TCRAP_Public/090701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           A S I A   P A C I F I C

              Wednesday, July 1, 2009, Vol. 12, No. 128

                            Headlines

A U S T R A L I A

ABC LEARNING: Founder Agrees on Asset Freeze
CEMEX SAB: Unveils Restructuring Proposal to Lenders
KLEENMAID GROUP: Liquidators Sells EDIS & KCS Businesses
OZ MINERALS: Completes Sale of Martabe Project to China Sci-Tech


B A H R A I N

ARCAPITA BANK: S&P Affirms 'BB-/B' Counterparty Credit Ratings


H O N G  K O N G

ALEPPO COMMERCIAL: Creditors' Proofs of Debt Due on July 26
ASIA ART: Members' Final Meeting Set for July 31
GUINNESS DISTILLERS: Creditors' Proofs of Debt Due on July 24
HAPPY PEARL: Appoints Lee Kit Mei as Liquidator
I2K.COM LIMITED: Appoints Lau Wing Ling as Liquidator

NMT FINANCIAL: Members' Final Meeting Set for July 23
RIDDELTON LIMITED: Creditors' Proofs of Debt Due on July 28
SEMI-CONDUCTOR: Members' Final Meeting Set for July 27
SUNRISE HOUSEWARES: Members' Final Meeting Set for July 23
YEE HOP: Members' Final Meeting Set for July 30


I N D I A

AIR INDIA: To Pay Deferred Salaries to Employees on July 3
APRA AUTO: CRISIL Assigns 'BB+' Rating on INR200 Million Term Loan
AUTO PLAANATE: Low Net Worth Cues CRISIL 'B' Ratings
BALAJI BULLIONS: CRISIL Places 'P4' Ratings on Various Bank Loans
ENNORE TANK: ICRA Rates INR1964.2MM Term Loan Facilities at 'LBB+'

ESYS INFORMATION: CRISIL Rates INR750MM Cash Credit Facility at B-
INTERNATIONAL MINERAL: ICRA Assigns 'LBB-' Ratings on LT Loans
JETAIR PRIVATE: Declining Revenue Streams Cue CRISIL 'BB+' Rating
MODERN TECHNOMECH: ICRA Rates INR250MM Bank Facilities at 'LBB+'
SAKTHI SUGARS: Fitch Withdraws 'C' National Long-Term Rating

UDAYAN GREENFIELDS: ICRA Puts 'LBB+' Rating on INR1.79BB Term Loan
WOCKHARDT LTD: Unit Rules Out IPO Plan in India; Prefers Merger


I N D O N E S I A

BANK MAYAPDA: Fitch Assigns Individual Rating at 'D/E'
BANK VICTORIA: Fitch Assigns Individual Rating at 'D/E'


J A P A N

ELPIDA MEMORY: Secures US$313 Million Government Fund Injection


K O R E A

DAEWOO ENGINEERING: Kumho to Sell Controlling Stake in Firm


K U W A I T

BANK OF KUWAIT: Fitch Downgrades Individual Rating to 'C/D'


N E W  Z E A L A N D

LINE 7: Placed Under Receivership; KordaMentha Named as Receiver
VAUDREYMILLER YACHTS: Placed by Shareholders Under Liquidation


P H I L I P P I N E S

BANKWISE INC: Court Charges Officials, Depositor with Estafa


S I N G A P O R E

ASIAN PETROCHEMICAL: Court Enters Wind-Up Order
CHIP THYE: Creditors' and Contributories' Meeting Set for July 15
NEUROVISION PTE: Creditors' Proofs of Debt Due on July 27
ONE LIFESTYLE: Court to Hear Wind-Up Petition on July 3
WHY WHY: Court Enters Wind-Up Order


S O U T H  A F R I C A

FINTECH RECEIVABLES: Fitch Withdraws 'BB+' Ratings on Class E


T A I W A N

BANKTAIWAN SECURITIES: Fitch Assigns Individual Rating at 'D'


V I E T N A M

* Fitch Downgrades Vietnam's Issuer Default Rating to 'BB-'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


ABC LEARNING: Founder Agrees on Asset Freeze
--------------------------------------------
ABC Learning Center Ltd. founder Eddy Groves has reached agreement
with the corporate regulator on the freezing of most of his
assets, ABC News reports.

ABC News says that Mr. Groves and the Australian Securities and
Investments Commission appeared in the Federal Court in Sydney
yesterday.

According to the report, ASIC's lawyers said Mr. Groves has agreed
to preserve his assets until a later court date, but they are
questioning the status of a trust known as Perfection Too
Proprietary Limited.

ABC News relates that ASIC's lawyers argue Mr. Groves holds
significant assets in the trust, while Mr. Grove's lawyers contend
the assets in the trust do not belong to their client, saying his
wife is the sole director.

ASIC is fighting for the assets held in the trust to be frozen
until the case returns to court in late July, the report adds.

Justice Kevin Lindgren was due to hear on Tuesday an application
by ASIC to have Mr. Groves' assets frozen.

                 About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centres in Australia, New Zealand,
the United States and the United Kingdom.  The company's
subsidiaries include ABC Developmental Learning Centres Pty Ltd,
ABC Early Childhood Training College Pty Ltd., Premier Early
Learning Centres Pty Ltd., ABC Developmental Learning Centres (NZ)
Ltd., ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


CEMEX SAB: Unveils Restructuring Proposal to Lenders
----------------------------------------------------
Cemex, S.A.B. de C.V. said Tuesday it continues to make
significant progress with its core banks that represent a majority
of the Company’s outstanding bank debt.

Cemex presented its refinancing proposal to the Company’s full
syndicate of banks at a meeting held in New York on June 29.
Cemex will hold another scheduled meeting in Madrid today, July 1.

Cemex said a key component of the proposed refinancing plan is a
revised maturity schedule on a new facility encompassing US$14.5
billion in bank debt that would run through February 2014.  The
company said that this revised schedule would shift 2009-2011
maturities substantially into the future.

LatinFrance relates that the full details of the new structure has
not been disclosed but bank market participants said initial
impressions are that it is a reasonable offer, albeit at pricing
that is still below market.

According to LatinFrance, the main features involve an extension
of maturities through one or more new facilities, and a
commensurate increase in margins.  The report relates one banker
overseeing Cemex facilities with new tenors ranging from 5-7 years
estimates updated pricing could stand at around 400bp over Libor.

LatinFrance says the company's proposal is far from ideal for
creditors and it remains to be seen how smaller lenders, of which
there are more than 50 in total, will respond.  The report relates
market participants will also want an update on the loan
restructuring, especially since Cemex said earlier this year that
it had extended all of its H1 2009 maturities until June 30.

"CEMEX is working to finalize the terms of a comprehensive
refinancing plan with all our banks that would provide the Company
with greater flexibility and the ability to diversify sources of
financing," CEMEX Chairman and CEO Lorenzo Zambrano said Tuesday.

As reported in the Troubled Company Reporter-Latin America on
May 6, 2009, Bloomberg News said Cemex is in negotiations with
Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA’s
Bancomer unit on loans to help it cover debt obligations due this
year.  A TCRLA March 11 report, citing Bloomberg News, related
Cemex started discussions with banks to renegotiate about US$14.5
billion of debt after postponing its bond sale.  Company spokesman
Jorge Perez, as cited by Bloomberg News, said the US$14.5 billion
is all of Cemex’s bank debt and doesn’t include any bonds.  At the
end of December, Cemex had total debt of US$18.8 billion, the
report noted.  According to Reuters, Cemex has been slammed by
debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit crisis.

