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

                          A S I A   P A C I F I C

              Monday, June 15, 2009, Vol. 12, No. 116

                            Headlines

A U S T R A L I A

BBP FINANCE: Fitch Downgrades Ratings on Secured Facility to 'B'
GMAC, AUSTRALIA (FINANCE): Moody's Raises Sr. Unsec. Rating to Ca
GMAC AUSTRALIA: Moody's Raises Backed Sr. Unsecured Rating to Ca
OPES PRIME: ASIC May Launch Legal Actions Against Opes Directors
OZ MINERALS: Reports Mill Outage at Golden Grove Mine

TIMBERCORP: Gunns Eyes Firm's Timber Projects, Held Talks


H O N G  K O N G

ASIA MAGNIFIERS: Creditors' Proofs of Debt Due on June 19
ASM INTERNATIONAL: Court to Hear Wind-Up Petition on July 29
CENTRIC TECHNOLOGY: Court to Hear Wind-Up Petition on July 15
CHONG HING: Fitch Affirms Support Rating Floor at 'BB'
DUNCAN INTERIOR: Court to Hear Wind-Up Petition on June 24

ECO-HARU: Court to Hear Wind-Up Petition on June 24
EGANA-HARU: Court to Hear Wind-Up Petition on June 24
EGANA JEWELLERY: Court to Hear Wind-Up Petition on June 24
EGANA OF SWITZERLAND: Court to Hear Wind-Up Petition on June 24
FINEMOST INDUSTRIES: Releases Briscoe as Liquidator

GEM INDUSTRIAL: Releases Briscoe as Liquidator
GLOBAL MEDIA: Court to Hear Wind-Up Petition on July 22
HONG KONG PROFESSIONAL: Court to Hear Wind-Up Petition on July 29
ONTARGET ADVISORY: Releases Provisional Liquidators
SINO STATES: Pays First and Final Dividend

SKY TECH: Court to Hear Wind-Up Petition on July 8
SUN FOOK: Court to Hear Wind-Up Petition on July 8
TAIWAN TAI: Court to Hear Wind-Up Petition on July 8
TAK YIP: Pays Third Supplementay Dividend
TICKTOCK GRAPHIC: Court to Hear Wind-Up Petition on June 24

VIDEONLINE: Court to Hear Wind-Up Petition on July 8


I N D I A

ALLIED STRIPS: CARE Puts 'CARE BB+' Rating on LT Bank Facilities
ASHIANA ISPAT: CRISIL Places 'BB' Rating on Rs.20.0 Mln Term Loan
BANSWARA SYNTEX: CARE Assigns 'CARE BB+' Rating on LT Facilities
EXCEL OVERSEAS: Low Net Worth Prompts CRISIL Puts 'P4' Rating
G S ALLOY: CRISIL Rates INR50.0 Million Cash Credit Limit at 'B+'

SPHEREORIGINS MULTIVISION: CRISIL Rates Various Facilities at 'BB'


I N D O N E S I A

LINUS AIRWAYS: May be Purchased by Garuda Indonesia
PERUSAHAAN LISTRIK: Installation Fees are Optional, Says President
PT INDOSAT: Shareholders Approve New Auditor and Board Changes
PT PERUSAHAAN: Moody's Changes Outlook on 'Ba3' Rating to Positive
* Moody's Changes Outlook on 'Ba3' Sovereign Rating to Positive


J A P A N

AMERICAN INT'L: Sells New York Headquarters to Kumho
JAPAN AIRLINES: Extends Unpaid Employee Leave Until September


K O R E A

KIA MOTORS: Launches Forte Koup Compact Car to Boost Weak Demand


M O N G O L I A

* Moody's Takes Rating Actions on Mongolian Fin'l Institutions


N E W  Z E A L A N D

BOTRY-ZEN: Posts NZ$1.7 Million Annual Net Loss
GMAC (NZ): Moody's Raises Backed Senior Unsecured Rating to Ca
PROPERTYFINANCE: To Hold Special Meeting on June 29


T A I W A N

TA CHING: Fitch Affirms Individual Ratings with Stable Outlook
WING HANG: Fitch Affirms Support Rating Floor at 'BB'


                         - - - - -


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

BBP FINANCE: Fitch Downgrades Ratings on Secured Facility to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded BBP Finance Australia Pty Limited's
secured multi-currency term and revolving and syndicated facility
to 'B' from 'BBB-' and its Long-term Issuer Default Rating to 'B'
from 'BB+'.  At the same time, the agency has downgraded Flinders
Power Partnership's Long-term IDR to 'B' from 'BB+'.  All the
above ratings remain on Rating Watch Negative.  Meanwhile, Fitch
has assigned a recovery rating of 'RR4' to the facility.

BBPF is a wholly owned subsidiary of Babcock & Brown Power
Limited, an Australian Stock Exchange-listed energy generator and
retailer.

The downgrades reflect the company's announcements of revised
EBITDA guidance and of ongoing discussions with the BBPF banking
syndicate to ensure that funding remains in place.  Although no
event of default currently exists, the banks had the right under
the facility's original Review Event provisions to start the
process to renegotiate the facility terms and in the absence of
any agreement being reached accelerate the debt in the future.
Fitch understands that the banks have deferred this right in the
short term, while negotiations continue.  However, agreement on a
longer term financing solution remains uncertain.  The downgrade
also reflects the likelihood that in the event that BBPF comes to
an agreement with the banking syndicate, interest costs are likely
to rise.

The removal of the single notch difference between the IDR and the
rating of the facility reflects Fitch's bespoke recovery analysis
which indicates that, in the light of the company's announcements,
recovery prospects in the event of a default would be no higher
than average.

The RWN reflects that BBPF's liquidity is dependent on the ongoing
support of the banking syndicate and the outcome of the
negotiations is still uncertain.

The RWN will be resolved when negotiations between BBP and BBPF's
banking syndicate are completed.  Fitch notes that should the
negotiations not be successful, there are acceleration provisions
in the facility which, if triggered, would be likely to lead to a
rating close to, or at, Default.

Flinders Power Partnership has been downgraded as its credit
profile is aligned to that of BBPF.


GMAC, AUSTRALIA (FINANCE): Moody's Raises Sr. Unsec. Rating to Ca
-----------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured rating of
GMAC LLC to Ca from C.  In addition, Moody's placed GMAC's senior
unsecured and preferred stock ratings (currently C) on review for
further possible upgrade.  The ratings of Residential Capital LLC
(senior at C), GMAC's residential mortgage finance subsidiary,
were not affected by this action.

Moody's said the upgrade of GMAC's rating reflects the firm's
lower bankruptcy risk resulting from the U.S. government's support
of the firm, including significant capital injections that have
improved its liquidity and capital positions, partial U.S.
government ownership, and GMAC's role in the U.S. government's
efforts to reinvigorate the U.S. domestic auto industry.  Of
continuing concern, GMAC must yet raise substantial additional
equity to comply with the requirements of the recently concluded
stress tests under the U.S. Government's Supervisory Capital
Assessment Program.  Though it is possible that GMAC could seek to
fill a portion of the additional capital need through a distressed
debt exchange, Moody's believes the motivation of bondholders to
accept the terms of a distressed exchange are uncertain, given
GMAC's lower risk of bankruptcy.  Were such an exchange commenced,
Moody's also believes that the result for bondholders would be
consistent with the newly assigned Ca rating.

"Capital inflows, partial government ownership, and GMAC's
importance to reviving GM and Chrysler point to a lower
probability of near-term default," said Moody's senior analyst
Mark Wasden.  "However, the challenges GMAC faces in executing its
business strategy and the resultant uncertainties for bondholders
remain a constraint on GMAC's credit."

Government support of GMAC has been multifaceted.  In May, GMAC
issued $7.5 billion of mandatorily convertible preferred
membership interests to the U.S. Treasury, $4 billion of which
supports GMAC's agreement with Chrysler LLC to provide financing
to Chrysler dealers and customers.  GMAC was also approved to
participate in the FDIC's Temporary Liquidity Guarantee Program,
under which it can issue up to $7.4 billion in FDIC guaranteed
debt by October 2009.  GMAC issued $4.5 billion of TLGP debt on
June 3, which Moody's rated Aaa.  The U.S. government's ownership
of GMAC is about 35%, which would increase upon conversion of the
U.S. Treasury's MCP's.

GMAC was also granted additional flexibility to issue GM-related
auto finance receivables in GMAC Bank (a/k/a Ally Bank) under an
expanded 23A exemption to the Federal Reserve Act.  Assets
originated in the bank are funded by deposits, which are a lower
cost source of funding that GMAC has continued to access
throughout the current cycle.

Notwithstanding these positive developments, Moody's remains
cautious regarding the operating and financial challenges GMAC
faces.  In particular, it is uncertain how GMAC will raise by
November 2009 the $5.6 billion of "new" and $2.4 billion of
"other" capital qualifying as Tier 1 common equity that is
required by regulators.  Moody's believes GMAC's access to private
sources of capital to meet these requirements is limited and that
the firm will most likely request an additional investment from
the U.S. Treasury.

GMAC is also contending with asset quality deterioration in its
auto finance and residential mortgage operations that could lead
to further operating losses during the current downcycle.  Moody's
rating anticipates that ResCap will continue to require capital
support from GMAC as it services a large portfolio of troubled
mortgages to liquidation.

Additional long-term uncertainties relate to GMAC's eventual
ownership structure and liquidity profile, as well as GMAC's
relationships with "new" GM and Chrysler and the strength of their
future operating prospects.  Moody's believes that GMAC must
eventually demonstrate capital and funding strategies that don't
rely upon continued U.S. government involvement in the firm.

During its review of GMAC's ratings, Moody's will seek clarity
regarding GMAC's capital raising plans.  Should the firm
successfully fill the capital requirement while preserving the
status and protections of senior creditors, its long-term ratings
could be upgraded to the Caa category.

GMAC LLC:

-- Senior Unsecured: to Ca from C

GMAC Australia LLC:

-- Backed Senior Unsecured: to Ca from C

GMAC Bank GMBH:

-- Backed Senior Unsecured: to Ca from C

GMAC International Finance B.V.:

-- Backed Senior Unsecured: to Ca from C

GMAC, Australia (Finance) Limited:

-- Backed Senior Unsecured: to Ca from C

GMAC (NZ) Limited:

-- Backed Senior Unsecured: to Ca from C

General Motors Acceptance Corp. of Canada Ltd.:

-- Backed Senior Unsecured: to Ca from C

Moody's has also assigned a rating of Ca to senior unsecured debt
issued to holders that tendered old bonds as a part of GMAC's
December 2008 bond exchange.  The exchange bonds are guaranteed by
certain GMAC subsidiaries.  In Moody's view, the additional
creditor protections associated with the guarantees is
insufficient at this time to warrant a notching differential from
GMAC's senior unsecured debt that does not benefit from these
guarantees.

