department said
the value of Hong Kong's retail sales rose 11.7% in November from
a year earlier, lifted by improved consumer confidence and rising
tourism.  The growth rate was higher than October's 9.8% rise and
the median 7.9% forecast of seven economists surveyed earlier by
Dow Jones Newswires.


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


AASHIANA ROLLING: CRISIL Puts 'BB+' Rating on INR110MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Positive' to Aashiana
Rolling Mills Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR125.0 Million Cash Credit Limit    BB+/Positive (Assigned)
   INR110.0 Million Term Loan            BB+/Positive (Assigned)

The rating reflects ARML's exposure to risks relating to small
scale of, and lack of backward integration in, operations, intense
competition in the thermo-mechanically treated (TMT) steel bar
industry.  These weaknesses are partially offset by ARML's
moderate financial risk profile supported by efficient working
capital management and promoters' experience in steel long
products industry.

Outlook: Positive

CRISIL believes that the continuation of healthy operating
performance achieved by ARML in the first year of operations, in
terms of revenues and profitability, will have a favorable impact
on ARML's business and financial risk profile.  CRISIL also
expects ARML to continue managing its working capital requirements
efficiently. The ratings may be upgraded if ARML maintains healthy
operating performance over the near term.  Conversely, the outlook
may be revised to 'Stable' if the company's operating performance
or working capital management deteriorates significantly.

Incorporated in 2004 by Mr. D K Goyal and Mr. Pradeep Kumar Garg,
ARML manufactures TMT bars and steel structural elements in
Ahmedabad (Gujarat).  ARML commenced commercial operations in
February 2008; it has one manufacturing facility with capacity of
80,000 tonnes of TMT bars per annum, and 12,000 tonnes for
structural steel products per annum.  The company sells its entire
production under the Kamdhenu brand, under an agreement signed
with Kamdhenu Ispat Ltd. Its promoters have been in the steel
rolling industry since 1997 through group companies Friends Ispat
Udyog Pvt Ltd (Friends Ispat) and Darpan Ispat Ltd (Darpan Ispat).
TMT bars produced by Darpan Ispat and Friends Ispat are sold under
the Friends brand.

ARML reported a profit after tax (PAT) of INR32.5 million on net
sales of INR1226 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.5 million on net
sales of INR4.3 million for 2007-08.


AMBANK BHD: S&P Raises Counterparty Credit Rating From 'BB+/B'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on AmBank
(M) Bhd. to positive from stable and affirmed the counterparty
credit rating at 'BBB-/A-3'.  At the same time, Standard & Poor's
raised its counterparty credit rating on AmInvestment Bank Bhd.
to 'BBB-/A-3' from 'BB+/B'.  The outlook is positive.

"We upgraded AmInvestment to the same level as AmBank as S&P now
considers it a core entity in the AmBank group," said Standard &
Poor's credit analyst Geeta Chugh.

The outlook revision on AmBank reflects the bank's strength in
Malaysia's retail segment, especially in auto financing, and its
improving financial profile in recent years.

AmBank's business and financial profile has also strengthened with
the management participation of Australia and New Zealand Banking
Group Ltd. (AA/Stable/A-1+) in May 2007.

"Further asset-quality improvement hinges on AmBank's ongoing
recovery and its ability to contain new NPL formation amid a more
difficult economic backdrop.  Despite having improved consistently
over the past few years due to better risk management and more
diversified asset writing strategies, S&P expects the bank's asset
quality to remain weaker than its peers', given S&P's view that
auto loans are inherently riskier than other consumer loans," Ms.
Chugh said.

AmInvestment, previously a quasi commercial lender, became an
investment bank after a group restructuring; it now undertakes
investment banking activities that the commercial banks in
Malaysia cannot participate in.

By leveraging on AmBank's balance sheet, AmInvestment can secure
and structure large transactions that its stand-alone
capitalization would otherwise prohibit.  AmInvestment's
management team, strengthened by ANZ's stake purchase, has ensured
that the group operates more cohesively, has a common senior
management team, as well as common financial governance, and risk
management philosophies and tools, said Ms. Chugh.

"We therefore consider it a core entity of the group, and believe
it will be supported by AmBank in the event of distress," she
added.


AMBIKA DIAMONDS: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
----------------------------------------------------------------
CARE assigned a 'CARE BB+' rating to the Long-term Bank Facilities
of M/s Ambika Diamonds.  This rating is applicable to facilities
having tenure of more than one year.  Facilities with this rating
are considered to offer inadequate safety for timely servicing of
debt obligations. Such facilities carry high credit risk.  The
above rating is assigned to the long term bank facilities
aggregating INR31.20 crore.  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.

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm as on
March 31, 2009.  The rating may undergo change in case of
withdrawal of capital or the unsecured loans brought in by the
partners in addition to the financial performance and other
relevant factors.

Rating Rationale

The rating is constrained by closely-held nature of partnership
firm, small size of business and uninsured debtors.  The rating is
further constrained by high inventory days and long working
capital cycle.

The rating considers the track record of the promoters in the
diamond business.  Further, strong competition from large number
of players in organized and unorganized sectors and economic
slowdown in key consumer markets are the key rating sensitivities.

                       About Ambika Diamonds

AD was established in 1988 as a partnership firm by Mr. Ratilal K.
Shah and Mr. Kishor R. Shah.  The firm is engaged in processing of
small to large sized diamonds.  The firm is run by considerably
experienced partners who are close family members and relatives.
AD does not own any manufacturing facility and it outsources its
cutting and polishing activity to job workers in Surat.

In FY06, the firm started its Power Division by commissioning its
Wind Mill at Dhule, Maharashtra.  The firm owns one wind mill with
a capacity of 1.25MW.  This wind mill is operated by Suzlon Energy
Ltd. and the energy generated is sold to Maharashtra State
Electricity Distribution Company Limited (MSEDCL).

AD procures rough diamonds from DTC sightholders as well as from
the open markets in Belgium, Israel, Dubai and Hong Kong.  The
firm does not have any marketing offices and rely on brokers for
its marketing activities.  Major portion of AD's revenues is
generated from exports (approximately 79% in FY08).  However, AD
has also presence in the domestic market with sales of
approximately 21% in FY08.

The geographical diversification boosted the firm's revenues by
25.7% Y-o-Y to INR65.82 crore in FY08. However, total operating
income was impacted by decrease in stock and decline in sale of
electricity.  This coupled with higher personnel and selling costs
pushed PBILDT margin lower by 27 basis points. However, PAT margin
dipped to 1.9% in FY08 as compared to 5.4% in FY07 on account of
lower PBILDT coupled with higher taxes (paid as well as deferred
due to differences in depreciation charges as per Income tax
Act and Companies Act).  With repayment of the term loan, the
long-term debt-equity ratio decreased to 0.05x as on March 31,
2008.  However, increase in working capital borrowing pushed the
overall gearing ratio higher to 1.14x as on March 31, 2008.  AD
has a long working capital cycle of 279 days as on March 31, 2008.
This was mainly due to its high receivables which are uninsured as
well as due to the long inventory holding period of 291 days.