According to Forbes, to raise cash, the company is selling off
what it can.  The report recalled in December, Cemex divested
US$227 million in assets in the Canary Islands, and it has a
tentative deal to sell US$485 million in assets in Austria and
Hungary, part of its goal to raise at least US$2 billion in asset
sales this year.  According to a TCR-LA report on June 16, 2009,
citing MarketWatch News Cemex S.A.B. agreed to sell its Australian
operations to Switzerland-based Holcim Group for AU$2.02 billion
(US$1.63 billion).  The report related the sale includes Cemex's
25% stake in Cement Australia.  The deal reflects Cemex's effort
to save AU$900 million in recurrent costs, make capital spending
more efficient, and improve its debt profile, Cemex said in a
statement obtained by MarketWatch.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings has placed these ratings of Cemex,
S.A.B. de C.V., and its subsidiaries on Rating Watch Evolving:

Cemex

  -- Foreign currency Issuer Default Rating 'B';

  -- Local currency IDR 'B';

  -- Long-term national scale rating 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program 'BB-(mex)';

  -- Senior unsecured debt obligations 'B+/RR3'';

  -- Unsecured debt issued through the Certificados Bursatiles
     program 'BB-(mex)';

  -- Short-term national scale rating 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program 'B (mex)'.


KLEENMAID GROUP: Liquidators Sells EDIS & KCS Businesses
--------------------------------------------------------
Liquidators of Kleenmaid Group have sold two of the group's
businesses in an attempt to repay millions of dollars of debt, The
Sydney Morning Herald reports.

The EDIS spare parts and Kleenmaid Customer Solutions service and
maintenance businesses were sold for an undisclosed amount, the
Herald relates.

The Herald, citing Deloitte partner Richard Hughes, says the two
businesses were sold as going concerns and would give customers
continued access to essential spare parts and maintenance support.

According to the report, Edis Pty Limited, a new company
associated with Stokes (Australasia) Limited, is taking over the
EDIS operations while Aussie Whitegoods Rescue acquired KCS.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard Hughes
and David Lombe as voluntary administrators.

As reported in the TCR-AP on May 26, 2009, ABC News said the
creditors of Kleenmaid Group voted to wind up the company at a
meeting in Brisbane on May 25.

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

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


OZ MINERALS: Completes Sale of Martabe Project to China Sci-Tech
----------------------------------------------------------------
OZ Minerals Ltd. said it has completed the sale of its Martabe
gold-silver project in Indonesia to China Sci-Tech Holdings
Limited.

Total proceeds from the sale amount to US$217.5 million --
principal amount of US$211 million, plus an additional amount of
US$6.5 million in reimbursement for expenditure on the project
between April 1 and completion.

An amount of US$2 million has been withheld by China Sci-Tech
pending final accounting adjustments.

"The recent sale of its assets to China Minmetals Non-Ferrous
Metals Co., Ltd., has resolved OZ Minerals’ refinancing issues and
strengthened its balance sheet, enabling the Company to restore
normal mining rates at Prominent Hill and recommence studies into
further expansion of that mine," the company said in a statement.
OZ Minerals also said that it re-activated exploration programs in
the highly prospective wider Prominent Hill area and elsewhere.

According to OZ, the proceeds from the sale of Martabe will
further strengthen its balance sheet and enhances the Company’s
financial stability and its capacity to pursue further options to
grow shareholder value.

                         About CST

Hong Kong Stock Exchange-listed China Sci-Tech Holdings Limited is
an investment holding company.  The Company is organized into two
operating divisions: investments in financial instruments, which
includes investment and trading of securities and commodity
contracts, and property investment, which includes rental income
from the properties letting under operating lease.  Its
subsidiaries include China Sci-Tech Secretaries Limited, Cyber
Range Limited, Harbour Fair Overseas Limited, Millennium Riders
Limited, Perfect Touch Technology Inc. and Smart Ease Limited.

                        About OZ Minerals

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.


=============
B A H R A I N
=============


ARCAPITA BANK: S&P Affirms 'BB-/B' Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-/
B' counterparty credit ratings on Bahrain-based Arcapita Bank.
The outlook remained negative.  Standard & Poor's then withdrew
its ratings on Arcapita at the bank's request.

The ratings affirmation reflects S&P's conclusions that the
assumptions factored into the ratings are still holding up.  The
ratings on Arcapita reflect S&P's opinion of the bank's high
leverage in the context of a very difficult economic and
investment climate, as well as its pressured liquidity position.
In S&P's view, positive rating factors are the corrective measures
that Arcapita is implementing and the support that the bank is
receiving from shareholders.  The ratings reflect S&P's opinion of
Arcapita's stand-alone credit profile and do not include any
uplift for extraordinary external support.

The ratings withdrawal is subsequent to the issuer's request and
means that Standard & Poor's will no longer carry out surveillance
on the bank.  At the time of the ratings withdrawal, the bank had
no rated debt outstanding.


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


ALEPPO COMMERCIAL: Creditors' Proofs of Debt Due on July 26
-----------------------------------------------------------
The creditors of Aleppo Commercial Company Limited are required to
file their proofs of debt by July 26, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 25, 2009.

The company's liquidator is:

           Liu Yuk Ming Stephen
           Progress Commercial Building, Room 2407
           7-17 Irving Street
           Causeway Bay, Hong Kong


ASIA ART: Members' Final Meeting Set for July 31
------------------------------------------------
The members of Asia Art Foundation Limited will hold their final
general meeting on July 31, 2009, at 10:00 a.m., at 2301 Dominion
Centre, 43-59 Queen's Rd East, Hong Kong.

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


GUINNESS DISTILLERS: Creditors' Proofs of Debt Due on July 24
-------------------------------------------------------------
The creditors of Guinness Distillers Holdings Limited are required
to file their proofs of debt by July 24, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2009.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road
          Central, Hong Kong


HAPPY PEARL: Appoints Lee Kit Mei as Liquidator
-----------------------------------------------
On June 19, 2009, a special resolution was passed appointing Lee
Kit Mei as the liquidator of Happy Pearl Limited.

The Liquidator can be reached at:

          Lee Kit Mei
          Winbase Centre, 20th Floor
          208 Queen's Road Central
          Hong Kong


I2K.COM LIMITED: Appoints Lau Wing Ling as Liquidator
-----------------------------------------------------
On June 17, 2009, Lau Wing Ling was appointed as liquidator of
i2k.com Limited.

The Liquidator can be reached at:

          Lau Wing Ling
          Chinaweal Centre
          Unit C, 16th Floor
          414-424 Jaffe Road
          Wanchai, Hong Kong


NMT FINANCIAL: Members' Final Meeting Set for July 23
-----------------------------------------------------
The members of NMT Financial Services HK Limited will hold their
final general meeting on July 23, 2009, at 11:00 a.m., at Suite
1306, 13th Floor of ING Tower, 308 Des Voeux Road, in Central,
Hong Kong.

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


RIDDELTON LIMITED: Creditors' Proofs of Debt Due on July 28
-----------------------------------------------------------
The creditors of Riddelton Limited are required to file their
proofs of debt by July 28, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 15, 2009.

