TCRAP_Public/090706.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                            A S I A   P A C I F I C

                Monday, July 6, 2009, Vol. 12, No. 131

                                  Headlines

A U S T R A L I A

MOBIUS NCM-04: Fitch Affirms Ratings on Two Classes of Trust
STORM FINANCIAL: ASIC Probes Two Financial Services Firms
TERRITORY RESOURCES: Standstill Deal with Financiers Extended
VALAD PROPERTY: Inks Joint Venture with Bank of Scotland
ZOE'S PLACE: Administrators Recommend Liquidation


C H I N A

CHINA EASTERN: Issues CNY5.56BB A Shares to CEA Holding
* China's Auto Enterprises Expanding Amidst Adverse Market


H O N G  K O N G

BRENCOURT ASIA: Appoints Briscoe and Meng as Liquidators
CHINESE COUNCIL: Members' Final Meeting Set for August 7
FULLYWAY TECHNOLOGY: Commences Wind-Up Proceedings
HAPPY HONOUR: Wilfred and Beryl Step Down as Liquidators
HKZZ COMPANY: Members' Meeting Set for August 3

JING GANG: Yeung Tak Chun Step Down as Liquidator
JOINT WELL: Lam and Ying Step Down as Liquidators
KINGWAY INDUSTRIAL: Placed Under Voluntary Wind-Up
MAIN JOY: Creditors' Proofs of Debt Due on July 20
VEGOO LIMITED: Appoints Ho Man Kit as Liquidator


I N D I A

AMULYA EXPORTS: CARE Assigns 'BB+' on Long Term Bank Facilities
BANGALORE ELEVATED: CRISIL Cuts Rating on LT Bank Facility to 'C'
COMET GRANITO: Weak Liquidity Prompts CRISIL 'D' Ratings
ESSAR FERRO: Low Operating Margins Prompt CRISIL's 'B' Rating
GOLD STAR: CRISIL Rates INR55 Million Cash Credit Limits at 'BB-'

JET AIRWAYS: Alliance with Kingfisher Finally Takes Off
JET AIRWAYS: Court Adjourns Hearing on Sahara Dispute on July 15
LEEDS INTERNATIONAL: CARE Puts 'C' Rating on LT Bank Facilities
MAYTAS INFRA: Banks Approve Corporate Debt Restructuring
MY CAR: CRISIL Assigns 'B-' Rating on INR48.0 Million Term Loan

ORISSA CONCRETE: Weak Financial Profile Cues CRISIL's 'BB-' Rating
REACH CARGO: CRISIL Places 'BB-' on INR150.0 Million Cash Credit
RITURAJ HOLDINGS: CRISIL Rates Various Bank Facilities at 'BB+'
SUNSHINE OLEOCHEM: CARE Rates INR71.68cr Long Term Bank Facilities
VENKATESHWARA POWER: CRISIL Rates INR56.1MM Term Loan at 'BB-'


I N D O N E S I A

PERUSAHAAN GAS: Joint Venture with Pertamina Called Off
PT CSM: Fitch Assigns National Long-Term Rating at 'CC'


J A P A N

AOZORA BANK: Moody's Confirms 'D+' Bank Strength Rating
SHINSEI BANK: Moody's Affirms 'D+' Bank Financial Strength Rating
TOKUTEI MOKUTEKI: S&P Downgrades Ratings on Three Notes to 'CC'


K O R E A

HYNIX SEMICONDUCTOR: Fitch Affirms 'B+' Issuer Default Rating


K U W A I T

GULF INVESTMENT: Fitch Affirms Individual Rating at 'D'


M A L A Y S I A

GOLD BRIDGE: Bursa to Delist Securities on July 13
PECD BERHAD: F.H. Bertling Wind-Up Petition Hearing Set for July 9
SATANG HOLDINGS: Taps Razalee & Co as Corporate Consultant


N E P A L

NEPAL DEVELOPMENT: NRB Files Application to Liquidate Bank


N E W  Z E A L A N D

LOMBARD GROUP: Unveils Reverse Takeover Deal Offer


S I N G A P O R E

ACROPOLIS ELECTRONICS: Creditors' Meeting Set for July 16
ACROPOLIS ELECTRONICS: Creditors' Proofs of Debt Due on July 15
CHARTERED SEMICONDUCTOR: Fitch Affirms 'BB-' Issuer Default Rating
LONDON DIVERSIFIED: Creditors' Proofs of Debt Due on August 3
TOKIO MARINE: Creditors' Proofs of Debt Due on August 1


T A I W A N

AU OPTRONICS: Fitch Downgrades Issuer Default Ratings to 'B+'


X X X X X X X X

* Fitch Says Road is Tough Ahead For Europe and Asia Corporates


                         - - - - -


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


MOBIUS NCM-04: Fitch Affirms Ratings on Two Classes of Trust
------------------------------------------------------------
Fitch Ratings said that two classes of Mobius NCM-04 Trust on
Rating Watch Negative have been resolved, with all classes
affirmed together with all classes of Mobius NCM-03 Trust, and
Loss Severity ratings assigned:

Mobius NCM-03 Trust:

  -- AU$6.365 million Class A1 (AU300MOB2010) affirmed at 'AAA';
     Outlook Stable, Loss Severity rating of 'LS-3' assigned;

  -- AU$1,41 million Class A2 (AU300MOB2028) affirmed at 'AAA';
     Outlook Stable, Loss Severity rating of 'LS-5' assigned;

  -- AU$45.1 million Class B (AU300MOB2036) affirmed at 'A';
     Outlook Stable, Loss Severity rating of 'LS-1' assigned;

  -- AU$12.65 million Class C (AU300MOB2044) affirmed at 'BBB';
     Outlook Stable, Loss Severity rating of 'LS-3' assigned;

  -- AU$12.1 million Class D (AU300MOB2051) affirmed at
     'B+'/'RR1'; Outlook Negative; and

  -- AU$6.6 million Class E (AU300MOB2069) affirmed at 'C'/'RR4';
     Outlook Negative.

Mobius NCM-04 Trust:

  -- AU$23.786 million Class A1 (AU0000MBBHA7) affirmed at 'AAA';
     Outlook Stable, Loss Severity rating of 'LS-3' assigned;

  -- AU$8.369 million Class A2 (AU3FN0000873) affirmed at 'AAA';
     Outlook Stable, Loss Severity rating of 'LS-4' assigned;

  -- AU$23.300 million Class B (AU3FN0000881) affirmed at 'AA';
     Negative Outlook revised to Stable, Loss Severity rating of
     'LS-3' assigned;

  -- AU$27.800 million Class C (AU3FN0000899 affirmed at 'A-';
     Negative Outlook revised to Stable, Loss Severity rating of
     'LS-3' assigned;

  -- AU$18.900 million Class D (AU3FN0000907) affirmed at
     'CCC'/'RR2'; Outlook Negative;

  -- AU$8.600 million Class E (AU3FN0000915) affirmed at
     'C'/'RR4'; Off RWN, assigned Negative Outlook; and

  -- AU$7.700 million Class F (AU3FN0000923) affirmed at
     'C'/'RR6'; Off RWN, assigned Negative Outlook.

NCM-03 was originally issued in October 2005 and is collateralized
by a pool of non-conforming residential mortgages.  The
transaction has paid down from initial liabilities of AU$550
million to current liabilities of approximately AU$87.5 million.
To date, all principal receipts have paid down the Class A notes
to approximately 2% of their initial amount.

Fitch has reviewed the transaction's performance and modelled
forward the prospective outlook for the transaction, taking into
account the significant reduction of arrears flowing through from
Pepper Australia Pty Ltd's clearing out of arrears.  The agency
notes that 30+ day arrears have reduced over the previous 12
months to 13.63% as at May 31, 2009, from 22.71% as at May 31,
2008, with 90+ day arrears almost halving over the period. This
transaction, previously performing above the Fitch Dinkum - Low
Doc Non-Conforming index, now performs close to 6% better than the
index.  This, coupled with the current margin on the collateral,
has contributed to the improved performance. Negatives continue
for this transaction however, including higher interest rates
faced by the borrowers with little alternative in the non
conforming market to refinance, as well as the uncertain outlook
for the Australian economy.

NCM-04 was originally issued in November 2006 and is also
collateralised by a pool of non-conforming residential mortgages.
The transaction has paid down from initial liabilities of
AU$450 million to current liabilities of approximately
AU$118.5 million.  To date, all principal receipts have paid down
the Class A notes to approximately 9% of their initial amount.

As above, Fitch has reviewed the transaction's performance and
modelled forward the prospective outlook for the transaction
taking into account the fact that whilst no charge-offs of rated
notes remain outstanding, the unrated Class G note remains
partially charged-off as of the June 2009 payment date.  Over the
previous 12 months, 30 + day arrears have improved from a high of
28% to 20%.  There remain significant 90+ day arrears within the
pool which are expected to negatively impact the transaction in
the near future.  This pool also faces the same negatives as NCM-
03 detailed above, and as the 90+ day arrears are further reduced
over coming months, significant future charge-offs can be
expected.  In addition, Fitch notes that the pool has continued to
perform worse than the Fitch Dinkum - Low Doc Non-Conforming
index, although the margin of difference is closing.

Fitch will continue to monitor this situation and evaluate any
potential shortfalls or disruptions in payments, and take ratings
actions as necessary.


STORM FINANCIAL: ASIC Probes Two Financial Services Firms
---------------------------------------------------------
The Australian Securities & Investments Commission's investigation
into the collapse of Storm Financial Group includes Macquarie
Group and Challenger, along with the two key banks, Commonwealth
Bank of Australia and Bank of Queensland, The Australian reported
Friday.

The Australian relates that though ASIC declined to confirm the
news, it was also looking into BoQ, Macquarie and Challenger, and
subsequently advised those firms when it wrote to CBA advising it
of the investigation.

According to the report, Challenger provided an indexed fund for
Storm and said it had been holding talks with ASIC on a range of
matters and would be happy to answer any questions.

The financial services firms being investigated provided loans to
Storm clients.

The Troubled Company Reporter-Asia Pacific reported on June 19,
2009, that the Commonwealth Bank of Australia admitted
shortcomings in the way it lent money to about 2,500 clients of
Storm Financial Limited.

In a statement released on June 17, CBA acknowledged the position
in which some Storm Financial clients find themselves, while not
caused directly by the Bank, involves the Bank to some degree.