In its last rating action on November 20, 2008, Moody's downgraded
GMAC's rating to C from Caa1, following GMAC's launch of a debt
exchange offering that Moody's viewed as a distressed exchange.

GMAC LLC is a global financial services company operating in the
automotive finance, dealer and personal line insurance, and
residential real estate finance sectors.


GMAC AUSTRALIA: Moody's Raises Backed Sr. Unsecured Rating to Ca
----------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured rating of
GMAC LLC to Ca from C.  In addition, Moody's placed GMAC's senior
unsecured and preferred stock ratings (currently C) on review for
further possible upgrade.  The ratings of Residential Capital LLC
(senior at C), GMAC's residential mortgage finance subsidiary,
were not affected by this action.

Moody's said the upgrade of GMAC's rating reflects the firm's
lower bankruptcy risk resulting from the U.S. government's support
of the firm, including significant capital injections that have
improved its liquidity and capital positions, partial U.S.
government ownership, and GMAC's role in the U.S. government's
efforts to reinvigorate the U.S. domestic auto industry.  Of
continuing concern, GMAC must yet raise substantial additional
equity to comply with the requirements of the recently concluded
stress tests under the U.S. Government's Supervisory Capital
Assessment Program.  Though it is possible that GMAC could seek to
fill a portion of the additional capital need through a distressed
debt exchange, Moody's believes the motivation of bondholders to
accept the terms of a distressed exchange are uncertain, given
GMAC's lower risk of bankruptcy.  Were such an exchange commenced,
Moody's also believes that the result for bondholders would be
consistent with the newly assigned Ca rating.

"Capital inflows, partial government ownership, and GMAC's
importance to reviving GM and Chrysler point to a lower
probability of near-term default," said Moody's senior analyst
Mark Wasden.  "However, the challenges GMAC faces in executing its
business strategy and the resultant uncertainties for bondholders
remain a constraint on GMAC's credit."

Government support of GMAC has been multifaceted.  In May, GMAC
issued $7.5 billion of mandatorily convertible preferred
membership interests to the U.S. Treasury, $4 billion of which
supports GMAC's agreement with Chrysler LLC to provide financing
to Chrysler dealers and customers.  GMAC was also approved to
participate in the FDIC's Temporary Liquidity Guarantee Program,
under which it can issue up to $7.4 billion in FDIC guaranteed
debt by October 2009.  GMAC issued $4.5 billion of TLGP debt on
June 3, which Moody's rated Aaa.  The U.S. government's ownership
of GMAC is about 35%, which would increase upon conversion of the
U.S. Treasury's MCP's.

GMAC was also granted additional flexibility to issue GM-related
auto finance receivables in GMAC Bank (a/k/a Ally Bank) under an
expanded 23A exemption to the Federal Reserve Act.  Assets
originated in the bank are funded by deposits, which are a lower
cost source of funding that GMAC has continued to access
throughout the current cycle.

Notwithstanding these positive developments, Moody's remains
cautious regarding the operating and financial challenges GMAC
faces.  In particular, it is uncertain how GMAC will raise by
November 2009 the $5.6 billion of "new" and $2.4 billion of
"other" capital qualifying as Tier 1 common equity that is
required by regulators.  Moody's believes GMAC's access to private
sources of capital to meet these requirements is limited and that
the firm will most likely request an additional investment from
the U.S. Treasury.

GMAC is also contending with asset quality deterioration in its
auto finance and residential mortgage operations that could lead
to further operating losses during the current downcycle.  Moody's
rating anticipates that ResCap will continue to require capital
support from GMAC as it services a large portfolio of troubled
mortgages to liquidation.

Additional long-term uncertainties relate to GMAC's eventual
ownership structure and liquidity profile, as well as GMAC's
relationships with "new" GM and Chrysler and the strength of their
future operating prospects.  Moody's believes that GMAC must
eventually demonstrate capital and funding strategies that don't
rely upon continued U.S. government involvement in the firm.

During its review of GMAC's ratings, Moody's will seek clarity
regarding GMAC's capital raising plans.  Should the firm
successfully fill the capital requirement while preserving the
status and protections of senior creditors, its long-term ratings
could be upgraded to the Caa category.

GMAC LLC:

-- Senior Unsecured: to Ca from C

GMAC Australia LLC:

-- Backed Senior Unsecured: to Ca from C

GMAC Bank GMBH:

-- Backed Senior Unsecured: to Ca from C

GMAC International Finance B.V.:

-- Backed Senior Unsecured: to Ca from C

GMAC, Australia (Finance) Limited:

-- Backed Senior Unsecured: to Ca from C

GMAC (NZ) Limited:

-- Backed Senior Unsecured: to Ca from C

General Motors Acceptance Corp. of Canada Ltd.:

-- Backed Senior Unsecured: to Ca from C

Moody's has also assigned a rating of Ca to senior unsecured debt
issued to holders that tendered old bonds as a part of GMAC's
December 2008 bond exchange.  The exchange bonds are guaranteed by
certain GMAC subsidiaries.  In Moody's view, the additional
creditor protections associated with the guarantees is
insufficient at this time to warrant a notching differential from
GMAC's senior unsecured debt that does not benefit from these
guarantees.

In its last rating action on November 20, 2008, Moody's downgraded
GMAC's rating to C from Caa1, following GMAC's launch of a debt
exchange offering that Moody's viewed as a distressed exchange.

GMAC LLC is a global financial services company operating in the
automotive finance, dealer and personal line insurance, and
residential real estate finance sectors.


OPES PRIME: ASIC May Launch Legal Actions Against Opes Directors
----------------------------------------------------------------
Australia's corporate regulator will clarify within weeks if it
would launch criminal and civil penalty proceedings against Opes
Prime Stockbroking directors over the firm's collapse, The Age
reports.

The Age says the revelation about possible progress in the
Australian Securities and Investments Commission's investigation
into Opes emerged in the Victorian Supreme Court on June 10 as
receivers for Hawkswood Investments continued to pursue Opes'
former managing director Laurie Emini for a AU$2.17 million debt.

As reported in the Troubled Company Reporter-Asia Pacific on
March 9, 2009, ASIC unveiled proposed settlement for Opes Prime
investors.  In a statement released March 6, ASIC said that it
would provide the necessary releases to allow a settlement offer
to be put to Opes Prime investors, which is expected to deliver a
sum of AU$253 million and a return of around 40 cents in the
dollar to creditors of Opes Prime, which includes investors.  The
return is based on the value of potential creditors claims as
at March 27, 2008, when Opes Prime went into administration, ASIC
said in a statement.  The settlement offer is subject to both the
approval by Opes Prime creditors and court approval of a creditors
scheme of arrangement giving effect to the offer.  The proposed
settlement follows mediation between ASIC, the ANZ Banking Group
Ltd, Merrill Lynch (International) Australia Pty Ltd and the
liquidator of Opes Prime Stockbroking Limited.  ASIC said major
objective in encouraging the mediation was to recover compensation
for investors without the need for costly litigation and multiple
actions.  Under the terms of the mediated settlement, ASIC has
agreed, if the offer is approved by Opes Prime creditors and the
Court, not to pursue these actions against ANZ and Merrill Lynch,
who are parties to the settlement offer.

For the scheme to succeed, The Australian related, more than 50
percent of creditors by number, and at least 75 percent by value,
must vote in favor of the proposal at the meeting in July.

                         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.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation 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 the company.

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.

The AAP related that 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.

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.


OZ MINERALS: Reports Mill Outage at Golden Grove Mine
-----------------------------------------------------
OZ Minerals Ltd has reported a mill outage at its Golden Grove
mine in Western Australia.

"There has been a failure of the discharge trunnion bearing of the
Semi-Autogenous Grinding (SAG) Mill at the company's Golden Grove
operation in Western Australia," OZ said in a statement.

"Specialists have been mobilised to site to carry out repairs.  At
this stage, the company estimates the mill will be out of
operation for approximately 3 to 4 weeks," the company said.

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


TIMBERCORP: Gunns Eyes Firm's Timber Projects, Held Talks
---------------------------------------------------------
Ruth Williams at The Age reports that Gunns Limited held meetings
last week over a possible takeover of timber projects run by
Timbercorp Ltd.

Gunns representatives, according to the report, are believed to
have flown to Melbourne on June 10 for discussions on the forestry
schemes, including talks with Chris Garnaut, a financial adviser
and member of the investors committee, who opposes any winding-up
of the projects.

The Age relates that Mr. Garnaut said he had met Gunns company
secretary Wayne Chapman about the company taking over as
responsible entity for the schemes, and the matter had been
discussed with Timbercorp's administrators, KordaMentha.

Mr. Garnaut said Gunns was "receptive" to the idea, with certain
conditions, the report states.

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, the Herald Sun said investors in Timbercorp
Limited's olive and almond plantations could lose AU$600 million
when the Supreme Court is asked to consider winding up the
"hopelessly insolvent" company.  According to the Sun,
Timbercorp's administrator Mark Korda will lodge papers asking a
judge to decide whether it is proper to bring forward a wind-up
application of Timbercorp's 13 almond projects and 11 olive
ventures sold to investors over the past six years.

The TCR-AP, citing The Australian, reported on June 12, 2009,
that the investors will find out this week whether administrator
KordaMentha will get court backing for a plan to make an
application to wind up the company's managed investment schemes.
Barrister Michael Galvin, who represents about half the 11,000
investors, was given leave to put their case this week, The
Australian noted.

On April 24, 2009, the TCR-AP reported that Timbercorp called in
voluntary administrators to the company and its subsidiaries.  The
company appointed Mark Korda and Leanne Chesser of KordaMentha as
voluntary administrators.  "The company had been hurt by the
combined impact of declining global asset values, tightening
credit, the economic downturn and drought," according to a
statement issued by Kordamentha.

The administrators would implement this three-point plan:

  1. suspend forestry and horticulture operations while funding
     options are determined;

  2. develop a strategy for each forestry and horticulture
     product, project by project, then execute; and

  3. attend to statutory reporting, investigation, creditor
     and shareholder liaison.

Timbercorp had previously announced that the company's business
model was no longer appropriate in the current environment due to
the capital intensity of the projects and was in the process of
transforming the business into an integrated agribusiness company.
Unfortunately the plans, which included asset sales, could not
be executed in the timeframe to meet the company's debt
obligations, Timbercorp said.