The company's liquidators are:

          Puen Wing Fai
          Lo Yeuk Ki, Alice
          Kwan Chart Tower, 6th Floor
          6 Tonnochy Road
          Wanchai, Hong Kong


SEMI-CONDUCTOR: Members' Final Meeting Set for July 27
------------------------------------------------------
The members of Semi-Conductor Limited will hold their final
general meeting on July 27, 2009, at 10:00 a.m., at the 21st Floor
of Fee Tat Commercial Centre, No. 613 Nathan Road, in Kowloon,
Hong Kong.

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


SUNRISE HOUSEWARES: Members' Final Meeting Set for July 23
----------------------------------------------------------
The members of Sunrise Housewares (H.K.) Company Limited will hold
their final general meeting on July 23, 2009, at 10:30 a.m., at
Suite 1306, 13th Floor of ING Tower, 308 Des Voeux Road, in
Central, Hong Kong.

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


YEE HOP: Members' Final Meeting Set for July 30
-----------------------------------------------
The members of Yee Hop Tong Land Investment Company Limited will
hold their final general meeting on July 30, 2009, at 3:00 p.m.,
at Room 1309, 13th Floor, Block B of Bell House, 252-543 Nathan
Road, in Yau Ma Tei, Kowloon.

At the meeting, Yau Yin Kwun Joseph, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


AIR INDIA: To Pay Deferred Salaries to Employees on July 3
----------------------------------------------------------
The Times of India reports that Air India Ltd. has decided to pay
June salaries to its employees on July 3.  The Company first
decided to make the payments July 15.

"The management has told us that we would get our salaries on
July 3.  They have also assured us that there will be no wage
cut," the Times quoted JB Kadian, general secretary of the Air
Corp Employees' Union, as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
June 16, 2009, The Financial Express said Air India planned to
defer the payment of salaries for the month of June of about
30,000 employees by 15 days.

The Financial Express related that an AI spokesperson said "the
salaries of June will be paid on July 15 due to the resource
crunch that the company is facing."

In response, Air Corporation Employees' Union, one of the union
representing AI employees, decided to go on an indefinite strike
from July 1 if Air India management refuses to pay salaries on
time, according to a TCR-AP report on June 18, 2009, citing The
Economic Times.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, The Financial Express said that the National
Aviation Company of India Ltd., the company that operates Air
India, was also seeking INR14,000 crore in equity infusion, soft
loans and grants.

The TCR-AP, citing The Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown.

Air India's losses have almost doubled to over INR4,000 crore in
2008-09 (INR2,226 crore in 2007-08) and it does not have the money
to foot the INR350-crore monthly salary bill of its 31,500
employees, according to the Hindustan Times.

                         About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


APRA AUTO: CRISIL Assigns 'BB+' Rating on INR200 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Apra Auto (India) Pvt Ltd (Apra Auto).

   INR180 Million Cash Credit       BB+/Stable (Assigned)
   INR200 Million Term Loan         BB+/Stable (Assigned)
   INR150 Million Letter of Credit  P4 (Assigned)

The ratings factor in Apra Auto's highly-leveraged capital
structure, exposure to risks inherent in the intensely-competitive
automotive dealership market.  These weaknesses are partially
offset by Apra Auto's established position in the automobile
dealership business, and increasing revenues from high-margin
services and spare parts sales.

Outlook: Stable

CRISIL expects Apra Auto to maintain a stable business risk
profile and to strengthen its financial risk profile over the
short to medium term, supported by increasing cash accruals and
debt repayments.  A stronger-than-expected financial performance
due to increasing revenues from spare parts sales and services,
and improvement in capital structure owing to equity infusions,
may drive a revision in outlook to 'Positive'.  Conversely, the
outlook may be revised to 'Negative' if the company's credit risk
profile weakens on account of large, debt-funded capital
expenditure.

                       About Apra Auto

Incorporated in 1999 by Mr. Anumod Sharma, Apra Auto has been a
dealer for Maruti Suzuki India Ltd (MSIL) since 2000.  Prior to
this, the Company was a dealer for Daewoo Motors India Limited.
Apra Auto has 2 showrooms in Gurgaon, and one each at Rewari and
Mahipalpur in Delhi.  The company also has workshops at Gurgaon,
Okhla, Manesar and Rewari.  It is the fourth-largest dealer for
Maruti passenger cars in North India.  The company offers services
on all seven days of the week; recently its workshop at Gurgaon
acquired 24X7 status.  Apra Auto plans to open one extension
counter in DLF City, Gurgaon; one showroom each in Manesar and
Delhi, and one workshop facility at Rewari.

For April 2008 to March 2009, Apra Auto reported a profit after
tax of INR26 million (INR24 million in 2007-08) on net sales of
INR3.1 billion (INR3.2 billion in 2007-08).


AUTO PLAANATE: Low Net Worth Cues CRISIL 'B' Ratings
----------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Auto Plaanate Indostry Pvt Ltd (Auto Planet).

   INR82.50 Million Cash Credit   B/Stable (Assigned)
   INR32.3 Million Term Loan      B/Stable (Assigned)
   INR2.9 Million Proposed Long   B/Stable (Assigned)
        Term Bank Loan Facility
   INR12.3 Million Standby Line   P4 (Assigned)
            of Credit

The ratings reflect Auto Planet's constrained margins on account
of competitive pressures in the automobile dealership business,
and weak financial profile, marked by low net worth and high
gearing. These weaknesses are, however, partially offset by Auto
Planet's average market position by virtue of being the sole
Mahindra & Mahindra Ltd (M&M) dealer in Dhanbad.

Outlook: Stable

CRISIL expects Auto Planet to maintain a stable business risk
profile over the medium term, backed by established relations with
principals; Auto Planet's financial profile may, however, remain
constrained by high gearing and stretched liquidity.  The outlook
may be revised to 'Positive' if the company's revenues,
profitability, and working capital management improve
considerably; or to 'Negative' if its financial risk profile
weakens on account of large, debt-funded diversifications into
unrelated businesses.

                       About Auto Planet

Auto Planet (formerly, Rahul Automobile Udyog Pvt Ltd) was set up
by Mr. Shaligram Tiwari and others in January 2004.  It began
operations in August 2005 as a dealer of Mahindra & Mahindra Ltd's
(M&M's) passenger cars, and light commercial vehicles (LCVs). Auto
Planet's main showroom and service station are at Dhanbad
(Jharkhand).

Auto Planet reported a profit after tax (PAT) of INR1.6 million
on operating income of INR523 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of
INR2 million on operating income of INR399 million for 2006-07.


BALAJI BULLIONS: CRISIL Places 'P4' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Balaji Bullions & Commodities (India) Pvt Ltd (Balaji).

   INR250.0 Million Bills Discounting *   P4 (Assigned)
   INR100.0 Million Packing Credit **     P4 (Assigned)

   * Includes a sublimit for Gold loan of INR100 Million
   ** Fully interchangeable with Bill discounting

The rating reflects Balaji's weak financial risk profile marked by
instances of funds extended to related entities in the form of
loans and advances, and investment in shares; and limited
experience in jewellery manufacturing.  These weaknesses are
partially offset by the benefits Balaji derives from the
experience of its promoters.