CBA said it will immediately suspend repayment obligations until
August 31, 2009, for all loans made to customers in relation to
Storm Financial.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.  According to the
Herald, Administrators Worrells Solvency & Forensic Accountants
said the group's remaining creditors are owed AU$51 million, plus
a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
(ASIC) won its bid to liquidate Storm Financial Group after the
Federal Court ruled that the company be wound up.

The Herald Sun related that federal court Justice John Logan
appointed Ivor Worrell and Raj Khatri of Worrells Solvency and
Forensic Accountants as liquidators to the company.


TERRITORY RESOURCES: Standstill Deal with Financiers Extended
-------------------------------------------------------------
Territory Resources Limited said that it has reached agreement
with its financiers, the hedge book facility provider and Noble
Resources Limited, for a six-week extension of the previously
announced Tripartite Standstill Agreement to August 12, 2009, to
enable the implementation of a comprehensive long-term debt
reconstruction of the Company.

Under the previous standstill, the parties agreed not to enforce
their rights under the financial instruments until June 30, 2009,
to allow time to negotiate arrangements for the conversion of
short-term debt into a suitable long-term structure.

The Company signed on July 2 a Variation and Restatement Agreement
-- Standstill Agreement that has extended the standstill period
until August 12, 2009, or such later date as agreed by the parties
to allow for the implementation of a comprehensive debt
reconstruction.  The extension is subject to no event of default
occurring under the standstill arrangements.

The Company has also entered into these loan agreements:

    * a Restatement Agreement -- Loan Agreement with the Bank to
      refinance the short term loan facilities that were used to
      crystallize the Company's foreign exchange hedge contracts.
      The total loan amount under the new loan agreement is $15.5
      million and is repayable on August 12, 2009, or such later
      date as agreed between the parties; and

    * a Supplemental Deed to the Noble Loan Agreement that
      extends the repayment date of the $29.5 million loan by
      Noble to the Company to August 12, 2009, or such later
      date as agreed between the parties.

Territory said it is continuing negotiations with the various
parties to finalize suitable arrangements for the debt restructure
and proposed equity raising.  The Company has placed its
securities into voluntary suspension while these confidential
discussions continue.  Once finalized, the Company will make an
announcement on the proposed arrangements and seek reinstatement
of its securities for trading on the Australian Securities
Exchange.

"This six week extension reflects the commitment of the parties to
settle on the necessary debt restructure and the positive view
adopted by the Company's financiers of the significant operational
improvements achieved over the past six months, with consistent
production at an annualized rate of 2.2 Mt achieved and operating
costs now below AU$50/tonne loaded on the boat at Darwin,"
commented Territory's Managing Director Andy Haslam.

"The finalization of our funding arrangements has been unavoidably
put back due to the delays in the settlement of benchmark iron ore
prices in China.  This extension will allow time for all parties
to continue to work together positively and cooperatively to
achieve a sustainable and positive long-term outcome for the
Company and its shareholders which enables Territory to realize
its longer-term growth potential," Mr. Haslam added.

As part of the standstill arrangements and to facilitate the debt
restructure, the Company entered into a Security Trust Deed on
April 1, 2009, under which it has granted a fixed and floating
charge over the Company's assets, a mortgage over its shares in
key subsidiaries and a mining tenement mortgage over its Frances
Creek Mining Leases to secure the funding provided by the Bank and
Noble.

In accordance with the ASX Listing Rules, a General Meeting of
shareholder has been convened for July 16, 2009, at 2:00pm WST to
seek shareholder approval for the provision of the security to
Noble.

Territory also notes that the meeting of creditors of Monarch Gold
Mining Company Limited was recently held at which a Varied Deed of
Company Arrangement and associated recapitalization and
restructure of Monarch was approved by creditors.  Territory notes
that, under the approved recapitalization proposal, the Company
would recover approximately $2.9 million upfront with the recovery
of the balance of the full $25.5 million owed by Monarch being
dependant on the various parties being able to complete the
transaction over the course of the next two years.

Under the proposal Territory will receive:

   -- $2,961,000 upon completion;

   -- Beneficial entitlement of the proceeds from the
      Minjar Project sale;

   -- The proceeds from the sale of the Davyhurst and
      Siberia Projects (if any); and

   -- A payment for the remainder of the $25.5 million
      outstanding (if not fully satisfied by the above
      payments) in two years from completion of the
      proposed recapitalization transaction.

                     About Territory Resources

Territory Resources Limited, formerly Territory Iron Limited
(ASX:TTY)--http://www.territoryiron.com.au/--  is an Australia-
based company whose principal activities consist of exploration
and production of iron ore.  The company controls or has interests
in tenements, which have potential to produce significant amounts
of iron ore for the export market.  The company's main projects
include the Frances Creek Project, Mt Bundey, Yarram and Warrego.
Mining activity commenced at Frances Creek in April 2007, followed
by commencement of ore crushing and railing to the port in July
2007.

                          *     *     *

The company reported three consecutive net losses of AU$48.5
million, AU$6.88 million and AU$3.22 million for the years ended
June 30, 2008, 2007, and 2006, respectively.


VALAD PROPERTY: Inks Joint Venture with Bank of Scotland
--------------------------------------------------------
Valad Property Group said it has signed agreements with Bank of
Scotland plc  to create the Diversified UK and European property
joint venture, which has a term of three years.

The group has contributed the majority of its European/UK assets
and all associated debt, to the DUKE joint venture, Valad said in
a statement.

In addition, Valad has contributed EUR10 million (AU$17 million)
and will contribute a further EUR15 million (AU$26 million) in
cash to the DUKE joint venture over three years. Valad has also
contributed its investment in Crownstone which had a value of
EUR50 million (AU$87 million) at December 2008. Valad's EUR40
million (AU$70 million) contingent liability relating to the
German Aktiv Fund (GAF), has been cancelled.

The DUKE joint venture has assumed the existing debt facilities
associated with the above assets, the terms of which have largely
remained unchanged, and which also have a term of three years. BoS
has provided new undrawn facilities of GBP66 million (AU$135
million) to the joint venture. A fee of GBP25 million (AU$51
million) is payable by DUKE on termination of the DUKE debt
facilities.

Valad and BoS each hold a 50% equity ownership in the DUKE joint
venture company. Any cash or profits generated by DUKE will be
used to retire debt within DUKE. Reflecting an anticipated fall in
property values, Valad expects to carry its equity in the DUKE
joint venture at nil value, as at 30 June 2009.
Valad retains 100% ownership of Valad's European funds management
platform which is held separately from the DUKE joint venture.

The transaction is effective as of June 30, 2009.

As reported by The Troubled Company Reporter-Asia Pacific on
October 15, 2008, Valad Property Group said it has withdrawn its
earnings guidance of 7 to 9 cents per stapled security given in
August 2008 as a result of the on-going unprecedented
deterioration in financial and other markets, particularly over
the past two weeks.  The company said it is not comfortable
providing a forecast to the market until there is more stability
in the markets within which it operates.

Additionally, the company said it has decided to cancel the
interim distribution payable in February 2009, and will assess the
payment of a final distribution in August 2009, closer to that
time, taking account of the then prevailing market conditions.

Citing various reports, the TCR-AP reported on October 13, 2008,
that Valad's shares fell 50% to 12.5 cents on October 9, 2008,
after the company revealed a AU$31.1 million exposure to Brisbane
developer Petrac.

Valad's exposure to these projects is AU$31.1 million by way of
preferred equity which is secured by second mortgages.  Valad had
further undrawn commitments of AU$3.9 million relating to these
projects, however the appointment of receivers has effectively
cancelled this obligation.

In addition to these projects, Valad said it has a total of
AU$44.4 million invested in three other Petrac projects and five
retirement joint venture vehicles with Petrac and Harvest.
Valad's undrawn commitment associated with these projects is
AU$49.8 million.

Valad reported a net loss of AU$249.7 million for the year ended
June 30, 2008, compared with a net income of AU$109.1 million in
the prior year.

For the first half ended December 2008, Valad reported a loss of
AU$821 million and reduced executives' pay by 20%.  The group also
confirmed it has secured an 11th-hour deal with its bankers.

                       About Valad Property

Valad Property Group (ASX:VPG) -- http://www.valad.com.au -- is
engaged in passive property ownership, property development and
trading, property funds management and capital services.  The
company operates in four segments.  It owns rental income
producing passive properties throughout Australia, New Zealand and
Europe.  These include long term hold investments producing a
recurring stream of income to the company.  Most of the passive
property ownership interests are held in Valad Property Trust.
The property development and trading segment develops and trades
assets and also creates a pipeline of products for Valad's managed
funds.  The funds management establishes and manages listed and
unlisted property funds.  The Valad capital services segments
provides property structured finance and investment banking
services to external parties, and has invested in a portfolio
across asset classes, including commercial, retail, industrial,
residential and retirement.  In July 2007, it acquired Scarborough
Group and Valad (Hurst) Limited.


ZOE'S PLACE: Administrators Recommend Liquidation
-------------------------------------------------
Zoe's Place Limited, a Brisbane-based children's hospice, is
expected to be placed into liquidation following advice from
administrators, Penny Brand at WA Today reports.

The report relates that the hospice was placed in voluntary
administration last month after alleged breaches of patient care
and safety.  WA Today relates that staff and parents of patients
lodged complaints through the Health Quality and Complaints
Commission in early May about patient care at the hospice.

The report says that while the Queensland Nursing Council and
Zoe's Place board are investigating the allegations, SV Partners,
heading the administration process, will convene a meeting of
creditors on July 14.  According to the report, SV Partners
director, Terry Rose, said the administrators expected to
recommend to creditors that Zoe's Place Limited be placed in
liquidation.

Zoe's Place Limited provides palliative, end of life care and
respite for children from Queensland and northern NSW.


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


CHINA EASTERN: Issues CNY5.56BB A Shares to CEA Holding
-------------------------------------------------------
Dow Jones Newswires reports that China Eastern Airlines Corp. has
issued CNY5.56 billion worth of A shares to its parent.

Citing China Eastern in a statement, the report relates that the
carrier's parent, China Eastern Air Holding Co., acquired 1.44
billion A shares at CNY3.87 each.  The shares will have a lock-up
period until July 2, 2012, according to Dow Jones.

Dow Jones Newswires relates that the share sale followed an issue
by China Eastern of 1.437 billion H shares at CNY1 each to CES
Global Holdings (Hong Kong) Ltd., which is indirectly wholly owned
by CEA Holding.  The issue was completed June 26.

After the share sales, CEA Holding will hold 56.08% and CES Global
18.57% of China Eastern, the report notes.