AMRIT ENVIRONMENTAL: CRISIL Rates INR125MM Term Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Amrit Environmental Technologies Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR50 Million Cash Credit             B/Stable (Assigned)
   INR125 Million Term Loan              B/Stable (Assigned)

The rating reflects AETPL's weak financial risk profile marked by
accumulated losses, and limited track record of consistent power
generation.  These weaknesses are partially offset by the
expectation that AETPL will receive need-based support from its
parent company, Orient Green Power Ltd.

Outlook: Stable

CRISIL believes that AETPL's profitability will remain weak
because of the ongoing upgradation, repairs and maintenance of its
biomass plant which may lead to erratic power generation over the
near to medium term.  However, CRISIL expects that AETPL will
receive both operational and need-based financial support from
OGPL, over the medium term. However, OGPL's credit risk profile
will remain constrained by the large capital expenditure (capex)
programme which the company plans to undertake, for setting up
about 15 power plants, in the next two years. The outlook may be
revised to 'Positive' in case of significant improvement in
AETPL's financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the support the AETPL receives from OGPL
is below expectations, or if there is further deterioration in
AETPL's financial risk profile.

                     About Amrit Environmental

AETPL, a wholly owned subsidiary of OGPL, runs an 8-megawatts
(MW)-capacity power plant using mustard husk as fuel.  OGPL, in
turn, is a wholly owned subsidiary of Orient Green Power Pte Ltd
(Singapore-based holding company), which is part of Shriram EPC
Ltd. AETPL's plant is located in Kotputli (Rajasthan) and it was
acquired by OGPL from SM Environmental Technologies Pvt Ltd in
December 2008. AETPL has signed a 10-year power purchase agreement
(PPA) with Jaipur Vidyut Vitran Nigam Ltd.  The power generated
has been contracted to be sold at per unit price of about INR4.7
in 2009-10 (refers to financial year, April 1 to March 31), as the
PPA has an in-built escalation of 5 per cent per year in tariff.

AETPL reported a profit after tax (PAT) of INR85.5 million on net
sales of INR108 million for 2008-09, against a net loss of INR93.8
million on net sales of INR99 million for 2007-08.  The net profit
in 2008-09 was due to depreciation write-back of INR199 million.


BALAJI SOURCINGS: CRISIL Puts 'BB+' Rating on INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balaji Sourcings Pvt
Ltd continue to reflect BSPL's small scale of operations, and the
company's exposure to debtor and inventory risks in the trading
business.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit           BB+/Stable (Reaffirmed)
   INR150.0 Million Letter of Credit     P4+ (Reaffirmed)

These rating weaknesses are partially offset by BSPL's sound
financial risk profile, marked by low gearing and comfortable debt
protection measures, and the benefits the company derives from its
favourable relationships with suppliers and customers on the back
of its association with Balaji Amines Ltd (BAL, rated
'BBB+/Stable/P2' by CRISIL)

Outlook: Stable

CRISIL believes that BSPL will continue to benefit from its
association with BAL over the medium term.  The outlook may be
revised to 'Positive' in case of a significant increase in BSPL's
net worth, most likely because of sustained improvement in
profitability or fresh equity infusion.  Conversely, the outlook
may be revised to 'Negative' if BSPL's capital structure
deteriorates, most likely because of debt-funded capital
expenditure, or if its profitability declines, or in case of any
devolvement of non-fund based facilities

                       About Balaji Sourcings

Incorporated in 2006 by Mr. D Ram Reddy, Mr. A Prathap Reddy,
Mr. Vikas Shah, and BAL, BSPL is a merchant importer of methanol
and other key chemicals used by the pharmaceutical and agro-
chemical industries. BSPL imports products from the Gulf
countries, primarily Saudi Arabia, and sells them in India. The
company has storage units in Mumbai and Kandla.

BSPL reported a profit after tax (PAT) of INR3.7 million on net
sales of INR704.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.4 million on net sales
of INR459.5 million for 2007-08.


C I LIMITED: Small Net Worth Cues CRISIL 'BB+' Ratings
------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of C I Ltd, which is part of the Nayak group.

   Facilities                            Ratings
   ----------                            -------
   INR55 Million Cash Credit*            BB+/Stable (Assigned)
   INR5 Million Export Packing Credit*   BB+/Stable (Assigned)
   INR6 Million Standby Line of Credit*  BB+/Stable (Assigned)
   INR31 Million Proposed Cash Credit    BB+/Stable (Assigned)
   INR3 Million Bank Guarantee           P4+ (Assigned)
   *Interchangeable with one another

The ratings reflect the group's low profitability, small net
worth, customer concentration in revenue profile, and large
working capital requirements.  These weaknesses are partially
offset by the benefits that the company derives from its
promoters' experience, and from its established customer
relationships and comfortable risk management policies.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CIL, Commodities International Ltd, and
JP Nayak and Sons. This is because the three entities,
collectively referred to as the Nayak group, are under a common
management, in the same line of business, and have significant
intra-group operational linkages.

Outlook: Stable

CRISIL believes that the Nayak group will continue to benefit from
its market position backed by the promoters' experience and
customer relationships.  The outlook may be revised to 'Positive'
if the group enters and establishes itself in new markets, thereby
driving its growth and diversifying its revenue profile.
Conversely, any large, additional debt-funded capital expenditure
or acquisition, or deterioration in the group's financial risk
profile, may result in revision in the outlook to 'Negative'.

                         About the Group

CIL, set up in 1992, was acquired by its current promoters,
Mr. J P Nayak and his son Mr. Aurobindo Nayak, in 1994.  The
company has been engaged in tea trading since inception.  CIL
exports to the Middle East. J P Nayak & Sons was a proprietorship
concern; it was converted into a partnership concern in 2007 with
Mr. J P Nayak and his son as partners.  The concern is involved in
warehousing.

The Nayak group reported a profit after tax (PAT) of INR4.2
million on net sales of INR712 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR2.8
million on net sales of INR404.5 million for 2007-08.


D.S. ALLOYS: CRISIL Assigns 'BB' Rating on INR27.6MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to D.S. Alloys Pvt
Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR120.0 Million Cash Credit Limit    BB/Stable (Assigned)
   INR27.6 Million Term Loan             BB/Stable (Assigned)
   INR2.4 Million Proposed Long Term     BB/Stable (Assigned)
                       Bank Facility
   INR100.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect DSAPL's weak financial risk profile, small
scale of operations, and exposure to intense competition in the
fragmented ferroalloys industry.  These rating weaknesses are
partially offset by the benefits that DSAPL derives from its
promoters' industry experience and established relationships with
customers.

Outlook: Stable

CRISIL believes that DSAPL will maintain its business risk profile
over the medium term on the back of a well-established clientele,
and revival in the demand for steel. The outlook may be revised to
'Positive' if the company achieves better than expected growth in
turnover and operating margin, thereby improving its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case DSAPL's debt protection metrics deteriorate, most likely
because of decline in profitability.

                        About D.S. Alloys

DSAPL's promoters, Mr. Raj Kumar Goel and his uncle Mr. Hanuman
Mittal, ventured into manufacturing ferroalloys by establishing
Raj Metal Industries, a partnership firm, in 1994. In 2002, the
promoters established DSAPL, in Bahalgarh (Haryana). DSAPL was set
up to manufacture ferro-molybdenum.