                     About Balaji Bullions

Incorporated in 2007, Balaji trades in cut and polished diamonds
in domestic as well as export markets.  The company is also
engaged in manufacturing gold, diamond, and platinum jewellery,
and in bullion trading.  Its jewellery manufacturing facility is
located at the Sachin, Surat special economic zone, while its
trading office is located at Mumbai. Balaji reported profit after
tax (PAT) of INR 13.99 million on net sales of INR2485.2 million
for April 2008 to March 2009, as against PAT of INR 1.16 million
on net sales of INR375.88 million for 2007-08.


ENNORE TANK: ICRA Rates INR1964.2MM Term Loan Facilities at 'LBB+'
------------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR 1964.2 million term
loan facilities of Ennore Tank Terminals Private Limited.  The
rating indicates inadequate credit quality and the rated
instrument carries high credit risk.  The sign of plus (+)
appended to the rating symbol indicates its relatively stronger
position within the rating category.

ICRA has also assigned an A4+ rating to the INR 60 million non-
fund based limits of ETTPL, indicating the risk-prone credit
quality of the instrument in the short term.  The plus sign
indicates its relatively stronger position within the A4 category.

The ratings are constrained by its short track record of port
terminal operation, implementation risks associated with its other
projects, low capacity utilization of its terminal expected in the
medium term, leading to cash losses, because of delay in
commissioning of an LPG terminal by a key end user; significant
congestion in the roads from Ennore port to the outskirts of
Chennai city although a new road connectivity project that is
underway might improve the situation.  The ratings, however,
factor in the key strengths of the project such as favorable
demand prospects for petroleum-oil-lubricants, LPG and chemicals
trade in the primary hinterland of ETTPL; favorable location of
Ennore port on the international shipping route; its ability to
handle larger vessels over the competing ports, flexibility on
ETTPL’s tariff determination as it is currently not under the
purview of Tariff Authority for Major Ports and modest revenue
share of ETTPL with EPL.  ICRA also notes that the existing users
of Chennai Port Trust like BPCL, HPCL and CPCL are expected to
consider Ennore port as an alternative location due to the
inadequate infrastructure at ChPT and its constraints in
expansion.

                       About Ennore Tank

Ennore Tank Terminals Private Limited, a joint venture of IMC
Group‡ and L&T Infrastructure Development Projects Ltd. with
initial shareholding in the ratio of 74:26, has been awarded the
license by Ennore Port Limited to Build, Operate and Transfer a
Marine Liquid Terminal consisting of a Jetty, Pipelines and
Storage Tanks inside the Ennore Port. The BOT period is 30 years,
including the period of construction from June 9, 2006.  The
terminal was commissioned on January 15, 2009.  In addition, ETTPL
has been offering tank storage facilities at EPL from January
2008.  The storage capacities planned is about 130,000 KL for
Phase I, II & III of which 125,900 KL is available for operations.
The jetty is designed for berthing vessels of capacity up to
125000 DWT.  The company achieved operating income and made net
loss of INR481.5 million and INR47.2 million, respectively, during
2008-09.


ESYS INFORMATION: CRISIL Rates INR750MM Cash Credit Facility at B-
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of eSys Information Technologies Ltd.

   INR750 Million Cash Credit Facility *  B-/Negative (Assigned)
   INR250 Million Letter of Credit/Bank   P4 (Assigned)
                          Guarantee

   *Including proposed limit of INR400 million.

The ratings reflect the uncertainty over the transfer of EITL's
ownership to eSys Global Holdings Ltd (eSys Dubai); given this
uncertainty, most banks have withdrawn their facilities to EITL.
The ratings also reflect EITL's weak financial risk profile,
marked by a high gearing, and the decline in its revenues: the
company's revenues declined by 45 per cent year-on-year in 2008-09
(refers to financial year, April 1 to March 31) because of
pressure on business.

Outlook: Negative

CRISIL expects EITL's credit profile to remain weak, given the
current business pressures and economic conditions.  The ratings
may be downgraded to 'D/P5' in case the company defaults on any
facility.  Conversely, the outlook may be revised to 'Stable' if
the uncertainty is settled expeditiously, and the company posts a
significant and sustainable improvement in its liquidity and
overall financial profile.

                      About eSys Information

Established in 2000, EITL is a wholly-owned subsidiary of eSys
Dubai. EITL was a 100 per cent subsidiary of eSys Technologies Pte
Ltd (eSys Singapore) up to 2006-07, and, according to EITL's
management, the ownership was transferred to eSys Dubai in 2007-
08. EITL has shifted its registered office from Chennai to
Chandigarh and has its corporate office in Gurgaon.  It has 38
sales and service branches, and more than 350 employees. The
company is primarily in the software distribution, hardware
service centre, and personal computer manufacturing businesses,
and is associated with 23 vendors and 7500 channel partners across
India. EITL is also a back-office for eSys Dubai.  For 2008-09,
EITL reported a provisional profit after tax of INR5.5 million
(INR43.4 million for 2007-08) on net sales of INR7.0 billion
(INR13.1 billion).


INTERNATIONAL MINERAL: ICRA Assigns 'LBB-' Ratings on LT Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of LBB- and short term rating
of A4 to fund based and non-fund based limits of International
Mineral Trading Company Private Limited.  LBB- indicates
inadequate-credit-quality in the long-term, while A4 indicates
risk-prone-credit-quality in the short-term.

                                Amount
   Facilities               (INR Million)       Assigned Rating
   ----------                ------------       ---------------
   Rated on Long-Term Scale
   Fund Based

   Cash Credit                 150.0             LBB-
   Term Loans                 1150.0             LBB-

   Rated on Short term/      Amount (INR Cr.)
   Long-Term scale

   Letter of Credit*          (500.0)            LBB/A4
   -----------------        ----------------     --------------
   Total                      1300.0

   * Letter of Credit for One time purchase of Capital Goods of
     INR500.0 million is sublimit within the Term Loan limit of
     INR1150.0 million.

The ratings are constrained by the substantial execution risks in
setting-up the proposed iron-ore beneficiation plant since the
project is in the initial stages of development; funding risks
arising from the fact that a substantial portion of equity from
the promoters remains to be infused in the company and the adverse
capital structure of the project.  The rating also takes note of
the fact that land for the proposed plant has not been fully
acquired on account of some land acquisition issues which has
resulted in some delay in the commencement of the project
development.

The ratings, however, favorably factor in proximity of the plant
to raw material sources on account of its location at Barbil in
Orissa which is an iron-ore mines belt coupled with the fact that
the company would be supplying its product,ie., beneficiated iron-
ore to its group company namely Arya Iron & steel Company Private
Limited (AISCO) which is into production of iron-ore pellets;hence
limiting the demand risks to a certain extent. Further,ICRA takes
cognizance of the fact that entire debt for the project has been
already tied-up which mitigates the funding risks.

Arya Group was started by two brothers Pawankumar Arya and
Ravindrakumar Arya with the establishment of a small trading unit
in the name of Baijnath Melaram in 1950.  Initially, they were
involved in sales of ship- scraps and then the group expanded into
other business such as import and export of steel items and iron
pellets production.