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

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


* China's Auto Enterprises Expanding Amidst Adverse Market
----------------------------------------------------------
The bankruptcy of Chrysler and GM has shocked the entire auto
industry chain in America.  The falling of giants has set off a
chain of bankruptcies of related enterprises on the up and down-
stream.  Auto-part makers, such as Hayes Lemmerz, the world-famous
maker of automobile wheels and braking systems, and Lear, the
world's biggest auto-seat maker, are dying off. The U.S. auto
industry is on the verge of a complete collapse.

While on the other hand, China's auto market is taking on a
completely different look. According to statistics in the first
quarter of 2009, sales in China's auto market surpassed that of
the U.S. market for the first time.  The whole auto market is
growing rapidly, with an expected 18% increase.  China's
automobile enterprises have withstood the impact of financial
crisis, thanks to its domestic market.

Holding in hand a robustly growing domestic market, these
enterprises are marching into the North American auto industries
with a rich financial basis, and are acquiring automobile
companies there as well as up and down-stream auto-part makers at
a very low price.

According to statistics collected by Fairtheworld.com, a handful
of consulting companies are now playing an active role between
Chinese and U.S. automobile companies, aimed at finding Chinese
buyers for those mired American automakers and auto-part makers.
This cross-board acquisition move is epitomized by the recent hot-
topic of China's Sichuan Tengzhong Heavy Industrial Machinery
Company buying GM's Hummer Brand.

In response to the latest trend in the international auto
industry, Fairtheworld.com has specially designed an Automobile
Hall and opened it in its "Fair N Fair" 3D Virtual Expo, which is
a global e-commerce platform. Various automobile enterprises are
to be arranged at different floors for exhibition according to
their characteristics on the industry chain.  While the U.S. auto
companies, at this critical juncture, can talk business with
thousands of high-end auto enterprises around the globe by
entering "Fair N Fair", so as to achieve high-efficient and cost-
effective cooperation.


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


BRENCOURT ASIA: Appoints Briscoe and Meng as Liquidators
--------------------------------------------------------
On June 12, 2009, the members of Brencourt Asia Limited appointed
Stephen Briscoe and Wong Teck Meng as the company's liquidators.

The Liquidators can be reached at:

          Stephen Briscoe
          Wong Teck Meng
          Briscoe & Wong Limited
          1801 Wing On House, 18th Floor
          71 Des Voeux Road
          Central, Hong Kong


CHINESE COUNCIL: Members' Final Meeting Set for August 7
--------------------------------------------------------
The members of The Chinese Council (Hong Kong) Limited will hold
their final general meeting on August 7, 2009, at 10:00 a.m., at
the 13th Floor of Wah Kit Commercial Centre, 302 Des Voeux Road in
Central, Hong Kong.

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


FULLYWAY TECHNOLOGY: Commences Wind-Up Proceedings
--------------------------------------------------
On June 29, 2009, Fullyway Technology Limited commenced wind-up
proceedings.

The company's provisional liquidator is:

         D.C. (CPA) Limited
         Ginza Square, 17th Floor
         565-567 Nathan Road, Kowloon
         Hong Kong


HAPPY HONOUR: Wilfred and Beryl Step Down as Liquidators
--------------------------------------------------------
On June 22, 2009, Wu Shek Chun Wilfred and Yu Tak Yee Beryl
stepped down as liquidators of Happy Honour Limited.


HKZZ COMPANY: Members' Meeting Set for August 3
-----------------------------------------------
The members of HKZZ Company Limited will hold their final general
meeting on August 3, 2009, at 10:00 a.m., at 1401, Level 14,
Tower 1 of Admiralty Centre, in 18 Harcourt Road, Hong Kong.

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


JING GANG: Yeung Tak Chun Step Down as Liquidator
-------------------------------------------------
On June 16, 2009, Yeung Tak Chun stepped down as liquidator of
Jing Gang Entertainment Company Limited.


JOINT WELL: Lam and Ying Step Down as Liquidators
-------------------------------------------------
On June 5, 2009, Ho Hoi Lam and Man Fung Ying stepped down as
liquidators of Joint Well Enterprises Limited.


KINGWAY INDUSTRIAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on June 23, 2009, the
sole shareholder of Kingway Industrial Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Tso Hei Sing
         Lai Chi Kwong
         Union Park Tower, Rooms 602-3
         168 Electric Road, North Point
         Hong Kong


MAIN JOY: Creditors' Proofs of Debt Due on July 20
--------------------------------------------------
The creditors of Main Joy Limited are required to file their
proofs of debt by July 20, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 23, 2009.

The company's liquidator is:

          Chang Te-Lung
          New Mandarin Plaza, 4th Floor, Tower B
          Units 401-402 & 410-421
          14 Science Museum Road
          Kowloon


VEGOO LIMITED: Appoints Ho Man Kit as Liquidator
------------------------------------------------
At an extraordinary general meeting held on June 12, 2009, the
members of Vegoo Limited appointed Ho Man Kit as the company's
liquidator.

The Liquidator can be reached at:

          Ho Man Kit
          Unit 1608, 16th Floor
          Tower 1, Silvercord
          30 Canton Road, Tsimshatsui
          Kowloon, Hong Kong


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


AMULYA EXPORTS: CARE Assigns 'BB+' on Long Term Bank Facilities
---------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities of Amulya Exports Limited aggregating INR14.93 crore.
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 of the company within the band
covered by the rating symbol.

Further, CARE has assigned a 'PR4' rating to the Short-term Bank
Facilities of AEL aggregating INR24.30 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 primarily factor in the instances of delay(s) in
servicing of bank dues by the company as well as by group
companies viz. Metalman Industries Ltd. (MIL) and Soni Ispat Ltd.
(SIL).  The ratings are also constrained by the small size of
operations and the presence of group flagship company, MIL in same
line of business.  Potential volatility in raw material prices,
especially in view of the low value added and trading nature of
business, further constrains the ratings.

                         About Amulya Exports

Amulya Exports Ltd. was promoted by Shri Rajiv Lochan Soni and
Shri Vijay Soni of Metalman Group of Indore.  AEL is into
manufacturing of CR/GP and GC sheets with installed capacity of
50,000 metric tonne per annym.  The operations of the company are
of trading kind with little value addition through processing CR
coils, availing benefit of its location in SEZ.  The company
exports majority of the products in Gulf and African countries.
AEL operates on a common management platform of Metalman Group of
Indore, operating in steel industry mainly manufacturing steel
plates, HR/CR coils, steel pipes, GP/GC sheets etc.  For FY08, AEL
reported total income of INR178 crore with PBILDT margin and PAT
margin of 7.73% and 5.58% respectively.


BANGALORE ELEVATED: CRISIL Cuts Rating on LT Bank Facility to 'C'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bangalore Elevated Tollway Ltd (BETL) to 'C' from 'BB/Stable'.
The downgrade reflects BETL's stretched liquidity, given that the
company has to service debt of about INR300 million in 2009-10,
refers to financial year April 1 to March 31.  The company has
requested its bankers to reschedule the repayment date and
postpone the same to June 2010, because of time overruns in its
ongoing road project. Given the initial stage of discussions with
the banks, CRISIL believes that the likelihood of the loan being
rescheduled before the repayment date is low.

   Bank Facility                 Rating
   -------------                 ------
   INR6.0 Billion Term Loan      C (Downgraded from 'BB/Stable')

BETL is a special purpose vehicle jointly promoted by Soma
Enterprises Ltd (33.5 per cent stake), Nagarjuna Construction
Company Ltd (33.5 per cent), and Maytas Infra Ltd (33 per cent).
BETL has signed a 20-year concession agreement with National
Highways Authority of India Ltd (NHAI, rated 'AAA/Stable' by
CRISIL) for undertaking the construction and maintenance of the
Bangalore elevated tollway project on a build, operate, and
transfer (BOT) basis at a cost of INR7.76 billion.  The project
involves a 10-kilometre (km)-long access-controlled elevated four-
lane road on the Bangalore-Hosur section of National Highway 7,
from Silk Board Junction to Electronic City in Bangalore.  BETL
has signed a fixed-cost, fixed-duration engineering, procurement,
and construction (EPC) contract with its promoters for the
project.  The project also involves widening of the existing
ground-level section of the elevated road, and operating and
maintaining the entire stretch, along with the 14-km Hosur section
(from Electronic City to the Karnataka-Tamil Nadu border) of the
highway.  The project was expected to be completed in April 2009;
however, there has been a delay of about five months and is now
expected to be commissioned in September 2009.


COMET GRANITO: Weak Liquidity Prompts CRISIL 'D' Ratings
--------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Comet Granito Pvt Ltd.

      Bank Facility                   Rating
     -------------                    ------
     INR50.00 Million Cash Credit     D (Assigned)
     INR80.00 Million Term Loan       D (Assigned)
     INR5.00 Million Bank Guarantee   P5 (Assigned)

The ratings reflect delays in term loan servicing by Comet Granito
because of its weak liquidity.

                      About Comet Granito

Set up in 2007 by Mr. Devshibhai Vashrambhai Bhalodia, Comet
Granito is engaged in the business of manufacture of vitrified-
floor-tiles.  The company's unit in Morbi (Gujarat) has the
installed capacity to manufacture 7000 square metres of tiles per
day.  Comet Granito reported a loss of INR1.8 million on net sales
of INR43 million for the financial year ended March 31, 2008.


ESSAR FERRO: Low Operating Margins Prompt CRISIL's 'B' Rating
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Essar Ferro Alloys Company (Essar Ferro).

   Bank Facility                      Rating
   -------------                      ------
   INR70.0 Million Cash Credit        B/Stable (Assigned)
   INR5.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Essar Ferro's low operating margins owing to
limited value addition in operations, and weak financial risk
profile, marked by low net worth and high gearing.  The ratings
also factor in the firm's exposure to risks relating to intense
competition in the enamelled copper wires and power cables
industry, and large working capital requirements. However, these
weaknesses are partially offset by the benefits that the firm
derives from its promoters' experience in manufacturing copper
wires.

                         Outlook: Stable

CRISIL believes that Essar Ferro will maintain a stable business
risk profile in the cable wires segment, resulting in improved
revenues and operating margins.  The outlook may be revised to
'Positive' if the firm reports strong growth in revenues, and
significant improvement in operating margins.  Conversely, the
outlook may be revised to 'Negative' if a decline in off-take
weakens Essar Ferro's financial risk profile, or if the firm's
capital structure deteriorates on account of large, debt-funded
capital expenditure.