In 2006-07 the management decided to shift their manufacturing
facilities closer to its customers and suppliers. They therefore
shifted their plant to Nagpur (Madhya Pradesh). This led to a
disruption in the company's operations during 2006-07. The
commissioning of the relocated operations got delayed until
October 2008 due to issues in land acquisition and delay in
obtaining approvals from government authorities.

Due to decline in demand for ferro molybdenum the company has off-
late diversified its product profile. The company now also
manufactures ferro manganese, ferro titanium and aluminium shot
and notch bars.

DSAPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR223.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR214.5 million for 2007-08.


DALKAN SHIP: CRISIL Assigns 'BB' Rating on INR35MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Dalkan Ship Breaking Limited, which is part of the
Shah group.

   Facilities                            Ratings
   ----------                            -------
   INR35.0 Million Cash Credit Limit     BB/Stable (Assigned)
   INR200.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect the Shah group's stretched financial risk
profile, and exposure to risks relating to cyclicality in the
shipping industry.  Industry is also susceptible to changes in
government regulations specifically with respect to environmental
concerns.  These rating weaknesses are partially offset by the
benefits that the Shah group derives from its relatively superior
market position due to ownership of three ship breaking yards, and
the healthy growth prospects of the ship-breaking industry over
the medium term.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dalkan, Paras Steel Corporation
(Paras), and Vijaykumar and Company (VKC). This is because the
three entities, collectively referred to as the Shah group, are
under a common management, and have operational linkages, and
fungible funds.

Outlook: Stable

CRISIL believes that the Shah Group will maintain a stable credit
risk profile over the medium term, on the back of healthy near-
term growth prospects in the ship-breaking industry, capitalizing
on promoters' industry experience.  The outlook may be revised to
'Positive' if anticipated growth in top line coincides with
healthy profitability. Conversely, the outlook may be revised to
'Negative' if steel scrap prices fall sharply, resulting in the
group being unable to recover the cost of ship purchase, and
consequently in decline in margins.

                         About Dalkan Ship

Set up in 1994, VKC is a proprietorship concern founded by
Mr. Chimanlal Mavjibhai Shah and his three brothers, Mr.
Bhupatrai, Mr. Jaysukhlal, and Mr. Vinaychand.  The family has
been in the business of ship breaking since 1985 through a
partnership concern, Amar Ship Breaking Corporation (ASBC).  In
1994, the family exited from ASBC and set up VKC. VKC owns a 50
square meters (sq. mtrs.) plot at Alang ship breaking yard in
Bhavnagar, Gujarat.

The incorporation of Vijaykumar was followed by setting up of
Dalkan in 1994 and Paras in 1998. Mr. Jayasukhlal Mavjibhai Shah,
younger brother of Mr. Chimanlal M. Shah, is the proprietor of
Paras while the board members of Dalkan, a closely held limited
company, are all second generation entrepreneurs of the Shah
family. Paras operates a 35 sq. mtrs. plot and Dalkan has a 50 sq.
mtrs. plot at Alang.

Dalkan reported a profit after tax (PAT) of INR2.2 million on net
sales of INR220 million for 2008-09 (refers to financial year,
April 1 to March 31), and no ship breaking activity was undertaken
in 2007-08.


DIEHARD DIES: CRISIL Assigns 'BB' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Diehard Dies
Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR20.6 Million Cash Credit           BB/Stable (Assigned)
   INR160 Million Long Term Loan         BB/Stable (Assigned)
   INR20 Million Letter of Credit        P4+ (Assigned)

The ratings reflect DDPL's weak financial risk profile, and
exposure to risks relating to its nascent and small scale of
operations in the dies industry. These rating weaknesses are
partially offset by the benefits that the company derives from
access to superior technology, and support from group companies.

Outlook: Stable

CRISIL expects DDPL to continue commercial operations at its new
plant as scheduled without any further time or cost overruns. The
outlook may be revised to 'Positive' if the company generates high
revenues and profits after its operations stabilise. Conversely,
the outlook may be revised to 'Negative' if delays occur in
commissioning its project owing to unforeseen events or if the
support to meet funding requirements from group companies is low.

                        About Diehard Dies

DDPL is part of the Tulasi group of companies, headed by Mr.
Tulasi Ramachandra Prabhu.  The group was set up in the 1970s with
the setting up of Coastal Packaging. Diehard Dies was set up in
2007-08 (refers to financial year, April 1 to March 31) and is
commissioning a plant for manufacturing flat steel rule cutting,
creasing, and stripping dies, rotary steel cutting dies, and steel
line label cutting dies (flexible dies).

The production of flat steel rule cutting and rotary steel cutting
dies has started from 10th November 2009 while that of flexible
dies is expected to start from mid February 2010.


DURGA PAPER MILLS: Delay in Loan Repayment Cues CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its rating of 'D' to Durga Paper Mills's bank
facilities.  The rating reflects the delay by DPM in the repayment
of its term loan obligations because of weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Term Loan             D (Assigned)
   INR53.8 Million Proposed Long Term    D (Assigned)
                   bank Loan Facility

DPM is a partnership firm promoted by Mr. Jatin Agarwal and his
associates in 2005.  The firm is setting up a 19,500 tonnes per
annum (tpa) writing and printing paper (WPP) plant with capacity
to manufacture WPP and soft tissue paper in Kathua (Jammu &
Kashmir).  The proposed plant will manufacture various types of
paper, for use in copiers, books, magazines, brochures, and
catalogues.  The total outlay for the project is around INR83.7
million, proposed to be funded in a debt-to-equity ratio of 2:1
(total debt of INR56.5 million and partner's contribution of
INR27 million).  The project is expected to become operational by
March 2010, and commence commercial production in April 2011.


DYNAMIC CABLES: CRISIL Places 'B+' Rating on INR76.7 Mil. LT Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Dynamic Cables Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR85.0 Million Cash Credit        B+/Stable (Assigned)
   INR76.7 Million Long Term Loans    B+/Stable (Assigned)
   INR70.0 Million Bank Guarantee     P4 (Assigned)
   INR50.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect DCPL's weak financial risk profile marked by a
small net worth and high gearing, revenue dependence on state
electricity boards (SEBs), large working capital requirements, and
its exposure to intense competition.  These weaknesses are
partially offset by DCPL's established position in the electrical
cables and conductors industry backed by its promoters'
experience, and its adequate operational capabilities.

Outlook: Stable

CRISIL believes that DCPL will continue to benefit from its market
position and from the growth potential of the power sector.
However, the ratings will remain constrained by the company's high
gearing and small net worth.  The outlook may be revised to
'Positive' if DCPL improves its financial risk profile
significantly, including through fresh equity infusion by
promoters.  Conversely, the outlook could be revised to 'Negative'
if the company undertakes a large, significantly debt-funded
capital expenditure program, or if there is sharp decline in the
company's revenues and deterioration in profitability.

                       About Dynamic Cables

Dynamic Cables Pvt Ltd. was started in 1986 as a partnership firm,
and was converted into a private limited company in April 2007.
The promoters, Mr. Rahul Mangal and his brother Mr. Ashish Mangal,
have over two decades of experience in manufacturing cables and
conductors.  The company manufactures low-tension and high-tension
cables (cross-linked polyethylene cables and polyvinyl chloride
cables) and conductors (aluminium conductors steel reinforced, and
all aluminium alloy conductors) which are used in the high-voltage
transmission of power. SEBs are DCPL's main clients.