International Mineral Trading Company Private Limited was
incorporated in March 2008 by the Arya family to set up an iron-
ore beneficiation plant of 1.5 million tonnes per annum capacity
in Barbil, Orissa.  The proposed date of commercial production of
plant is April 2010.  Due to land acquisition issues, the project
has incurred a delay and the plant is expected to be operational
by the end of Fiscal Year 2011.  IMTCPL would source iron-ore
lumps/fines from local mine owners in Barbil, Orissa and post
processing the raw material would be supplying the entire produce
to AISCO which commenced its iron-ore pelletisation plant in
Fiscal Year 2009.


JETAIR PRIVATE: Declining Revenue Streams Cue CRISIL 'BB+' Rating
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Negative/P4' to the bank
facilities of Jetair Pvt Ltd.

   INR140.0 Million Cash Credit     BB+/Negative (Assigned)
   INR40.0 Million Proposed Long    BB+/Negative (Assigned)
         Term Bank Loan Facility
   INR620.0 Million Bank Guarantee  P4 (Assigned)

The rating reflects Jetair's deteriorating business risk profile,
marked by declining revenue streams, and weakened financial risk
profile due to investments in loss-making group companies.  These
weaknesses are mitigated by Jetair's established track record in
its line of activity, and the benefits it derives from its
association with Jet Airways (India) Ltd (Jet Airways).

Outlook: Negative

CRISIL believes that Jetair's business risk profile will remain
constrained by declining revenue streams over the near term.  The
rating will be vulnerable to a downgrade if there is a steeper-
than-expected decline in revenues or profitability.  Conversely,
the outlook may be revised to 'Stable' if there is a sustained
improvement in Jetair's operating revenues and margins.

                     About Jetair

Jetair, incorporated in 1974, is promoted by Mr. Naresh Goyal, the
founder-promoter of Jet Airways. Jetair, Mr. Goyal's first
entrepreneurial venture, began operations as a general sales agent
(GSA) to Gulf Air.  Gradually, the company expanded operations to
include cargo and ticketing operations for other airlines.
Mr. Goyal subsequently promoted Jet Airways, which was listed in
2005. Jetair remains privately-held by the Goyal family.  Jetair
is currently the sole GSA to Jet Airways, Austrian Airlines, and
Royal Jordanian.

Jetair reported a profit after tax (PAT) of INR9.38 million on
revenues of INR887 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.03 million on net
sales of INR1375 million for 2006-07.


MODERN TECHNOMECH: ICRA Rates INR250MM Bank Facilities at 'LBB+'
----------------------------------------------------------------
ICRA assigned an LBB+ rating to the INR250 million bank loan
facilities of New Modern Technomech Private Limited (NMTPL)
indicating inadequate-credit–quality.  The bank loan facility
comprises cash credit of INR150 million and non-fund facilities of
INR100 million.

The rating takes into consideration NMTPL's established clients
base which includes major Engineering Procurement Construction
contractors, Indian Railways and various state electricity boards,
orders for renovation of railway wagons, diversifying the revenue
stream and long experience of the promoters in the fabrication
business.  Favorable demand outlook for both the power
transmission and the railway wagon sectors in the country given
the huge investment in the power transmission and distribution
system and those proposed by the Indian railways are expected to
ensure robust order book for the company.  The rating also draws
comfort from NMTPL's recent entrance as an EPC contractor for
execution of turn key projects in the power sector which is
expected to broaden its scope of work.  The rating is however
constrained by NMTPL's relatively small scale of operations,
exposure to fluctuation in raw material prices given the fixed
priced nature of contracts and a weak financial health reflected
in its low profitability, high gearing and strained liquidity
position.

                      About Modern Technomech

New Modern Technomech Private Limited was incorporated as a
private limited company in December 1998 by Mr. S.S.Sarangi and
has been primarily engaged in the fabrication of transmission
towers and substation structures.  The company has recently
entered into the EPC arena and also diversified into overhauling
of railway wagons.

During the year 2007-08, the company reported a net profit of
INR 5.45 million on the back of a net sale of INR 703.55 million.
For the period April to December 2008, the company estimated a
profit before tax of INR10.43 million on a net sale of INR707.76
million.


SAKTHI SUGARS: Fitch Withdraws 'C' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has withdrawn India's Sakthi Sugars Ltd.'s 'C(ind)'
National Long-term rating.  The rating was on Negative Watch.
Fitch has also withdrawn the 'C(ind)' rating assigned to SSL's
INR170m long term non convertible debenture program.

The outstanding instrument under the rating has been fully paid
off.  Fitch will no longer provide analytical coverage on the
issuer.


UDAYAN GREENFIELDS: ICRA Puts 'LBB+' Rating on INR1.79BB Term Loan
------------------------------------------------------------------
ICRA has assigned LBB+ rating to the INR179 billion term loan of
Udayan Greenfields Private Limited.

The rating indicates inadequate-credit-quality.  The rating
favorably factors in the prior experience of Ambuja group in the
Kolkata real estate market and the group's track record of
successful project management and providing quality construction.
The rating is, however, constrained by the relatively higher
project leverage, and the market risks arising from the low
bookings achieved in the project which is further accentuated by
the slowdown in demand for commercial office space and substantial
supply of commercial space expected in the vicinity of the
project.

Udayan Greenfields Private Limited, a group company of Ambuja
Group, is engaged in development of 0.95 million square feet of
leasable commercial space in Rajarhat, Kolkata by the name
"ECOSPACE".  The INR2.88 billion project is estimated to be funded
out of debt equity mix consisting of INR1.79 billion term loan,
with disbursement spread over two phases of development.  The
first phase of the project is expected to be completed by
September 2009 while the second phase constituting around 0.49
million square feet is expected to be completed by September 2011.

Ambuja Realty Group is promoted by the Neotia family and the day
to day activities are managed by Mr. Harshavardhan Neotia.
Following the divestment of its stake in Gujarat Ambuja Cements
Ltd., the reality business became the focus area for the Neotia
family and the group ventured into various real estate projects
spread across different segments and geographies.  Ambuja Housing
and Urban Infrastructure Company Ltd. is the holding company for
various real estate & hospitality ventures being undertaken by the
Ambuja Realty Group.  AHUICL holds 66% stake in Ambuja Realty
Development Limited which in turn is the holding company for
UGDPL.  Since its entry into the real estate business, the Group
through its various joint venture and subsidiary companies has
developed and delivered more than four million square feet in the
residential and commercial segment.  The group has a reputation
for timely and quality construction.


WOCKHARDT LTD: Unit Rules Out IPO Plan in India; Prefers Merger
---------------------------------------------------------------
Wockhardt Hospitals Ltd., a unit of Wockhardt Ltd., ruled out a
revival of its plan to conduct an initial public offering in
India.  The Company said it would prefer a private equity
investment or merger with a strategic investor, Bloomberg News
reports.

"I don't think IPO is the way for us to go now," Wockhardt
Hospitals Group Chief Executive Officer Vishal Bali said in a
television interview in Singapore, according to Bloomberg News.
Mr. Bali said the company is exploring options such as private
equity investments to raise funds while a merger with a strategic
investor "will help us grow," Bloomberg News relates.

According to Bloomberg News, Wockhardt Hospitals has been looking
for investments to grow ever since it withdrew the IPO last year
and the parent company got into financial difficulties.

Habil Khorakiwala, chairman of Wockhardt, said June 29 the Company
planned to restructure US$108 million worth of bonds and sell some
non-core businesses in the next six months, the report relates.