In the full year accounts issued in November 2008, Timbercorp
reported current debt of AU$568 million, net debt of AU$903.1
million and net assets of AU$595 million.

                          About Gunns

Gunns Limited (ASX:GNS) -- http://www.gunns.com.au/-- is engaged
in forest management and development, milling, processing,
merchandising and export of wood products; merchandising of
hardware and building supplies; management of forestry and
horticultural managed investment schemes, and construction and
wine production and sale.  It has three segments: forest products,
which is engaged in forestry management and the processing,
manufacture and sale of forest products, including timber,
veneers, woodchips and other manufactured products; managed
investment schemes, which is engaged in the establishment and
financing of managed woodlots, vinelots and orchards, and the
provision of related forestry and horticultural services, and
other, which is engaged in the merchandising, construction
services, vineyard management and wine production and sale.  It
operates four woodchip export ports in Tasmania, exporting
eucalyptus woodchips produced from sawmilling residues and
residual pulpwood from integrated harvesting operations.

                        About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.  The company is
organized in four business segments: Horticulture, Forestry,
Finance and Asset development.  Horticulture segment is engaged in
orchard / vineyard establishment, including securing access to
land, water rights and other infrastructure.  Forestry segment is
engaged in land acquisition and management.  Finance segment is
engaged in the provision of loan finance to new and existing
project grower investors.  Asset development segment develops and
manages orchards and vineyards under contract to third parties.



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

ASIA MAGNIFIERS: Creditors' Proofs of Debt Due on June 19
---------------------------------------------------------
The creditors of Asia Magnifiers Company Limited are required to
file their proofs of debt by June 19, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

           Messrs. Bruno Arboit
           Simon Blade
           1203-1213 China Merchants Tower
           Shun Tak Centre
           168-200 Connaught Road
           Central, Hong Kong


ASM INTERNATIONAL: Court to Hear Wind-Up Petition on July 29
------------------------------------------------------------
A petition to have ASM INternational Limited's operations wound up
will be heard before the High Court of Hong Kong on July 29, 2009,
at 9:30 a.m.

Cheung Ming Kin filed the petition against the company on May 18,
2009.

The Petitioner's solicitors are:

          Wong Poon Chan Law & Co.
          Hong Kong Trade Centre, 17th Floor
          161-167 Des Voeux Road, Central
          Hong Kong


CENTRIC TECHNOLOGY: Court to Hear Wind-Up Petition on July 15
-------------------------------------------------------------
A petition to have Centric Technology (Hong Kong) Company
Limited's operations wound up will be heard before the High Court
of Hong Kong on July 15, 2009, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on May 5, 2009.

The Petitioners' solicitors are:

          Chu & Lau
          The Chinese General Chamber of Commercial Building
          2nd Floor
          No. 24-25 Connaught Road Central
          Hong Kong


CHONG HING: Fitch Affirms Support Rating Floor at 'BB'
------------------------------------------------------
Fitch Ratings has affirmed Chong Hing Bank's Long-term Issuer
Default Rating at 'BBB+', Short-term IDR at 'F2', Individual
rating at 'C', Support rating at '3', Support Rating Floor at
'BB'; and Subordinated notes at 'BBB'.  The Outlook remains
Negative.

CHB's pre-impairment operating ROAA fell to 0.72% in 2008 from
1.44% in 2007, along with the fall in its net interest margins and
fee income amid a slowing economy, while operating expenses rose
due to continued expansion.  CHB's net interest margins narrowed
by 19bps to 1.37% as the bank shifted funds into the lower-
yielding and more liquid interbank market.  Its fee income
similarly fell as stock brokerage volume declined amid falling
equity prices and heightened investor risk aversion.  Although
CHB's loan impairment charges remained manageable at 0.28% of
gross loans in 2008 (2007: 0.28%), charges on structured
investment vehicle and other investments weighed on its profits.
Fitch expects that loan impairment charges are likely to increase
in 2009 and fee income to remain subdued amid the ongoing
recession.

CHB's loan growth slowed to 5% in 2008, well below the industry
average of 11%, after several years of mid-double digit growth
since 2005.  CHB's loans are heavily weighted towards corporate
and SME borrowers (76% of end-2008 balance).  Property
development/investment loans were the largest segment of corporate
lending, accounting for 27% of total loans at end-2008.  On the
other hand, loans outside Hong Kong, which are largely for use in
Macau and China, comprised 11% of total loans, well below the peer
average.  CHB's loans quality improved in 2008 despite the
challenging economic conditions, evidenced by impaired loans
falling to 0.3% of total loans at end-2008 from 0.7% at end-2007,
in contrast with its Hong Kong bank peers which generally saw some
deterioration.  CHB also maintained sound capital adequacy at end-
2008; its Tier-1 CAR improved to 12.55% at end-2008 from 11.52% at
end-2007.

Nevertheless, CHB's small size and relatively low profitability
constrains its ratings to an extent.  Given the weak economy, any
sharp deterioration in asset quality/capital, while not expected,
would put downward pressure on the ratings.

Established in 1948 and listed in 1994, CHB is one of the smaller
commercial banks in Hong Kong with 51 local branches, as well as
three branches (Shantou, Macau and San Francisco) and two
representative offices (Guangzhou and Shanghai) outside Hong Kong.


DUNCAN INTERIOR: Court to Hear Wind-Up Petition on June 24
----------------------------------------------------------
A petition to have Duncan Interior Limited's operations wound up
will be heard before the High Court of Hong Kong on June 24, 2009,
at 9:30 a.m.

Leung So Mui filed the petition against the company on April 17,
2009.

The Petitioner's solicitors are:

          Yam and Company
          Golden Centre, Units 402-403, 4th Floor
          188 Des Voeux Road Central
          Hong Kong
          Telephone: 2525 4488
          Facsimile: 2846 1605


ECO-HARU: Court to Hear Wind-Up Petition on June 24
---------------------------------------------------
A petition to have Eco-Haru (Far East) Limited's operations wound
up will be heard before the High Court of Hong Kong on June 24,
2009, at 9:30 a.m.

The applicants's solicitors are:

          Baker & McKenzie
          One Pacific Place, 23rd Floor
          88 Queensway
          Hong Kong
          Telephone: 2846-1888
          Facsimile: 2845-0476


EGANA-HARU: Court to Hear Wind-Up Petition on June 24
-----------------------------------------------------
A petition to have Egana-Haru Mfr. Corp. Limited's operations
wound up will be heard before the High Court of Hong Kong on
June 24, 2009, at 9:30 a.m.

Egana Far East Procurement Services Limited filed the petition
against the company on April 16, 2009.

The Petitioner's solicitors are:

          Baker & McKenzie
          One Pacific Place, 23rd Floor
          88 Queensway
          Hong Kong
          Telephone: 2846-1888
          Facsimile: 2845-0476


EGANA JEWELLERY: Court to Hear Wind-Up Petition on June 24
----------------------------------------------------------
A petition to have Egana Jewellery & Pearls Limited's operations
wound up will be heard before the High Court of Hong Kong on
June 24, 2009, at 9:30 a.m.

Egana of Switzerland filed the petition against the company on
April 16, 2009.

The Petitioner's solicitors are:

          Baker & McKenzie
          One Pacific Place, 23rd Floor
          88 Queensway
          Hong Kong
          Telephone: 2846-1888
          Facsimile: 2845-0476


EGANA OF SWITZERLAND: Court to Hear Wind-Up Petition on June 24
---------------------------------------------------------------
A petition to have Egana of Switzerland (Far East) Limited's
operations wound up will be heard before the High Court of
Hong Kong on June 24, 2009, at 9:30 a.m.

The Applicant's solicitors are:

          Baker & McKenzie
          One Pacific Place, 23rd Floor
          88 Queensway
          Hong Kong
          Telephone: 2846-1888
          Facsimile: 2845-0476


FINEMOST INDUSTRIES: Releases Briscoe as Liquidator
---------------------------------------------------
On April 20, 2009, Stphen Briscoe was released as liquidator of
Finemost Industries Limited.


GEM INDUSTRIAL: Releases Briscoe as Liquidator
----------------------------------------------
On May 20, 2009, Stphen Briscoe was released as liquidator of Gem
Industrial Limited.


GLOBAL MEDIA: Court to Hear Wind-Up Petition on July 22
-------------------------------------------------------
A petition to have Global Media Entertainment (HK) Co., Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 22, 2009, at 9:30 a.m.

The petition against the company were filed on May 11, 2009, by
Cheung Yuk Wan Oscar, Kong Yee Mui Sheila, Kwong Kwan Yin Roy and
Lam Wai Hon Johnson.

The Petitioners' solicitors are:

          T.C. Foo & Co.
          Two Chinachem Plaza, Unit A, 20th Floor
          135 Des Voeux Road Central
          Hong Kong


HONG KONG PROFESSIONAL: Court to Hear Wind-Up Petition on July 29
-----------------------------------------------------------------
A petition to have Hong Kong Professional Art Supplies Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 29, 2009, at 9:30 a.m.

Cheung Ming Kin filed the petition against the company on May 18,
2009.

The Petitioners' solicitors are:

          Wong Poon Chan Law & Co.
          Hong Kong Trade Centre, 17th Floor
          161-167 Des Voeux Road Central
          Hong Kong


ONTARGET ADVISORY: Releases Provisional Liquidators
---------------------------------------------------
On May 27, 2009, Paul Jeremy Brough, Edward Simon Middleton and
Patrick Cowley were released as provisional liquidators of
Ontarget Advisory Services Limited.


SINO STATES: Pays First and Final Dividend
------------------------------------------
Sino States Development Limited paid the first and final dividend
on June 8, 2009.

The company paid 12.26% to all received claims.

The company's liquidators are:

          Andrew George Hung
          Yau Sun Yu, Sonia
          Grand Centre, Room 1603, 16th Floor
          8 Humphreys Avenue
          Tsimshatsui
          Hong Kong


SKY TECH: Court to Hear Wind-Up Petition on July 8
----------------------------------------------------
A petition to have Sky Tech Circuits Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
July 15, 2009, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on May 5, 2009.

The Petitioner's solicitors are:

          Chu & Lau
          The Chinese General Chamber of Commerce Building
          2nd Floor
          No. 24-25 Connaught Road Central
          Hong Kong


SUN FOOK: Court to Hear Wind-Up Petition on July 8
--------------------------------------------------
A petition to have Sun Fook Yuen Seafood Restaurant Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 8, 2009, at 9:30 a.m.

Man Ching filed the petition against the company on April 22,
2009.


TAIWAN TAI: Court to Hear Wind-Up Petition on July 8
----------------------------------------------------
A petition to have Taiwan Tai Koo Group Int'l Development
Limited's operations wound up will be heard before the High Court
of Hong Kong on July 8, 2009, at 9:30 a.m.