During 2008-09 (refers to financial year, April 1 to March 31),
DCPL reported a net profit of  INR19.7 million on net sales of
INR1.01 billion, against a net profit of  INR25 million on net
sales of  INR973 million in the previous year. For the six months
ended September 30, 2009, DCPL reported a net profit of INR3.9
million on revenues of INR0.53 billion.


H. R. INTERNATIONAL: CRISIL Rates INR60 Mil. Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to H.R.
International Ltd's bank facilities.

     Facilities                           Ratings
     ----------                           -------
     INR60.0 Million Cash Credit          BB/Stable (Assigned)
     INR90.0 Million Bills Discounting    P4+ (Assigned)
     INR30.0 Million Packing Credit       P4+ (Assigned)

The ratings reflect HRIL's exposure to risks relating to moderate
scale of operations in the intensely competitive jute industry,
and average financial risk profile.  These rating weaknesses are
partially offset by HRIL's strong track record and the benefits
that the company derives from the vast experience of its
promoters.

Outlook: Stable

CRISIL believes that H. R. International Ltd will continue to
benefit over the medium term from its established position in the
jute and jute products trading industry.  The outlook may be
revised to 'Positive' in case the company improves its operating
revenues and margins significantly.  Conversely, the outlook may
be revised to 'Negative' if HRIL's financial risk profile
deteriorates because of adverse movements in its working capital
requirements, leading to significant pressure on its debt
protection indicators.

Set up in 1970 by the Mall family of Kolkata, HRIL trades in raw
jute and various jute products.  The promoters also promote the
Emjay group, which has interests in real estate, jute textiles,
pharmaceuticals, and trading.

HRIL reported a profit after tax (PAT) of INR2.12 million on net
sales of INR1212.5 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.41 million on net
sales of INR1011.5 million for 2007-08.


INDIAN OIL: S&P Changes Outlook to Stable; Affirms 'BB+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on Indian Oil Corp. Ltd. to stable from negative.
At the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit rating on the company.  The rating was then
withdrawn at the company's request.

The outlook revision reflects IOC's improving stand-alone credit
profile as a result of a strengthened liquidity position and
ongoing support from the government of India (BBB-/Negative/A-3).

"The affirmed rating on IOC reflects the effect on the company
from the government's control of fuel prices, combined with the
lack of an institutionalized mechanism to receive timely
compensation for under-recovery of crude oil costs," said Standard
& Poor's credit analyst Yasmin Wirjawan.  The rating also reflects
IOC's exposure to commodity cycles and the company's significant
capital expenditure requirements.  These risks are partly offset
by IOC's strong market presence, the potential for steady domestic
demand growth, and the company's improved liquidity position.  S&P
assess IOC's stand-alone credit profile as 'BB'.

In accordance with S&P's criteria for government-related entities,
S&P believes that there is an "extremely high" likelihood of
extraordinary government support for IOC in the event of financial
distress based on S&P's assessment of the company's "critical"
role for, and "very strong" link with, the government.

"We believe IOC has an important socio-economic role, being the
dominant refiner and distributor of automotive fuels and supplier
of cooking fuel in India.  Unlike private domestic players, the
company benefits from a subsidy and recovery mechanism from the
government for products that it sells below market prices," said
Ms. Wirjawan.

IOC's liquidity is adequate, in S&P's view.  S&P believes that IOC
should be able to refinance or roll over its short-term
borrowings, given its position as the largest corporation in
India, its government ownership, and the support of state-owned
banks.

The stable outlook reflects S&P's expectation of ongoing support
from the government through compensation for the under-recovery in
fuel costs, as well as S&P's assessment of the extremely high
likelihood of support from the government in the event of
financial distress.  The outlook also reflects the intention and
the efforts of the government to make the compensation mechanism
transparent and institutionalized.


JALARAM CERAMICS: CRISIL Rates INR159.6 Mil. Term Loan at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to Jalaram
Ceramics Ltd's bank facilities.

     Facilities                           Ratings
     ----------                           -------
     INR130.0 Million Cash Credit Limit   BB+/Stable (Assigned)
     INR159.6 Million Term Loan           BB+/Stable (Assigned)
     INR15.0 Million Proposed Long        BB+/Stable (Assigned)
           Term Bank Loan Facility
     INR57.8 Million Letter of Credit     P4+ (Assigned)

The ratings reflect JCL's average financial risk profile, and
exposure to risks relating to intense competition in the tiles
industry, and dependence of revenues on growth in real estate
sector.  These weaknesses are partially offset by the benefits
that the company derives from its promoters' experience in the
tiles industry.

Outlook: Stable

CRISIL believes that JCL's financial risk profile will remain
stable over the medium term, on the back of comfortable cash
accruals and the absence of capital expenditure (capex) program.
The outlook may be revised to 'Positive' if JCL's profitability
increases, leading to higher cash accruals.  Conversely, the
outlook may be revised to 'Negative' if the company's
profitability reduces or if it incurs large debt funded capex
resulting in deterioration of its debt protection measures.

                       About Jalaram Ceramics

Incorporated in 1995, JCL manufactures tiles including vitrified,
ceramic, porcelain and wall tiles.  It has the capacity to
manufacture 79000 tonnes per annum of vitrified/ceramic tiles at
its plant in Gandhinagar (Gujarat).

JCL reported a profit after tax (PAT) of INR3.1 million on net
sales of INR746.5 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.4 million on net
sales of INR673.8 million for 2007-08.


MAHABIR COLD: Low Net Worth Prompts CRISIL to Assign 'B+' Rating
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Mahabir Cold Storage
Pvt Ltd's bank facilities.

     Facilities                           Ratings
     ----------                           -------
     INR100 Million Cash Credit           B+/Stable (Assigned)
     INR4 Million Term Loan               B+/Stable (Assigned)

The rating reflects MCL's constrained financial risk profile
marked by high gearing, low net worth, and constrained debt
protection measures, and large working capital requirements.
These rating weaknesses are partially offset by MCL's moderate
business profile marked by the significant experience of the
promoters' in the cold storage industry.

Outlook: Stable

CRISIL believes that MCL will continue to benefit from its
promoters' industry experience.  The outlook may be revised to
'Positive' if the company's financial risk profile improves on the
back of increase in cash accruals or significant equity infusion.
Conversely, the outlook may be revised to 'Negative' in case MCL's
financial risk profile deteriorates, most likely because of large,
debt-funded capital expenditure.

                        About Mahabir Cold

Set up in 1999 by Mr. Hulas Chand Jain, MCL into trading in,
storage and preservation of potatoes and apples.  The company's
cold storage unit in Tinsukhia (Assam) has a capacity of 1,40,000
quintals.  The company procures potatoes from Punjab and West
Bengal and sells the same to traders and wholesalers in Assam.

MCL reported a profit after tax (PAT) of INR0.6 million on
operating income of INR88 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR0.5 million on
operating income of INR95 million for 2007-08.