Mr. Khorakiwala, as cited by Bloomberg News, said Fortis
Healthcare Ltd., an Indian hospital chain, is interested in buying
a stake in Wockhardt Hospitals.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on April 3, 2009, that Wockhardt Limited sought to
restructure its debt, citing liquidity constraints and adverse
market conditions.

The company and its lender ICICI Bank Ltd. have approached the
Corporate Debt Restructuring Cell, a voluntary organization backed
by the central bank that assists lenders and borrowers, Bloomberg
News said.

Wockhardt had net debt of about INR34 billion (US$670 million) in
the year ended Dec. 31, pegging the company's debt- to-equity
ratio at 2.3 times, Bloomberg News said citing data from the
company's Web site.

The founders of Wockhardt have pledged about 54 percent of
outstanding stock with lenders, the company said in a stock
exchange filing obtained by Bloomberg News.

Business Standard related sources have said Wockhardt was hoping
to reduce debt by selling its Irish subsidiary, Pinewood
Laboratories, and a stake in Wockhardt Hospitals.

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


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


BANK MAYAPDA: Fitch Assigns Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has assigned PT Bank Mayapada Internasional Tbk a
National Long-term rating of 'A-(idn)', Individual rating of 'D/E'
and Support rating of '5'.  The Outlook is Stable.  At the same
time, the agency also assigned 'A-(idn)' ratings for its existing
3-year and 5-year rupiah senior unsecured bonds issued in 2007,
and 'BBB+(idn)' ratings for its 10-year rupiah subordinated debts
issued in 2005 and 2007.

"The ratings reflect Mayapada's quite strong capital position,
fairly diversified retail deposit funding but also recognise its
small size and indications of declining asset quality," said
Julita Wikana, Associate Director with Fitch's Financial
Institutions team in Jakarta.

Mayapada has a network of 109 branches in Indonesia, with total
assets accounting for only 0.3% of system asset.  The bank is run
by an experienced management team and focuses on SME lending to
traders.  It also has quite a large exposure to the property
sector comprising a mix of residential, commercial developer and
contractor loans, although these are mostly secured with an
average loan to value of 70%.  Mayapada's deposit base is fairly
diversified with the top 20 depositors accounting for around 12%
of total deposit at end-March 2009.  Furthermore, its liquidity
remained quite good, with liquid assets comprising cash,
government bonds and central-bank deposits increasing to 21% of
total assets at end-March 2009 (2008: 15%), as compared with
borrowings of 8%.

The increase in NPLs to 2.8% of gross loans at end-Q109 from 0.5%
in 2007 was due to its SME portfolio where the trading sector was
affected by lower business volume as macroeconomic conditions
weaken.  Special mention loans remained high at 14% at end-Q109,
but largely reflected a revolving pool of late payers.  Meanwhile,
NPLs have improved to 1.7% at end-May 2009 following signs of
improving but still weak economic conditions in Q209.  Fitch notes
that the bank's capital position remained strong although its
Tier-1 and total CAR have declined to 17% and 20.6%, respectively,
at end-March 2009 due to rapid loan expansion.  The equity/total
asset ratio at 15% at end-Q109 was above its larger bank peers'
average of 9-10% and should provide some buffer against the risk
of higher NPLs.  Given its family ownership, Fitch notes that its
related party transaction is within the regulatory limit at 7% of
total equity as at end-March 2009.

Bank Mayapada International Tbk was established in 1989 by DR.
Tahir, MBA and family, who remains in control of the bank.


BANK VICTORIA: Fitch Assigns Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has assigned PT Bank Victoria International Tbk a
National Long-term rating of 'BBB+(idn)', Individual rating of 'D/
E', Support rating of '5', as well as issue ratings of 'BBB+(idn)'
for its IDR200 billion 5-year senior bond and 'BBB(idn)' for its
subordinated bond, both issued in 2007.  The Outlook is Stable.

The ratings take into account Bank Victoria's limited deposit and
current loan book operations, which is likely to grow in the long
term based on management's organic expansion plans.  Although loan
quality is satisfactory with NPLs at a low 2.5% and well-reserved
with a provision cover of 149% at end-March 2009, risk management
is likely to be a major challenge given the constraints on
resources for a small bank and as loan assets become a larger
portion of its balance sheet overtime.  Loans constituted 36% of
total assets while more liquid but lower yielding assets like
cash, interbank funds, central bank paper and government bonds
accounted for a larger 58% of total assets.  This has depressed
interest margin and profitability with NIM at 2.4% (larger banking
peers: about 6%) and ROA at 0.8% in 2008 (larger peers: 1.7%).

The bank's small network of 70 branches has also contributed to a
less diversified funding base with lower cost demand and savings
deposits at about 10% of total deposits, with a fairly high
depositor concentration (based on the bank's share of its top 20
largest deposits).  Nevertheless, the bank has stepped up efforts
in network expansion adding 20 branches in 2008.  Meanwhile, Tier
1 and Total CAR ratios were above 20% at end-March 2009, but are
also a reflection of the lower risk weights applied on the more
liquid assets.

Corporate governance will remain a challenge for most Indonesian
banks including for small and majority private-controlled banks.
Fitch notes that Bank Victoria's related party lending are within
the limits as stipulated by the regulators, and that the bank is
run by a professional management team.  The agency is of the
opinion that the supervisory environment in Indonesia is still in
a developing state.

Established in 1992 and publicly listed in 1999, Bank Victoria is
non-foreign exchange domestic bank accounting for about 0.2% of
banking system assets in Indonesia.  The bank operates a network
of 70 branches mainly located in the greater Jakarta area and is
focused on commercial and consumer lending.  The bank is majority
controlled by a few private individuals through various financial
and investment holding companies which collectively own 63.1% of
the bank.


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


ELPIDA MEMORY: Secures US$313 Million Government Fund Injection
---------------------------------------------------------------
The Wall Street Journal reports that Elpida Memory Inc. has
secured a JPY30 billion (US$313 million) fund injection from the
Japanese government, making it the first recipient of aid under a
new program to help companies during the economic downturn.

The chip maker and Japan's Ministry of Economy, Trade and Industry
also said that Elpida plans to raise about JPY20 billion from a
chip making firm created by the Taiwanese government during the
fiscal year ending March 2010, WSJ relates.

According to WSJ, Elpida will issue preferred shares worth of
JPY30 billion to the government-backed Development Bank of Japan
in August.

Elpida, WSJ says, is also in discussions with Taiwan Memory Co.,
the Taiwanese government-funded chip maker, about plans for a
share issuance.  WSJ relates that under the plan, the Taiwanese
chip maker will acquire about 10% of Elpida .

                        Rating Downgrade

As reported in the TCR-Asia Pacific on Feb. 23, 2009, Standard &
Poor's Ratings Services lowered to 'B+' from 'BB-' its long-term
corporate credit and senior unsecured ratings on Elpida Memory
Inc., and placed the ratings on CreditWatch with negative
implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


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


DAEWOO ENGINEERING: Kumho to Sell Controlling Stake in Firm
-----------------------------------------------------------
Kumho Asiana Group on Sunday decided to put Daewoo Engineering and
Construction up for sale, The Financial Times reports.

Kumho Asiana, which bought Daewoo Engineering for US$5 billion
three years ago, said it has not yet determined the exact size of
stake to be sold, the report relates.  According to the FT, Kumho
said the size of the sale would be designed to "minimize the
group’s losses and to reduce a buyer’s burden."