John Swire & Sons (H.K.) Limited filed the petition against the
company on April 21, 2009.

The Petitioner's solicitor is:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


TAK YIP: Pays Third Supplementay Dividend
-----------------------------------------
Tak Yip Shun Trading Company Limited paid the third supplementary
dividend on June 5, 2009.

The company paid 0.249% to all received claims.


TICKTOCK GRAPHIC: Court to Hear Wind-Up Petition on June 24
-----------------------------------------------------------
A petition to have Ticktock Graphic Equipment Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on June 24, 2009, at 9:30 a.m.

Fung Po Wah filed the petition against the company on March 23,
2009.

The Petitioners' solicitors are:

          Messrs. Tso & Associates
          Winsan Tower, Unit B, 20th Floor
          98 Thomson Road
          Wanchai, Hong Kong


VIDEONLINE: Court to Hear Wind-Up Petition on July 8
----------------------------------------------------
A petition to have Videonline Communications (Asia) Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 8, 2009, at 9:30 a.m.

Tang Chin Ho filed the petition against the company on April 22,
2009.



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

ALLIED STRIPS: CARE Puts 'CARE BB+' Rating on LT Bank Facilities
----------------------------------------------------------------
CARE assigned a 'CARE BB+' [CARE Double B (Plus)] rating to the
Long-term Bank Facilities of Allied Strips Limited (ASL)
aggregating INR64.98 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 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.

Also, CARE assigned 'PR4' [PR Four] rating to the Short-term Bank
Facilities of ASL aggregating INR9.00 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.

Rating Rationale

The ratings are constrained due to elevated financial risk profile
of the company characterised by high gearing levels, low
profitability margins, working capital intensive operations and
high working capital utilization.  The ratings also factor in
potential impact of economic slowdown on the business of company.
However, the ratings derive strength from long track record and
ASL's established relationship with its customers.  Going forward,
the ability of the company to sustain profitability in the light
of economic slowdown will be the key rating sensitivity.

                        About Allied Strips

ASL, founded in 1992 by Mr. M.K. Agarwal, is primarily engaged in
the manufacturing of Cold rolled coils and strips of varying
sizes.  ASL also receives revenues from sale of intermediary
product i.e. HR Pickled coils and sale of scrap.  Total income of
ASL increased by 45% to INR155 crore in FY08 from INR107 crore
in FY07 mainly on account of higher quantity sold, which was aided
by increase in installed capacities and high realizations. During
FY08, though PAT margin has increased, but was below 1%. Going
forward, volatility in steel prices on back of weaker market
sentiments coupled with uncertainty in the demand revival will
impact the business risk of the company.


ASHIANA ISPAT: CRISIL Places 'BB' Rating on Rs.20.0 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Ashiana Ispat Ltd (AIL).

   INR130.00 Million Cash Credit     BB/Stable (Assigned)
   INR20.0 Million Term Loan         BB/Stable (Assigned)
   INR50.0 Million Working Capital   P4 (Assigned)
                    Demand Loan
   INR30.00 Million Letter of        P4 (Assigned)
         Credit/Bank Guarantee

The ratings reflect AIL's weak financial risk profile marked by
low net worth, high gearing and weak debt protection measures; the
ratings also factor in AIL's small scale of operations in the
steel long products industry, and exposure to risks relating to
fluctuations in the prices of raw materials.  These weaknesses
are, however, partially offset by AIL's comfortable position in
the steel industry with a strong brand, Kamdhenu.

Outlook: Stable

CRISIL believes that AIL's financial risk profile will remain weak
and its scale of operations, small, over the near to medium term.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves significantly, most likely through
fresh equity infusion.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large, debt-funded capital
expenditure.

                      About  Ashiana Ispat

AIL, incorporated in 1992 by Mr Surendra Kumar Gupta and Mr Prem
Prakash Gupta, was taken over by Kamdhenu Ispat Ltd (Kamdhenu
Ispat) in 1997.  AIL is listed on the Bombay Stock Exchange, and
manufactures mild steel ingots and thermo-mechanically treated
(TMT) bars.  AIL reported a profit after tax (PAT) of INR23.4
million on net sales of INR1674.1 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of
INR16.7 million on net sales of INR1444.4 million for 2006-07.


BANSWARA SYNTEX: CARE Assigns 'CARE BB+' Rating on LT Facilities
----------------------------------------------------------------
CARE assigned a 'CARE BB+' [Double B Plus] rating to the Long-term
Bank Facilities of Banswara Syntex Limited (BSL). This rating is
applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.  CARE 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.

CARE also assigned a 'PR4' [PR Four] rating to the Short-term Bank
Facilities of BSL.  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.

                                    Amount
   Instrument                    (INR crore)          Rating
   ----------                    -----------          ------

   Long-term Bank Facilities        404.36            CARE BB+'
   Short-term Bank Facilities        22.00            'PR4'
   --------------------------    -----------          ------
   Total                            426.36

Rating Rationale

The ratings are constrained by strained financial risk profile on
account of high leverage and declining profitability.  Further,
the ratings are constrained on account of stressed cashflow
position with growing operational needs as well as repayment
obligations in the medium term.  The ratings take cognisance of
the vast experience of the promoters in the textile industry,
presence in the textile value chain from spinning to garmenting
and BSL's Joint Venture (JV) with M/s Carreman Michel Thierry
(CMT), France providing access to French technology and European
markets for premium products.

BSL's ability to improve its profitability margins in the
competitive scenario characterised by volatile currency and global
economic slowdown are the key rating sensitivities.

                      About Banswara Syntex

BSL promoted by Shri R.L. Toshniwal was started jointly with
Rajasthan State Industrial Development & Investment Corporation
Ltd. (RIICO) at Banswara, Rajasthan in 1977.  Subsequently, BSL
became the flagship company of the Toshniwal group as the group
bought the entire stake of RIICO.  The company started with yarn
manufacturing facilities and over the years has expanded its
presence in the textile value chain; spinning, weaving and
garmenting. In 2005, to consolidate its operations, Banswara
Textile Mills Limited (BTML), an associate firm engaged in fabric
finishing activity, was amalgamated with the company.  During
FY06, BSL entered into a 50-50 JV with M/s Carreman Michel
Thierry (CMT), France in the name of Carreman Fabrics India
Limited (CFIL) and has set up a fabric (high-value lycra-based
design) manufacturing plant at Banswara with a total outlay of
around INR36 crore.  The company exports its products to more than
fifty countries and exports contributed around 62% of its revenues
in FY08.  Net sales of the company increased at a Compounded
Annual Growth Rate (CAGR) of 20.58% during FY05 and FY08 mainly
driven by expansions as well as higher capacity utilisation.
PBILDT increased at a CAGR of 22.3% during the same period.
However, in FY08, PBILDT declined by 6% on YoY basis due to rupee
appreciation, higher raw material prices and employee cost.


EXCEL OVERSEAS: Low Net Worth Prompts CRISIL Puts 'P4' Rating
-------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the post shipment credit
facility of Excel Overseas Pvt Ltd (Excel).

   INR240 Million Post Shipment Credit    P4 (Assigned)

The rating reflects Excel's weak financial risk profile marked by
high gearing and low net worth, and the company's exposure to
customer and supplier concentration risk. These weaknesses are
partially offset by the benefits that the company derives from its
promoters' experience in the diamond manufacturing and trading
business.

                      About Excel Overseas

Excel was formed in 1988 as a proprietary concern for diamond
import and export, Excel Overseas, by Mr. Ramesh Shah.  When the
business grew substantially, Excel was incorporated and all the
business of the proprietorship concern was transferred to Excel.
Excel sells diamonds mainly in the 1.00 to 1.99 carat range and
above 5 carat range.  These segments contributed 30 per cent and
32 per cent to the company's total polished diamonds revenues
respectively in 2008-09 [refers to financial year, April 1 to
March 31].

For 2007-08, Excel reported a profit after tax of INR14.5 million
on net sales of INR1.31 billion, against INR2.9 million and
INR281.2 million, respectively, in the preceding year.


G S ALLOY: CRISIL Rates INR50.0 Million Cash Credit Limit at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the bank
facilities of GS Alloy Castings Ltd (GS Alloy).

   INR50.0 Million Cash Credit Limit       B+/Negative (Assigned)
   INR5.0 Million Letter of Credit Limit   P4 (Assigned)

The ratings reflect GS Alloy's below-average financial risk
profile, and exposure to risks relating to customer concentration
in its revenue profile, intense competition in the alloy and
stainless steel castings industry, and volatile raw material
prices.  These weaknesses are partially offset by GS Alloy's
established presence in the alloy and stainless steel castings
industry.

Outlook: Negative

CRISIL believes that the current slowdown in the economy will
affect GS Alloy's credit risk profile, and its liquidity will
remain stretched owing to pressure on its cash accruals over the
medium term.  The rating may be downgraded if GS Alloy undertakes
large, debt-funded capital expenditure, or if the company's debt
protection measures and cash flows deteriorate as a result of
substantial decline in margins.  Conversely, the outlook may be
revised to 'Stable' if the company's financial risk profile
improves on the back of increasing revenues and profitability.

                       About GS Alloy

Incorporated in 1987 by Mr. Prasada Rao, GS Alloy manufactures
alloy and steel castings that are used in the heavy engineering
industry.  Its manufacturing unit at Vijayawada (Andhra Pradesh)
has a capacity to produce 18,000 tonnes of castings per annum.

GS Alloy reported a net loss of INR2.4 million on net sales of
INR527.8 million for 2007-08 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR2.9 million on net
sales of INR461.6 million for 2006-07.


SPHEREORIGINS MULTIVISION: CRISIL Rates Various Facilities at 'BB'
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Sphereorigins Multivision Pvt Ltd (SMPL).

   INR150 Million Cash Credit Limits   BB/Stable (Assigned)
   INR18.4 Million Term Loan           BB/Stable (Assigned)
   INR151.6 Million Proposed Long      BB/Stable (Assigned)
          Term Bank Loan Facility

The rating reflects SMPL's high gearing and low net worth,
exposure to risks relating to the television (TV) content
production industry, and large working capital requirements.
These weaknesses are, however, partially offset by SMPL's
established presence as a TV content production house, the
commissioned model of its operations, and the positive demand
fundamentals for TV content producers.

Outlook: Stable

CRISIL expects SMPL to maintain a stable credit risk profile on
the back of strong expected growth and stable revenues.  CRISIL
may revise the outlook to 'Positive' if the company infuses equity
on time to meet capital commitments; or to 'Negative' if SMPL
faces production cost-overruns, or alters its business model to
undertake revenue risks.