MANGAL ELECTRICAL: CRISIL Puts 'BB' Rating on INR78MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Mangal Electrical Industries Pvt Ltd.

     Facilities                           Ratings
     ----------                           -------
     INR78 Million Cash Credit            BB/Stable (Assigned)
     INR3.6 Million Long Term Loans       BB/Stable (Assigned)
     INR32.5 Million Bank Guarantee       P4+ (Assigned)
     INR57.5 Million Letter of Credit     P4+ (Assigned)

The ratings reflect MEIPL's average financial risk profile marked
by low net worth, revenue dependence on state electricity boards
(SEBs), exposure to intense competition, and its large working
capital requirements.  These weaknesses are mitigated by MEIPL's
established market position, proven operational capabilities, and
its promoters' industry experience.

Outlook: Stable

CRISIL believes that MEIPL will gradually improve its business
profile over the medium to long term, because of the healthy
growth potential of the power sector.  However, the ratings are
likely to remain constrained by the company's modest financial
risk profile.  The outlook may be revised to 'Positive' in case of
large, fresh equity infusion into the company, or sustained
increase in its cash accruals, resulting in increase in its net
worth.  Conversely, the outlook could be revised to 'Negative' if
the company undertakes a large, substantially debt-funded capital
expenditure program, or in case of a steep decline in its revenues
and deterioration in its profitability.

                      About Mangal Electrical

Mangal Electrical Industries Pvt Ltd was started as a partnership
firm in 1990, and was converted into a company in April 2008.
MEIPL manufactures aerial-bunched cables, conductors, cold-rolled-
grain-oriented (CRGO) steel laminations, and transformers. The
promoters, Mr. Rahul Mangal and his brother Mr. Ashish Mangal,
have over two decades of industry experience.  Cables, conductors,
and transformers are sold to SEBs, while CRGO laminations are sold
to transformer manufacturers, who in turn, supply transformers to
SEBs.  The bulk of MEIPL's business is thus dependent on
transmission and distribution activity carried out by SEBs.

MEIPL reported a net profit of INR27 million on net sales of
INR877 million in 2008-09 (refers to financial year, April 1 to
March 31), against a net profit of INR24 million on net sales of
INR661 million in the previous year. For the six months ended
September 30, 2009, MEIPL reported a net profit of INR17 million
on net sales of INR580 million.


METALLIC ALLOYS: CRISIL Assigns 'BB+' Rating on Various Debts
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to Metallic
Alloys' bank facilities.

     Facilities                              Ratings
     ----------                              -------
     INR125.0 Million Cash Credit Limit      BB+/Stable (Assigned)
     INR3.0 Million Proposed Long Term       BB+/Stable (Assigned)
                    Bank Loan Facility
     INR125.0 Million Bill Discounting       P4+ (Assigned)
     INR100.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect MA's weak financial risk profile.  This
weakness is partially offset by the benefits that MA derives from
its promoters' experience in the ferro alloys industry, and
efficient risk management policies.

Outlook: Stable

CRISIL believes that MA will maintain a stable credit risk profile
over the medium term, backed by the firm's efficient risk
management practices and its strong customer base.  The outlook
may be revised to 'Positive' if MA registers healthy growth, and
maintains healthy profitability.  Conversely, the outlook may be
revised to 'Negative' if MA's debt protection measures and capital
structure deteriorate materially.

                       About Metallic Alloys
Set up in 1975 as a partnership firm by Mr. Mahesh Jhalani and Mr.
Om Jhalani, MA trades in various ferro alloys and metals, such as
ferro manganese (high-, medium-, and low?carbon varieties),
silicon manganese, ferro titanium (with Fe content of 30-35 per
cent and 35-40 per cent), ferro chrome, ferro molybdenum, ferro
aluminium, and iron ore; the sale of ferro silicon, ferro
manganese, ferro chrome and molybdenum accounts for more than 60
per cent of the company's total revenues.

MA reported a profit after tax (PAT) of INR5 million on net sales
of INR1555 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR8 million on net sales of
INR2115 million for 2007-08.


RAMA MUSTARD: Delay in Loan Repayment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its rating of 'D' to Rama Mustard and Food
Products Ltd's bank facilities.  The rating reflects delay by RMFP
in meeting term loan obligations, owing to weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit Limit     D (Assigned)
   INR26.0 Million Term Loan             D (Assigned)

Incorporated in 2007 by the Goel family, RMFP manufactures mustard
oil and its by-products.  The company has the capacity for
processing 40 tonnes of mustard seed per day at its plant in
Bijnor (Uttar Pradesh).  RMFP sells mustard oil in bulk as well as
in packs under its Raama Bhoj brand.

RMFP reported a profit after tax (PAT) of INR0.8 million on net
sales of INR197 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.1 million on net
sales of INR22 million for 2007-08.


SHEETAL PHARMA: CRISIL Assigns 'B' Rating on INR95MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Sheetal Pharma.

   Facilities                            Ratings
   ----------                            -------
   INR95.0 Million Cash Credit           B/Negative (Assigned)
   INR105.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect Sheetal Pharma's average financial risk
profile, significant buildup of receivables, and vulnerability to
adverse outcome of the ongoing investigation by the regulatory
authorities.  These weaknesses are partially offset by the
industry experience of the firm's management.

Outlook: Negative

CRISIL believes that Sheetal Pharma's financial risk profile could
come under pressure if there is further deterioration in the
firm's receivables position.  The ratings may be downgraded if the
firm's delinquent receivables increase, or in case of adverse
outcome of the ongoing investigation by the regulatory
authorities.  Conversely, the outlook may be revised to 'Stable'
if Sheetal Pharma's receivables position, operating margin, and
debt protection metrics, improve significantly, and if the outcome
of the ongoing investigation is in favor of the firm.

                    About Sheetal Pharma

Set up in 1984 as a proprietorship concern by Mr. Nailesh K Shah,
Sheetal Pharma trades in active pharmaceutical ingredients and
animal feed supplements.  It became a partnership firm in 2002
after Mr. Kalpesh Shah, brother of Mr. Nailesh Shah, was inducted
as a partner.  The firm has a warehouse in Bhiwandi, Maharashtra.
Currently, the firm is under the investigation of the regulatory
authorities; the investigation is regarding the firm's import of
bulk drugs from China.

Sheetal Pharma reported a profit after tax (PAT) of INR13.7
million on net sales of INR860.0 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR12.9
million on net sales of INR690.0 million for 2007-08.


WINE ENTERPRISES: Low Profitability Cues CRISIL 'BB+' Rating
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Wine Enterprises'
cash credit facility.

   Facilities                          Ratings
   ----------                          -------
   INR250.0 Million Cash Credit        BB+/Stable (Assigned)

The rating reflects Wine Enterprises' weak financial risk profile
marked by weak capital structure and weak debt protection
measures, low profitability due to its trading operations,
exposure to supplier concentration risks, and large working
capital requirements. These rating weaknesses are partially offset
by Wine Enterprises' healthy regional market position, favorable
relationships with suppliers, and limited exposure to inventory
and debtor risks.

