TCRAP_Public/100113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, January 13, 2010, Vol. 13, No. 008

                            Headlines



A U S T R A L I A

KLEENMAID GROUP: ASIC Insolvent Trading Probe Challenged
LANE COVE: Investors May Face AU$1 Bil. Losses on Writedowns
OPES PRIME: ASIC Lays Criminal Charges Against Former Directors


C H I N A

EVERGRANDE REAL: Fitch Assigns 'BB-' Issuer Default Rating
EVERGRANDE REAL: Moody's Assigns 'B1' Corporate Family Rating
SHANGHAI ZENDAI: New Shares Won't Affect S&P's 'B+' Rating
SHANGHAI ZENDAI: Moody's Gives Stable Outlook on 'B2' Rating


H O N G  K O N G

CO-PACK PRINTING: Court Enters Wind-Up Order
DECO (HK): Kwok Sau Fan Tam Steps Down as Liquidator
DESCARTES FINANCE: Court Enters Wind-Up Order
DIAMOND TERM: Creditors Get 100% Recovery on Claims
DIANOOR INTERNATIONAL: Court Enters Wind-Up Order

DIANOOR JEWELCRAFT: Court Enters Wind-Up Order
DUNG TIM: Creditors' Proofs of Debt Due February 9
EAST WAY: Court to Hear Wind-Up Petition on February 3
EFFECTUAL ENTERPRISES: Court Enters Wind-Up Order
ES HOLDING: Court to Hear Wind-Up Petition on March 10

EUROPE LIGHTING: Court Enters Wind-Up Order
GAINDAY INVESTMENTS: Court Enters Wind-Up Order
GALLEX TECHNOLOGY: Chen and Wong Appointed as Liquidators
GLITTER POWER: Court to Hear Wind-Up Petition on February 24
GOLDEN DOLPHINS: Creditors' Proofs of Debt Due February 8


I N D I A

ABHINAV STEELS: CRISIL Assigns INR1.25BB Term Loan at 'BB'
AVANI PROJECTS: Fitch Assigns National Long-Term Rating at 'B-'
AVIRAT COTTON: CRISIL Rates INR7.5 Mil. Term Loan at 'B-'
B.D. TEXTILE: Low Net Worth Prompts CRISIL 'B+' Ratings
B.I. FABRICS: CRISIL Places 'BB' Rating on INR55MM Cash Credit

EAST COAST: CRISIL Reaffirms 'BB+' Rating on INR80MM Cash Credit
ESVEEGEE BREWERIES: CRISIL Cuts Ratings on INR333MM LT Loan
J.K. SONS: Low Net Worth Prompts CRISIL 'B+' Ratings
LAXMI POWER: CARE Reaffirms 'CARE BB+' on LT Bank Facilities
LIBERTY PHOSPHATES: ICRA Assigns 'LB+' Rating on INR300MM Debts

MARCO POWER: CARE Puts 'CARE BB+' Rating on INR9.09cr Bank Debts
MICROTEX ENERGY: ICRA Places 'LBB+' Rating on INR590MM LT Debts
MILICO INTERNATIONAL: CRISIL Rates INR60 Mil. Term Loan at 'B'
PATSPIN INDIA: CARE Assigns 'CARE BB-' Rating on LT Bank Debts
RAJ RAYON: Fitch Gives Positive Outlook; Affirms 'BB-' Rating

SUNSHIELD CHEMICALS: CRISIL Lifts Rating on Term Loan to 'B'


I N D O N E S I A

BANK CENTURY: Former Owner Blames Bank's Collapse on BI
CP PRIMA: Blames Virus Outbreak Over Bond Payment Default
TRANS-PACIFIC PETROCHEMICAL: Seeks to Convert Debt Into Equity
* INDONESIA: Fitch Assigns 'BB' Rating on Global Note Program
* INDONESIA: Moody's Assigns Rating on Global Notes at 'Ba2'


J A P A N

JAPAN AIRLINES: Gov't. Favors Delta Alliance, WSJ Says
JAPAN AIRLINES: Oneworld Offers US$2BB Enhanced Commercial Aid
SPANSION INC: Says It Owes Nothing to Spansion Japan
SPANSION INC: Spansion Japan Wants Time to Elect on Foundry Pact


K O R E A

HYNIX SEMICONDUCTOR: Creditors to Hold Stake Sale Briefing Today


M A L A Y S I A

OILCORP BERHAD: Perusahaan Maju Teguh Serves Wind-Up Against Unit
WONDERFUL WIRE: Restraining Order Extended for 60 Days


N E W  Z E A L A N D

APPLE FIELDS: Shares Suspended from Trading in NZ Stock Exchange


S I N G A P O R E

DESIN CONSTRUCTION: Court Enters Wind-Up Order
KINGSMEAD CAPITAL: Creditors' Proofs of Debt Due February 12
MINORI JAPANESE: Liquidators Pay 32.92% to Unsecured Claims
POPULAR LOGISTICS: Creditors Get 37.35846% Recovery on Claims


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


KLEENMAID GROUP: ASIC Insolvent Trading Probe Challenged
--------------------------------------------------------
Kleenmaid founder Andrew Young has challenged the Australian
Securities and Investments Commission not to waste money on
"another folly" over allegations he allowed the company to trade
while insolvent, brisbanetimes.com.au reports.

As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, ASIC approved funding for an investigation
into the collapse of Kleenmaid.

Joint Liquidator and Deloitte Partner Richard Hughes said, "This
funding approval marks the beginning of the next crucial stage of
the liquidation process.  The investigation will focus on
insolvent trading."

According to the report, Mr. Young, however, said the corporate
regulator would be ill-advised to pursue him given it had suffered
three major court losses in the past two months.

Mr. Young told brisbanetimes.com.au that "ASIC are throwing
hundreds of thousands of dollars from the public purse at another
folly."

The report recalls that ASIC last month lost a court battle
against mining company Fortescue Metals Group and its chief
executive, Andrew "Twiggy" Forrest.  ASIC also failed to
successfully prosecute One.Tel founder Jodee Rich and former
Australian Wheat Board boss Andrew Lindberg, the report adds.

According to the report, Mr. Young said the group had simply "run
into difficult times" and did not survive because it had "way too
many overheads".

"We have nothing left to show for the effort and ASIC continues to
allude to the notion [we have something to answer for]," the
report quoted Mr. Young as saying.  "The financial crisis has
affected in many businesses, but the liquidators believe that the
group had been insolvent before the global financial crisis," he
said.

                          About Kleenmaid

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

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

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


LANE COVE: Investors May Face AU$1 Bil. Losses on Writedowns
------------------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that investors have lost almost AU$3.5 billion ($3.3 billion) on
Australian toll roads the past five years as overly optimistic
traffic targets and high debt levels triggered large writedowns.

Bloomberg relates the newspaper said, citing its own analysis,
that Sydney's Lane Cove Tunnel may leave investors facing losses
of more than AU$1 billion and further writedowns are expected when
Brisbane's RiverCity Motorway opens to traffic this year.

Connector Motorways owns and operates Sydney's Lane Cove Tunnel
and Military Road E-Ramps.  The Lane Cove Tunnel is a 3.6 km twin
tunnel motorway under Epping Road that links the M2 Motorway at
North Ryde with the Gore Hill Freeway at Artarmon.


OPES PRIME: ASIC Lays Criminal Charges Against Former Directors
---------------------------------------------------------------
The Australian Securities and Investments Commission said it has
brought charges against former Opes Prime directors Lirim (Laurie)
Emini, Julian Smith and Anthony Blumberg.

Messrs. Emini, Smith and Blumberg have each been charged with two
offences of breaching their duties as directors of OPSL and two
offences of breaching their duties as directors of Opes Prime
Group Limited.

Mr. Smith was arrested on January 8 and appeared in the Downing
Centre Local Court, Sydney.  Mr. Blumberg was arrested on Monday
and appeared in the Melbourne Magistrates Court.

They were granted conditional bail to appear in the Melbourne
Magistrates Court on January 29, 2010.  Conditions include that
they surrender any passports, do not apply for any further
passports and do not attend any point of international departure.
Mr. Emini has been charged on summons to appear in the Melbourne
Magistrates Court on the same day.

ASIC alleges that shortly before Opes Prime collapsed, the
directors signed financial documentation with ANZ Bank to obtain a
term loan for OPSL and OPGL and pledged the companies' assets as
security to meet the obligations of a third company, Leveraged
Capital Pty Ltd.

ASIC alleges that in doing so, the directors were intentionally
dishonest and failed to exercise their powers and discharge their
duties in good faith in the best interests of OPGL and OPSL.  It
is further alleged that Messrs. Emini, Smith and Blumberg
dishonestly used their position as directors of OPGL and OPSL with
the intention of directly or indirectly gaining an advantage for
themselves or for someone else.

Each offence carries a maximum penalty of five years imprisonment.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited.  According to the Australian Associated
Press, the decision of the creditors will allow the liquidator to
pursue claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.


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C H I N A
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EVERGRANDE REAL: Fitch Assigns 'BB-' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has assigned a Long-term Foreign Currency Issuer
Default Rating of 'BB+' to the China-based Evergrande Real Estate
Group Limited with a Stable Outlook.  Simultaneously, Fitch has
assigned an expected rating of 'BB+' to the proposed senior
unsecured US$ notes to be issued by Evergrande.  Net proceeds from
the issue are expected to be used to refinance existing
indebtedness of Evergrande, acquire new land bank, and fund
general corporate expenditures.  The final rating of the bond
issue is contingent upon receipt of documents conforming to
information already received.

Evergrande's IDR is constrained by its focus on China's
residential property development sector, a sector that is highly
cyclical across the world.  This cyclicality could lead to
volatile fluctuations in working capital.  In particular, a sudden
market downturn could result in a rapid decline in sales, and
saddle the property developer with a high level of inventory.

China's still evolving regulatory environment for the residential
property sector adds further uncertainties to Evergrande's
business.  Although the Chinese government is still relatively
supportive of the property sector, it may tighten up some aspects,
such as credit availability, in 2010.  Different fiscal stimulus
packages launched in late 2008 and early 2009 might be withdrawn
to prevent the property market from overheating.

Due to the rapid expansion of its landbank, Evergrande generated
negative free cash flow in 2007 and 2008.  The government's
austerity campaign from mid-2007 to mid-2008 put further pressure
on the company's cash flow.  However, when the landbank acquired
in 2006 and 2007 was ready for pre-sale in H208, Evergrande's cash
flow position normalized rapidly.  Evergrande achieved contracted
sales of more than CNY30bn during 2009, and Fitch expects the
company to generate positive free cash flow in both 2009 and 2010,
backed by very strong pre-sales.  Although the residential
property market may cool down, Evergrande is likely to achieve
pre-sales of more than CNY20 billion in 2010, as the company has
adequate inventory ready for sale in the next 12 months.

Evergrande's IDR is supported by its large and geographically
diversified landbank and positive long-term property market
fundamentals.  Evergrande's landbank is substantial, with more
than 50 million square metres located in more than 20 different
cities across China, providing a sustainable pipeline for the
company over the next three to five years.  Evergrande also
benefits from its very limited exposure to top-tier cities like
Shanghai and Beijing, where the property markets are typically
more volatile.  Due to Evergrande's low land cost and high
economies of scale, Fitch expects the company's EBITDAR margin to
be at least high teens in 2010.