                 About Sphereorigins Multivision

SMPL is a TV content producer, and has produced 16 TV serials and
a telefilm since 2002 in genres such as family drama, detective
series, fantasy, and horror with a focus on catering to general
entertainment channels (GECs).  SMPL has established good
relations with channel broadcasters such as Star India Pvt Ltd
(Star TV) and Zee Television Ltd (Zee TV).  The company, over the
period, has also added newer channels like '9X' (Inx India Pvt
Ltd), 'NDTV Imagine' and 'Colours' (Viacom 18 Media Pvt Ltd) to
its channel broadcaster list.  Its ongoing portfolio includes
social dramas such as 'Saat Phere' on Zee TV, 'Balika Vadhu' on
Colors, 'Shaurya aur Suhani' on Star Plus and 'Jyoti' on NDTV
Imagine.  The company has four more TV serials in the pipeline;
these are expected to begin telecast in 2009-10 (refers to
financial year April 1 to March 31).

SMPL reported a profit after tax (PAT) of INR10.6 million on
net sales of INR275 million for 2007-08, as against a PAT of
INR3.6 million on net sales of INR242 million for 2006-07.



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

LINUS AIRWAYS: May be Purchased by Garuda Indonesia
---------------------------------------------------
PT Garuda Indonesia is looking into the possibility of purchasing
Linus Airways, which halted operations on April 29, Jakarta Globe
reports.

"Principally, we're looking for small and troubled airlines to
purchase because if we’re talking about a healthy airline, then it
would be expensive", Garuda's chief executive Emirsyah Satar was
quoted by the report as saying.

Linus Airways is seeking new investors after its voluntary closure
due to financial reasons, Flightglobal reports.

"We are flexible to acquisition, depending on the investor.  If
someone wants to buy 100% of the shares we can release our shares,
but if someone wants take only a majority shareholding with us as
a partner – we are also open", Linus Airways President Director
Indra was quoted by Bali Discovery Tours as saying.

Linus was a regional airline that served such cities as Pekanbaru,
Medan, Semarang, Palembang, Batam and Bandung.  Before halting
operations, the airline operated two British Aerospace 146-200
medium-sized jets capable of carrying 112 passengers each, The
Jakarta Globe reports.

Citing the Jakarta Globe, The Troubled Company Reporter-Asia
Pacific reported on May 5, 2009, that Garuda's total debts amount
to about US$650 million, including money owed from its 1995
purchase of six Airbus 330s through Europe's Export Credit Agency
worth US$450 million.  The airline's remaining debt of about
US$200 million are denominated in rupiah, the report said.

                     About Garuda Indonesia

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


PERUSAHAAN LISTRIK: Installation Fees are Optional, Says President
------------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) alleges that the new
installation fees in Greater Jakarta are optional, only for new
customers wishing to secure immediate electricity connection, The
Jakarta Post reports citing PLN president director Fahmi Mochtar.

"With the limited capital for expanding transmission, PLN can only
serve a limited number of new customers.  As a solution, we offer
new customers an option to pay actual full costs for the
installation for quick connection", Mr. Fahmi was quoted by
The Post as saying.

The report, citing Mr. Fahmi, relates that the customers who will
not pay the full cost will be included in PLN's waiting lists
until the capital for transmission expansion is available.

PLN needed between IDR3.2 trillion and IDR3.7 trillion of capital
expenditure for transmission expansion each year but the available
fund is currently less than IDR1 trillion, The Post says citing
Mr. Fahmi.

The report recalls the Energy Ministry recently reprimanded PLN
for its tariff increases as it was not given a go signal to raise
their prices.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

PT Perusahaan Listrik Negara continues to carry a Ba3 corporate
family rating -dom curr with stable outlook.


PT INDOSAT: Shareholders Approve New Auditor and Board Changes
--------------------------------------------------------------
At an extraordinary general meeting held on June 11, 2009, the
shareholders of PT Indosat Tbk approved these resolutions:

   * Annual Report and Audited Financial Statements for year ended
     December 31, 2008;
   * allocation of net profit for reserve fund, reinvestment, and
     dividend of IDR172.85 per share including the determination
     of the amount, time and manner of payment of dividends for
     the financial year ended December 31, 2008;
   * remuneration of the Board of Commissioner for the year 2009;
   * appointment of Purwantono, Sarwoko & Sandjaja, a member of
     Ernst & Young Global as the Company’s Independent Auditor for
     the year ended December 31, 2009; and
   * changes to the composition of the Board of Commissioners
     (BOC) and the Board of Directors (BOD).


The BOC for the period 2009-2012 will consist of:

   * H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani,
      President Commissioner;
   * Dr. Nasser Marafih, Commissioner;
   * Mr. Richard F. Seney, Commissioner;
   * Mr. Rachmat Gobel, Commissioner;
   * Mr. Rionald Silaban, Commissioner;
   * Mr. Jarman, Commissioner;
   * Mr. Soeprapto Independent Commissioner;
   * Mr. Setyanto P. Santosa , Independent Commissioner;
   * Mr. Michael F. Latimer, Independent Commissioner; and
   * Mr. George Thia Peng Heok, Independent Commissioner.

The BOD for the period 2009-2010 will consist of:

   * Harry Sasongko Tirtotjondro, President Director
     (from August 11, 2009);
   * Mr. Peter Kuncewicz, Director (from September 1, 2009);
   * Mr. Steve Hobbs, Director;
   * Mr. Fadzri Sentosa, Director; and
   * Dr. Kaizad Bomi Heerjee, Director.

During this time of transition, Johnny Swandi Sjam will remain as
the interim President Director of Indosat until August 11, 2009.
Harry Sasongko Tirtotjondro will replace Mr. Sjam as President
Director on the same date.  Wong Heang Tuck will still be the
Director of Finance until September 1, 2009.

At the EGMS, Indosat's shareholders also approved:

   -- The amendment of the Company’s Articles of Association to
      comply with Rule IX.J.1 of the Indonesian Capital Market and
      Financial Institution Supervisory Agency on Key Provisions
      of the Articles of Association of Company Conducting Public
      Offering of Equity Securities and Public Company; and

   -- the company's announcement on the resolution of the AGMS and
      EGMS, including the schedule and arrangement for the
      dividend payment.

PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
February 27, 2009, Fitch Ratings upgraded PT Indosat Tbk's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BB-'
(BB minus) and Long-term local currency IDR to 'BBB-' (BBB minus)
from 'BB-' (BB minus).  The Outlook is Stable.  At the same time,
the ratings on Indosat's senior unsecured notes programme have
been upgraded to 'BB+' from 'BB-' (BB minus).

The TCR-AP also reported on March 23, 2009, that Indosat's
announcement that it intends to solicit consent from creditors to
loosen the Debt/Equity covenant and liken the financial
definitions of the covenants across the company's different debt
instruments, will have no immediate impact on the company's Ba1
local currency corporate family and Ba2 senior unsecured ratings
rated by Moody's.


PT PERUSAHAAN: Moody's Changes Outlook on 'Ba3' Rating to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable of PT Perusahaan Listrik Negara's Ba3 corporate family and
senior unsecured bond ratings.  At the same time, PT Moody's
Indonesia has changed the outlook to positive from stable of PLN's
Aa2.id national scale rating.  The rating action follows Moody's
decision to change the Indonesian government's Ba3 long-term
foreign-currency and local-currency ratings outlook to positive
from stable.

"In light of PLN's 100% ownership by the Ministry of State-Owned
Enterprises, strategic importance as Indonesia's only vertically-
integrated electricity utility, as well as the government
subsidies to ensure its financial viability and operational
soundness, Moody's considers PLN's rating to be closely integrated
with, and strongly linked to, the government's credit quality,"
says Jennifer Wong, a Moody's AVP/Analyst.

Moody's last rating action with regard to PLN occurred on
October 18, 2007, when the company's corporate family and senior
unsecured ratings were upgraded to Ba3 with a stable outlook.  At
the same time, PLN's national scale rating was upgraded to Aa2.id
from A1.id.

Limassol, June 11, 2009 -- Moody's Investors Service has placed on
review for possible downgrade the long-term local currency deposit
rating of A3 of Housing Bank for Trade and Finance in light of its
review of systemic support indicator for the banking system in
Jordan.  All the other ratings of the bank, including the C- bank
financial strength rating -- mapping to a Baa2 Baseline Credit
Assessment -- the Ba3/Not Prime foreign currency deposit ratings
(constrained by the FC deposit sovereign ceiling), and the Prime-2
LC short-term deposit rating remain unchanged with a stable
outlook.

Moody's previously used the local currency deposit ceiling as the
main input for its assessment of the ability of a national
government to support its banks.  Although anchoring the
probability of support at the LCDC is appropriate in many
circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity of a central bank to support
financial institutions in the event of a banking crisis becoming
both truly systemic and protracted.  This approach is outlined in
the Special Comment entitled "Financial Crisis More Closely Aligns
Bank Credit Risk and Government Ratings in Non-Aaa Countries",
which was published in May 2009.

The review of the local currency deposit ratings will look at the
extent to which Jordan's ability to provide support to its banking
system, if needed, is converging with the government's own debt
capacity as a result of the ongoing global economic and credit
crisis.  Moody's will refine its assessment of systemic support
available from the Jordanian government in order to capture the
impact of the erosion of the local economy's underlying credit
fundamentals and the reduced fiscal policy flexibility on the
government's ability to support the banking sector.

Factors that Moody's will consider in its assessment of systemic
support include the size of the banking system in relation to
government resources, the level of stress in the banking system,
the foreign currency obligations of the banking system relative to
the government's own foreign exchange resources and changes to the
government's political patterns.

The last rating action on Housing Bank for Trade and Finance was
taken on April 24, 2007, when its BFSR was upgraded to C- from D+.

Headquartered in Amman, Jordan Housing Bank for Trade and Finance
had total assets of JOD5.6 billion (US$8 billion) as of end-March
2009.

PT Perusahaan Listrik Negara is an Indonesian state-owned
vertically-integrated electricity utility with a generation
capacity of over 22,000MW.  It is a monopoly operator of
transmission and distribution networks and is the country's
largest electricity producer.  The government -- as represented by
the MSOE -- has complete ownership.

Moody's National Scale Ratings are not intended to be globally
comparable.  Moody's also emphasizes that its National Scale
Ratings are not opinions on absolute default risk.  In this
respect, they are different to the Moody's global scale ratings
which have been assigned to Indonesian or other national
institutions, and which do not carry the ".id" suffix.  Only
Moody's global scale ratings are directly comparable to the
Moody's global ratings assigned elsewhere in the world, and they
also address absolute default risk.