                        About Essar Ferro

Set up in 1995 as a partnership firm by Gordhan Das Aggarwal and
his wife, Sushila Devi Aggarwal, Essar Ferro manufactures
enamelled copper wires and power cables.  The firm has capacity to
manufacture around 80 tonnes of copper wires per month, and
currently utilises only 50 per cent of the installed capacity. b
Essar Ferro reported a profit after tax (PAT) of INR2.83 million
on net sales of INR35.82 million for the financial year ended
March 31, 2008, as against a PAT of INR17.4 million on net sales
of INR25.12 million for for the financial year ended March 31,
2007.


GOLD STAR: CRISIL Rates INR55 Million Cash Credit Limits at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Negative/P4' to the various
bank facilities of Gold Star Steels Pvt Ltd (Gold Star), part of
the Orissa Concrete group.

   Bank Facility                      Rating
   -------------                      ------
   INR55 Million Cash Credit Limits   BB-/Negative (Assigned)

   INR25 Million Letter of Credit     P4 (Assigned)
                 & Bank Guarantee

The ratings reflect Orissa Concrete's small scale of operations in
the concrete sleepers industry, and weak financial risk profile,
marked by high gearing and low net worth.  These weaknesses are,
however, partially offset by the benefits that the company derives
from its average business risk profile.

As part of this rating exercise, CRISIL has consolidated the
business and financial risk profiles of Orissa Concrete and Gold
Star Steels Pvt Ltd (Gold Star).  This is because the companies
share a common management and have operational linkages.

                        Outlook: Negative

CRISIL expects the Orissa Concrete group's financial risk profile
to remain vulnerable to the group's outstanding contingent
liabilities.  The rating may be downgraded in case of
crystallisation of any of the contingent liabilities.  Conversely,
the outlook may be revised to 'Stable' in case of a significant
and sustained improvement in the group's profitability or increase
in the group's net worth, through further equity infusion.

                      About Orissa Concrete

Set up in 1981 by Navin Agarwal, Orissa Concrete manufactures
concrete sleepers used in railway tracks.  The company's facility
at Raipur has capacity to manufacture 6 lakh sleepers per annum.
Group company, Gold Star manufactures inserts and High Tensile
Steel (HTS) wires, which it supplies, largely to Orissa Concrete.
The Orissa Concrete group reported a profit after tax (PAT) of
INR1.5 million on sales of INR890 million for the financial year
ended March 31, 2008, as against a PAT of INR1.8 million on sales
of INR916 million for or the financial year ended March 31, 2007.


JET AIRWAYS: Alliance with Kingfisher Finally Takes Off
-------------------------------------------------------
The Economic Times reports that after an eight-month delay, the
alliance between Jet Airways (India) Ltd and Kingfisher Airlines,
finally took off on July 1.

"To start with, both the airlines have started sharing
infrastructure at the domestic airports that include Delhi and
Mumbai," a senior Kingfisher Airlines official told the Economic
Times on condition of anonymity.

The report says that apart from infrastructure sharing at
airports, the code sharing between the two airlines will start
this month.

The Times, citing an unnamed official at Jet, says code sharing on
domestic and international flights will start soon, apart from
joint fuel management and network rationalization.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 16, 2008, Jet Airways said it has formed an alliance with
Kingfisher Airlines to reduce costs as the downturn in the world
economy severely impacted the world aviation industry.

The agreement, Jet Airways said, will not involve any mutual
equity investments between the two companies.

The scope of the alliance will include these areas:

    -- Code-shares on both domestic and international flights
       subject to DGCA approval.
    -- Interline/Special Prorate agreements to leverage the
       joint network deploying 189 aircraft offering 927
       domestic and 82 International flights daily.
    -- Joint fuel management to reduce fuel expenses.
    -- Common ground handling of the highest quality.
    -- Cross selling of flight inventories using the common
       Global Distribution system platform.
    -- Joint Network rationalization and synergies.
    -- Cross utilization of crew on similar aircraft types
       and commonality of training as also of the technical
       resources, subject to DGCA approval.
    -- Reciprocity in Jet Privilege and King Club
       frequent flier programs.

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total income increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.

                        About Kingfisher

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan Aviation
Ltd, serves about 35 domestic destinations with a fleet of more
than 40 aircraft, including Airbus jets and ATR 72 turboprops.  It
maintains bases in major cities such as Delhi and Mumbai.
Kingfisher Airlines is a unit of UB Holdings, best known for its
United Breweries unit, and the carrier shares the Kingfisher brand
with a popular Indian beer.  UB Holdings also owns a stake in
another domestic carrier, Air Deccan, whose operations it combined
with Kingfisher Airlines in mid-2008.  Kingfisher Airlines began
flying in 2005.

                        About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic (air
transportation within India) and international (air transportation
outside India).  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe Services
N.V.  On April 20, 2007, the company acquired Sahara Airlines
Limited.


JET AIRWAYS: Court Adjourns Hearing on Sahara Dispute on July 15
----------------------------------------------------------------
The Bombay High Court has adjourned the tax liability dispute
between Jet Airways (India) Ltd. and Sahara India Commercial
Corporation to July 15, a report posted at Sify.com says.

According to the report, the Court asked both parties to sit
across the table and discuss the matter.  Though no directions
were given to this effect, the Court said, "Let this be the last
adjournment now."

At the last hearing, the report relates, both parties had
requested for more time as they were open to discussing an out-of-
court settlement.  However, on July 2, the Court was told that
there had been no progress in the matter though efforts to resolve
the issue were still on.

As reported in the Troubled Company Reporter-Asia Pacific on
April 6, 2009, The Hindu BusinessLine said Sahara India has moved
an application before the Bombay High Court against Jet Airways,
claiming the airline had defaulted in its payment commitments.

This is the second time that the two groups are involved in a
legal tussle, almost two years after Jet Airways acquired Sahara
Airlines.  The first being even before the deal was sealed in
April 2007, the Business Line said.

Jet Airways acquired Sahara Airlines, which was renamed Jet Lite,
in an all-cash deal for INR1,450 crore.  At the time the deal was
inked, the Business Line stated, Jet paid INR 900 crore,
committing to pay the remaining INR550 crore in four equal annual
and interest-free installments of INR137.50 crore in four years
beginning March 2008.

Jet claimed the Income-Tax department has raised certain demands
on Sahara Airlines for the period prior to the takeover and
“unrelated to the activities of Jet Lite after the takeover”.
Sources cited by Business Line said Jet paid an amount of INR100
crore as the first instalment, deducting INR37.50 crore.  The
Business Line said this was after the Income-Tax department raised
a tax demand of INR107 crore, which, Jet claimed, is for a period
prior to the takeover.  Hence, it deducted INR37.50 crore from the
first instalment, as the airline claimed that it had deposited the
amount.

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total income increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.

                        About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic (air
transportation within India) and international (air transportation
outside India).  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe Services
N.V.  On April 20, 2007, the company acquired Sahara Airlines
Limited.


LEEDS INTERNATIONAL: CARE Puts 'C' Rating on LT Bank Facilities
---------------------------------------------------------------
CARE has assigned a 'CARE C' rating to the Long-term Bank
Facilities aggregating INR22.47 crore (including outstanding term
loan of INR11.47 crore) of Leeds International (Leeds).  This
rating is applicable to facilities having tenure of more than
one year. Facilities with this rating are considered to be having
very high likelihood of default in the payment of interest and
principal.

Further, CARE has assigned a 'PR4' rating to the Short-term Bank
Facilities aggregating INR2.15 crore of Leeds.  This rating is
applicable to facilities having a tenure upto one year. Facilities
with this rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default.

Rating Rationale

The ratings are constrained by frequent delays in servicing of the
debt liability (interest payment as well as principal repayments),
re-schedulement of term loans, losses since inception, high
leverage, low interest coverage ratio and high dependence on
exports.

The ratings take cognizance of the experience of the promoters in
textile business.  The ability of the company to service its
repayment liabilities as per the rescheduled tenure and manage
foreign currency fluctuation risk are the key rating
sensitivities.

                    About Leeds International

Leeds International was formed on April 15, 2005, as a partnership
firm with three partners namely Sri R Palanisamy, K Natarajan and
K Sampathkumar.  The firm is involved in manufacturing and export
of knitted hosiery garments and has manufacturing facility at
Tirupur.  The group has presence in the entire value chain
from spinning, weaving to processing and garmenting. The exports
are also undertaken through one of the group companies, Leeds
Exports.

The installed capacity of the firm was 40,00,000 units p.a. at the
end of FY08.  Small scale of operations and fragmented nature of
the industry limits the pricing ability and therefore the
profitability of the firm.  The firm is entirely focused on export
markets as exports contributed 97% of revenue in FY08, thus
exposing it to the foreign currency volatility.

The firm's sales increased by 55% in FY08 to INR20.58 crore on
account of increase in sales volume.  Interest and finance
expenses increased in FY08 on account increase in working capital
borrowings to support the growth in operations.  Interest
coverage ratio of the firm is less than unity.  However, cash
interest coverage ratio continues to be above unity.  Gearing
ratio and debt-equity ratio of the firm are high due to high level
of borrowings.  During FY08, PBILDT increased by 6.71% to
INR1.71 crore.  The firm has been making losses since inception.
Due to losses and inability of the firm to service its debt
obligation, the firm got its debt restructured in February 2009.
The partners brought in capital to repay term loan instalments in
FY08 as well as FY09.  In 10M FY09, the firm has reported sales of
INR13.51 crore, PBILDT of INR1.26 crore and loss of INR0.97 crore.


MAYTAS INFRA: Banks Approve Corporate Debt Restructuring
--------------------------------------------------------
A consortium of 18 banks has approved the corporate debt
restructuring package for Maytas Infra Ltd., the Business Standard
reports.

"The bankers will pay INR100 crore as working capital to the
company and provide INR200 crore as bank guarantee," the report
quoted Ved Jain, director, Maytas Infra, as saying.

The Standard says that, according to the terms of the CDR, the
company will start repaying loans after three years and has 10
years to clear its dues.

According to the Standard, Mr. Jain said the banks have also given
Maytas more time to repay outstanding loans worth INR1,600 crore.

The CDR package was approved by 18 banks including State Bank of
India, ICICI Bank, Punjab National Bank, IDBI Bank and Indian
Overseas Bank, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the Financial Express said the government called on
the Company Law Board to supersede the present boards of Maytas
Infra Ltd. and Maytas Properties Ltd.  "In order to prevent
further acts of fraud against the said companies (two Maytas
companies) and to safeguard operations of these companies in
public interest, the government has moved the CLB to remove the
existing directors of these companies," the Financial Express
quoted Corporate Affairs Minister Prem Chand Gupta as saying.

The Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office (SFIO), which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  According to the Hindu
Business Line, the board of Maytas Infra comprises Dr. R. P. Raju
(Independent director), Mr. B. Teja Raju (Vice- Chairman and son
of Mr B. Ramalinga Raju), and Mr. B. Narasimha Rao (who was
inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court has rejected an application
made by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.

According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.

Infoline said Maytas's financial health and its ability to
complete the ongoing projects is crucial for the banks.

On February 9, Infoline said a High Court judge had refused to
grant ad-interim relief sought by the two banks.

                       About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/-- is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


MY CAR: CRISIL Assigns 'B-' Rating on INR48.0 Million Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of My Car Pvt Ltd.

   Bank Facility                   Rating
   -------------                   ------
   INR48.0 Million Term Loan       B-/Negative (Assigned)
   INR65.0 Million Cash Credit     B-/Negative (Assigned)
   INR10.0 Million Proposed Long   B-/Negative (Assigned)
         Term Bank Loan Facility
   INR30.0 Million Bank Guarantee  P4 (Assigned)

The ratings reflect My Car's weak financial risk profile marked by
low cash accruals and high gearing, and exposure to risks relating
to intense competition in the automotive dealership business, and
limited bargaining power with principal.  These weaknesses are,
however, partially offset by My Car's established presence in the
automobile dealership segment.

Outlook: Negative

CRISIL believes that thin margins in the dealership business, and
high interest costs will constrain My Car's cash generation, and
that My Car's cash accruals may not be sufficient to repay term
loan obligations over the medium term.  The rating may be
downgraded if My Car reports a decline in profitability from
current levels, or overdraws on its working capital limits,
resulting in an increase in interest costs. Conversely, the
outlook may be revised to 'Stable' if the company generates cash
accruals that are adequate to repay annual debt obligations.

                       About My Car Pvt

My Car, incorporated in 2000 by Mr. Vijay Garg, began operations
as a dealer to Maruti Udyog Ltd (MUL) in Kanpur.  The company has
a 16,000 square-foot showroom and workshop in Kanpur and 2
additional workshops in the city.  It is also licensed to set up
dealership in 8 districts around Kanpur.

My Car reported a profit after tax (PAT) of INR1.3 million on net
sales of INR760.2 million for the financial year ended March 31,
2008, as against a PAT of INR1.2 million on net sales of INR763.6
million for  the financial year ended March 31, 2007.


ORISSA CONCRETE: Weak Financial Profile Cues CRISIL's 'BB-' Rating
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Negative/P4' to the various
bank facilities of Orissa Concrete & Allied Industries Ltd (Orissa
Concrete), part of the Orissa Concrete group.

   Bank Facility                       Rating
   -------------                       ------
   INR90 Million Cash Credit Limits    BB-/Negative (Assigned)

   INR30 Million Proposed Long Term    BB-/Negative (Assigned)
                 Bank Loan Facility

   INR40 Million Letter of Credit &    P4 (Assigned)
                  Bank Guarantee

The ratings reflect Orissa Concrete's small scale of operations in
the concrete sleepers industry, and weak financial risk profile,
marked by high gearing and low net worth.  These weaknesses are,
however, partially offset by the benefits that the company derives
from its average business risk profile.

As part of this rating exercise, CRISIL has consolidated the
business and financial risk profiles of Orissa Concrete and Gold
Star Steels Pvt Ltd (Gold Star).  This is because the companies
share a common management and have operational linkages.

                        Outlook: Negative

CRISIL expects the Orissa Concrete group's financial risk profile
to remain vulnerable to the group's outstanding contingent
liabilities.  The rating may be downgraded in case of
crystallisation of any of the contingent liabilities.  Conversely,
the outlook may be revised to 'Stable' in case of a significant
and sustained improvement in the group's profitability or increase
in the group's net worth, through further equity infusion.

                        About Orissa Concrete

Set up in 1981 by Navin Agarwal, Orissa Concrete manufactures
concrete sleepers used in railway tracks.  The company's facility
at Raipur has capacity to manufacture 6 lakh sleepers per annum.
Group company, Gold Star manufactures inserts and High Tensile
Steel (HTS) wires, which it supplies, largely to Orissa Concrete.
The Orissa Concrete group reported a profit after tax (PAT) of
INR1.5 million on sales of INR890 million for the financial year
ended March 31, 2008, as against a PAT of INR1.8 million on sales
of INR916 million for the financial year ended March 31, 2007 .


REACH CARGO: CRISIL Places 'BB-' on INR150.0 Million Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Reach Cargo Movers Pvt Ltd.

   Bank Facility                    Rating
   -------------                    ------
   INR150.0 Million Cash Credit     BB-/Stable (Assigned)
   INR10.0 Million Line of Credit   BB-/Stable (Assigned)
   INR5.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect RCMPL's exposure to intense competition, and
its limited financial flexibility because of small scale of
operations and large working capital requirements.  The impact of
these weaknesses is mitigated by the company's strong customer
profile and sound business model marked by a low fixed-asset base.

Outlook: Stable

CRISIL expects RCMPL's business risk profile to remain constrained
over the medium term, given the moderation in demand for cargo
transportation.  The outlook may be revised to 'Positive' in case
of large equity infusion into RCMPL, or a sustained improvement in
its operating margins.  Conversely, the outlook may be revised to
'Negative' if RCMPL undertakes a large, debt-funded capital
expenditure program.

                       About Reach Cargo

RCMPL, set up in 2004, is a logistics company transporting goods
such as gas, automobile spare parts, steel plates, transformers,
excavators, and train engines.  The company has a fleet of 83
vehicles and 48 axles (modular hydraulic axle trailers used to
pull heavy equipment).  RCMPL reported a loss of INR67 million on
net sales of INR198 million for the six months ended September 30,
2007, against a profit after tax of INR7 million on net sales of
INR263 million for the financial year ended March 31, 2007.


RITURAJ HOLDINGS: CRISIL Rates Various Bank Facilities at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Rituraj Holdings Pvt Ltd (Rituraj).

   Bank Facility                      Rating
   -------------                      ------
   INR18.0 Million Cash Credit        BB+/Stable (Assigned)

   INR86.5 Million Term Loan          BB+/Stable (Assigned)

   INR45.5 Million Proposed Long      BB+/Stable (Assigned)
        Term Bank Loan Facility

The rating reflects Rituraj's small scale of operations in the
competitive yarn industry, and low net worth restricting its
financial flexibility.  These weaknesses are, however, partially
offset by the company's comfortable financial risk profile, marked
by strong growth in revenues, and healthy debt protection
measures, and the benefits that Rituraj derives from its
established presence in the stretched yarn business.

                          Outlook: Stable

CRISIL believes that Rituraj will maintain a stable business risk
profile, on the back of healthy operating margins, and order-
backed manufacturing.  The outlook may be revised to 'Positive' if
steady profitability and improved net worth help strengthen
Rituraj's financial risk profile. Conversely, the outlook may be
revised to 'Negative' if there is significant decline in Rituraj's
business volumes, revenues, or margins, or if the company
undertakes large, debt-funded capital expenditure.

                      About Rituraj Holdings

Set up in 1994, by G D Mundra, Rituraj manufactures stretched yarn
used in denim products, suiting and shirting, and chenille yarn
used as furnishing fabric.  The company has a manufacturing
facility at Daman.  Rituraj reported a profit after tax (PAT) of
INR10.1 million on net sales of INR190.1 million for the financial
year ended March 31, 2008, as against a PAT of INR3.56 million on
net sales of INR128.8 million for the financial year ended
March 31, 2007.


SUNSHINE OLEOCHEM: CARE Rates INR71.68cr Long Term Bank Facilities
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities of Sunshine Oleochem Pvt. Ltd. aggregating INR71.68
crore.  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 of the company within the band
covered by the rating symbol.

Further, CARE has assigned a 'PR4' rating to the Short-term Bank
Facilities of SOPL aggregating INR12 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 take into account SOPL's recently stabilized
manufacturing facilities in excise and sales tax exempted area and
its operations as a part of Ruchi group.  The ratings are
constrained by short track record of operations, weak financial
profile marked by high overall gearing and low current ratio,
intense competition faced from established players in toilet soaps
segment and susceptibility of operating margins to fluctuations in
raw material prices.

                      About Sunshine Oleochem

SOPL is a part of Ruchi Group of Indore which has business
interests in manufacturing and trading of agro-commodities and
steel products.  SOPL is engaged in manufacturing of non-edible
palm oil derivatives mainly toilet soap, soap noodle and stearic
acid.

SOPL operates in two main business divisions viz. FMCG and
industrial division.  In the FMCG division, it manufactures toilet
soaps (marketed as Ruchi No. 1) and soap noodles.  The FMCG
division accounted for about 27% of sales in FY08.  In industrial
division, it manufactures stearic acid, fatty acids, glycerine and
other related products.  The industrial division accounted for
about 73% of sales in FY08.  The manufacturing facility is located
in Kutch region and is eligible for exemption in excise and sales
tax under the earthquake rehabilitation scheme.

For FY08, SOPL reported total income of INR122 crore with PBILDT
margin and PAT margin of 13.53% and 2.36% respectively.  As on
March 31, 2008 the company had debt equity ratio of 2 times and
overall gearing of 2.73 times.  During the first half ended
Sept. 30, 2008 the company registered total income of INR79.97
crore with PBILDT margin of 10.31%.


VENKATESHWARA POWER: CRISIL Rates INR56.1MM Term Loan at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Venkateshwara Power Project Ltd (VPPL).

   Bank Facility                      Rating
   -------------                      ------
   INR450 Million Cash Credit         BB-/Stable (Assigned)

   INR56.1 Million Term Loan          BB-/Stable (Assigned)

   INR140 Million Short-Term          P4 (Assigned)
          Bank Loan Facility

The ratings reflect VPPL's weak financial risk profile marked by
high leverage and low net worth, and its small scale of
operations.  These weaknesses are mitigated by VPPL's move to
enhance its power co-generation capacity, which could help
diversify the company's revenue profile.

                         Outlook: Stable

CRISIL expects VPPL's financial risk profile to remain constrained
on account of its high debt levels.  The outlook could be revised
to 'Positive' if the company implements its expansion project
successfully, and improves its financial risk profile.
Conversely, the outlook could be revised to 'Negative' if the
power project suffers from time or cost overruns.