Evergrande's liquidity buffer was materially strengthened by the
strong pre-sales during 2009 and its IPO in November 2009.
Evergrande had a cash balance of CNY14.2bn as at end-2009, which
compared well to current debt of CNY6.3bn (as at end-H109).
Evergrande also had ample undrawn bank facilities as at end-2009.

The Stable Outlook reflects Fitch's expectations that Evergrande's
business fundamentals will result in a stable credit profile over
the rating horizon.  Negative rating actions might be taken if
there is a sustained drop in profitability, aggressive debt-funded
expansion, and/or a sharp drop in pre-sales and project pipeline.
As factors constraining Evergande's rating are not immediately
addressable, no positive rating action is envisaged in the rating
horizon.


EVERGRANDE REAL: Moody's Assigns 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first time corporate
family rating of B1 to Evergrande Real Estate Group Limited.  At
the same time, Moody's has assigned a provisional (P)B1 rating to
its proposed US$ senior unsecured bond issuance.  The outlook for
the ratings is stable.

Proceeds from the proposed bonds will be used to fund Evergrande's
land acquisitions, working capital requirements, and repayment of
existing debt.

The provisional status of the bond rating will be removed after
Evergrande has successfully completed the US$ bond issuance based
on satisfactory terms and pricing.

"The B1 rating takes into account Evergrande's position as one of
the largest developers in China as measured by contracted sales
and size of land bank.  Its national presence -- with a land bank
distributed in 25 mainly provincial capitals and major second-tier
cities in China -- also enables it to benefit from the solid and
relatively stable housing demand in second-tier cities.  This
diversified property portfolio also partly mitigates the impact of
regional market volatility and regulatory uncertainty," says Kaven
Tsang, a Moody's AVP/Analyst.

"While the above attributes are comparable to some low Ba-rated
developers, Evergrande's rating is constrained at B1 level,
largely reflecting it's high exposure to development and execution
risks as it pursues rapid growth in China's property sector," says
Mr. Tsang, also Moody's lead analyst for Evergrande.

"Evergrande has also not yet established a sales track record to
support its planned post-IPO fast expansion, while market
volatility and evolving regulatory environment could hinder the
company from meeting its business targets," says Mr. Tsang.

"Additionally, the company's debt-funded financing strategies also
position its projected debt leverage (around 55-60% in adjusted
debt/capitalization) at level comparable to similarly-rated
property peers," he adds.

The stable outlook reflects Moody's expectation that Evergrande
will maintain its current business strategy -- focusing on second
tier cities -- as well as sales and development scale in the
coming 1-2 years.  The stable outlook also expects Evergrande to
maintain continued access to onshore construction financing.

Evergrande's ratings could be upgraded if it 1) consistently
achieves its planned sales with stable profit margins; 2)
demonstrates strong financial discipline and prudently monitors
its business and financial risks; and 3) maintains a sound
liquidity profile.

On the other hand, the ratings could be downgraded if Evergrande
1) experiences declines in sales and profit margins because of a
significant downturn in China's property market; and/or 2)
materially raises development costs and/or executes an aggressive
land acquisition plan beyond Moody's expectations without a
corresponding rise in cash inflow, such that its liquidity
position weakens and balance sheet becomes more leveraged, with
adjusted leverage rising beyond 60% and/or EBITDA/interest failing
under 2-3x in the coming 12-18 months.

In addition, the bond rating will be downgraded by one notch to
reflect the risk of subordination if there is evidence that
Evergrande has increased its onshore borrowings, such that its
secured and subsidiary debt consistently exceeds 15% of total
assets on a sustained basis.

Evergrande Real Estate Group Limited is one of the major
residential housing developers in China and has adopted a
standardized operational model.  Founded in Guangzhou, Guangdong
Province, in 1996, the company has rapidly expanded its geographic
coverage to 25 cities in China in the past few years, and has
maintained a land bank of around 54 million sqm in gross floor
area as of December 31 2009.


SHANGHAI ZENDAI: New Shares Won't Affect S&P's 'B+' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that that the rating and
outlook on Shanghai Zendai Property Ltd. (B+/Negative/--) are not
immediately affected by the company's issuance of new shares to
two independent third parties.

S&P expects Shanghai Zendai to use the proceeds for land
acquisitions and believe the company's liquidity buffer may not
materially increase due to its somewhat aggressive land
replenishment plan.  S&P will consider revising the rating to
stable if (1) Shanghai Zendai maintains a cautious land
acquisition strategy and financial management, such that its cash
position is more than sufficient to meet the repayment of short-
term borrowings due and the funding of working capital over the
next 12 months; and (2) S&P sees evidence of improving corporate
governance, including greater board representation from parties
unrelated to the major shareholders, and cooperation/joint
management of projects with the second largest shareholder:
Shanghai Forte Land Co. Ltd. (not rated).


SHANGHAI ZENDAI: Moody's Gives Stable Outlook on 'B2' Rating
------------------------------------------------------------
Moody's Investors Service has revised the outlook to stable from
negative of Shanghai Zendai Property Ltd's B2 corporate family and
senior unsecured ratings.

"The outlook change reflects the improvement in Zendai's credit
and liquidity profiles resulting from the achievement of its
planned sales for 2009," says Kaven Tsang, Moody's AVP/Analyst and
lead analyst for Zendai.

"Meanwhile, the company's proposed equity placement of about
HK$600 million will provide additional liquidity for its upcoming
growth and enhance its capital structure," adds Mr. Tsang.

The stable outlook also takes into account the company's track
record of prudent management of its business and land
acquisitions, such that its financial profile was not adversely
affected during the last downcycle.

Nevertheless, Zendai's B2 ratings still are constrained by the
company's small operating scale and high cash flow concentration
from a limited number of projects.  As such, the underperformance
of one project could materially affect the company's overall cash
flow, and hence credit and liquidity profiles.

An upgrade could occur if Zendai can consistently 1) achieve sales
targets and growth plans such that EBITDA interest coverage rises
above 4x and adjusted debt/capitalization stands at around 45%,
and 2) improve -- and sustain -- its balance sheet and back-up
liquidity arrangement.

On the other hand, a downgrade could occur if the company's
liquidity were to weaken, with cash depleted to less than HK$300-
400 million, as a result of 1) weaker than expected sales; 2) new
acquisitions or aggressive development strategies; or 3) failure
to access financing for its projects.  Downgrade pressure could
also emerge if its financial profile were to materially
deteriorate due to aggressive debt-funded acquisitions.

Moody's last rating action with regard to Zendai occurred on
April 23, 2009, when it confirmed the company's B2 ratings with
negative outlook.

Shanghai Zendai Property Ltd is a mainland China property
developer focusing on the development, investment, and management
of residential and commercial properties in China.  The group
currently has property projects under development in ten cities in
three regions, including northern China, Shanghai and adjacent
areas, and Hainan Province.


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


CO-PACK PRINTING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on December 23, 2009,
to wind up the operations of Co-Pack Printing Products Limited.

The official receiver is E T O'Connell.


DECO (HK): Kwok Sau Fan Tam Steps Down as Liquidator
----------------------------------------------------
Kwok Sau Fan stepped down as liquidator of Deco (Hong Kong)
Limited on December 30, 2009.


DESCARTES FINANCE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on December 23, 2009,
to wind up the operations of Descartes Finance Limited.

The official receiver is E T O'Connell.


DIAMOND TERM: Creditors Get 100% Recovery on Claims
---------------------------------------------------
Diamond Term Limited, which is in liquidation, will pay the first
and final dividend to its creditors on or after January 8, 2010.

The company will pay 100% for preferential claims.

The company's liquidators are:

          John Robert Lees
          Sum Kin Keong
          Henley Building, 20/F
          5 Queen's Road
          Central, Hong Kong


DIANOOR INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on December 23, 2009,
to wind up the operations of Dianoor International Limited.

The official receiver is E T O'Connell.


DIANOOR JEWELCRAFT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on December 23, 2009,
to wind up the operations of Dianoor Jewelcraft Limited.

The official receiver is E T O'Connell.


DUNG TIM: Creditors' Proofs of Debt Due February 9
--------------------------------------------------
Creditors of Dung Tim Sing Transportation Company Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by February 9, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 8, 2010.

The company's liquidator is:

          Ng Wai Yee
          Fee Tat Commercial Centre, 21/F
          No. 613 Nathan Road
          Kowloon, Hong Kong


EAST WAY: Court to Hear Wind-Up Petition on February 3
------------------------------------------------------
A petition to wind up the operations of East Way International
Express Limited will be heard before the High Court of Hong Kong
on February 3, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Messrs. Chan, Wong & Lam
          Shui On Centre
          Suites 3009-12, 30/F
          6-8 Harbour Road
          Hong Kong


EFFECTUAL ENTERPRISES: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on December 18, 2009,
to wind up the operations of Effectual Enterprises Limited.

The company's liquidators are:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10/F
          Wanchai, Hong Kong


ES HOLDING: Court to Hear Wind-Up Petition on March 10
------------------------------------------------------
A petition to wind up the operations of ES Holding Limited will be
heard before the High Court of Hong Kong on March 10, 2010, at
9:30 a.m.

Kwong Fei Expectation Mfg. Limited filed the wind-up petition
against the company.

The Petitioner's Solicitors are:

          Benny Kong & Yeung
          Far East Finance Centre
          Unit 2901, 29th Floor
          16 Harcourt Road
          Hong Kong


EUROPE LIGHTING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on December 23, 2009,
to wind up the operations of Europe Lighting Group Limited.

The official receiver is E T O'Connell.


GAINDAY INVESTMENTS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on December 30, 2009,
to wind up the operations of Gainday Investments Limited.

The official receiver is E T O'Connell.


GALLEX TECHNOLOGY: Chen and Wong Appointed as Liquidators
---------------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man Stephen on December 17,
2009, were appointed as liquidators of Gallex Technology Limited.

The liquidators may be reached at:

          Chen Yung Ngai Kenneth
          Wong Tak Man Stephen
          Caroline Centre
          Lee Gardens Two, 26/F
          28 Yun Ping Road
          Hong Kong


GLITTER POWER: Court to Hear Wind-Up Petition on February 24
------------------------------------------------------------
A petition to wind up the operations of Glitter Power Limited will
be heard before the High Court of Hong Kong on February 24, 2010,
at 9:30 a.m.

The Bank of China (Hong Kong) Limited filed the petition against
the company.

The Petitioner's Solicitors are:

          ONC Lawyers
          The Bank of East Asia Building, 15/F
          10 Des Voeux Road Central
          Hong Kong


GOLDEN DOLPHINS: Creditors' Proofs of Debt Due February 8
---------------------------------------------------------
Creditors of Golden Dolphins Enterprises Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 8, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 28, 2009.

The company's liquidator is:

         Hugo Stefan August Cox
         Room 3206, 32/F
         Lippo Centre, Tower Two
         89 Queensway
         Hong Kong


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ABHINAV STEELS: CRISIL Assigns INR1.25BB Term Loan at 'BB'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Abhinav
Steels Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR80.0 Million Cash Credit Limit       BB/Stable (Assigned)
   INR1250.0 Million Term Loan             BB/Stable (Assigned)
   INR90.0 Million Proposed LT Bank        BB/Stable (Assigned)
                      Loan Facility
   INR10.0 Million Bank Guarantee          P4+ (Assigned)

The ratings of Abhinav factors in various project implementation
risks as its power plant project is still in its initial stages of
construction and is yet to achieve financial closure for the
equity portion of its funding.  This large debt-funded capital
expenditure (capex) is expected to strain the existing financial
risk profile of the company.  he rating weaknesses are partially
offset by the benefits that Abhinav derives from its promoters'
industry experience, and improving operating efficiencies backed
by increasing backward integration in its operations.