* Moody's Changes Outlook on 'Ba3' Sovereign Rating to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook for Indonesia's
Ba3 sovereign rating to positive from stable.

In conjunction with this improvement in the sovereign's outlook,
Moody's has changed to positive from stable the outlook on the
country's B1 foreign currency bank deposit ceilings.  However, it
has left the outlook for its Ba2 foreign currency country ceiling
at stable.

"The improvement in the outlook was prompted by Indonesia's
relatively strong growth prospects, and an increasingly effective
macro-economic policy framework," says Aninda Mitra, a Moody's
Vice President and Sovereign Analyst for Indonesia.

Despite the global recession, Indonesia is expected to grow by 4%
in 2009.  According to Mr. Mitra, the country's relatively robust
growth prospects are supported by strong domestic demand and a
balanced economy with an investment momentum that was less
susceptible to external trade or financial shocks.

"A pick-up in economic activity to its recent trend rate of 5.5%
is expected in 2010," says Mitra, adding, "Indonesia's overall
growth dynamic is steadier and better positioned than many Ba-
rated peers, as well as most other regional economies."

"Macro-economic management is improving, and an effective and pro-
reform policy stance will likely outlast the election cycle," says
Mitra, adding, "These developments highlight the growing
credibility and predictability of government policies."

The improvement in credit fundamentals was another crucial factor
supporting the outlook change.  "Indonesia's general government
and external debt are both expected to decline to 31% and 25% of
GDP, respectively, by the end of 2009," says Mitra. Both of these
metrics are better than the peer median.

"We do note that the government's revenue base is undergoing
modest cyclical volatility on account of lower commodity prices,
and the debt-to-revenue ratio is a bit higher than peer-medians.
Nonetheless, the government's gross refinancing requirements would
be kept within a modest 5% of GDP," says the analyst.

"Moreover, the shift in the balance of trade into surplus coupled
with contingent lines of external assistance, sovereign debt
issuances, and foreign capital inflows underpin foreign currency
reserve adequacy and a stable Rupiah," he adds.

"The likelihood of abrupt policy changes either before or after
the upcoming presidential election is also low," says Mitra,
adding, "Although a victory by the incumbent presidential
candidate is widely expected at this time, less probable outcomes
were not mutually exclusive of an effective and pro-reform policy
stance."

Moody's also notes that Indonesia's overall political stability
had improved and is not currently a rating concern.

Mitra also explains that "Despite facing more stress, Indonesia's
banks have adequate liquidity and ample capital cushion, and the
quality of regulation and extent of oversight has improved
considerably since the Asian crisis."  These factors had contained
the risks of a banking crisis or a sudden increase in contingent
sovereign liabilities.

Similarly, the corporate sector has faced market and refinancing
pressures from a position of relative credit strength derived from
lower leverage, and fewer FX mismatches.  Moreover, relatively
strong domestic demand coupled with regulatory oversight, and debt
restructuring procedures also assured the fundamental viability of
the corporate sector.

The time horizon for rating outlooks is generally 12-18 months,
although developments could prompt an earlier rating action.

Moody's last rating action on Indonesia was on 18 October 2007,
during which the sovereign ratings were upgraded to Ba3 with a
stable outlook from B1 with a review for possible upgrade.



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

AMERICAN INT'L: Sells New York Headquarters to Kumho
----------------------------------------------------
American International Group (AIG) has agreed to sell its New York
headquarters and an adjacent office building to a consortium led
by Kumho Investment Bank, Yoon Ja-young at The Korea Times
reports.

According to the report, Kumho Investment Bank said it would
acquire AIG's headquarters and an adjacent office building in New
York, in partnership with Youngwoo & Associates (YWA), a U.S. real
estate development company.

"The investment is based on our optimistic view on the future of
Wall Street, New York City and the U.S. financial services
industry," the Times quoted Kim Yong-chan, director of Kumho, as
saying.

The Chosun Ilbo relates that the buildings before the onset of the
global economic crisis in September last year were valued between
US$800-900 million, but it has now dropped to around US$400-500
million.  It signed a contract and paid a deposit on June 2,
Chosun Ilbo says.

The Kumho and YWA partnership competed with around 20 bidders in a
sales process arranged by CB Richard Ellis, the Times notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, the Wall Street Journal said AIG will sell two
buildings in Lower Manhattan, including its main headquarters at
70 Pine Street and an adjacent building at 72 Wall Street.

WSJ stated that AIG has the right to remain in the Pine Street
building through the end of 2010, and in the Wall Street building
through the end of 2009.  People familiar with the matter said AIG
will move employees into its offices at 180 Maiden Lane, Bloomberg
News noted.

                            About AIG

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

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on September 8, 2008, to
$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These factors and other events severely limited AIG's access to
debt and equity markets.

On September 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since September 30, 2008, AIG has borrowed additional amounts
under the Fed Facility and has announced plans to sell assets and
businesses to repay amounts owed in connection with the Fed Credit
Agreement.  Certain of AIG's domestic life insurance subsidiaries
subsequently entered into an agreement with the NY Fed pursuant to
which the NY Fed has borrowed, in return for cash collateral,
investment grade fixed maturity securities from the insurance
subsidiaries.

On November 10, 2008, the U.S. Treasury agreed to purchase,
through its Troubled Asset Relief Program, $40 billion of newly
issued AIG perpetual preferred shares and warrants to purchase a
number of shares of common stock of AIG equal to 2% of the issued
and outstanding shares as of the purchase date.  All of the
proceeds will be used to pay down a portion of the Federal Reserve
Bank of New York credit facility.  The perpetual preferred shares
will carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG more time to complete its planned asset sales in an
orderly manner.  The equity interest that taxpayers will hold in
AIG, coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had $1.022 trillion in total
consolidated assets and $950.9 billion in total debts.
Shareholders' equity was $71.18 billion, including the addition of
$23 billion of consideration received for preferred stock not yet
issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the U.S. Treasury and the Federal Reserve.  This concludes a
review for possible downgrade that was initiated on September 15,
2008.


JAPAN AIRLINES: Extends Unpaid Employee Leave Until September
-------------------------------------------------------------
Japan Airlines Corp. is extending unpaid leave to cabin attendants
and other staff until September, Bloomberg News reports.

The report relates JAL spokeswoman Sze Hunn Yap said the airline
granted unpaid leave to about 55 employees this month and another
100 next month and is accepting applications for August and
September.

JAL has given unpaid leave to about 925 workers this year,
including this month and next, Bloomberg News says.

Japan Airlines reported a net loss of JPY63.1 billion for the
year ended March 31, 2009, compared with a net profit of
JPY16.9 billion in 2007.  The company also booked an operating
loss of JPY50.8 billion.

JAL projects a JPY63 billion net loss on sales of JPY1.75 trillion
for the current business year through next March.  The company
said it expected international passenger revenue to decline even
more than it did in FY2008 in view of the unremitting sluggishness
in demand plus the foreseeable decrease in yield as the fuel
surcharge component of international fares falls along with the
fuel price.

                      About Japan Airlines

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

On May 22, 2009, the TCR-AP reported that Standard & Poor's
Ratings Services revised to negative from stable the outlook on
its 'B+' long-term corporate credit ratings on Japan Airlines
Corp. and wholly owned subsidiary Japan Airlines International Co.
Ltd.  The outlook revision reflects the increasing uncertainty
over the company's future cash flow and funding plans due to a
deteriorating business environment, which has caused JAL's
business performance to stagnate.  At the same time, Standard &
Poor's affirmed its 'B+' long-term corporate credit and senior
unsecured debt ratings on the companies.



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

KIA MOTORS: Launches Forte Koup Compact Car to Boost Weak Demand
----------------------------------------------------------------
Kia Motors Corp. has started selling the Forte Koup compact car as
it looks for ways to boost fragile demand at home and overseas,
Yonhap News Agency reports.

The news agency, citing company officials, says Kia, a unit of
Hyundai Motor Co., expects to sell 35,000 of the sportier Koup a
year, including exports of 25,000 vehicles.

The four-door Koup, priced from 15.4 million won (US$12,300) to
19.6 million won in South Korea, comes with either a 1.6-liter or
a 2-liter gasoline engine, Yonhap News discloses.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating.  At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC.  The rating outlook is negative.  This concludes Moody's
review for downgrade initiated on January 21, 2009.



===============
M O N G O L I A
===============

* Moody's Takes Rating Actions on Mongolian Fin'l Institutions
--------------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on
three Mongolian financial institutions to reflect stresses arising
from the current crisis and the increasing convergence between the
government's ability to support the banks and its own debt
capacity.

The financial institutions are: Khan Bank, Trade and Development
Bank of Mongolia and XacBank.  Specifically, these rating actions
were taken:

                   Bank Financial Strength Rating

[1] The BFSRs of two banks -- Khan Bank and XacBank -- were
    lowered to D- from D, and map to a baseline credit assessment
    of Ba3 from Ba2. The revised ratings carry stable outlooks.

[2] The BFSR of TDB was placed on review for possible downgrade.

                      Deposit & Debt Ratings

[3] All three banks' foreign currency long term deposit rating was
    confirmed but assigned at the same time a negative outlook.

[4] Khan Bank's foreign currency long term issuer rating and
    senior unsecured MTN rating were lowered to Ba3 from Ba2.  Its
    local currency long term bank deposit rating, issuer rating,
    and senior unsecured MTN were lowered to Ba3 from Baa3.  Its
    foreign currency subordinate MTN was lowered to B1 from Ba2.
    Its local currency subordinate MTN was lowered to B1 from Ba1.
    Its local currency short term bank deposit rating was lowered
    to NP from P-3.  The revised ratings carry a stable outlook.

[5] TDB's foreign currency long term issuer rating and senior
    unsecured rating were lowered to Ba3 from Ba2.  Its foreign
    currency subordinate MTN rating was lowered to B1 from Ba2.
    Its local currency long term bank deposit and issuer ratings
    were lowered to Ba3 from Ba1.  The revised ratings are placed
    on review for possible downgrade.

[6] XacBank's foreign currency long term issuer rating was lowered
    to Ba3 from Ba2.  Its local currency long term bank deposit
    and issuer ratings were lowered to Ba3 from Ba1. The revised
    ratings carry a stable outlook.

The rating actions concluded the reviews initiated on February 6,
2009, triggered by the review for possible downgrade Mongolia's
sovereign ratings.  Separately, XacBank's BFSR was put under
review on December 12, 2008 in light of the bank's deteriorating
asset quality and growing exposures to the small and medium-sized
enterprises which entails more concentration risks than its
traditional micro-finance lending.  The complete list of ratings
is at the end of the press release.