                   About Venkateshwara Power

VPPL, located in Karnataka, has a sugar manufacturing facility
with a crushing capacity of 5000 tonnes per day. It also has a
bagasse-based co-generation facility of 10 megawatts (MW), which
is being expanded to 33 MW.  The expansion is expected to be
completed by October 2009.  The company plans to sell a part of
the power generated by the project to Karnataka Power Transmission
Corporation Ltd.  For the financial year ended March 31, 2009,
VPPL recorded a net profit of INR48 million on net sales of
INR1098 million, as against INR36 million and INR1015 million,
respectively, for the previous financial year.


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


PERUSAHAAN GAS: Joint Venture with Pertamina Called Off
-------------------------------------------------------
A joint venture between PT Perusahaan Gas Negara and PT Pertamina
(Persero) Tbk was called off after the government demanded that
the project finished a year ahead of schedule, the Jakarta Globe
reports.   The report says the joint venture relates to the
development of three massive offshore gas-storage terminals in
Java and North Sumatrabe.

The report, citing Pertamina's president director Karen
Augustiawan, says the two firms will now work separately to
accelerate the projects, with Pertamina set to build two terminals
in Java and PGN ready to build one in North Sumatra.

"The construction of floating receiving terminals for liquefied
natural gas [LNG] would normally take eight months to prepare and
three years to build," the report quotes Ms. Augustiawan as
saying.  "But the government wants the plants to be ready in two
years, so we'll have to lead each project separately to speed them
up."

According to the Globe, Pertamina is now building the Java
terminals to supply state electrical utility PT PLN's 1,498-
megawatt Muara Tawar power plant in Bekasi, West Java.  It is also
building the 720-MW Muara Karang plant in North Jakarta, while PGN
will continue to focus on building a floating terminal to supply
PLN's 700-MW gas-fired plant in North Sumatra.

                         About PT Pertamina

PT Pertamina (Persero) Tbk -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state owned
enterprise into a Limited Liability Company.  In carrying out its
activities, PT Pertamina implements an integrated system from
upstream to downstream.  Pertamina operates seven oil refineries
with a total output capacity of around 1 million barrels per day.
However, these refineries only cover about three-quarters of
domestic oil demand, the rest is supplied by imports.

                       About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Fitch Ratings upgraded PT Perusahaan Gas Negara's
Long-term foreign and local currency Issuer Default Ratings to
'BB' from 'BB-' (BB minus) and affirmed its National Long-term
rating at 'AA(idn)'.  The Outlook is Stable.

The TCR-AP also reported on Dec. 26, 2007, that Standard & Poor's
Ratings Services raised its corporate credit ratings on PT
Perusahaan Gas Negara (Persero) Tbk. to 'BB-' from 'B+'.  The
outlook on the rating is stable.  At the same time, Standard &
Poor's raised the rating on the senior unsecured debt issued by
PGN Euro Finance 2003 Ltd. (guaranteed by PGN) to 'BB-' from 'B+'.

The TCR-AP also reported on Jan. 18, 2007, that Moody's Investors
Service affirmed the Ba2 corporate family rating of PT Perusahaan
Gas Negara (Persero) Tbk.  At the same time, Moody's affirmed the
Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.


PT CSM: Fitch Assigns National Long-Term Rating at 'CC'
-------------------------------------------------------
Fitch Ratings has assigned a National Long-term rating of
'CC(idn)' to Indonesia-based PT CSM Corporatama (Indorent), and
simultaneously placed the rating on Rating Watch Negative.  The
agency has also assigned a 'CC(idn)' rating to both Indorent's
existing Rupiah bonds - Series B Bond I (outstanding of IDR81bn)
due in November 2009 and Islamic Bond I (outstanding of IDR81bn),
due in November 2009.

The ratings reflect Fitch's concerns over Indorent's lack of back-
up liquidity in servicing its debt amortization.  At end-March
2009, Indorent had a cash balance of IDR7.9 billion and
IDR6.7 billion in undrawn revolving bank facilities, in contrast
to its current portion of long-term debt maturities of IDR333
billion.  This indicates that the company may be unable to repay
or refinance its upcoming debt obligations.  Ongoing economic
recession and the difficulty in obtaining bank funding will
continue to compound these problems.

As a step towards preserving cash and preventing further worsening
of its liquidity, Indorent plans to scale down its capex plan this
year to about IDR35 billion, compared to about IDR200 billion
annually over the last four years.  In Fitch's opinion, these
actions may improve the company's liquidity in the short-term;
however, as the nature of the auto rental business dictates that
it has to renew its fleet every year in order to be competitive,
it is very likely that Indorent will have to spend higher capex
next year.

Nevertheless, Indorent has made some progress towards meeting its
debt amortization, most notably by obtaining IDR30 billion from
related party borrowings in June 2009 to repay the amortization of
its existing Rupiah bonds.  Fitch views the willingness of related
companies to lend to Indorent as a mildly affirmative indicator of
the support from its shareholder, Indomobil Group.  However, in
Fitch's calculation, the company's recurring cash flow from its
auto rental business would not be able to help it repay its debt
maturity.  Hence, Indorent needs additional funding and aggressive
sales of its inactive fleets and property assets in order to fund
its repayment schedule that will be staggered across Q309 and
Q409.

Fitch expects to resolve the RWN once Indorent is able to create
sufficient liquidity reserves to cover its short-term debt
maturities.  A downgrade of the ratings could be triggered by
either Indorent's failure to repay its debt maturities, or
evidence of an imminent default.

Established in 1987, Indorent is engaged in businesses providing
auto-rental, workshop and petrol station services.  99.86%-owned
by Hamfred Pte Ltd with the remaining shares owned by Indomobil
Group, Indorent recorded revenues of IDR74.6 billion and EBITDA of
IDR43.7 billion in the quarter ending March 2009.


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


AOZORA BANK: Moody's Confirms 'D+' Bank Strength Rating
-------------------------------------------------------
Moody's Investors Service has confirmed Aozora Bank, Ltd.'s
ratings.  The outlook for all ratings is stable.  The ratings
affected are its D+ bank financial strength rating, Ba1 baseline
credit assessment, and Baa1 long-term deposit rating and senior
unsecured debt rating.  At the same time, Moody's has affirmed the
bank's Prime-2 short-term deposit rating.  This rating action
concludes the review for further possible downgrade initiated on
February 12, 2009.

The rating confirmation is based on Moody's view that the risks
associated with the high volatility apparent in Aozora's
investment banking-related portfolio have largely been reduced.
In addition, assets relating to overseas investments -- including
hedge funds -- have been substantially reduced, but with
significant losses.

Aozora's liquidity situation has gradually been improving.  Its
liquidity position has been sustained by steady increases in
retail deposits, despite their higher costs.

Moody's rating confirmation also reflects the fact that -- despite
its large net loss for FY 2008 -- Aozora maintained a 12.57% Tier
1 capital ratio as of FY 2008.  The stable outlook is also
underpinned by Aozora's strategy change to its domestic corporate
business, wherein returns are believed to be low but their
volatility will be more controlled.  Its previous strategy aiming
at higher profitability, in the absence of a solid client base,
has been largely abandoned.

Moody's still has some concerns over its ability to restore
profitability in light of a very difficult operating environment
for businesses funded by wholesale funds, although its strong
capital levels will enable it to withstand such risks, but as long
as it recovers stable profitability.

On July 1, 2009, Aozora and Shinsei Bank, Ltd announced that they
had reached an agreement to merge in October 2010.  Moody's
considers that the proposed merger will not have a significant
impact on Aozora and Shinsei's credit fundamentals.  The two banks
will operate independently until October 2010 with the aim of
stabilizing earnings.  The franchises of these two banks are
limited with low prospect of enhancement from the proposed merger.
The ability of new management to ensure low -- but stable --
profitability will be the key to retaining market confidence.
There is room for operating expense reductions through erasing
overlapping branches as well as duplicate functions at their
headquarters, but it is still too early to incorporate these
benefits into the ratings. Ultimately, their ratings will
converge.  However, until that time, Moody's will continue to make
its assessment based on Aozora's own credit fundamentals.

For Aozora, further negative ratings pressure could emerge if
revenues and profitability continue to exhibit high volatility.

Moody's last rating action with respect to Aozora was on
February 12, 2009, when the bank's long-term ratings were
downgraded and placed on review for further possible downgrade.

Aozora Bank, Ltd., headquartered in Tokyo, had consolidated total
assets of about JPY6 trillion as of March 31, 2009.


SHINSEI BANK: Moody's Affirms 'D+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed Shinsei Bank, Limited's
ratings, while the ratings outlook remains negative.   The ratings
affected are its D+ bank financial strength rating, Baa3 baseline
credit assessment, A3/P-2 long- and short-term deposit ratings, A3
senior unsecured debt rating, Baa1 senior and junior subordinated
debt ratings, and Baa3 preferred securities rating.

The rating action follows the announcement on July 1, 2009 that
Shinsei and Aozora Bank, Ltd. had reached an agreement to merge in
October 2010.

Moody's considers that the proposed merger will not have an
immediate impact on Shinsei's credit fundamentals since the two
banks will operate independently until October 2010.  If Shinsei
and Aozora start to become highly integrated, then the ratings
would reflect the results of their combined credit profiles.
However, until that time, Moody's will continue to make its
assessment based on Shinsei's own credit fundamentals.

Meanwhile, Moody's understands that the proposed merger will
create Japan's sixth-largest bank, with total assets of more than
JPY18 trillion.  In addition, the merger should help improve the
new bank's resultant cost structure through a reduction in
operating expenses as Shinsei and Aozora integrate their
headquarters and branches, and eliminate some overlapping
businesses.

However, Moody's notes that in light of each entity's weak
franchise and management, as well as their relatively weak
financial fundamentals, there is a low probability of a prompt
improvement in the merged bank's competitive position and
franchise.

In addition to the integration risks for both banks, the
transaction may pose a number of other challenges, including
whether the merged bank can restore the confidence of the market
by establishing a business model which can generate stable
earnings, particularly for the businesses funded by wholesale
funds.

The negative outlook reflects the challenges Shinsei faces in its
existing lines of business, including consumer finance as well as
the prospect of future ratings convergence with Aozora.

Moody's last rating action with respect to Shinsei was on March
10, 2009, when the bank's rating outlook was revised to negative
from stable.

Shinsei Bank, Limited, headquartered in Tokyo, had consolidated
total assets of JPY12 trillion as of March 31, 2009.