Outlook: Stable

CRISIL believes that Abhinav's credit profile remain constrained
on account of large capital expenditure over near to medium term.
The outlook may be revised to 'Positive' if the company
successfully commissions its power project and derives benefits in
terms better power efficiencies. Conversely, the outlook may be
revised to 'Negative' in case time or cost overruns in the
implementation of the power project putting further pressure on
company's financial risk profile.

                       About Abhinav Steels

Set up in 1987 by the Yadav family for setting up a steel plant,
Abhinav commenced operations by installing a rolling mill at
Sathariya (Uttar Pradesh) in 1989-90 (refers to financial year,
April 1 to March 31).  Six induction furnaces with capacities of
3, 5, and 8 tonnes per hour (TPH) were added to the existing
facility.  In 2007-08, the company added a rolling mill with
capacity of 25 TPH. During 2008-09 the company had a total
installed capacity of 31000 tonnes per annum (TPA) for ingots and
24000 TPA for steel long products.

Abhinav is currently setting up a 40-megawatt (MW) power plant at
an estimated cost of around INR2.3 billion. This project is being
funded through bank loan of INR1.25 billion and remaining through
equity or unsecured loans from promoters.

Abhinav reported a profit after tax (PAT) of INR28.5 million on
net sales of INR927.0 million for 2008-09, as against a PAT of
INR2.2 million on net sales of INR587.1 million for 2007-08.


AVANI PROJECTS: Fitch Assigns National Long-Term Rating at 'B-'
---------------------------------------------------------------
Fitch Ratings has assigned India's Avani Projects & Infrastructure
Limited an expected National Long-term rating of 'B-(ind)' with a
Stable Outlook.  Fitch has also assigned an expected rating of 'B-
(ind)' to APIL's long-term loan aggregating INR1bn.  Final ratings
are contingent upon receipt of final documents conforming to
information already received.

The rating reflects execution risks such as time and cost overruns
since APIL is behind schedule in two of its projects.  One of its
projects, Riverside Mall, was scheduled to be completed by July
2009; however, the completion date is now expected to be October
2010 due to sanction of an additional floor.  Furthermore, its
residential project, Oxford II, scheduled to commence in October
2009 has yet to start due to APIL's decision to defer the project
as the demand for residential properties slowed down.  Fitch also
remains concerned about APIL's other projects which are still in
the initial stages of construction, since any delays would further
constrain the financials of the company.

APIL's ratings also consider the potential restructuring of term
loans from banks as the company has requested its banks to extend
the maturity schedule of existing loans for Riverside mall, and it
has also asked for an additional INR170m in loans for the
construction of an additional floor.  Four of the five announced
projects of the company are at construction stage, and thus, it is
uncertain whether these projects can generate cash flow in the
short-term.  In addition, concerns remain over the leasing and/or
selling of the constructed space, given the tepid domestic real
estate market.  However, if the proposal for financial
restructuring gets approved, the company will benefit from
extended repayment schedule which will start after the completion
of the Riverside Mall project.  Since APIL is in the process of
getting restructuring approval, an expected rating has been
assigned to the company and the final rating will be assigned once
the process is completed.

The rating remains constrained by a difficult real estate
environment, particularly in the commercial segment, and Fitch
notes that this segment is witnessing signs of over-supply in
certain markets, particularly the metros, which could lead to
further declines in rental rates.  Fitch also notes that demand
for the commercial property segment in India is subdued and that
three of the five running projects of APIL are commercial malls.

The rating also considers the track record of its promoters, who
have completed about 20 projects with a total constructed area of
about 1 million square feet (mainly residential space).

Timely completion of the projects and the successful
leasing/selling of space could be positive for APIL's ratings,
while further delays in the leasing/selling of space and/or the
inability to restructure its bank loans could move the ratings
downwards.

APIL is a real estate development company based in Kolkata and was
founded in 2005.  The company's activities include the sales and
development of residential, commercial and retail properties.  In
FY09, APIL recorded revenues of INR472.6 million, with EBIDTA of
INR100.0 million and net income of INR79.8 million.  The net
adjusted debt/EBIDTA in FY09 was 9.5x with interest coverage of
4.6x.


AVIRAT COTTON: CRISIL Rates INR7.5 Mil. Term Loan at 'B-'
---------------------------------------------------------
CRISIL has assigned its rating of 'B-/Stable' to Avirat Cotton
Industries Pvt Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR55.0 Million Cash Credit Limit        B-/Stable (Assigned)
   INR7.5 Million Term Loan                 B-/Stable (Assigned)
   INR27.5 Million Proposed LT Bank         B-/Stable (Assigned)
                      Loan Facility

The rating reflects ACIPL's weak financial risk profile, working-
capital-intensive operations, and exposure to risks relating to
unfavorable regulatory changes, which resulted in net loss in
2008-09 (refers to financial year, April 1 to March 31). These
weaknesses are partially offset by the benefits that ACIPL derives
from its promoters' experience in the cotton industry.

Outlook: Stable

CRISIL believes that ACIPL will maintain a stable business risk
profile supported by its promoters' experience in the cotton
ginning industry.  The outlook may be revised to 'Positive' if the
company's accruals increase leading to low gearing and company's
capital structure improves. Conversely, the outlook may be revised
to 'Negative' if the company's operating margins decline sharply,
resulting in reduced cash accruals over the medium term.

                        About Avirat Cotton

Incorporated in 2006, ACIPL commenced commercial operations in
January 2007.  It was set up as a partnership firm and later
converted into a private limited company on December 1, 2008.
ACIPL undertakes cotton ginning and pressing in Gondal (Gujarat).
The company's plant has the capacity to process 24,000 bales per
annum. The company also trades in cotton bales, and cumin seeds.

ACIPL reported a net loss of INR0.02 million on net sales of
INR266.3 million for 2008-09, as against a profit after tax (PAT)
of INR0.8 million on net sales of INR236.8 million for 2007-08.


B.D. TEXTILE: Low Net Worth Prompts CRISIL 'B+' Ratings
-------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
facility of B. D. Textile Mills Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR110.0 Million Cash Credit          B+/Stable (Assigned)

The rating reflects BDTMPL's financial risk profile constrained by
low net worth, high gearing, and weak debt protection indicators,
and low operating profitability. These weaknesses are partially
offset by the benefits that BDTMPL derives from its established
market position and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that BDTMPL will continue to benefit over the
medium term from its well-diversified customer base and promoters'
extensive industry experience.  The outlook may be revised to
'Positive' if the company improves its financial risk profile led
by significant equity infusion by promoters, or if it improves its
operating margin while maintaining its revenue growth. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates because of weak liquidity, or
significant debt-funded capital expenditure.

                        About B. D. Textile

Set up in 1975 in Rajasthan, BDTMPL manufactures Textile Fabrics
(Dyed 2 x 2 Rubia , Chiffon, Terry Rubia, Poplin) mainly blouse
materials for women (Ladies wear items).  The company's day-to-day
operations are managed by Mr. Ganpatraj Chopra and his brother,
Mr. Devichand Chopra/Shah, with assistance from Mr. Rajesh Chopra,
Mr. Vikas Chopra, and Mr. Pankaj Chopra. The company has in-house
facilities for processing (mercerising, texturising, dyeing, and
pressing) grey fabric, whereas it outsources its spinning and
weaving activities to its associate concerns like Bachraj Weaving
and Manufacturing Mills and Maha Padmawati Textile Service Private
Limited in Maharashtra.

BDTMPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR438.2 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net sales
of INR380.1 million for 2007-08.


B.I. FABRICS: CRISIL Places 'BB' Rating on INR55MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of B.I. Fabrics.

   Facilities                           Ratings
   ----------                            -------
   INR55.0 Million Cash Credit          BB/Stable (Assigned)
   INR6.0 Million Rupee Term Loan       BB/Stable (Assigned)

The rating reflects BI's financial risk profile constrained by low
net worth, moderate debt protection indicators, and large working
capital requirements, and low operating profitability.  These
rating weaknesses are partially offset by the benefits that BI
derives from its established market position supported by its
promoters' extensive experience in the same line of business.

Outlook: Stable

CRISIL believes that BI will continue to benefit over the medium
term from its well-diversified customer base and promoters'
extensive experience in the business.  The outlook may be revised
to 'Positive' if the firm improves its profitability margin while
maintaining its revenue growth. Conversely, the outlook may be
revised to 'Negative' if BI's financial risk profile deteriorates
because of liquidity pressure, or significant debt-funded capital
expenditure.

                        About B.I. Fabrics

Set up in 1997 in Rajasthan, BI manufactures blouse materials for
women. The firm's day-to-day operations are managed by Mr.
Indermal Chopra with assistance from his nephew, Mr. Manoj Kumar
Shah.  The firm has in-house facilities for processing
(mercerising, texturising, dyeing, and pressing) grey fabric,
whereas it outsources its spinning and weaving activities to its
associate concern Gaurav Trading in Maharashtra.

BI reported a profit after tax (PAT) of INR6.3 million on net
sales of INR404.8 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.4 million on net
sales of INR374.8 million for 2007-08.


EAST COAST: CRISIL Reaffirms 'BB+' Rating on INR80MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of East Coast Engineering
Company continue to reflect East Coast's large working capital
requirements, small scale of operations, low net worth and
customer concentration in revenue profile. These weaknesses are
partially offset by the firm's established position in the seismic
survey and seismic data acquisition services, healthy project-
execution skills, and healthy debt protection measures.

   Facilities                              Ratings
   ----------                              -------
   INR80.0 Million Cash Credit Limits      BB+/Stable (Reaffirmed)
   INR30.0 Million Bank Guarantee Limits   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that East Coast will maintain its financial and
business risk profiles over the medium term on the back of its
project-execution skills.  The outlook may be revised to
'Positive' if the company increases its scale of operations and
improves its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if the firm undertakes a large, debt-
funded capital expenditure program, or if its margins deteriorate
steeply, thereby adversely affecting its financial risk profile.

                         About East Coast

Set up in 1987 by Mr. B V S Raju in Guntur (Andhra Pradesh), East
Coast undertakes seismic surveys, which involve providing on-shore
shot-hole drilling and seismic data acquisition services, for
private and public sector oil exploration and procurement
companies.

For 2008-09 (refers to financial year, April 1 to March 31), East
Coast reported a profit after tax (PAT) of INR31.98 million on net
sales of INR241.29 million, against a PAT of INR14.49 million on
net sales of INR241.29 million in the preceding year.


ESVEEGEE BREWERIES: CRISIL Cuts Ratings on INR333MM LT Loan
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Esveegee Breweries Pvt Ltd to 'BB-/Stable' from 'BB/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR55 Million Cash Credit Limit      BB-/Stable (Downgraded
                                                from BB/Stable)

   INR333 Million Long-Term Loan        BB-/Stable (Downgraded
                                                from BB/Stable)

The downgrade reflects the delay in the implementation of EBPL's
project, which has impacted the company's business and financial
risk profiles; the company is setting up a distillery with
capacity of 60-kilo litres per day (KLPD) in Sikkim.  The
distillery was expected to commence commercial operations in
October 2009. However, the project was delayed by six months and
is now expected to commence operations in April 2010.  The company
has partially drawn the long-term loans availed for funding the
project, and has applied for extension of moratorium on its long-
term loans by around six months.  The rating is also constrained
by EBPL's exposure to regulatory risks in the distillery industry.
The rating factors in the benefits that EBPL derives from limited
competition in its target market?North East India, fiscal benefits
from the Government of India and Government of Sikkim, and the
experience of its promoters in the distillery industry.