FT states that Kumho wants to sell Daewoo through an open auction,
but it said it would also consider selling the company to a
private equity fund to be set up by state-run Korea Development
Bank, its main creditor.

The announcement, according to the FT, follows pressure on Kumho
to raise money by finding fresh investors in Daewoo by the end of
this month to ease a liquidity crunch.

Analysts said that the group may have to suffer heavy losses
because no buyer is likely to match the high price it paid to
acquire Daewoo, FT relates.

The report, citing analysts, says potential bidders include Posco,
LG Group, Lotte Group and Hyosung.

Kumho has a 33 per cent stake in Daewoo with management control
while financial investors hold a further 39 per cent, the report
discloses.

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.


===========
K U W A I T
===========


BANK OF KUWAIT: Fitch Downgrades Individual Rating to 'C/D'
-----------------------------------------------------------
Fitch Ratings has affirmed Commercial Bank of Kuwait's Long-term
Issuer Default Rating at 'A+' with Stable Outlook.  At the same
time, its Individual Rating has been downgraded to 'C/D' from 'C'.
Fitch has also affirmed CB's Short-term IDR at 'F1', its Support
at '1' and Support Rating Floor at 'A+'.

CB's IDR and Support rating reflect the extremely high probability
of support from the Kuwaiti authorities, in case of need.  Fitch's
assessment of support is based on CB's importance to the local
economy and strong domestic franchise, the financial strength of
Kuwait and its long history of supporting its domestic banks.  In
Fitch's view, Kuwait's level of support has historically gone
beyond that provided by most other supervisory authorities.

The downgrade in CB's Individual Rating reflects Fitch's concerns
regarding the operating environment.  The agency is concerned with
the relatively high concentrations in the bank's loan book, with
substantial exposure to riskier asset classes (real estate and
equities) that are showing increasing signs of stress.  Over a
quarter of the bank's loan book consists of exposure to the real
estate and construction sectors, with a further 10% of exposure to
Kuwaiti investment companies that in turn have substantial real
estate and equity exposure.  Another 15% of the loan book consists
of share financing.  Although CB's reported asset quality remains
sound, Fitch is concerned that the sharp fall in the value of
equities (though there has been some recovery recently) and the
slowdown in the real estate market are likely to have a negative
impact on lenders to these sectors; not only on CB.

Revenue growth was strong in 2008, although unusually high
provisioning expenses, most taken on the Central Bank of Kuwait's
advice, led to a 16% drop in net profit for the year; the Central
Bank has been encouraging all Kuwaiti banks to build up general
reserves over and above the required minimum.  Profitability in
Q109 was impacted by relatively substantial investment write-
downs; net profit declined to KWD3 million from KWD34 million in
Q108.  There has been some deterioration in the bank's loan
quality in Q109, mainly related to real estate lending, but loan
quality remains sound with a non-performing loan ratio of 6.3% at
end-Q109 (of which more than half relates to fully reserved pre-
invasion impaired loans); total reserve coverage was satisfactory
at 117%.

CB is the fourth-largest Kuwaiti bank by assets, accounting for
about 12% of the sector.  It provides a comprehensive range of
corporate and retail banking products to the domestic market via
an array of delivery channels, and has the second-largest branch
network in Kuwait.


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


LINE 7: Placed Under Receivership; KordaMentha Named as Receiver
----------------------------------------------------------------
The New Zealand Herald reports that Line 7 Ltd has gone into
receivership for the second time.  Grant Graham and Brendon Gibson
at KordaMentha were appointed as receivers to the company.

Owner and director Ross Munro said Line 7 had been caught by the
economic decline and he had failed to read the market accurately,
the Herald relates.  Mr. Munro bought the business out of
receivership 19 years ago, the report says.

Mr. Munro told the Herald that the company failed to hedge itself
against the recent big falls in the dollar and hadn't reacted
quickly enough in cutting overheads when customers had been slow
to pay their bills.

According to the report, Mr. Graham said sales would be held in
all the Line 7 stores to move stock and then it would look at
selling assets such as trademarks.

Based in New Zealand, Line 7 Ltd -- http://www.line7.com/--
manufactures sailing and outdoor apparel.


VAUDREYMILLER YACHTS: Placed by Shareholders Under Liquidation
--------------------------------------------------------------
VaudreyMiller Yachts has gone into liquidation, Lucy Craymer at
The National Business Review reports.

According to the report, the shareholders of VaudreyMiller Yachts
voted to put the company into liquidation following advice from
their accountant that it was insolvent.

The Review relates that VaudreyMiller Yachts owes shareholders
NZ$2.9 million, with the Inland Revenue Department as its biggest
creditor.  Liquidator John Buchanan estimates the company has
around NZ$200,000 in assets, the report notes.

Meanwhile, The National Business Review says boat builder Calibre
Boats and Genesis Marine have also gone into liquidation.

Based in Auckland, New Zealand, VaudreyMiller Yachts --
http://www.vaudreymiller.com/-- specializes in crafting
superyacht tenders.


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


BANKWISE INC: Court Charges Officials, Depositor with Estafa
------------------------------------------------------------
Three officials of Bankwise Inc. have been charged with estafa
along with their controversial depositor for failing to account
the PHP66.8 million in corporate deposits made by a client, Manila
Standard Today reports.

The Standard relates that Makati Regional Trial Court Judge
Oscar Pimentel last week ordered the issuance of warrants of
arrest for Bankwise officials Leonides Val Ortega, Vicente Campa
Jr., and Javier Quintos, along with depositor Philip Brodett.

The PHP66.8 million represented the corporate funds of the
publicly-listed Philcomsat Holdings Corp., where Mr. Brodett was a
director until his ouster last year, the Standard says.

Mr. Brodett, says the Standard, initially claimed the PHP66.8
million were his personal funds, but later qualified that "even
assuming that the funds were money-market placements (of
Philcomsat Holdings), the same amount (had already been) returned
to Philcomsat together with interest."

The Standard says that according to Philcomsat Holdings director
Jose Ozamiz, the missing PHP66.8 million was part of the PHP600
million to PHP800 million in company funds that were still
unaccounted for by Mr. Brodett and his group.

The Troubled Company Reporter-Asia Pacific reported on Feb. 12,
2008, that the Philippine Deposit Insurance Corporation said it
took over Bankwise Inc. on Feb. 8, 2008, a day after the Monetary
Board ordered the closure of the bank.

Based in Makati City, Bankwise Inc. is a six-unit bank with
branches in the cities of Mandaluyong, Las Pinas, Cebu, Davao,
and Quezon.  Basing on latest available records in February
2008, PDIC said the bank's estimated total deposit liabilities
amounted to PHP1.33 billion as of June 30, 2007.


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


ASIAN PETROCHEMICAL: Court Enters Wind-Up Order
-----------------------------------------------
On June 12, 2009, the High Court of Singapore entered an order to
have Asian Petrochemical Marketing Pte Ltd's operations wound up.

Asian Petrochemical Marketing (Holding) Limited filed the petition
against the company.