TOKUTEI MOKUTEKI: S&P Downgrades Ratings on Three Notes to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC-' its
ratings on the class B, C, and D notes issued under the CBO All
Japan Tokutei Mokuteki Kaisha series one transaction.  The
downgrades reflect the issuer's public announcement that it will
not make full repayments on the class B, C, and D notes on the
final maturity date of July 10, 2009.

                          Ratings Lowered

              CBO All Japan Tokutei Mokuteki Kaisha
           JPY88.1 billion fixed-rate series one notes

      Class   To   From   Issue Amount   Final maturity date
      -----   --   ----   ------------   -------------------
      B       CC   CCC-   JPY83.1 bil.     July 2009
      C       CC   CCC-   JPY0.7 bil.      July 2009
      D       CC   CCC-   JPY0.3 bil.      July 2009


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


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

The affirmation of Hynix's IDR and the resolution of its RWN
reflect the mitigated short-term liquidity concerns and the price
recovery trend in memory semiconductor products witnessed during
2Q09.  In May 2009, Hynix successfully raised KRW725 bilion by
issuing new shares to the public.  Fitch views that this, combined
with an earlier equity issuance of KRW325 bilion in January 2009,
has clearly alleviated near term liquidity concerns.  Moreover,
DRAM and NAND flash memory prices have moved in favor of Hynix
during 2Q09, thanks mainly to limited supply growth and inventory
restocking demand from PC makers.  This upward price trend is
expected to lead to improved operating results for Hynix in 2Q09,
leading to elevated revenues and lower operating losses for the
company.

The Negative Outlook reflects mid- to long-term uncertainties
surrounding the memory semiconductor industry.  While the current
PC makers' inventory restocking trend may extend into 3Q09, thanks
to the slightly better than expected PC shipment levels and the
launch of Windows 7 during 3Q09, the agency is not convinced that
the industry will remain on a long-term recovery track due to
ongoing slow end user demand for IT products in developed markets.

A downgrade could occur if operating and financial data from
ongoing quarterly results leads Fitch to expect that Hynix's net
adjusted debt/EBITDAR will exceed 5.0x on a sustained basis, or
the resumption of a downward price trend for memory products,
which turns the company's EBITDA negative for two consecutive
quarters.  In addition, the company losing its competitiveness in
the industry, translating to a meaningful loss in DRAM market
share, will force the agency to review the adequacy of the rating.
Conversely, positive rating actions may be triggered if Hynix's
net adjusted leverage falls below 3.0x on a sustained annual
basis, or if evidence of a sustainable pick-up in semiconductor
pricing and demand emerges which is likely to drive an improvement
in Hynix's profitability and credit profile.  The agency will
closely monitor the company's quarterly operating performance and
credit metrics in light of these rating action guidelines.

Regarding the one notch lower rating of 'B' for Hynix's senior
unsecured debt, Fitch has made this decision following the
provision of a new secured loan of KRW500 bilion from the group of
shareholder banks in January 2009, meaning that Hynix's existing
bond holders are now more exposed to a below-average recovery
prospect in the event of default.  At the same time, Fitch views
that the company's relatively high leverage and deteriorated cash
flow measurements over the past year will also limit unsecured
bond holder accessibility.

Hynix is a leading manufacturer of memory semiconductor products.
The company is the world's second-largest DRAM maker and fourth-
largest NAND flash memory producer.  However, as the memory
semiconductor industry entails large capital expenditures, Hynix's
profitability and cash flow shows considerable fluctuations.  In
FY08, the company reported consolidated revenues of KRW6,818bn,
with an operating loss of KRW1,920bn.


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


GULF INVESTMENT: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings has placed Kuwait-based Gulf Investment
Corporation's Long-term Issuer Default Rating of 'A', Short-term
IDR of 'F1', Support Rating of '1' and Support Rating Floor of 'A'
on Rating Watch Negative.  The Individual rating has been affirmed
at 'D'.

The RWN reflects Fitch's concerns that the willingness to provide
ongoing support to GIC by the shareholders (in case of future
need), may have weakened given the long delays in some of the
shareholders making payments towards GIC's US$1.1 billion capital
increase approved in December 2008.  Fitch will resolve the RWN
following a full review of GIC in the coming weeks, especially the
level of support the agency factors into GIC's ratings.  Following
its review the agency would not expect the Support Rating to be
revised to below '2' and as a consequence the IDR will not be
below the 'BBB' range.

"While Fitch is confident that all the shareholders will
eventually meet the capital call, the delays in making the
payments, raises questions whether there is less appetite to
support GIC in the future," says Mahin Dissanayake, Associate
Director in Fitch's Financial Institutions team in Dubai.  "As
GIC's ratings are support-driven, this uncertainty exerts
significant negative pressure on the company's ratings."

GIC was forced to raise capital after seeing substantial market-
related losses, write-downs and impairment provisions since the
onset of the global credit crisis.  Fitch downgraded GIC's
Individual Rating to 'D' (from 'C/D') in December 2008 as the
agency expected the company's FY08 results to be severely impacted
by its high exposure to market risk.  The company subsequently
reported a US$996 milion loss for FY08.

To date, GIC has received US$753 milion of new capital from its
shareholders.  Although still short of the target, the capital
injection has allowed the company to maintain capitalization at
adequate levels and to avert downward pressure on the Individual
Rating.  Its Basel II tier 1 and total capital ratios were 12.9%
at end-April 09 compared to 8.7% at end-2008.

Fitch also questions the viability of GIC's business model going
forward.  If GIC's private equity-focused strategy fails to turn
around the company's business, then there could be further
downgrades in its Individual Rating.  Fitch stresses that GIC
private equity investments remain illiquid and continue to
generate weak recurring earnings, meaning that the company's
earnings are likely to remain volatile in FY09.

GIC is in the process of de-leveraging its balance sheet though
asset sales aimed at keeping leverage at 3 to 4 times its capital
base.  Fitch has no major concerns on GIC's liquidity position.
GIC saw large reductions of interbank deposits in 2008 which were
sufficiently replaced by significant deposits from all the
shareholders -- which is an important support consideration.

GIC was established in Kuwait in 1983 to promote private
enterprise and economic growth in the Gulf Cooperation Council
(GCC -- which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia
and the United Arab Emirates), although in recent years it has
been active in global markets.  GIC is equally owned by the GCC
member states.


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


GOLD BRIDGE: Bursa to Delist Securities on July 13
--------------------------------------------------
The Bursa Malaysia Securities Berhad will delist the securities of
Gold Bridge Engineering & Construction Berhad on July 13, 2009,
after the company failed to submit its regularization plan by the
June 30, 2009 deadline.

Upon the delisting, the company will continue to exist but as an
unlisted entity.  The company will still continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities.

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering &
Construction Berhad develops residential and commercial properties
and provision of civil engineering and general construction
services.  The Company's other activities include boat building
and repairing of ships, manufacturing and supplying of ready-mixed
concrete and provision of related services, management of golf and
beach resort and investment holding.  Operations are carried out
principally in Malaysia.  The Company has incurred losses in the
past.  It also defaulted on several loan facilities, which caused
it to fall under Bursa Malaysia Securities Berhad's Practice Note
1/2001 category.

                         *     *     *

For the fiscal year ended June 30, 2008, Gold Bridge Engineering
Berhad reported a MYR1.65 million loss after tax, which is
substantially lower than the preceding year's loss of MYR49.73
million.  The reduction was mainly due to the substantial
reduction in impairment losses, provision for doubtful debts and
other operating expenses.

Gold Bridge Engineering Berhad is currently listed as an affected
listed issuer under the an Amended Practice Note No. 17/2005 List
of Companies of the Bursa Malaysia Securities Bhd, and is
therefore required to submit a regularization plan.


PECD BERHAD: F.H. Bertling Wind-Up Petition Hearing Set for July 9
------------------------------------------------------------------
PECD Berhad disclosed that its subsidiary PECD Construction Sdn
Bhd is opposing the winding-up petition filed by F.H. Bertling (M)
Sdn Bhd against it.

Messrs. Cheang & Ariff have been appointed as solicitors to
represent PECD Construction on the hearing set for July 9, 2009.

On July 15, 2008, PECD Berhad noted the service of a winding up
petition by F.H. Bertling (M) Sdn. Bhd. under Section 218 of the
Companies Act 1965 at the company's registered address, the
Troubled Company Reporter-Asia Pacific reported on July 17.

The winding up petition was presented at the High Court of Shah
Alam on May 9, 2008.  F.H. Bertling asserted a US$8,631,277 claim
at April 16, 2008.  At all material times, there is no claim made
with regard to interest under the Petition.

The company received a notice on April 16, 2008, from the
F.H. Bertling's solicitors, Messrs. Shearn Delamore & Co.,
demanding payment of US$8,631,277.00 being allegedly due
and owing pursuant to the terms of the Corporate Guarantee dated
September 27, 2007.

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


SATANG HOLDINGS: Taps Razalee & Co as Corporate Consultant
----------------------------------------------------------
Satang Holdings Berhad said it has appointed Messrs. Razalee & Co.
as Corporate Consultant in relation to the Company's plan to
regularize its financial position.

The Company also said it has accepted the withdrawal of MIMB
Investment Bank Berhad as the Company's principal advisor in
respect of the above plan.  Satang Holding's is now in the midst
of discussion with OSK Investment Bank Berhad as its Advisor in
place of MIMB.

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., concluded in its Audit Investigative Reports that out
of the MYR39.27 million alleged overstated revenue of the company,
MYR35.43 million represents invalid sales which should not be
recorded in the books for the financial year ended September 30,
2007.


=========
N E P A L
=========


NEPAL DEVELOPMENT: NRB Files Application to Liquidate Bank
----------------------------------------------------------
Nepal Rastra Bank on Friday filed an application to liquidate
Nepal Development Bank, myrepublica.com reports.  Governor
Deependra Bahadur Kshetry filed the application at the Patan
Appellate Court, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2009, Kantipur Online said Nepal Rastra Bank has finally
decided to initiate the liquidation process of Nepal Development
Bank.

Kantipur Online, citing NRB officials, said the central bank
decided to initiate the liquidation process after finding NDB's
reply to the NRB letter seeking clarification unsatisfactory.
According to Kantipur Online, NRB findings stated that at least
INR690 million is needed to reduce NDB's capital adequacy ratio to
zero.  The central bank also revealed that NDB's capital adequacy
ratio is negative by 41 percent, far below than 11 percent
provisioned by NRB, Kantipur Online said.  The central bank also
revealed that NDB's losses have reached INR690 million.