Outlook: Stable

CRISIL believes that EBPL will commence commercial operations
without any further time and cost overruns, and stabilize
operations at the earliest.  The outlook may be revised to
'Positive' if EBPL reports better-than-expected performance in the
initial years of its operations.  Conversely, the outlook may be
revised to 'Negative' in case of further delay or cost overruns in
project implementation, additional debt-funded capital expenditure
(capex), or delays in receiving capital subsidy, leading to
deterioration in the company's financial risk profile.

                     About Esveegee Breweries

EBPL, incorporated in April 2008, is setting up a 60-KLPD grain-
based distillery to manufacture extra-neutral alcohol, at Manpur
village in southern Sikkim.  The total cost of the project is
estimated at INR531 million, to be funded through long-term loans
of INR333 million and promoters' contribution of INR198 million.
Of the promoters' contribution, INR80 million will be equity, and
INR118 million will be in the form of an unsecured loan.  The
distillery is expected to commence commercial production by
April 2010. EBPL is part of the Gujarat Ambuja Export group, which
includes Gujarat Ambuja Exports Ltd (rated 'A/Negative/P1' by
CRISIL).


J.K. SONS: Low Net Worth Prompts CRISIL 'B+' Ratings
----------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the bank
facilities of J.K. Sons Engineers Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR45.0 Million Cash Credit Limit       B+/Negative (Assigned)
   INR76.1 Million Term Loan               B+/Negative (Assigned)
   INR10.0 Million Letter of Credit        P4 (Assigned)
   INR10.0 Million Bank Guarantee          P4 (Assigned)

The ratings reflect JK Sons' weak financial flexibility due to low
net worth and limited track record, weak financial risk profile
marked by below-average debt protection measures, and exposure to
risks relating to the fragmented nature of the high density
polyethylene (HDPE) industry. These weaknesses are, however,
partially offset by the benefits that JK Sons derives from
increasing customer base and established track record of its
promoters.

Outlook: Negative

CRISIL believes that the JK Sons' financial risk profile will
remain weak over the medium term because of low cash accruals
leading to weak debt projection measures.  The outlook may be
revised to 'Stable' if company reports higher than expected
topline and profit, leading to higher cash accruals. Conversely,
the ratings may be downgraded if the company cash accruals are
lower than expected putting pressure on its repayment obligations
and it goes for large debt-funded capex, deteriorating its
financial risk profile.

                          About J K Sons

J K Sons, incorporated in 1988 as Abro Foods Pvt Ltd, was running
a rice mill till 2000 and manufactured and traded in mining tools
till 2007-08.  It sold the manufacturing unit in 2007-08 and
switched to a new line of business of manufacturing woven bags
used for packaging in the cement industry; the company sells its
products in the Indian market.  Its production facility is located
in Bilaspur, Chattisgarh, with installed production capacity of
4000 tonnes per annum (TPA). J K Sons is promoted by Mr. J. P.
Agarwal and family.

For 2008-09 (refers to financial year, April 1 to March 31), JK
Sons reported a loss of INR1.1 million on net sales of INR59.9
million, as against profit after tax of INR1.6 million on net
sales of INR14.9 million for 2007-08.


LAXMI POWER: CARE Reaffirms 'CARE BB+' on LT Bank Facilities
------------------------------------------------------------
CARE has reaffirmed the 'CARE BB+' rating assigned to the Long-
term Bank Facilities of Laxmi Power Cables Pvt. Ltd. (LPCPL)
aggregating INR5.01 crore.  This rating is applicable for
facilities having tenure of over one year. Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk. CARE has retained the 'PR4' rating assigned to the Short-
term Bank Facilities of LPCPL aggregating INR3.50 crore.  This
rating is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.  CARE
assigns '+' or '-' signs after the assigned rating (wherever
necessary) to indicate the relative position within the band
covered by the rating symbol.

                               Amount
   Instrument                 (INR crore)     Rating
   ----------                  ----------     ------
   Long-term Bank Facilities     5.01        'CARE BB+'
   Short-term Bank Facilities    3.50         'PR4'

Rating Rationale

The ratings continue to be constrained by the small size of
operations leading to low bargaining power, absence in High
Tension (HT) and Extra High Voltage (EHV) segment,
working-capital intensive nature of the business resulting in high
overall gearing ratio, low profitability margins, high level of
contingent liabilities compared to net worth and competition from
the unorganized sector.  However, the ratings factor in the
promoter's experience in the cable manufacturing, fiscal benefits
associated with location of the plant in the specified region and
low attrition of the employees lending stability in the
operations.  The company's ability to protect its profitability
margins in view of the highly volatile raw material scenario is
the key rating sensitivity.

Incorporated in 1996, LPCPL is engaged in the manufacturing of Low
Tension (LT) power cables and wires, with the manufacturing plant
located at Daman. The company is currently owned and managed by
the Kukreja family. On a total income of INR24.70 crore, LPCPL
posted a PAT of INR0.29 cr in FY09. Overall gearing ratio stood
high at 2.52 times as on March 31, 2009 and interest coverage was
at 1.16 for the year FY09.


LIBERTY PHOSPHATES: ICRA Assigns 'LB+' Rating on INR300MM Debts
---------------------------------------------------------------
ICRA has assigned a 'LB+' rating to the INR300 million Cash Credit
facility and a A4 rating to the INR325 million short term non fund
based facilities of Liberty Phosphates Limited.

The ratings are constrained by the track record of delays in debt
servicing by the company arising from weak liquidity position, the
vulnerability of the company's profitability to regulatory risks
as reflected in under performance of the Single Super Phosphate
(SSP) industry in the past and agro climatic conditions. The
ratings are however supported by the leading domestic market
position of the Liberty group in SSP, proximity to indigenous
source for rock phosphate and steady growth prospects for SSP
in India due to prevalent sulphur deficiency in the soil.

Liberty Phosphates Limited (LPL) is engaged in the manufacture of
Single Super Phosphate (SSP) and complex fertilizers.  The company
derived around 78.3% of it's sales from manufactured SSP,
4.3% from complex fertilizers and remaining from 17.3% from sale
of traded fertilizers and inputs. LPL has manufacturing facilities
located in Udaipur (800 tpd), Kota (400 tpd), Baroda (300 tpd) and
Pali (200 tpd).  The company reported a turnover of INR3049
million and a net profit of INR198 million in 2008-09. For the
half year ended 30th September 2009, the company reported a net
profit of INR45 million over a turnover of INR1341 million


MARCO POWER: CARE Puts 'CARE BB+' Rating on INR9.09cr Bank Debts
----------------------------------------------------------------
CARE has reaffirmed the 'CARE BB+' rating assigned to the Long-
term Bank Facilities of Marco Power Cables Pvt. Ltd. aggregating
INR9.09 crore.  This rating is applicable for facilities having
tenure of over one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.  CARE has
retained the 'PR4' rating assigned to the Short-term Bank
Facilities of MCPL aggregating INR8.00 crore.  This rating is
applicable for facilities having tenure up to one year. Facilities
with this rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default.  CARE assigns '+' or
'-' signs after the assigned rating (wherever necessary) to
indicate the relative position within the band covered by the
rating symbol.

                                Amount
   Instrument                 (INR crore)     Rating
   ----------                  ----------     ------
  Long-term Bank Facilities      9.09        'CARE BB+'
  Short-term Bank Facilities     8.00        'PR4'

Rating Rationale

The ratings continue to be constrained by the small size of
operations leading to low bargaining power, absence in High
Tension (HT) and Extra High Voltage (EHV) segment in its product
portfolio, working-capital intensive nature of the business
resulting in high overall gearing ratio, low profitability
margins, high bank guarantees, compared to net worth and
competition from the unorganized sector.  However, the ratings
factor in the promoter's experience in the cable manufacturing,
fiscal benefits associated with the plant location and low
attrition of the employees leading to stability in the operations.
The company's ability to protect its profitability margins in view
of the highly volatile raw material scenario is the key rating
sensitivity.

Promoted by Shri Narain Kukreja in 1989, MCPL is engaged in the
manufacturing of Low Tension (LT) power cables and wires, with
manufacturing plant located at Sinnar, near Nasik.  MCPL posted a
total income of INR24 crore in FY09 as against INR43 crore in
FY08, a decline of about 43% and PAT of INR0.13 crore in FY09
against INR0.30 crore in FY08.  Due to working capital intensive
nature of the business, MCPL's overall gearing ratio stood high at
3.26 times as on March 31, 2009.


MICROTEX ENERGY: ICRA Places 'LBB+' Rating on INR590MM LT Debts
---------------------------------------------------------------
ICRA has assigned an "LBB+" rating, to the INR590 million long
term sanctioned bank facilities of Microtex Energy Private
Limited.  ICRA has also assigned a rating of A4+ to the INR100
million short term bank facilities of MEPL.  The outlook on the
long term rating is positive.

The rating of ICRA reflects the significant competitive pressures
arising out of the company's presence in industrial batteries
segment especially Value Regulated Lead Acid (VRLA) batteries,
where MEPL is a recent entrant with a small market share in a
field currently dominated by established players.  The rating is
also constrained by the decline in operating income and profits of
the company during 8 Months of FY 2010, which is attributed to the
slowdown in order inflows, whereas the increase in  capital
related charges and fixed overheads such as employee expenses have
increased considerably  following the addition in manpower
required for expanded capacities; expanding distribution  and
servicing network.  Further, significant debt funding of capital
expenditure and high working capital requirements of the business
has resulted in a relatively high gearing of 1.81 times as on
November 2009.  The ratings are however supported by the
significant infusion of capital by the promoters in the past.  The
positive outlook on the ratings factors in the significant growth
opportunities present in the sector, which should provide
sufficient growth opportunities to MEPL. Going forward, ICRA
expects the company's ability to secure adequate orders for
optimum utilization of its capacities and infusion of long term
funds will remain the key rating sensitivities.

Microtex Group was established in 1969 by Mr A. Govindan and was
largely manufacturing a battery component called PVC separator.
From 2006-07 onwards, the company started manufacturing VRLA
type industrial storage batteries and its name was also changed to
Microtex Energy Private Limited.  The company has manufacturing
facility in the Peenya Industrial Estate, Bangalore with an
installed capacity to manufacture 36000 battery sets equivalent to
415 Million Ampere Hour. MEPL reported net sales of INR1038.96
million and a net profit of INR46.37 million in 2008-09 as against
INR397.51 million and net profit of INR12.00 million in previous
years. For 8 month period ending November 2009, the company
reported net sales of INR613.41 million and net profit of INR21.10
million.


MILICO INTERNATIONAL: CRISIL Rates INR60 Mil. Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Milico International Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR20 Million Cash Credit             B/Stable (Assigned)
   INR60 Million Term Loan               B/Stable (Assigned)
   INR30 Million Letter of Credit        P4 (Assigned)

The ratings reflect Milico's limited track record in the
formaldehyde manufacturing industry, the lack of forward
integration in its operations, its weak financial risk profile
marked by weak capital structure and weak debt protection
measures, and exposure to risks relating to the susceptibility of
its operating margin to volatility in raw material prices and
foreign exchange rates.  These weaknesses are partially offset by
the expectation that Milico will achieve moderate operating
efficiency after its proposed project comes on stream.