The rating actions follow a comprehensive review of all rated
banks in Mongolia after (i) conducting scenario analysis that
tested the banks' sensitivity to various credit loss assumptions;
(ii) concluding Moody's review on Mongolia's sovereign ratings;
and (iii) better aligning the banks' credit ratings and the
Mongolian government bond ratings as a result of the global
financial crisis.

Yvonne Zhang, a Moody's Vice President and Senior Analyst,
explains the rating actions:

                     Rating Actions On BFSRs

The lower BFSRs and outlooks on the Mongolian banks reflect
Moody's concern that their core capital level could be further
weakened by the expected deterioration in asset quality.  In
determining the BFSRs, Moody's assesses the banks' capital level
after incorporating expected losses on their risky assets using
scenario analysis.  The application of a forward-looking view on
the banks' capital ratios is in line with Moody's reports
"Calibrating Bank Ratings in the Context of the Global Financial
Crisis" and "Moody's Approach to Estimating Bank Credit Losses and
their Impact on Bank Financial Strength Ratings", published in
February and May respectively this year.  Both are available on
www.moodys.com.

An estimate of credit losses shows that the rated banks' earning
power and capital adequacy would deteriorate to a level under
which their current BFSRs and outlooks would not be justified.

Moody's downgraded Khan Bank's BFSR from D to D- with a stable
outlook, reflecting Moody's concern about the fast increase in the
non-performing loan and past due loan ratio since Mongolian
economy turned south in September 2008.  Khan Bank traditionally
lends to SMEs, and in recent years has entered into corporate
lending.  Currently corporate lending makes up about 20% of their
total loan portfolio. Khan Bank has yet to demonstrate more solid
expertise in corporate lending.

Moody's puts TDB's D- BFSR under review for possible downgrade to
primarily reflect its concern about the high refinancing risk that
TDB faces as its US$75mm EMTN will be due in January 2010.  In
addition, similar to Khan Bank, its asset quality has shown rapid
deterioration since the start of the economic downturn.

Moody's downgraded Xacbank's BFSR from D to D- with a stable
outlook.  Compared with Khan Bank and TDB, its NPL and past due
loan ratios are much lower, though the pace of deterioration of
asset quality is equally fast.  XacBank is a smaller bank with
lower earning power.  It also has less extensive branch network
and relies more heavily on wholesale funding.  Under Moody's loss
scenarios, it's in a much weaker position to earn its way out of
asset quality deterioration.

Change In Systemic Support Indicator For Joint-Default Analysis

Earlier this month, Moody's commented on its global review of the
support capacity of a government and a central bank for its
banking system in the special comment titled "Financial Crisis
More Closely Aligns Bank Credit Risk and Government Ratings in
Non-Aaa Countries."

Consistent with the analytical criteria specified in that report
and in light of Mongolia's current situation and future prospects,
Moody's has concluded that the systemic support input for
Mongolian bank ratings be changed to the local currency government
bond rating of B1 from the former input of Baa2 which was the
local currency deposit ceiling.  Accordingly, Mongolian bank
ratings are affected.

Moody's assesses Mongolia to be a low support country, which
reflects a market discipline-led approach during periods of normal
financial market conditions.  However, during the current crisis,
the Mongolia government has demonstrated its willingness in
supporting the banking sector, to maintain financial system
stability.  Actions taken include 1) in November 2008, it
announced its blanket deposit guarantee covering all Mongolian
banks; 2) in December 2008, Mongolia's central bank took control
of the nation's fifth-largest commercial bank Anod, and
subsequently provided liquidity in the amount of about 2% of GDP.
At the same time, its inclination to support the banking system is
constrained by the government's rapid deterioration in fiscal
position and balance of payment.

In the Special Comment, Moody's points out that the appropriate
reference rating for the capacity of a national government to
provide support to banks in a prolonged and widespread crisis
would be aligned with or increasingly constrained by the
government's own debt rating, although this rating could be
adjusted to reflect the non-fiscally dependent measures that many
central banks and governments can deploy to support banks.

In deciding whether the local currency-denominated deposits of a
bank can be rated differently from the local currency-denominated
debt issued by the national government due to systemic support,
Moody's considers a number of factors for each banking system.
These are the size of the banking sector relative to the
government's resources, the level of stress in the banking system
and in the economy, the foreign currency obligations of the
banking system relative to the government's own foreign currency
resources, political and historical patterns, and the possibility
of any drastic shift in government priorities.

With regard to Mongolia, the total banking assets is about 80% of
GDP.  On the other hand, as discussed earlier, the level of stress
in the banking system and Mongolian economy has increased
following the worldwide recession.  Though the government is
willing to support the banks, its ability to do so may be limited,
mainly due to rapid deterioration in balance of payment, fiscal
position, and volatility in exchange rate.

To stem the rapid depletion in official foreign exchange reserves
and stabilize its economy, the government entered into an 18-
month, $224 million IMF Stand-By Arrangements in April.  The first
and second tranches of $76 million and $40 million, respectively,
were disbursed.  The focus of the program is fiscal adjustment,
encouraging a proactive monetary policy to protect international
reserves and stabilizing the banking system and the flow of
credit.  The IMF program is solidly supported by the government
and the government is using the IMF to force implementation of
measures that were previously politically difficult.

With regard to political and historical patterns, there was
discussion of recapitalizing banks in the Parliament while the
central bank claimed that the banks were adequately capitalized.
The public appears to have doubts about the credibility of
government support for its banks since after Mongolian currency
depreciation in late 2008, the government priority shifted to
protect the local currency value.

In conclusion, the B1 systemic support input for Mongolian banks
is the same as the B1 local currency government bond rating.  This
is predicated on Moody's view that the risk of a system-wide
banking crisis is high and that the likelihood of the government
supporting the banking system is medium.

Moody's last rating actions on Khan Bank, TDB and XacBank were
taken on February 6, 2009, when the long term deposit, issuer and
debt ratings for all three banks and Khan Bank's short term local
currency deposit rating were placed on review for possible
downgrade.

All three banks are headquartered in Ulaanbaatar, Mongolia.  As of
December 31, 2008, Khan bank reported assets of MNT 839 billion
(approximately US$ 654 million), TDB MNT 659 billion
(US$514 million) and XacBank MNT 208 billion (US$ 162 million).

Below is a list of the ratings for the three banks (all with
stable outlook unless specified):

Khan Bank:

  -- Bank Financial Strength D- (downgraded from D)
  -- LT Bank Deposits (Foreign) B2 with negative outlook
  -- LT Bank Deposits (Domestic) Ba3 (downgraded from Baa3)
  -- LT Issuer Rating (Foreign) Ba3 (downgraded from Ba2)
  -- LT Issuer Rating (Domestic) Ba3 (downgraded from Baa3)
  -- Senior Unsecured MTN (Foreign) Ba3 (downgraded from Ba2)
  -- Senior Unsecured MTN (Domestic) Ba3 (downgraded from Baa3)
  -- Subordinate MTN (Foreign) B1 (downgraded from Ba2)
  -- Subordinate MTN (Domestic) B1 (downgraded from Ba1)
  -- ST Bank Deposits (Foreign) NP
  -- ST Bank Deposits (Domestic) NP (downgraded from P-3)

Trade and Development Bank of Mongolia:

  -- Bank Financial Strength D- (placed on review for possible
     downgrade)

  -- LT Bank Deposits (Foreign) B2 with negative outlook

  -- LT Bank Deposits (Domestic) Ba3 (downgraded from Ba1 and
     placed on review for possible downgrade)

  -- LT Issuer Rating (Foreign) Ba3 (downgraded from Ba2 and
     placed on review for possible downgrade)

  -- LT Issuer Rating (Domestic) Ba3 (downgraded from Ba1 and
     placed on review for possible downgrade)

  -- Senior Unsecured (Foreign) Ba3 (downgraded from Ba2 and
     placed on review for possible downgrade)

  -- Senior Unsecured MTN (Foreign) Ba3 (downgraded from Ba2 and
     placed on review for possible downgrade)

  -- Subordinate MTN (Foreign) B1 (downgraded from Ba2 and placed
     on review for possible downgrade)

  -- ST Bank Deposits (Foreign and Domestic) NP

  -- ST Issuer Rating (Foreign and Domestic) NP

  -- Other Short Term (Foreign) NP

XacBank:

  -- Bank Financial Strength D- (downgraded from D)
  -- LT Bank Deposits (Foreign) B2 with negative outlook
  -- LT Bank Deposits (Domestic) Ba3 (downgraded from Ba1)
  -- LT Issuer Rating (Foreign) Ba3 (downgraded from Ba2)
  -- LT Issuer Rating (Domestic) Ba3 (downgraded from Ba1)
  -- ST Bank Deposits (Foreign and Domestic) NP
  -- ST Issuer Rating (Foreign and Domestic) NP



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

BOTRY-ZEN: Posts NZ$1.7 Million Annual Net Loss
-----------------------------------------------
Botry-Zen Limited reported a net loss of NZ$1.7 million for the
year ended March 31, 2009, compared with a net of loss of NZ$1.2
million a year earlier.  Trading revenue rose to NZ$586,229 from
NZ$342,208.

In a statement to the stock exchange, Botry-Zen Chairman Stephen
Higgs said the loss was largely attributable to first half major
production problems, significant costs in the unsuccessful
convertible notes issue and funding unavailability.

"Despite production problems in the first six months leading to
demand for BOTRY-Zen outstripping supply, total sales for the year
were 71% up on the previous period," Mr. Higgs said.

"While the financial results for the 2009 year are a major
disappointment, performance in the second six months shows much
improvement."

"The Board sees the year to March 31, 2010, being a period in
which there needs to be a focus on locking in the production
consistency, improving production volumes, and growing domestic
sales."

"Botry-Zen is looking forward to registration for BOTRY-Zen in the
United States and options to capitalise on that are under
development.  The company is continuing to develop and maintain
existing relationships in Europe with small quantities of both
products supplied to allow the development of sales channels and
for further local testing to support sales and marketing
initiatives," Mr. Higgs stated.

                         About Botry-Zen

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

                          *     *    *

The company incurred three consecutive annual net losses of
NZ$1.22 million, NZ$1.67 million and NZ$1.58 million for the
years ended March 31, 2008, 2007 and 2006, respectively.


GMAC (NZ): Moody's Raises Backed Senior Unsecured Rating to Ca
--------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured rating of
GMAC LLC to Ca from C.  In addition, Moody's placed GMAC's senior
unsecured and preferred stock ratings (currently C) on review for
further possible upgrade.  The ratings of Residential Capital LLC
(senior at C), GMAC's residential mortgage finance subsidiary,
were not affected by this action.