The company's liquidators are:

          Thio Khiaw Ping Kelvin
          Terence Ng
          Chi Hou
          c/o Ardent Business Advisory Pte Ltd
          19 Kim Keat Road
          #01-03 Fu Tsu Building
          Singapore 328804


CHIP THYE: Creditors' and Contributories' Meeting Set for July 15
-----------------------------------------------------------------
The creditors and contributories of Chip Thye Enterprise Pte Ltd
will hold their meeting on July 15, 2009, at 4:00 p.m.

At the meeting, the creditors and contributories will be asked to:

   -- receive an update on the status of liquidation;
   -- approve the liquidators fees and other preferential claims;
   -- consider distributing first interim dividend to unsecured;
      creditors;
   -- pass a resolution that the books, accounts and documents of
      the company and those of the liquidators may be destroyed
      after 3 months from the dissolution of the company pursuant
      to Section 320(3) of the Companies Act, Cap. 50; and
   -- discuss other business.

The company's liquidator is:

          Khoo Ho Tong
          c/o H.T.Khoo and Company
          100 Beach Road
          #24-01/02 Shaw Tower
          Singapore 189702


NEUROVISION PTE: Creditors' Proofs of Debt Due on July 27
---------------------------------------------------------
Neurovision Pte. Ltd., which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by July 27,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Timothy James Reid
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


ONE LIFESTYLE: Court to Hear Wind-Up Petition on July 3
-------------------------------------------------------
A petition to have One Lifestyle (Singapore) Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
July 3, 2009, at 10:00 a.m.

White & Case LLP filed the petition against the company on May 28,
2009.

The Petitioner's solicitor is:

           M/s Tan Kok Quan Partnership
           No. 8 Shenton Way #47-01
           Singapore 068811


WHY WHY: Court Enters Wind-Up Order
-----------------------------------
On May 8, 2009, the High Court of Singapore entered an order to
have Why Why Enterprise Pte Ltd's operations wound up.

Goh Leng Heng filed the petition against the company.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


======================
S O U T H  A F R I C A
======================


FINTECH RECEIVABLES: Fitch Withdraws 'BB+' Ratings on Class E
-------------------------------------------------------------
Fitch Ratings has withdrawn Fintech Receivables 3 (Pty) Limited's
expected National ratings.  In accordance with Fitch's policy, the
expected ratings have been withdrawn because the bonds were not
issued.  Fitch has simultaneously withdrawn the pre-sale report
for the transaction from its website.

CP: 'F1+(zaf)'

  -- ZAR457.2 million Class A notes: 'AAA(zaf)'; Stable Outlook
  -- ZAR22.1 million Class B notes: 'AA(zaf)'; Stable Outlook
  -- ZAR30 million Class C notes: 'A(zaf)'; Stable Outlook
  -- ZAR22.1 million Class D notes: 'BBB(zaf)'; Stable Outlook
  -- ZAR6.7 million Class E notes: 'BB+(zaf)'; Stable Outlook


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


BANKTAIWAN SECURITIES: Fitch Assigns Individual Rating at 'D'
-------------------------------------------------------------
Fitch Ratings has assigned BankTaiwan Securities 'AA+(twn)'
National Long-term rating, 'F1+(twn)' National Short-term rating,
'D' Individual rating and '1' Support rating.  The Outlook on the
National Long-term rating is Stable.

BTS's 'AA+(twn)' National Long-term rating is predicated on the
extremely high probability of ultimate parental support in the
form of liquidity and capital assistance by the government, which
owns 100% of BTS through Taiwan Financial Holdings.  Its
Individual rating considers its relatively small brokerage
franchise and undiversified revenue sources, but takes into
account its good liquidity and sound capitalization.

BTS became a 100% subsidiary of TFH in January 2008 (TFH also owns
Bank of Taiwan (rated 'AAA(twn)' and BankTaiwan Life Insurance).
At end-Q109, BTS had a small brokerage market share of 0.7%.


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


* Fitch Downgrades Vietnam's Issuer Default Rating to 'BB-'
-----------------------------------------------------------
Fitch Ratings has downgraded Vietnam's Long-term local currency
Issuer Default Rating to 'BB-' from 'BB' and affirmed the Long-
term foreign currency IDR at 'BB-', Short-term foreign currency
IDR at 'B' and Country Ceiling at 'BB-'.  The agency has revised
the Outlook of these ratings to Stable from Negative.

The downgrade of Vietnam's local currency IDR is based on a steady
deterioration in the country's fiscal position, which is
undermined by structural weaknesses, including a low revenue base
and reliance on volatile oil-related revenue.  These issues have
been underscored during the current global economic slowdown and
by recent changes in oil prices.  The general government fiscal
balance has been in deficit, despite high single-digit economic
growth over the last two decades.  Fitch expects Vietnam's fiscal
deficit to widen even as the economy recovers in H209 and into
2010.  In the agency's view, it may prove difficult for the
authorities to reverse some of the countercyclical measures taken
to offset slowing growth, such as the interest subsidy programme
on bank lending.  In 2009 and 2010, Fitch forecasts fiscal
deficits of 9.3% and 7.8%, respectively, compared to 'BB' median
of projected deficits of 3.6% and 3.4%, respectively.

"The structural deficit and the associated slow but steady
increase in government debt have contributed to Vietnam comparing
less favorably over time in fiscal terms with its rating peer
group," says Vincent Ho, Associate Director in Fitch's Asia
Sovereign Ratings team.  "Moreover, government debt is
increasingly issued on commercial terms, and, while the current
increase in US dollar domestic debt will reduce the interest
service burden on domestic debt in the short term, it exposes
government finances to greater exchange rate risk over the medium
term," adds Mr. Ho.

Vietnam's external financial position remains stronger than the
'BB' peer group despite heightened risks to the balance of
payments, high inflation and depreciation pressures on the
Vietnamese dong in H207-H108.  In reacting to an overheating
economy in 2008, the State Bank of Vietnam tightened monetary
policy and the government accommodated the change by lowering its
economic growth target.  In Fitch's view, these policies helped
alleviate serious pressures on Vietnam's external finances, and,
although the measures were reactive rather than pre-emptive, the
government demonstrated its capacity to respond to macroeconomic
policy challenges.

Vietnam's gross external debt has been declining relative to GDP
and current external receipts, and short-term debt accounts for
less than 10% of GXD.  As a result, the country's external debt
service ratio, at less than 5% of current external receipts, is
exceptionally low and easily manageable.  Net FDI inflows have
helped to finance the current account deficits, mitigating an
important BOP risk.  Consequently, foreign-exchange reserve
accumulation continued in 2008 despite a sizable current account
deficit of 10% of GDP.  Vietnam has been a net external creditor
since 2006 and Fitch forecasts this to continue in 2009-2011.

Vietnam's banking system is weak and vulnerable to potential
systemic stress.  Loan growth has been at double-digits for a
decade, due mainly to a favorable environment -- from a borrower's
perspective -- of either negative or low positive real interest
rates.  Fitch believes there are already problems with asset
quality in the banking system, and the interest subsidy programme
is almost certain to make matters worse.  The high level of
dollarisation of the banking system, at about 24% of deposits,
suggests the system is exposed to the risk of a sharp VND
depreciation, although this is not Fitch's base-case scenario.


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


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

July 10, 2009
THE INTERNATIONAL COUNCIL OF SHOPPING CENTERS
    Retail Bankruptcy: What You Need To Know
       Cuba Libre, Atlantic City, N.J.
          Contact: (732) 694 1800 or
                   http://www.icsc.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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