Outlook: Stable

CRISIL believes that Milico's capital structure will remain weak
over the medium term, because of the high debt component in the
funding mix for the proposed chemical conversion plant, and the
expected low profitability in the initial period of operation.
The outlook may be revised to 'Positive' if Milico reports
stronger than expected financial performance. Conversely, the
outlook may be revised to 'Negative' if the company reports lower
than expected profitability, or undertakes more debt-funded
projects.

                     About Milico International

CRISIL believes that Milico's capital structure will remain weak
over the medium term, because of the high debt component in the
funding mix for the proposed chemical conversion plant, and the
expected low profitability in the initial period of operation.
The outlook may be revised to 'Positive' if Milico reports
stronger than expected financial performance.  Conversely, the
outlook may be revised to 'Negative' if the company reports lower
than expected profitability, or undertakes more debt-funded
projects.

Milico reported a profit after tax (PAT) of INR0.17 million on net
sales of INR55 million for 2008-09.


PATSPIN INDIA: CARE Assigns 'CARE BB-' Rating on LT Bank Debts
--------------------------------------------------------------
CARE has assigned a 'CARE BB-' rating to the Long-term Bank
Facilities of Patspin India Ltd.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt Obligations.  Such facilities carry high credit
risk.  Also, CARE assigned a 'PR4' rating to the Short-term Bank
Facilities of PIL.  This rating is applicable for facilities
having tenure of up to one year.  Facilities with this rating
would have inadequate capacity for timely payment of short-term
debt obligations and carry very high credit risk.  Such facilities
are susceptible to default. CARE assigns '+' or '-' signs to be
shown after the assigned rating (wherever necessary) to indicate
the relative position within the band covered by the rating
symbol.

                               Amount
   Instrument                 (INR crore)     Rating
   ----------                  ----------     ------
  Long-term Bank Facilities     270.88       'CARE BB-'
  Short-term Bank Facilities     77.60       'PR4'
  Long/Short-term Bank Facilities 6.50       'CARE BB-' / 'PR4'

Rating Rationale

The above ratings are constrained by the highly-leveraged capital
structure of the company, tight liquidity position and poor
performance during FY09 as a result of an unfavorable industry
scenario and poor power supply situation in the states of Tamil
Nadu and Kerala where its plants are located.  The ratings also
take into account the reschedulement of its term loans.  The above
ratings also factor in the vast experience of the promoters in the
textile industry, presence of well-experienced management team and
well-established operations of the company and the group.

                        About Patspin India

Patspin India Ltd is a part of the GTN-B.K.Patodia group.  It was
established in the year 1991 and is engaged in production and sale
of cotton yarn. It is also engaged in the production of knitted
fabric and trading of cotton yarn.  As on March 31, 2009, PIL's
spinning capacity stood at 1,11,024 spindles spread among its two
units in TN and Kerala.  The company also has knitting machines
with production capacity of 1,008 tons per annum (TPA). In
addition to this, both the units have doubling facility and
Palakkad unit has gassing facility also.  For the year ended
March 31, 209, PIL incurred a loss of INR26 cr on a total income
of INR181 cr. During the three-month period ended June 2009, PIL
generated total income of INR57.75 cr and loss before tax of
INR7.11 cr.


RAJ RAYON: Fitch Gives Positive Outlook; Affirms 'BB-' Rating
-------------------------------------------------------------
Fitch Ratings has revised the Outlook for Raj Rayon Ltd to
Positive from Negative, and affirmed its National Long-term rating
at 'BB-(ind)'.  The agency has simultaneously affirmed the ratings
of RRL's long-term bank loans aggregating INR695.1 million
(enhanced from INR653.5 million) and fund based working capital
limits (cash credit) of INR500 million at 'BB-(ind)'.
Additionally, Fitch has affirmed RRL's letter of credit facilities
totalling INR250 million and bank guarantee facilities totalling
INR70 million at 'F4(ind)'.

The revision of RRL's Outlook is driven by the company's improved
operating and financial performance during the latest two quarters
ended September 2009.  This demonstrated RRL's ability to rebound,
after its profitability bottomed out and leverage peaked in FY09
amid an industry downturn.  The company registered INR1.4bn in
sales during the six months ended 30 September 2009 (H1FY10).  The
company has shown substantial improvement of its margins due to
the decline in polyester chips (key raw material) prices and
improved demand in last six months, translating into the decent
6MFY10 performance.  The improvement in EBITDA margins to 11.4%
during this period, as compared to 1.5% in H1FY09 led to a
recovery of financial leverage to 4.3x (on the basis of annualized
EBITDA) in H1FY10 from 10.4x in FY09.  The company has also taken
various measures to enhance its liquidity; the sponsors have
brought in INR200 milion by way of unsecured loans and INR10m as
equity capital, whereas the company has also raised INR83.8 by
liquidating its various investments during the current financial
year.

The company is undergoing capex to enhance its Fully Drawn Yarn
capacity by 13,603MTA at a cost of INR376 million.  The project is
expected to begin commercial production from January 2010 onwards;
however, FY11 is expected to be first full year of operations.
The capex is expected to benefit the company in the long-term.

RRL's ratings draw comfort from the promoters' vast experience in
the textiles business, the fact that most of its revenue comes
from the relatively stable domestic market, and that no debt
restructuring has been undertaken despite the sharp downturn,
which brought RRL's debt service coverage ratios down below 1x in
FY09.  Fitch expects RRL to benefit from the likely demand
increase for synthetic yarns due to softening prices, as compared
to natural fibres.  Cotton prices have been rising again since
August 2009, which is likely to make synthetic yarn more popular,
especially in the mass clothing and home textiles segments.

The ratings are constrained by its relatively moderate size, which
makes it vulnerable in the event of an industry downturn, the
sensitivity of its operating margins to raw material prices, and
competition from industry majors in India and China, limiting its
pricing power and negotiating capabilities.  The ratings are also
constrained by price risks on inventories and vulnerability to
foreign exchange movements.

The ratings could be upgraded if the company is able to achieve
the projected revenues from the additional FDY capacities and
improved operating margins which lead to a sustainable improvement
in the leverage and coverage metrics.  The Outlook could be
revised back to Stable if there are delays on account of benefits
accruing from its capex plans as envisaged, or an increase in
financial leverage on account of lower margins and additional
capex.  Negative rating drivers include a significant fall in
margins, any large debt-led capex, which in turn constrains the
liquidity and debt protection measures.

RRL reported revenues of INR3,135 million (FY08:2802m), with
corresponding EBITDA margins of 3.7% (FY08: 10.6%) and net debt to
EBITDA of 10.3x (FY08:3.8x) in FY09.  The company reported net
sales of INR1,434 million (6MFY09:1,544m) ,operating margins of
11.4% (6MFY09:1.54%) and interest cover of 2.54x (6MFY09:0.35) in
6MFY10.


SUNSHIELD CHEMICALS: CRISIL Lifts Rating on Term Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sunshield Chemicals Ltd to 'B/Stable' from 'B-/Stable', and has
reaffirmed its rating on the short-term facilities at 'P4'.

   Facilities                              Ratings
   ----------                              -------
   INR32.4 Million Proposed Long-Term      B/Stable (Assigned)
                Bank Loan Facility

   INR67.6 Million Term Loan               B/Stable (Upgraded from
   (Reduced from INR131.0 Million)                  'B-/Stable'

   INR115.0 Million Cash Credit            B/Stable (Upgraded from
    (Enhanced from INR91.5 Million)*                'B-/Stable'

   INR10.0 Million Factoring Facility      P4 (Assigned)

   INR42.5 Million Letter of Credit        P4 (Reaffirmed)
     (Reduced from INR45.0 Million)

   INR17.5 Million Bank Guarantee          P4 (Reaffirmed)
   *Interchangeable with packing credit.

The upgrade reflects improvement in Sunshield's liquidity
following the rescheduling of its sales-tax deferral loans, and
increase in its cash accruals because of shift in the company's
focus to specialty chemicals from commodity-based chemicals.
CRISIL has also assigned its ratings of 'B/Stable' to Sunshield's
proposed long-term bank loan and 'P4' to the company's factoring
facility.

The ratings continue to reflect Sunshield's weak financial risk
profile marked by small net worth and small scale of operations.
These rating weaknesses are partially offset by the benefits that
Sunshield derives from the industry experience of its promoters.

Outlook: Stable

CRISIL believes that Sunshield's financial risk profile will
remain constrained because of its huge debt repayment obligations.
The outlook may be revised to 'Positive' if the company's capital
structure improves significantly, backed by higher-than-expected
internal accruals.  Conversely, the outlook may be revised to
'Negative' if the company is unable to generate net cash accruals
that are adequate to meet its debt obligations, or if the company
undertakes a higher-than-expected debt-funded capital expenditure
programme, thereby further weakening its financial risk profile.

                  About Sunshield Chemicals

Sunshield was incorporated by Mr. Satish Kelkar in 1986 as a
private limited company.  In 1995, the company was listed on
Bombay Stock Exchange. During 2004-05 (refers to financial year,
April 1 to March 31), Mr. Amit Choksey acquired a controlling
stake in Sunshield.

Sunshield manufactures organic chemicals such as tri-hydroxy-ethyl
isocyanurate (THEIC), ethylene oxide condensate (EOC),
antioxidants, and other specialty chemicals at its plant in Raigad
(Maharashtra).  These organic chemicals find application in many
industries, such as rubber, plastic, polymers, lubes/oil, and wire
enamel.

Sunshield reported a profit after tax (PAT) of INR36.6 million on
net sales of INR630.4 million for 2008-09, against a net loss of
INR5.4 million on net sales of INR417.2 million for 2007-08. For
the six months ended September 30, 2009, Sunshield is estimated to
have posted a PAT of INR18.4 million on estimated net sales of
INR294.1 million.


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


BANK CENTURY: Former Owner Blames Bank's Collapse on BI
-------------------------------------------------------
The Jakarta Post reports that Bank Century former owner Robert
Tantular blamed Bank Indonesia causing a run on Bank Century after
publicly declaring that the latter had failed to settle a
IDR5 billion (US$540,000) payment within the BI clearing system on
Nov. 13, 2008.

The Post relates Mr. Tantular told the House of Representatives'
inquiry committee that "We only failed [to settle] a IDR5 billion
payment, but BI announced it to the public.  It caused people to
panic and there were huge money withdrawals from Bank Century."
Bank Century's Palembang office was actually able to pay the money
on that day, but Bank Indonesia had already closed, he added.

Meanwhile, Jakarta Globe reports Mr. Tantular also told lawmakers
that it was businessman Budi Sampoerna who had ordered him to
split US$42.8 million of Budi's money into 247 bogus accounts of
about IDR2 billion each.

According to the Globe, Mr. Tantular said it was Budi's plan to
split the money because the size of the deposits would ensure the
money would be honored by the government should Century be
liquidated.  Through Rudi Soraya, Budi's Indonesian-speaking
Australian aide, Budi made sure that his instructions were
conveyed when Rudi met with Robert on Nov. 14, 2008, in Jakarta,
he said.