Outlook: Stable

CRISIL believes that Wine Enterprises will maintain its healthy
market position in the regional liquor distribution business over
the medium term, and that the firm's scale of operations will
remain moderate and its profitability, stable, driven by limited
volatility in liquor prices.  The firm's gearing is expected to
remain moderately high because of its incremental working capital
requirements.  The outlook may be revised to 'Positive' if the
firm's capital structure improves, and if it diversifies its
supplier base.  Conversely, the outlook may be revised to
'Negative' in case Wine Enterprises' gearing increases, or if the
firm increases its exposure to unrelated businesses.

                       About Wine Enterprises

Wine Enterprises, a partnership firm, commenced operations in
1980, in Amritsar (Punjab) as a wholesale distributor for Mohan
Meakin Ltd.  In 1992, the firm shifted its business to Pune.
Currently, the firm is the sole distributor of the Seagram group
in Pune district (excluding Pune city) and Thane district in
Maharashtra; of MML in the Pune and Thane districts; of Asia
Pacific Breweries Ltd in Pune district; and of Crown Beer
Distributors LLC in Thane district.  In 2009-10 (refers to
financial year, April 1 to March 31), the firm acquired a
hospitality business for INR67 million, funded entirely through
partners' capital.  Wine Enterprises' founder, Mr. Narendra Singh
Uppal, and his son, Mr. Manpreet Uppal, currently manage the firm.

Wine Enterprises reported a profit after tax (PAT) of INR8.4
million on net sales of INR1734.4 million for 2008-09, against a
PAT of INR5.9 million on net sales of INR1234.8 million for
2007-08.


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


MEDIA NUSANTARA: S&P Affirms Corporate Credit Rating at 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Jakarta-based multimedia company PT Media
Nusantara Citra Tbk. and removed it from CreditWatch, where it was
placed with negative implications on Oct. 16, 2009.

At the same time, Standard & Poor's also removed the 'B+' issue
rating on the US$143 million outstanding guaranteed secured notes,
issued by MNC's wholly owned special purpose subsidiary, Media
Nusantara Citra B.V., from CreditWatch.  These notes, due
Sept. 12, 2011, are unconditionally and irrevocably guaranteed by
MNC and some of its subsidiaries, including 75%-owned PT Cipta
Televisi Pendidikan Indonesia, which is considered a restricted
subsidiary.

Indonesia's Supreme Court has overturned an earlier decision by
the Central Jakarta Commercial Court to declare TPI bankrupt.  The
Supreme Court's decision, which is final, eliminates uncertainties
regarding TPI's bankruptcy and the potential effects that this
could have had on the notes.  Although TPI is not a major
contributor within MNC's consolidated financial statements (it
accounts for approximately 14% of the consolidated revenues), its
role as a restricted subsidiary makes this legal proceeding
relevant to the notes.

"The stable outlook reflects S&P's expectation that MNC's
favorable market position in Indonesia's TV industry, its
established viewership, adequate liquidity, and steady cash flow
generation, provides some cushion for financial margins and
audience share to deteriorate due to the economic slowdown and
increased competition," said Standard & Poor's credit analyst
Manuel Guerena.

MNC operates free-to-air TV channels (RCTI, TPI, and Global TV),
print media, and radio stations in Indonesia.  MNC also owns 57.1%
of Linktone Ltd., a Beijing-based wireless entertainment debt-free
subsidiary.

"The rating on MNC reflects S&P's views that advertising
expenditure budgets are being hit by the economic slowdown, which
also affected MNC's prices and margins (before including the
cyclical political campaign expenditures earlier this year)," Mr.
Guerena said.

In addition, content competition is intense in Indonesia, and
MNC's revenues are highly concentrated in its flagship channel, PT
Rajawali Citra Televisi Indonesia, which S&P estimate accounts for
slightly less than half of MNC's revenues and even more of EBITDA.


* INDONESIA: 11 Firms Delisted from IDX in 2009
-----------------------------------------------
The Jakarta Post reports that the Indonesia Stock Exchange
delisted 11 companies from the stock market trading floor last
year.  The figure almost doubled from the prior year when 6
companies de-listed their shares at the bourse, the report notes
citing IDX data.

Delisted companies include:

  * information and technology provider PT Infoasia Delisting
    Global.  Infoasia was delisted after failure to repay
    debts to several lenders worth IDR16.5 billion;

  * Bukaka Teknik Utama;

  * Courts Indonesia;

  * Jasa Angkasa Semesta;

  * Sara Lee Body Care Indonesia;

  * Sekar Bumi;

  * Singleterra; and

  * Tunas Alfin.

Following IDX's decision to delist these companies, the number of
companies listed in the IDX in 2009 now stands at 398 in total,
only two companies more than in 2008, the Post notes.


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


AIFUL CORP: ISDA Determinations Committee Votes Restructuring
-------------------------------------------------------------
The International Swaps and Derivatives Association, Inc., said on
December 30, 2009, its Japan Credit Derivatives Determinations
Committee resolved that a Restructuring Credit Event occurred in
respect of AIFUL Corp.  The Committee also voted to hold an
auction for Aiful.

ISDA will facilitate the process by publishing the auction terms
on its Web site http://www.isda.org/credit,in due course.  The
auction will be administered by Markit and Creditex.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2009, Bloomberg News said 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.

Holders of credit-default swaps on Aiful were roiled in October
last year 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 said Zurich-based UBS had submitted a request to the
determinations committee of 15 dealers and investors including
Goldman Sachs Group Inc. and Mizuho Securities Co.

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.

                            About ISDA

ISDA -- http://www.isda.org/-- which represents participants in
the privately negotiated derivatives industry, is among the
world's largest global financial trade associations as measured by
number of member firms.  ISDA was chartered in 1985, and today has
over 830 member institutions from 58 countries on six continents.
These members include most of the world's major institutions that
deal in privately negotiated derivatives, as well as many of the
businesses, governmental entities and other end users that rely on
over-the-counter derivatives to manage efficiently the financial
market risks inherent in their core economic activities.

                            About Aiful

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

                          *     *     *

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

The TCR-AP reported on Dec. 29, 2009, that 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.


JAPAN AIRLINES: DBJ to Double JAL's Credit Line to JPY200 Billion
-----------------------------------------------------------------
Michiyo Nakamoto at The Financial Times reports that Japan
Airlines was on Sunday thrown a temporary lifeline after the
Japanese government agreed to double a state-sponsored credit line
to JPY200 billion.

According to the report, the government asked the Development Bank
of Japan to raise its commitment facility to JAL after ministers
including Seiji Maehara, transport minister, and Naoto Kan, deputy
prime minister, met to discuss how Tokyo could further support the
ailing airline.

The FT relates that the DBJ, which is 100% owned by the Japanese
government, said it would consider the request and come to a
decision as soon as possible "in order to cooperate with the safe
operation" of the carrier.  The bank has a JPY100 billion credit
line to JAL, JPY55 billion of which has already been used, the FT
says.

The increased credit line, according to the FT, is aimed at
allaying fears among JAL's suppliers and creditors about the
airline's financial stability.

                         Overseas Routes

Bloomberg News, citing the Yomiuri newspaper, reports that All
Nippon Airways Co. is considering taking over JAL's international
flight operations.