Moody's said the upgrade of GMAC's rating reflects the firm's
lower bankruptcy risk resulting from the U.S. government's support
of the firm, including significant capital injections that have
improved its liquidity and capital positions, partial U.S.
government ownership, and GMAC's role in the U.S. government's
efforts to reinvigorate the U.S. domestic auto industry.  Of
continuing concern, GMAC must yet raise substantial additional
equity to comply with the requirements of the recently concluded
stress tests under the U.S. Government's Supervisory Capital
Assessment Program.  Though it is possible that GMAC could seek to
fill a portion of the additional capital need through a distressed
debt exchange, Moody's believes the motivation of bondholders to
accept the terms of a distressed exchange are uncertain, given
GMAC's lower risk of bankruptcy.  Were such an exchange commenced,
Moody's also believes that the result for bondholders would be
consistent with the newly assigned Ca rating.

"Capital inflows, partial government ownership, and GMAC's
importance to reviving GM and Chrysler point to a lower
probability of near-term default," said Moody's senior analyst
Mark Wasden.  "However, the challenges GMAC faces in executing its
business strategy and the resultant uncertainties for bondholders
remain a constraint on GMAC's credit."

Government support of GMAC has been multifaceted.  In May, GMAC
issued $7.5 billion of mandatorily convertible preferred
membership interests to the U.S. Treasury, $4 billion of which
supports GMAC's agreement with Chrysler LLC to provide financing
to Chrysler dealers and customers.  GMAC was also approved to
participate in the FDIC's Temporary Liquidity Guarantee Program,
under which it can issue up to $7.4 billion in FDIC guaranteed
debt by October 2009.  GMAC issued $4.5 billion of TLGP debt on
June 3, which Moody's rated Aaa.  The U.S. government's ownership
of GMAC is about 35%, which would increase upon conversion of the
U.S. Treasury's MCP's.

GMAC was also granted additional flexibility to issue GM-related
auto finance receivables in GMAC Bank (a/k/a Ally Bank) under an
expanded 23A exemption to the Federal Reserve Act.  Assets
originated in the bank are funded by deposits, which are a lower
cost source of funding that GMAC has continued to access
throughout the current cycle.

Notwithstanding these positive developments, Moody's remains
cautious regarding the operating and financial challenges GMAC
faces.  In particular, it is uncertain how GMAC will raise by
November 2009 the $5.6 billion of "new" and $2.4 billion of
"other" capital qualifying as Tier 1 common equity that is
required by regulators.  Moody's believes GMAC's access to private
sources of capital to meet these requirements is limited and that
the firm will most likely request an additional investment from
the U.S. Treasury.

GMAC is also contending with asset quality deterioration in its
auto finance and residential mortgage operations that could lead
to further operating losses during the current downcycle.  Moody's
rating anticipates that ResCap will continue to require capital
support from GMAC as it services a large portfolio of troubled
mortgages to liquidation.

Additional long-term uncertainties relate to GMAC's eventual
ownership structure and liquidity profile, as well as GMAC's
relationships with "new" GM and Chrysler and the strength of their
future operating prospects.  Moody's believes that GMAC must
eventually demonstrate capital and funding strategies that don't
rely upon continued U.S. government involvement in the firm.

During its review of GMAC's ratings, Moody's will seek clarity
regarding GMAC's capital raising plans.  Should the firm
successfully fill the capital requirement while preserving the
status and protections of senior creditors, its long-term ratings
could be upgraded to the Caa category.

GMAC LLC:

-- Senior Unsecured: to Ca from C

GMAC Australia LLC:

-- Backed Senior Unsecured: to Ca from C

GMAC Bank GMBH:

-- Backed Senior Unsecured: to Ca from C

GMAC International Finance B.V.:

-- Backed Senior Unsecured: to Ca from C

GMAC, Australia (Finance) Limited:

-- Backed Senior Unsecured: to Ca from C

GMAC (NZ) Limited:

-- Backed Senior Unsecured: to Ca from C

General Motors Acceptance Corp. of Canada Ltd.:

-- Backed Senior Unsecured: to Ca from C

Moody's has also assigned a rating of Ca to senior unsecured debt
issued to holders that tendered old bonds as a part of GMAC's
December 2008 bond exchange.  The exchange bonds are guaranteed by
certain GMAC subsidiaries.  In Moody's view, the additional
creditor protections associated with the guarantees is
insufficient at this time to warrant a notching differential from
GMAC's senior unsecured debt that does not benefit from these
guarantees.

In its last rating action on November 20, 2008, Moody's downgraded
GMAC's rating to C from Caa1, following GMAC's launch of a debt
exchange offering that Moody's viewed as a distressed exchange.

GMAC LLC is a global financial services company operating in the
automotive finance, dealer and personal line insurance, and
residential real estate finance sectors.


PROPERTYFINANCE: To Hold Special Meeting on June 29
---------------------------------------------------
Propertyfinance Group will hold a special meeting of secured
debenture stockholders on June 29 to choose between continuing
with a wind-down or receivership of one of the company's units, a
report posted at stuff.co.nz says.

The report, citing Propertyfinance managing director Darryl Queen,
says the special meeting would consider an extraordinary
resolution, which if passed would allow the Propertyfinance
Securities business to continue to be wound down through a
moratorium under the control of its directors.

According to the report, the group's principal subsidiary
Propertyfinance Securities is currently in breach of a December
2007 plan, supported by debenture stockholders to reschedule
stock, because it only paid NZ$8.8 million of the NZ$15 million
that had been due to be paid by last December.

                    About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The company is
also involved in property related financial services.  Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                         *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.



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

TA CHING: Fitch Affirms Individual Ratings with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Taiwan's Ta ching Bills
Finance Corporation and Ta Ching Securities Co., Ltd.:

  -- TCBF: National Long-term rating at 'A-(twn)', National Short-
     term rating at 'F2(twn)', Individual rating at 'C/D' and
     Support rating at '5'.  The Outlook is Stable.

  -- TCS: National Long-term rating at 'BBB+(twn)', National
     Short-term rating at 'F2(twn)', Individual rating at 'D', and
     Support rating at '5'.  The Outlook is Stable.

TCBF's ratings reflect its small franchise, sound asset quality
and capitalization.  Possible increases in credit costs due to the
severe economic recession and the negative impact from a likely
abrupt rise of interest rates -- if significant enough -- could
lead to downward ratings pressure.  TCBF positions itself as a
niche fixed-income trading house, while it manages its commercial
paper guarantee business restrictively.  As such, TCBF's core
profitability has improved, with underlying ROE moderately
increasing to 6.8% in 2008, thanks to strong trading results and
better market pricing.  Fitch expects TCBF to deliver reasonable
net profits in 2009 as the company's bond portfolio carries
favorable yields, and is capable of withstanding potential
interest rate rises.  TCBF also has sound capitalization with a
capital adequacy ratio of 15% at end-2008, well above the 8%
regulatory minimum requirement.  The agency notes that the company
actively manages its liquidity risk, as it relies on bills and
bond repurchase agreements (repos) for funding.  These repos are
backed by generally good-quality fixed-income securities and the
repo counterparties are reasonably diversified.

TCS's ratings are constrained by its small franchise and volatile
profitability.  However, the ratings also factor the company's low
leverage and good asset quality.  TCS focuses on domestic retail
brokerage, which is volatile by nature but profitable due to good
margins in associated margin lending activities.  Nevertheless,
poor market turnover and index performance in 2008 made TCS report
a full year loss (ROE of -8.1%), its first annual loss since 1998.
As the market recovered strongly since 2009, the company's net
profit improved notably to TWD130 million (4% of equity) in the
first four months of 2009.  Although volatile market conditions
may increase uncertainty on its bottom-line performance, Fitch
notes that TCS has a very strong capital base capable of absorbing
large unanticipated trading losses.  The company also has low
financial leverage with an equity/asset ratio at 48% at end-2008
and it maintains an adequate liquidity buffer.  Its current assets
sufficiently covered current liabilities by 2.18x at end-2008.

TCBF is a small bills finance company and TCS a small securities
firm in Taiwan.  The Ta Ching Group remains the major shareholder
of both entities, controlling 55% of TCBF and 65% of TCS,
respectively.


WING HANG: Fitch Affirms Support Rating Floor at 'BB'
-----------------------------------------------------
Fitch Ratings has affirmed Wing Hang Bank Limited's Long-term
foreign and local currency Issuer Default Ratings at 'A-', Short-
term IDR at 'F2', Individual rating at 'B/C', Support rating at
'3', Support Rating Floor at 'BB' and Subordinated notes at
'BBB+'.  The Outlook remains Negative.

WHB's ratings take into account its good asset quality and sound
capital adequacy, as well as its good underlying profitability.
WHB's operating ROAA, excluding a HKD1 billion fair value gain on
its own debt, declined to 0.36% in 2008 (2007: 1.55%).  This was
due to a decrease in fee income resulting from lower stock
brokerage transactions and wealth management sales, higher
operating expenses due to new staff hires and branch openings, and
most importantly, increased loan and other credit impairment
charges.  Loan impairment charges rose to 0.57% of loans in 2008
from almost nil in 2007, while credit impairment charges and fair
value losses on CDO, SIV and Icelandic bank exposures amounted to
HKD955 million.

Loan growth moderated to 8% in 2008 following a strong 27%
increase in 2007 (in part due to the acquisition of Inchroy Credit
Corporation Ltd).  Loan growth was driven by increased lending in
mainland China and Macau, as well as loans for property
development/investment in Hong Kong.  Loans in China and Macau
accounted for 16% and 13% of overall loans, respectively, at end-
2008.  WHB's loan portfolio showed the first signs of
deterioration when the economic cycle turned, with impaired loans
edging up to 0.7% of total loans at end-2008 (end-2007: 0.4%).
Borrowers in the manufacturing sector and in trade finance led the
increase in loan quality deterioration.

WHB remained adequately capitalized at end-2008, with its Tier 1
capital adequacy ratio little changed at 8.4%, as internally-
generated capital was largely negated by dividend payouts, while
the shift into safe treasury securities in the investment
portfolio offset the impact of higher loan balances on risk-
adjusted assets.

The Outlook on WHB is Negative given the difficult economic
environment and its potential to cause loan quality deterioration;
however thus far in 2009 the bank has seen limited rise in
impaired loans thanks to low interest rates, a stable property
market, and good liquidity in the system.

Established in 1937, WHB is a medium-sized bank in Hong Kong with
41 branches in the territory, 12 branches in Macau, and eight in
China.


                         *********

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.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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