The Globe relates Mr. Tantular said the bogus accounts were in the
names of "Budi's staff members,"

The legislature's committee inquiry on the controversial Bank
Century bailout continues.

                      Improving Profitability

Jakarta Globe reports that Bank Century, now known as PT Bank
Mutiara, said its improving profitability should allow the
government to at least recover the IDR6.7 trillion ($730 million)
it spent bailing out the bank when it has to sell its controlling
stake, and maybe even generate small profit.

According to the Globe, Bank Mutiara President Director said
higher earnings and an increase in customers made him optimistic
the Deposit Insurance Corporation (LPS) could at least make back
its money when it sells its majority stake in Mutiara.

"The rationalization of our recovery plan is good and we expect to
continue improving profitability as the [nation's] macroeconomic
indicators improve," the Globe quoted Mr. Maryono as saying.

Assuming an annual profit of around IDR250 billion, plus capital
of IDR500 billion, Mr. Maryono said that within five years Bank
Mutiara could be sold at IDR7 trillion if it is sold at four times
its price-to-book value, the Globe notes.

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

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

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

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


CP PRIMA: Blames Virus Outbreak Over Bond Payment Default
---------------------------------------------------------
PT Central Proteinaprima on Monday blamed a virus outbreak as the
main reason for failing to meet a bond interest payment that was
due in December, Jakarta Globe reports.

Citing CP Prima's statement to the Indonesia Stock Exchange (IDX),
the Globe relates CP Prima said the virus attack meant it was
unable to meet the Dec. 28 coupon payment on the $325 million in
senior notes issued by its subsidiary, Blue Ocean.

"We had predicted that our financial performance would be affected
by the virus attack in our subsidiary's shrimp farms," the report
quoted Albert Sebastian, CP Prima's corporate secretary, as
saying.  "The weakened financial performance caused the company to
miss a bond interest payment on Dec. 28."

In December, the Post recalls, Erwin Sutanto, CP Prima's president
director, said the infectious myonecrosis virus had devastated the
company's shrimp production.

According to the report, the company's revenue declined by 14% to
IDR5.2 trillion ($551 million) in the nine months to September,
while net profit tumbled 80% to IDR 24 billion.

Mr. Sebastian, as cited by the Post, said the company is trying to
handle the problem by improving farm sanitation and developing
shrimp that can resist viruses better.

Despite the explanation, the Post notes the IDX said it was still
planning to meet with the company's board to get a clearer picture
of the problem.

The Post quoted IDX director Eddy Sugito as saying "We will meet
the company's board this week to clarify several things, such as
the bond restructuring, the company's financial performance and
the handling of the virus.  After we get sufficient data and
disseminate the information to investors, then we may lift the
suspension."

Trading in CP Prima shares was suspended on Friday after Fitch
Ratings and Moody's Investors Service downgraded the company's
bond rating following the missed the payment, the Post says.

Mr. Sugito said trading in CP Prima's shares would remain
suspended until the exchange is satisfied with the company's
explanation, the report relates.

                          About CP Prima

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production.  Its products also include poultry feed,
day-old chicks and probiotics.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 11, 2010, Fitch Ratings said it downgraded PT Central
Proteinaprima Tbk's Long-term foreign currency Issuer Default
Rating to 'C' from 'CC'.  Fitch also downgraded the rating of
CPP's US$325 million senior unsecured notes due 2012, issued by
Blue Ocean Resources Pte Ltd and guaranteed by CPP and its
subsidiaries, to 'C' from 'CC'.  The ratings remain on Rating
Watch Negative.  The recovery rating of the US$ Notes is 'RR4'.

Fitch said that these rating actions follow CPP's failure to pay
the semi-annual coupon on the US$ notes on December 28, 2009.
Fitch said it has now received sufficient evidence of the non-
payment of the coupon following Fitch's comment on CPP on
Jan. 6, 2010 ("Fitch: Unable to Determine Coupon Payment by
Central Proteinaprima").

The TCR-AP reported on January 12, 2010, that Moody's Investors
Service downgraded to Ca from Caa1 the corporate family rating and
senior secured bond rating of PT Central Proteinaprima.  The
outlook for the ratings is negative.


TRANS-PACIFIC PETROCHEMICAL: Seeks to Convert Debt Into Equity
--------------------------------------------------------------
PT Trans-Pacific Petrochemical Indotama has offered to convert its
US$350 million debt to PT Pertamina into equity, The Jakarta Post
reports.

A source at Pertamina told the Post that "TPPI has offered to
convert part of its debt into equity.  In its proposal, the
company offered Pertamina a total 28 percent equity [15 percent
from existing shares and 13 percent from additional shares] in
TPPI."

According to the report, both Pertamina spokesman Basuki Trikora
Putra and Tuban Petro president director Amir Sambodo confirmed
TPPI had proposed converting the debt into equity, but declined to
give the exact figures proposed by TPPI.

"Part of our discussion with Pertamina is about the possibility of
debt-to-equity conversion," the report quoted Mr. Amir said.  The
exact equity percentage proposed by TPPI was still being
discussed, he said.

The Post relates Mr. Trikora said Pertamina had appointed energy
and petrochemical business consultant Nexant to evaluate TPPI's
proposal.

Pertamina currently has a 15% stake in TPPI, while PT Tuban
Petrochemical Industries (Tuban Petro) has a controlling stake of
59.5%.  The remaining 25.5% is owned by foreign shareholders.

To date, the Post notes, TPPI owes Pertamina $350 million, which
includes $100 million for unpaid oil condensate and $250 million
for failure to supply the MDP.  Up to $50 million of the debt
matures every six months.

Pertamina has said it would take the case to arbitration if the
negotiations failed, the Post adds.

Based in Indonesia, PT Trans-Pacific Petrochemical Indotama
operates an integrated petrochemical refinery.  It engages in
selling and exporting petrochemicals in Canada, the United States,
and Europe.  It offers manganese dioxide, dolomite, mica, ferrous
(iron) oxide, pigments, plastic additives, antioxidants, light
stabilizers, calcite, algicides, barytes, and corrosion
inhibitors.


* INDONESIA: Fitch Assigns 'BB' Rating on Global Note Program
-------------------------------------------------------------
Fitch Ratings has assigned an expected Long-term foreign currency
rating of 'BB' to the Republic of Indonesia's forthcoming Global
Medium Term Note program, and all debt issues under the program.
Accordingly, the note offerings issued under the GMTN program are
also rated 'BB'.  The final rating is contingent upon receipt of
final documents conforming to information already received.

The ratings on the GMTN and the notes offering under the program
are in line with the sovereign's 'BB' Long-term foreign currency
Issuer Default Rating.  Indonesia's Long-term local currency IDR
is 'BB', Short-term IDR is 'B' and the Country Ceiling is 'BB+'.
The Outlook is Stable.

The sovereign's credit-worthiness has been well-supported by long-
standing fiscal prudence, public debt reduction, active
surveillance of fiscal sustainability and pre-emptive fiscal
financing efforts.  In addition, Fitch notes that Indonesia has
displayed relative resilience to the recent global financial
crisis.  A forward-looking assessment of Indonesia's sovereign
credit fundamentals also points to some easing in prior acute
constraints on the ratings as external finance conditions have
improved.


* INDONESIA: Moody's Assigns Rating on Global Notes at 'Ba2'
------------------------------------------------------------
Moody's Investors Service has assigned a foreign currency rating
of Ba2 with a stable outlook to Indonesia's Global Medium Term
Notes program.  The notes issued under this program will carry the
same rating.

"The rating is broadly supported by Indonesia's ongoing economic
resilience against the global crisis and accompanying, albeit
moderating, improvements in its underlying credit-metrics," says
Mr. Aninda Mitra, Moody's sovereign analyst for Indonesia.

"The government's fund-raising efforts are in line with its
projected gross financing requirements for 2010, and also
consistent with a stable-to-declining debt trajectory," says the
analyst.

"The recent moderation in headline consumer price inflation to
below the central bank's targeted range of 4.5% +/- 1% and an
appropriate stance in monetary policy support near-term price
expectations," says Mr. Mitra, adding, "But, the postponement of
power tariff adjustments could subject medium-term inflation
fundamentals to greater risk."

"Political uncertainty has risen somewhat on account of the
parliamentary inquiry into the appropriateness of the Bank Century
bailout, and which has implicated key ministers in the recently
re-elected Yudhoyono administration," says Mr. Mitra, while noting
that "These risks could slow the momentum in structural reforms,
but not derail the macroeconomic policy framework which had ably
withstood recent elections as well as a series of large external
shocks."

Recent regulatory efforts to encourage faster real credit growth
were also relatively modest compared to the accommodative or loose
monetary policy stance of regional and many ratings peers; and
appropriate in view of the country's low inflation and comfortable
liquidity position, as well as the government's modest fiscal
borrowing needs.

According to Mr. Mitra the prospect of sovereign credit
improvements was contingent on a greater level of foreign currency
reserve adequacy against unexpected shocks.

"In addition, structural reforms which could anchor medium-term
price expectations, durably improve the financial fundamentals of
state-owned-enterprises, and deepen domestic capital markets would
also ensure the sustainability of ongoing credit improvements,"
says Mitra.

The last rating action on Indonesia was taken on 16 September
2009, when Moody's upgraded the sovereign bond rating to Ba2, from
Ba3.


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


JAPAN AIRLINES: Gov't. Favors Delta Alliance, WSJ Says
------------------------------------------------------
Japanese government officials are pushing Japan Airlines Corp. to
choose Delta Air Lines Inc. as its new alliance partner over
American Airlines parent AMR Corp., Mariko Sanchanta and Yoshio
Takahashi at The Wall Street Journal report.

The Journal, citing people familiar with the matter, says the
carrier has been receiving official advice that a tie-up with
Delta would be more advantageous on the grounds that Delta has a
more robust trans-Pacific flight network and a stronger Asian
network than JAL's current alliance partner American Airlines.

A decision isn't certain, however, and the airline isn't likely to
make an official choice until next month, the Journal relates.

"We continue to talk with JAL and government officials, and we are
confident no government decision has been reached," the Journal
quoted a spokesman for American as saying.  A Delta spokeswoman
told the Journal that Delta continued to be in discussions with
JAL, adding "As we stated previously, we're willing and able to
raise additional capital if that's of interest to the relevant
parties."

Bloomberg News, meanwhile, reports that analysts said Delta Air
Lines may be able to win U.S. approval for a pricing alliance with
Japan Airlines, boosting its chances of wresting the Asian carrier
from American Airlines' Oneworld group.

According to Bloomberg, Vaughn Cordle, chief executive officer of
Airline Forecasts LLC, said Delta would offer Japan Air access to
a bigger route system than Oneworld?s.  That would help travelers,
the Transportation Department's chief criterion for granting
antitrust exemptions, he said.

"There?s no doubt about it, Delta and JAL could get antitrust
immunity," Bloomberg quoted Mr. Cordle as saying.  "The No. 1
reason the DOT would approve it is because it benefits the
consumer" through greater price competition, Mr. Cordle added.

American Chief Executive Officer Gerard Arpey said on Jan. 11 that
a Delta-JAL combination would be too dominant, making his company
the only U.S. carrier with "any realistic chance" of antitrust
immunity, Bloomberg notes.