Bloomberg relates the newspaper said ANA sees the plan as a way to
strengthen its overseas passenger services, especially in the U.S.
and Europe.  The carrier has informed the Japanese government of
its intention, Bloomberg notes.

                       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.


* JAPAN: 160 Firms Delist from Tokyo, Osaka Bourses in 2009
-----------------------------------------------------------
Up to 160 companies delisted their stocks from the Tokyo Stock
Exchange and the Osaka Securities Exchange in 2009, with the two
bourses accounting for roughly half each of the total, Kyodo News
reports citing officials at the two bourses.

The officials told Kyodo that the greater number of delistings
stemmed from bankruptcies of companies that took blows from the
anemic economy as well as mergers and acquisitions.  Some of these
companies have also integrated the venues of their stock listing
into the TSE by removing their stocks from the OSE to save costs,
the report notes.


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


KOREA EXCHANGE: Appellate Court Upholds Ruling on Lone Star Deal
----------------------------------------------------------------
A Seoul appellate court on Dec. 29 upheld a lower court's ruling
that the 2003 sale of Korea Exchange Bank to U.S. equity firm Lone
Star Fund was not conducted at a below-market price, according to
Yonhap News.  The verdict, Yonhap says, clears government and
banking officials involved in the sale of breach of trust charges.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2008, the Seoul Central District Court ruled that no laws
were broken in the sale of Korea Exchange Bank to Lone Star,
ending a two-year legal battle.

The TCR-AP reported on June 15, 2007, that the Seoul court
conducted investigation whether Lone Star conspired with local
officials to drive down the price of KEB, then Korea's fifth-
largest lender, when it was sold in 2003 to Lone Star, and whether
Lone Star officials and others manipulated the share price of
KEB's separate credit card unit for cheap acquisition.

According to english.chosun.com, the court said KEB faced a strong
risk of insolvency at the end of 2003, with its BIS capital
adequacy ratio falling to 3.48% due to the credit card crisis, the
North Korean nuclear standoff, the U.S.-led war in Iraq and the
SARS outbreak, making the sale inevitable to effect a major
capital injection.

The court, english.chosun.com said, found Byeon Yang-ho, former
director-general of financial policy at the Ministry of Finance
and Economy, not guilty of the charge of breach of trust for
selling KEB to Lone Star for KRW800 billion back in 2003.

Prosecutors had said that the price was up to KRW825.2 billion
lower than its market value and accused Byeon Yang-ho of
conspiring with Lee Kang-won and Lee Dal-yong to artificially
understate KEB's value.

The court also cleared former KEB president Lee Kang-won and ex-
vice president Lee Dal-yong of charges relating to the sale of the
bank, the report added.

Hana Financial Group bought a 13.6% controlling stake in Korea
Exchange Bank for KRW13,600 a share in a block sale by Lone Star
Funds, a TCR-AP report on June 27, 2007, stated.

                     About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 8,
2007, that as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service upgraded Korea
Exchange's Bank Financial Strength Rating to C- from D.

On November 7, 2008, Moody's Investors Service changed the outlook
on the C- bank financial strength rating (BFSR) of Korea Exchange
Bank (KEB) to negative from stable.  Its debt and deposit ratings
are unaffected and carry a stable outlook.


KUMHO ASIANA: Banks to Put 2 Units Under Debt Rescheduling Program
------------------------------------------------------------------
Yonhap News, citing financial sources, reports that Kumho Asiana's
creditor banks have decided to put two of the group's units on a
debt rescheduling program to help it ride out a liquidity squeeze.

According to the news agency, Kumho Asiana had earlier asked its
creditors to place Kumho Industrial Co. and Kumho Tire Co. under
the debt workout scheme to help it ease a worsening cash shortage
sparked by the delayed sale of the group's construction unit,
Daewoo Engineering & Construction Co.

Sources told Yonhap that the group is also in talks with its
creditors over whether its owner should use his private fortune to
help improve the conglomerate's financial health.

Meanwhile, The Korea Herald reports that Kumho Tires has postponed
paying its employees their December wages until early 2010 as the
company tries to secure liquidity.

According to a company official, the company and its labor union
agreed to postpone the payment date, normally the 27th of each
month, to early January as the company has been experiencing short
term liquidity problems due to commercial papers' maturity date
coinciding with the date for paying the costs of running its
plants.

The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, three years after acquiring it for KRW6.4 trillion,
according to the Korea Herald.

Bloomberg News reported Kumho Asiana has sold properties and
stakes in affiliates to help it repay debt stemming from its 2006
purchase of Daewoo Engineering.  Bloomberg said creditors
including Shinhan Bank may force the company to repay KRW3.9
trillion (US$3.2 billion) by June if they exercise an option to
sell Daewoo Engineering shares they hold back to Kumho Asiana.

Kumho Asiana is seeking to sell between 50% and 72% of the
builder, Bloomberg said citing people with knowledge of the
matter.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


KUMHO ASIANA: Sells Controlling Stake in Daewoo Eng'g. to KDB
-------------------------------------------------------------
Bomi Lim and Kyunghee Park at Bloomberg News report that Kumho
Asiana Group agreed to sell a controlling stake in Daewoo
Engineering & Construction Co. for KRW2.9 trillion (US$2.5
billion) to its main creditor Korea Development Bank to help meet
a cash call from banks.

KDB Vice Chairman Kim Young Kee told Bloomberg that the state-
owned bank will buy 50% plus one share from the South Korean
conglomerate through a private-equity fund for KRW18,000 a share.

Citing Oh Nam Soo, Kumho Asiana's president for strategic
management, Bloomberg says Daewoo Engineering's sale was delayed
after Jabez Partners and TR America, the two preferred bidders,
failed to show enough commitment to push the deal through. The
group had short-listed Jabez and TR as bidders, the report notes.

"The group is devastated," Bloomberg quoted Oh as saying.  "The
delay in the Daewoo Engineering sale caused liquidity to worsen.
Together with our creditors, we will carry out an aggressive
restructuring of the whole group."

Bloomberg relates Oh said Kumho Asiana will provide assets,
including stakes in affiliates, as collateral to creditors as part
of the debt restructuring plan.

The Financial Services Commission said on Dec. 30 that financial
companies have provided KRW15.7 trillion in debt and guarantees to
Kumho Asiana affiliates, Bloomberg reports.  Their exposure to
Kumho Industrial and Kumho Tire is about KRW8.4 trillion,
according to the regulator.

The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, three years after acquiring it for KRW6.4 trillion,
according to the Korea Herald.

Bloomberg reported Kumho Asiana has sold properties and stakes in
affiliates to help it repay debt stemming from its 2006 purchase
of Daewoo Engineering.  Bloomberg said creditors including Shinhan
Bank may force the company to repay KRW3.9 trillion (US$3.2
billion) by June if they exercise an option to sell Daewoo
Engineering shares they hold back to Kumho Asiana.

Kumho Asiana is seeking to sell between 50% and 72% of the
builder, Bloomberg said citing people with knowledge of the
matter.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


* KOREA: Loan Delinquency Rate Declines in November, FSS Says
-------------------------------------------------------------
The Korea Times reports that the delinquency rate for South Korean
bank loans declined to an 11-month low in November as lenders
disposed of more overdue debts.