                     ETIC Favors Delta-JAL Deal

The Enterprise Turnaround Initiative Corp. of Japan, the state-
backed body in charge of turning around struggling Japan Airlines,
plans to include in its rehabilitation plan a tie-up between JAL
and Delta Air Lines, with an eye to having JAL switch to the
Delta-led global SkyTeam alliance in April 2011, Kyodo News
reports citing sources close to the matter.

Kyodo says ETIC is calculating that an alliance with Delta will be
more beneficial, with a projected annual benefit of JPY17.2
billion, which is three times bigger than what an expanded
alliance with American Airlines would offer.  With American
Airlines, which belongs to the same oneworld alliance as JAL
currently, the benefit per year will only be JPY5.4 billion, Kyodo
notes.

Kyodo's sources said ETIC is seeking JAL's business tie-up with
Delta without receiving capital from the U.S. airline.

As reported in the Troubled Company Reporter-Asia Pacific on
January 8, 2010, Mariko Sanchanta at The Wall Street Journal said
AMR Corp.'s American Airlines has increased its investment offer
into Japan Airlines by US$300 million to US$1.4 billion.

On December 17, 2009, the TCR-AP, citing The Wall Street Journal's
Mariko Sanchanta and Dow Jones Newswires' Doug Cameron, reported
that American Airlines said it may increase a proposed capital
investment in Japan Airlines and draw on financial support from
other members of their Oneworld alliance.

According to the report, Gerard Arpey, chairman and chief
executive of American parent AMR Corp., also offered to make JAL
the airline's "exclusive partner" in the region, as it intensified
efforts to fend off a rival offer from Delta Air Lines Inc.

Early in December, AMR said it could inject $1.1 billion into JAL
with its partner TPG Inc., the private-equity group, and support
from members of its Oneworld alliance.  According to the Journal,
the pledged support had previously been in the form of logistical
and management help for JAL, but Mr. Arpey hinted the partners
could also provide capital.

Delta and its partners in the rival SkyTeam alliance have said
they may revise their proposal to inject $500 million into JAL and
provide a $200 million loan and a $300 million revenue guarantee.
Delta hasn't said whether other SkyTeam members would inject funds
into JAL.  The Journal said Richard Anderson, Delta's CEO, met
with Seiji Maehara, Japan's Minister of Land, Infrastructure,
Transport and Tourism, early in December to explain his company's
proposal in more detail.

The Oneworld alliance includes British Airways, Qantas, Cathay
Pacific, Iberia, LAN, Finnair and Mexicana.

                         About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                         *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

                      About Delta Air Lines

With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008.  From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year.   The merger closed on
October 29, 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's.

                            About JAL

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

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

                          *     *     *

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

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


JAPAN AIRLINES: Oneworld Offers US$2BB Enhanced Commercial Aid
--------------------------------------------------------------
American Airlines, along with fellow oneworld Alliance founding
members British Airways, Qantas Airways and Cathay Pacific
Airways, on Tuesday outlined US$2 billion in commercial benefits
to Japan Airlines Corp. over three years.  The enhanced oneworld
proposal would provide JAL the best path to future success while
minimizing risk for the Japanese government and taxpayers and
maximizing the benefits for air travelers.

The enhanced, broad-based commercial offer would serve as a key
component of a comprehensive, government-led restructuring plan
for JAL.  As part of the proposal, JAL would remain a key partner
in oneworld, a collection of 11 of the most respected brands in
the airline industry.

The proposal also includes a pledge -- if welcomed -- to offer JAL
guidance and expertise from partners that have successfully
executed airline restructurings.

"This proposal demonstrates oneworld's extraordinary commitment to
JAL.  It brings stability and certainty to Japan Airlines at a
time when it is most needed, as it faces turbulent times over the
coming weeks and months," said Tom Horton, American's Executive
Vice President of Finance and Planning and CFO.  "We believe our
proposal is in the best interests of JAL and its employees and
customers, and the government and taxpayers of Japan.  It provides
JAL the greatest long-term value at the lowest risk."

              Enhanced $2 Billion Commercial Benefits
             from American, British Airways And Qantas

The first part of the broad-based offer would provide for vastly
enhanced commercial relationships between JAL and American,
British Airways and Qantas.  The three airlines' approximately $2
billion in commitments and benefits would be realized by JAL over
the three years and includes $1.5 billion of continuation of the
ongoing revenue that JAL realizes from oneworld, $300 million in
incremental revenue guarantees from American Airlines, and
approximately $200 million in enhancements from British Airways.

"We are pleased that two other founding members of oneworld,
British Airways and Qantas Airways, have joined us at American
Airlines to offer support through their commercial relationships
with JAL," Mr. Horton said.

American already has proposed to JAL to apply for anti-trust
immunity (ATI) between the United States and Japan on the basis
that American -- with its strong network and ability to quickly
obtain ATI -- is the best choice for JAL.  With immunity and by
participating in a joint venture with American, JAL can realize a
revenue benefit that will bring it an estimated $100 million
annually.  As part of this enhanced offer, American is
guaranteeing the $100 million in new annual revenue for the first
three years of the proposed venture.

British Airways, the United Kingdom's largest carrier, has
proposed a series of enhancements to its business relationships
with JAL that will result in an approximate $200 million in new
revenue to JAL over three years.  Among the most significant of
the initiatives is British Airways' offer to create a joint
business agreement with JAL so that, from April 2011 and subject
to regulatory approval, the two carriers can enjoy greater revenue
sharing opportunities that will offer real long-term value for
Japan Airlines.  As part of a joint business venture, British
Airways will support and facilitate a new service between London
Heathrow and Tokyo's Haneda International Airport.

"We are committed to playing a full part in supporting the
recovery of Japan Airlines within the oneworld alliance," said
Roger Maynard, Director of Investments for British Airways.
"London remains the premier destination in Europe and needs to be
central to JAL's European plans."

Beginning April of this year, British Airways will more than
double the European points on which it code shares with JAL, which
will provide greater opportunities for seamless passenger travel.

"This change will provide more convenient connections and an
improved customer experience for Japan Airlines passengers
arriving at Heathrow and connecting to flights operated by British
Airways," said Maynard.

And, beginning in November 2010, British Airways will move its
operations at Narita International Airport from Terminal 1 to
Terminal 2, which will improve the passenger connections for
flights beyond Narita.

Qantas Airways has also reinforced its support for Japan Airlines.
Qantas Executive Commercial, Rob Gurney, said, "Qantas has offered
to share expertise in relation to its two-brand and low-cost
carrier business strategy.  The Qantas Group's two flying brands
strategy has provided Qantas with unique strength in terms of
scale, network and customer reach and has enabled us to meet the
challenges of the global economic downturn. This model has already
proved successful for the Qantas Group on services between
Australia and Japan.

"Given our long-standing partnership with Japan Airlines and the
oneworld alliance, Qantas is committed to working with Japan
Airlines to ensure its long term viability and success," added
Gurney.

          Innovative Expertise, Guidance on Turning Around
                  an Airline Through Restructuring

American is willing to provide JAL support and cooperation in
areas such as fleet planning, network analysis, financial
forecasting, revenue management, and maintenance operations.

Since the 2003 launch of its own Turnaround Plan, American
Airlines has implemented cost-saving programs and structural
improvements in these areas that have saved the company
approximately $6 billion, which allowed American to face the
industry's many challenges, including many that JAL faces today.
TPG also has a history of success in the airline and travel
industries and is ready to offer its expertise to JAL if desired.

"Our proposal also brings another crucial value to JAL.  And that
is the expertise of partners who can assist JAL, if invited, in a
complicated restructuring," Horton said.

The enhanced total value proposal is outlined in a letter from
oneworld to Seiji Maehara, Japan's Minister of Land,
Infrastructure, Transport and Tourism; Hiroshige Nishizawa,
President and Representative Director, Enterprise Turnaround
Initiative Corporation (ETIC) of Japan; and Hideo Seto, ETIC
Committee Chairman, Enterprise Turnaround Initiative Corporation
of Japan.

Additionally, if deemed appropriate and welcomed, American
Airlines/oneworld and TPG, one of the world's leading private
investment firms, are prepared to invest up to $1.4 billion as
part of a comprehensive plan supported by the relevant
participants to return JAL to financial vitality.  This is a $300
million increase from their previous proposal, and it would be
available if this was deemed an appropriate resource to aid in the
restructuring of JAL.

            Cathay Pacific, Qantas Airways and JAL Offer
          Unique Cornerstone Hubs In The Asian Marketplace

Cathay Pacific Airways, with its Hong Kong hub, believes keeping
JAL as a member of the oneworld alliance is a key to maintaining a
strong presence in the strategically important and fast-growing
Asian marketplace.

"The corporate business traveler wants access to the world's most
prestigious markets and JAL's Tokyo hub and Haneda facilities are
vitally important to link flyers to the major business centers of
Japan, Hong Kong and Australia," said Simon Large, President of
Cathay Pacific-Japan.

"We believe the oneworld proposal will minimize burdens on
Japanese taxpayers, improve air travel services and competition,
and will allow Japan Airlines to prosper as a world-class global
airline for the long term," said American's Horton.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                         *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

                            About JAL

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

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

                          *     *     *

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

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


SPANSION INC: Says It Owes Nothing to Spansion Japan
----------------------------------------------------
Pursuant to Section 503(b)(9) of the Bankruptcy Code, Spansion
Japan Limited asks the U.S. Bankruptcy Court to direct the Debtors
to pay it $340 million as an administrative expense claim, without
prejudice to its right to seek an additional administrative
expense claim for postpetition services.

Karen B. Skomorucha, Esq., at Ashby & Geddes, P.A., in
Wilmington, Delaware, attorney for Spansion Japan, tells the
Court that Spansion Japan exclusively manufactured wafers for
Spansion LLC between March 1, 2009, and October 27, 2009.
Spansion Japan claims that the Debtors continued to order and
received from Spansion Japan hundreds of thousands of wafers
under the terms of the Foundry Agreement and FSET Foundry
Agreement with the value in excess of $340 million,
without remitting one penny to Spansion Japan.

The Debtors, however, ask the U.S. Bankruptcy Court to determine
that the estates do not owe any amounts to Spansion Japan Limited.
The Debtors assert that the amounts that Spansion Japan owes to
them exceed any amounts owing to Spansion Japan on an
administrative basis.

The Debtors aver that the Court should reject the contentions of
Spansion Japan that its obligations to the Debtors should be
ignored because:

  (a) the anti-setoff provision on which they rely is contained
      in a rejected contract and that is no longer binding on
      the Debtors;

  (b) strong precedent supports the Debtors' exercise of setoff
      under these circumstances;

  (c) it makes no sense to require the Debtors to press their
      claims affirmatively in Japan rather than to exercise them
      defensively in the United States, when Spansion Japan has
      availed itself of this forum voluntarily.

The Official Committee of Unsecured Creditors joins in the
Debtors' objection.

                         Claims Estimation

Spansion Inc. has asked the Court to estimate Spansion Japan
Ltd.'s administrative claim at $0 for purposes of confirming and
determining feasibility of its reorganization plan.

Spansion Japan has claimed that it is entitled to an
administrative expense claim in excess of $340 million with
respect to the Prepetition Foundry Agreement.

Anthony W. Clark, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Wilmington, Delaware, maintains that in light of the
administrative claim assertions and the Debtors' unsuccessful
efforts to reach a consensual arrangement with Spansion Japan,
and in order to avoid any delay to the ongoing Disclosure
Statement approval and plan confirmation process, the Debtors ask
the Court to determine and estimate the Administrative Expense
Claim at $0 for purposes confirming and determining the
feasibility of the Plan.

Spansion Japan, however, asks the Court to deny the Debtors'
Estimation Motion as moot.  Gregory A. Taylor, Esq., at Ashby &
Geddes, P.A., in Wilmington, Delaware, counsel to Spansion Japan,
relates that given the filing by Spansion Japan of its motion
directing payment of its administrative claim and that the
Administrative Expense Motion is scheduled to be heard at the
same time as the Estimation Motion, consideration of the
Estimation Motion is simply unwarranted because adjudication of
the Estimation Motion will not advance the administration of the
Debtors' cases.

                        About Spansion Inc.

Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider.  Spansion is a former joint
venture of AMD and Fujitsu.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.

Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel.  Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel.  Epiq Bankruptcy Solutions LLC, is
the claims agent.  The United States Trustee has appointed an
official committee of unsecured creditors in the case.  As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


SPANSION INC: Spansion Japan Wants Time to Elect on Foundry Pact
----------------------------------------------------------------
Spansion Japan Limited asks the Court to extend the period of
time within which it may make an election under Section 365(n) of
the Bankruptcy Code with respect to the rejection of that certain
Second Amended and Restated Foundry Agreement between Spansion
Japan and Spansion LLC, dated as of March 30, 2007.

Spansion Japan asks the Court to extend its deadline from
January 4, 2010, to February 11, 2010, or a later date as the
Court may hold a hearing to consider confirmation of the Debtors'
proposed Chapter 11 plan of reorganization.

As previously reported, the Court, on November 19, 2009, entered
an order granting the motion of the Debtors authorizing their
rejection of the Second Amended and Restated Foundry Agreement
with Spansion Japan Limited.  The Rejection Order provides, among
others, that Spansion Japan must file any election under Section
365(n) of the Bankruptcy Code with respect to the Foundry
Agreement on or before January 4, 2010, and serve that election
upon counsel to the Debtors, the Official Committee of Unsecured
Creditors and the Ad Hoc Consortium of Noteholders.

Gregory A. Taylor, Esq., at Ashby & Geddes, P.A., in Wilmington,
Delaware, counsel to Spansion Japan, relates that at the time the
Rejection Order was entered, other Spansion Japan-related issues
were set to be heard on dates well in advance of the January 4,
2010 date and the confirmation process was supposed to be
completed shortly thereafter.  Among the issues are:

  (a) Motion of Spansion Japan Limited for entry of an order
      allowing certain of its claims as Administrative
      Expenses and directing their payment;

  (b) Motion of GE Financial Services Corporation for allowance
      and payment of Administrative Expense Claim were set to be
      heard on December 15, 2009;

  (c) The Debtors' motion determining and estimating amount of
      Administrative Expense Claim of Spansion Japan relating to
      manufacture of Integrated Flash Memory Circuits was set
      for hearing on December 2, 2009.

In addition, the commencement of the confirmation hearing was
scheduled for January 7, 2010, and the objection deadline to the
confirmation of the plan was set for January 4, 2010.  According
to Mr. Taylor, by January 4, 2010, it was expected that the
parties would have either reached a global resolution or not, and
accordingly, Spansion Japan would have had a full understanding
of the impact that election would have had on its business going
forward.  At this stage, however, Mr. Taylor notes, none of these
issues have been adjudicated and the parties' continuing
relationship has yet to be determined.  As a result of the
current posture of the Debtors' cases, Spansion Japan avers that
extending the date by which it must make its election under
Section 365(n) of the Bankruptcy Code is warranted.

"A modest extension of the election deadline in this case will
not prejudice the Debtors or their estates in any way, and
comports with Spansion Japan's understanding at the time it
agreed to the January 4, 2010 date that, prior to making its
election, it would have a better understanding of where Spansion
Japan stood with regard to the Debtors and their businesses going
forward," Mr. Taylor says.  "Moreover, forcing a premature
election in this case is inconsistent with the statutory purpose
of preserving licensees' rights and would simply multiply
litigation among the parties and further burden this Court," he
adds.

                        About Spansion Inc.

Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider.  Spansion is a former joint
venture of AMD and Fujitsu.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.

Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel.  Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel.  Epiq Bankruptcy Solutions LLC, is
the claims agent.  The United States Trustee has appointed an
official committee of unsecured creditors in the case.  As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


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


HYNIX SEMICONDUCTOR: Creditors to Hold Stake Sale Briefing Today
----------------------------------------------------------------
Jung-Ah Lee at The Wall Street Journal reports that creditors of
Hynix Semiconductor Inc. will hold a briefing today to explain
their sale of a combined 28% holding in the South Korean chip
maker to drum up more buying interest in the four trillion won
(US$3.6 billion) stake amid lukewarm reception from potential
investors.

The Journal relates Korea Exchange Bank, representing the chip
maker's creditors, said in a statement that creditors will invite
around 50-60 people from potential buyers, financial investors,
investment banks and analysts to explain Hynix's stake sale, as
well as its business conditions and outlook, followed by a
question-and-answer session.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2009, Hynix Semiconductor Inc.'s creditors re-invited
fresh bids for a major stake in the chipmaker and receive letters
of intent from potential investors by January after Hyosung Corp.
dropped its bid.

Invitational notices for South Korean companies to submit bids
went out Dec. 20.  Letters of intent to buy Hynix will be accepted
by Jan. 29, Kyodo News said.  No local company has so far shown
any interest in the offer.

Jung-Ah Lee and Shin Jung-Won at Dow Jones Newswires, citing the
Electronic Times, reported last week that the United Arab Emirates
government has shown an interest in buying a stake in Hynix
Semiconductor.  A Korean government official said the UAE
government showed an interest in acquiring (at least) a part of
the stake, if it proves difficult to acquire the entire stake, Dow
Jones related.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 17, 2009, Standard & Poor's Ratings Services revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.

Fitch Ratings, on July 6, 2009, affirmed Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, Fitch
downgraded the ratings for its outstanding senior unsecured debt
to 'B'/'RR5' from 'B+' and removed it from RWN.


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


OILCORP BERHAD: Perusahaan Maju Teguh Serves Wind-Up Against Unit
-----------------------------------------------------------------
OilCorp Berhad said that a winding up petition has been served
against Oilfab Sdn. Bhd. (OFSB), a subsidiary of the Company, by
Perusahaan Maju Teguh (M) Sdn. Bhd.

The petition was presented to the Johor Bahru High Court on
October 5, 2009 and the winding-up petition was served on Oilfab
on December 3, 2009 and now advertised in the New Straits Times on
January 9, 2010.

The claim under the petition amounted to MYR188,800.00 together
with interest thereon at the rate of 8% per annum starting from 15
July 2009 until full settlement.  In the petition, it is claimed
that OFSB is indebted to Perusahaan Maju Teguh for the sum, being
the amount due for the rentals of power rotator, and allegedly
unable to pay its debts.

OFSB is a major subsidiary of Oilcorp.  The total cost of
investment by Oilcorp in OFSB is MYR5.1 million.  This investment
is held through the Company's wholly-owned subsidiary, Oil-Line
Engineering & Associates Sdn. Bhd. which holds 51% equity in the
paid-up capital of OFSB.

If OFSB is wound up, these expected losses will arise:

   i. Expected write off of the total cost of investment
      in OFSB of MYR5.1 million; and

  ii. Based on the latest announced unaudited quarterly
      results for the period ended September 30 , 2009,
      as per OFSB's books, there is an amount due to
      ultimate holding company i.e. Oilcorp Berhad of
      MYR20,232,737.61 which might not be recovered if
      OFSB is wound up.

The matter is fixed for hearing on January 21, 2010.

                       About Oilcorp Berhad

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

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


WONDERFUL WIRE: Restraining Order Extended for 60 Days
------------------------------------------------------
The High Court of Malaya at Kuala Lumpur has granted Wonderful
Wire & Cable Berhad an extension of the restraining order for 60
days with effect from January 7, 2010 to March 7, 2010.

Pursuant to the revised regularization plan of WWC submitted to
the Securities Commission of Malaysia on November 30, 2009, and as
announced on the same date, it was proposed that the Revised
Proposed Restructuring Scheme of the Company be implemented
pursuant to Section 176 of the Companies Act, 1965.  However, as
the ongoing litigation suits against WWC may jeopardize the
implementation of the Revised PRS, the Board is of the view that a
restraining order is necessary to prevent any proceedings against
the Company, pending the finalization of the Revised PRS.

Thus, WWC believes that restraining order will enable the Company
to preserve the status quo of the Group's financial and operations
pending the implementation of the Revised PRS.

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


APPLE FIELDS: Shares Suspended from Trading in NZ Stock Exchange
----------------------------------------------------------------
Trading in shares of property developer Apple Fields Ltd. has been
suspended after the company failed to provide a copy of its annual
report to stock exchange operator NZX, a report posted at
stuff.co.nz says.

According the stuff.co.nz, NZX said Tuesday that the report for
the year ended September 30 was due to be issued to NZX on
December 31.

Apple Fields securities would be suspended until the company had
issued its annual report, NZX said.

Apple Fields chief executive Tom Kain said shareholders will be
asked to approve a delisting from the stock exchange at a special
meeting in Christchurch on January 28, stuff.co.nz says.

Mr. Kain said shareholders will also be asked to approve an
application by Apple Fields to list on the Unlisted share trading
platform, the report relates.

Apple Fields reported a NZ$2.75 million net loss for the year
ended September 30, 2008.  For the half year ended March 31, 2009,
Appled Field posted NZ$300,000 net loss.

Headquartered in Christchurch, New Zealand, Apple Fields Limited
(NZE:APF ) -- http://www.applefields.co.nz/-- is engaged in
property development in Canterbury region.  The Company's major
project is the development of Noble Village at Yaldhurst for
residential and business areas.  The Company is involved in two
projects, the sale of the sections at Takamatua and management of
the development of the property owned by Noble Investments
Limited.  The Company's wholly owned subsidiaries include
Takamatua West Limited and Haneworth Holdings Limited.


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


DESIN CONSTRUCTION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on November 20, 2009,
to wind up the operations of Desin Construction Pte Ltd.

Cattel Engineering Pte Ltd filed the petition against the company.

The company's liquidator is:

         Ewe Pang Kooi
         Ewe, Loke & Partners
         7 Shenton Way
         #01-02, Singapore Conference Hall
         Singapore 068810


KINGSMEAD CAPITAL: Creditors' Proofs of Debt Due February 12
------------------------------------------------------------
Creditors of Kingsmead Capital Advisors (Singapore) Pte. Ltd.,
which is in members' voluntary liquidation, are required to file
their proofs of debt by February 12, 2010, to be included in the
company's dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


MINORI JAPANESE: Liquidators Pay 32.92% to Unsecured Claims
-----------------------------------------------------------
Minori Japanese Restaurant Pte Ltd, declared the first and final
dividend on January 11, 2010.

The company paid 100% to the received preferential claims and
32.92% to unsecured claims.

The company's liquidator is:

         Victor Goh
         Liquidator?s Office
         C/o Phoenix Corporate Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027


POPULAR LOGISTICS: Creditors Get 37.35846% Recovery on Claims
-------------------------------------------------------------
Popular Logistics Pte Ltd, declared the first and final dividend
on December 31, 2009.

The company paid 37.35846% to the received claims.

The company's liquidator is:

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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

Copyright 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.





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