According to the Financial Supervisory Service, the overall
delinquency rate of bank loans to companies and households came in
at 1.1% as of the end of November, down 0.09 percentage point from
a month earlier, the Times relates.  Compared with the previous
year, the rate fell 0.08 percentage point in November, marking the
first on-year decline since April 2008, the FSS added.

The FSS also said the default rate of bank loans to smaller firms
reached 1.72% as of the end of November, down 0.13 percentage
point in October.  The corresponding rate of home-backed lending
came to 0.4%, down from 0.44 percent a month earlier.


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


EKRAN BERHAD: High Court Dismisses Ownership Claims Over Hotels
---------------------------------------------------------------
Ekran Berhad disclosed in a regulatory filing that High Court of
Malaya at Kuala Lumpur delivered its judgment after full trial in
in relation to the company's dispute with Aset Nusantara Sdn. Bhd.
in the High Court of Malaya at Kuala Lumpur Suit No : D10(D7) -22-
847-2006.

Ekran said the High Court ruled in favor of Aset Nusantara wherein
the Court granted Aset Nusantara inter-alia the declarations
sought declaring the Sale and Purchase Agreement dated March 30,
2001, terminated and that Aset Nusantara is the beneficial owner
of the 4 Hotel Companies namely, Masyhur Mutiara Sdn. Bhd., Home
And Hotel Holding Sdn. Bhd., Accruvest Hotel Management Sdn. Bhd.
and Vital Orient Sdn. Bhd.

Ekran also said the company's counter-claim seeking a declaration
that they are the beneficial owners of the 4 Hotel Companies was
dismissed. Costs was awarded to Aset Nusantara in the sum of
MYR100,000.

Upon delivery of the judgment, Ekran Berhad informed the court
that they will be appealing against the judgment and sought a stay
of execution of the judgment.

A stay of execution of the judgment was granted by the court
subject to conditions intended to preserve the integrity of the
appeal and the respective rights of parties.

A notice of appeal in respect of the judgment has been filed.

                        About Ekran Berhad

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

                           *     *     *

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


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


CEA GROUP: Receivers Sell Six South Island Bars
-----------------------------------------------
Ben Heather at BusinessDay reports that the receivers of CEA
Trading have sold six of the firm's 17 mostly-South Island bars
and clubs, but failed to dent more than NZ$50 million owed to its
bank.

Citing receivers McGrath Nicol Partners' second report,
BusinessDay discloses that six CEA Trading "venues" had been sold,
or were under contract.  The receivers also sold two non-trading
properties and assets stripped from four unprofitable bars already
closed, the report says.

According to the report, properties and stripped asset sales from
CEA Trading and related company CEA Property raised NZ$2 million,
but it is unclear how much was raised by selling the bars and
clubs.

BusinessDay relates that from about a third of CEA Trading's
assets sold, the receiver have paid the CBA only NZ$1 million of
the more than NZ$50 million it is owed.  During this time the
receivers have also paid themselves NZ$1.08 million.  A further
NZ$159,000 has been paid to secured creditors, such as suppliers,
while staff owed redundancy pay and Inland Revenue have yet to
receive any money, according to BusinessDay.

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, the Otago Daily Times said that a group of companies
trading under the CEA banner have been placed in receivership.

The group, which owns 20 bars in the South Island and employs
about 300 people, were placed in the hand of receivers McGrath
Nicol Partners in Auckland by creditor Commonwealth Bank of
Australia.

The CEA group of companies that are under receivership are CEA
Trading, CEA Staff Employment Services, CEA Services NZ, and CEA
Property.


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


MC BASS: BIR Shuts Down Club Due to Alleged Tax Fraud
-----------------------------------------------------
The Bureau of Internal Revenue has shuttered MC Bass Entertainment
Corp. for allegedly understating its sales by more than PHP30
million, BusinessWorld Online reports.

BusinessWorld says the move is part of BIR's Oplan Kandado
program, which aims to suspend the operations of establishments
with tax deficiencies, non-issuance of receipts or invoices and
failure to register operations.  The BIR has so far shuttered more
than 300 businesses since the program was launched in January
2009, the report notes.

BIR Revenue District Officer Teodoro G. Galicia said MC Bass
was not faithful in its VAT (value-added tax) declarations
particularly with respect to the amount of sales it was actually
making, according to BusinessWorld.

The report relates the bureau said MC Bass had earned PHP40.2
million from sales in 2008 but only declared PHP9.34 million.  The
underdeclaration was pegged at PHP30.86 million, or equivalent to
76.76% of its sales.

MC Bass Entertainment Corp. operates a club in Makati City,
Philippines.


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


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

Standard Chartered Bank filed the petition against the company on
December 16, 2009.

The Petitioner's solicitors are:

          Rajah & Tann Llp
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


CIMNET PTE: Creditors' Proofs of Debt Due February 1
----------------------------------------------------
Creditors of Cimnet Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Yiong Kok Kong
         C/o 19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


CHAMBERLAIN PTE: Creditors' Proofs of Debt Due February 1
---------------------------------------------------------
Creditors of Chamberlain Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Yiong Kok Kong
         C/o 19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


CHUO MITSUI: Creditors' Proofs of Debt Due January 23
-----------------------------------------------------
Creditors of Chuo Mitsui Investments Singapore Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by January 23, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         C/O 6shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


HEALTH CARE: Creditors' Proofs of Debt Due January 30
-----------------------------------------------------
Health Care Specialists Associates Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by January 30, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 31, 2009.

The company's liquidator is:

         Tay Joo Soon
         1 North Bridge Road
         #13-03 High Street Centre
         Singapore 179094


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

Standard Chartered Bank filed the petition against the company on
December 16, 2009.

The Petitioner's solicitors are:

          Rajah & Tann Llp
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


LARENTA SHIPPING: Creditors' Proofs of Debt Due January 31
----------------------------------------------------------
Larenta Shipping Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by January 31, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


LINK-ZONE PTE: Court to Hear Wind-Up Petition on January 15
-----------------------------------------------------------
A petition to wind up the operations of Link-Zone Pte Ltd will be
heard before the High Court of Singapore on January 15, 2010, at
10:00 a.m.

Standard Chartered Bank filed the petition against the company on
December 22, 2009.

The Petitioner's solicitors are:

          Rajah & Tann Llp
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


OLYMPIC SHIPPING: Creditors' Proofs of Debt Due January 29
----------------------------------------------------------
Olympic Shipping Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by January 29, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


SELUX ASIA: Creditors' Proofs of Debt Due January 29
----------------------------------------------------
Selux Asia Pacific Private Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by January 29, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 29, 2009.

The company's liquidator is:

         MDM Chia Lay Beng
         1 Scotts Road
         #21-08 Shaw Centre
         Singapore 228208


SHAKOTAN SHIPPING: Creditors' Proofs of Debt Due January 31
----------------------------------------------------------
Shakotan Shipping Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by January 31, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


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

The company's liquidator is:

         Timothy James Reid
         Ferrier Hodgson
         care of 8 Robinson Road
         #12-00, ASO Building
         Singapore 048544


VIRTUS SHIPPING: Creditors' Proofs of Debt Due January 31
---------------------------------------------------------
Virtus Shipping Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by January 31, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


                         *********

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 2010.  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 ***