Established in 1998, Nepal Development Bank is the first national
level development bank established by the private sector in Nepal.
It has commenced its operation since January 31, 1999, as per
Development Bank Act, 2052 (1996).  Since May 4, 2006, it has been
imparting its services in accordance with Bank and Financial
Institution Act, 2063.  The bank caters the demand of medium and
long term finance for the industrial, commercial, agricultural,
tourism, infrastructure sectors and other services by offering
various banking facilities.  It mobilizes its sources in the form
of fixed, saving and other short-term deposits with competitive
interest rates.


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


LOMBARD GROUP: Unveils Reverse Takeover Deal Offer
--------------------------------------------------
Lombard Group Limited has entered into a conditional arrangement
with Australian Consolidated Insurance Limited which, subject to
shareholder and regulatory consents, will result in LOM acquiring
all the shares in ACIL.

This "reverse takeover" will result in ACIL's businesses becoming
part of a listed group, Lombard Group said in a statement to the
stock exchange.

LOM's Chief Executive Michael Reeves commented that after very
careful consideration of the prospects of Lombard and its existing
business, and very much endeavoring to act in the interests
of all shareholders, LOM had identified a transaction with ACIL as
an exciting opportunity for LOM.

                 Outline of Proposed Transaction

LOM proposes to make a takeover offer for all of ACIL's existing
shares at an agreed value with the consideration being satisfied
by the issue of new LOM shares.  If the offers were accepted by
all ACIL shareholders, they will hold in excess of 90% of LOM
increased capital.

Prior to the takeover being completed LOM will reorganize its
subsidiaries so that assets and selected liabilities unrelated to
the ongoing business are consolidated under a special purpose
subsidiary and existing LOM shareholders will (for no
consideration) receive shares in that company in the same
proportion as they currently hold shares in LOM.

The intention is to provide existing LOM shareholders with the
opportunity to participate in a share buy-back at a price per
share which equals the value attributed to LOM shares in the
assessment of the number of shares to be offered to ACIL
shareholders as consideration for their shares.

"The Board recognized that Lombard's business focus needed to
change and we are delighted to now be in negotiation with ACIL to
address that need," Mr. Reeves said.

ACIL is an Australasian company that provides differentiated
insurance products and services to insurance purchasers.  The ACIL
group has 18 subsidiary companies in these specialized insurance
segments:

   -- Insurance Broking
   -- Underwriting Agency
   -- Risk Management
   -- Insurance Premium Funding

ACIL currently manages in excess of AU$80 million of insurance
premiums from offices in Perth, Sydney, Melbourne, Brisbane,
Auckland and Hamilton.

                      About Lombard Group

Headquartered in Wellington, New Zealand, Lombard Group Limited
(NZE:LOM) -- http://www.lombardgroup.co.nz/-- is primarily
engaged in the provision of finance to small and medium-sized
businesses for a range of purposes.  In March 2008, the Company's
wholly owned subsidiary, Lombard Mortgages Limited, acquired the
remaining 30% interest in Tasman Mortgages Limited.  Tasman
Mortgages Limited is a mortgage arranger and mortgage broking
company.  Lombard Mortgages operates as a mortgage broker.  The
Company's principal subsidiary is Lombard Finance & Investments
Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Lombard Group said that its financial performance
for the year ended March 31, 2008, has been dramatically affected
by the receivership of the Group's significant subsidiary, Lombard
Finance & Investments Limited, which occurred on April 10, 2008.
While the audited Group result is a loss of NZ$3.26 million, the
Board recognizes that does not reflect the full impact of the
receivership.


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


ACROPOLIS ELECTRONICS: Creditors' Meeting Set for July 16
---------------------------------------------------------
Acropolis Electronics Pte Ltd, which is under judicial management,
will hold the first meeting for its creditors on July 16, 2009, at
3:30 p.m., at 4 Battery Road, #17-01 Bank of China Building,
Singapore 049908.

The company's judicial managers are:

          Tay Puay Cheng
          Chay Fook Yuen
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


ACROPOLIS ELECTRONICS: Creditors' Proofs of Debt Due on July 15
---------------------------------------------------------------
Acropolis Electronics Pte Ltd, which is under judicial management,
requires its creditors to file their proofs of debt by July 15,
2009, to be included in the company's dividend distribution.

The company's judicial managers are:

          Tay Puay Cheng
          Chay Fook Yuen
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


CHARTERED SEMICONDUCTOR: Fitch Affirms 'BB-' Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Chartered Semiconductor Manufacturing
Ltd's Long-term foreign currency Issuer Default Rating and
outstanding senior unsecured debt at 'BB-'.  The rating Outlook
remains Negative.

Underpinned by a sharp decline in semiconductor demand across
customer segments, CSM's revenues registered a sequential decline
of 31% to US$243.9 million in Q109, which came on the back of a
24% decline in Q408.  This was accompanied by a net loss of
US$98.8 million for the period, against US$114 million in the
preceding quarter.  That said, the outlook for Q209 and possibly
Q309 is significantly improved, in light of new product
introductions at the leading-edge as well as some inventory
replenishment by customers; consequently, CSM is guiding for an
approximate 41% sequential jump in revenues in Q209 with lower net
losses at a margin of about 14%.  However, notwithstanding the
current positive momentum, Fitch notes that visibility on medium-
term demand remains poor and the timeframe to a sustained recovery
is still uncertain.

In April 2009, CSM raised approximately US$300m from a 27-for-10
rights issue backed by parent ST Semiconductors (a wholly-owned
subsidiary of Temasek Holdings), which acted as stand-by purchaser
for up to 90% of the offering.  Upon adjustment for the rights,
CSM's net adjusted leverage stood at about 13.8x at Q109, compared
to 3.2x at FYE08.

In Fitch's view, the rights issuance has significantly improved
the company's ability to remain in compliance with its financial
covenants through 2009, which in turn implies continued access to
its unutilized committed facilities.  Near-term liquidity is
adequate, as CSM entered Q209 with unrestricted cash of about
US$755 million (including the rights) and undrawn facilities of
US$896.7 million (mostly committed), against capex of about
US$227 million and estimated debt maturities of US$78.8 million
between Q209 and Q409.  However, liquidity risk in 2010 remains
significant, with substantial debt maturities of about
US$542 million in principal payments and an additional
US$284 million in maturing convertible redeemable preference
shares.

CSM's ratings factor in assumed parent support in light of the
company's strategic importance within Singapore's electronics and
technology sector, as well as the track record of financial
support from its controlling shareholder.  In this regard, Fitch
notes that the uplift for support could be altered in the event
that Temasek Holdings either divests or materially reduces its
stake.

The Negative Outlook reflects continued uncertainties on medium-
term industry prospects, and Fitch's expectation that CSM's
operating and financial performance could remain challenged over
the intermediate term.  In this regard, the agency notes that a
reversal of the current positive momentum likely to be evidenced
in CSM's 2Q09 results, and consequently further deterioration in
the company's credit profile could result in further downgrades.
In particular, a downgrade could occur if operating and financial
data from ongoing quarterly results lead Fitch to expect that
CSM's net adjusted leverage will exceed 7.0x on a sustained basis.
Moreover, a downgrade could occur if bond covenants are breached
without satisfactory remedy, leading to narrower funding options
for the company.

Incorporated in 1987, CSM is a pure-play IC foundry based in
Singapore which provides comprehensive wafer fabrication services
and technologies to semiconductor suppliers and electronics
systems manufacturers.


LONDON DIVERSIFIED: Creditors' Proofs of Debt Due on August 3
-------------------------------------------------------------
London Diversified Fund Management (Asia) Pte. Limited, which is
under members' voluntary liquidation, requires its creditors to
file their proofs of debt by August 3, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


TOKIO MARINE: Creditors' Proofs of Debt Due on August 1
-------------------------------------------------------
Tokio Marine General Asset Pte. Ltd., which is under members'
voluntary liquidation, requires its creditors to file their proofs
of debt by August 1, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          EE Meng Yen Angela
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower, 18th Floor
          Singapore 048583


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


AU OPTRONICS: Fitch Downgrades Issuer Default Ratings to 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded AU Optronics Corporation's Long-term
foreign and local currency Issuer Default Ratings to 'B+' from
'BB-', and its National Long-term Rating to 'BBB-(twn)' from
'BBB(twn)'.  The Outlook remains Negative.  The rating actions
reflect the agency's view that the company's projected credit
metrics for 2009 will not be comparable to its peers in the 'BB'
category.

Fitch expects AUO's major credit measurements, such as
profitability and financial leverage, to weaken in 2009 in light
of the global economic recession.  Pricing pressures of its TFT-
LCD panel products and weakened demand from downstream electronic
product vendors will lead to depressed sales for the year.
Following a 62.9% yoy revenue decline in Q109, whole year sales
are likely to plunge significantly more than 2008's 11.7% decline;
this is despite a likely slowdown in the decline of sales from
Q209 to Q409.  With decreased selling prices and low loading
rates, AUO's EBITDA margin in 2009 is likely to be less than half
of the 23%-30% level achieved over the past three years.

Fitch notes that further rating downgrades could occur if
operating and financial data from ongoing quarterly results leads
Fitch to expect that AUO's net adjusted debt/EBITDAR leverage
ratio could exceed 5.0x on a sustained annual basis, if the
company registers negative quarterly EBITDA margins for two
consecutive quarters, or if AUO's last-twelve-month FFO interest
coverage falls below 3.0x.  Moreover, a downgrade could occur if
bond covenants are breached without satisfactory remedy, leading
to narrower funding options for the company.  Conversely, positive
rating actions may be triggered if AUO's net adjusted leverage
falls below 3.0x on a sustained annual basis, or if evidence
emerges of a sustainable pick-up in flat panel pricing and demand
which is likely to drive an improvement in profitability and
credit profile.  The agency will closely monitor the company's
quarterly operating performance and credit metrics in light of
these rating action guidelines.

AUO holds adequate liquidity as its cash balance at end-March 2009
covered 128% of its debt due within a year.


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


* Fitch Says Road is Tough Ahead For Europe and Asia Corporates
---------------------------------------------------------------
The peak of investment-grade corporate rating downgrades for
Fitch-rated issuers in Europe and Asia has most likely passed, but
negative actions will continue to outnumber positive ones during
2009, with negative rating momentum expected into 2010, Fitch
Ratings says in a report.

The situation remains bleaker for speculative grade entities
coping with significant refinancing burdens and a continuing
rationing of credit.

"The rate of rating decline has slowed in Q209," says Richard
Hunter, head of Fitch's European and Asian corporate rating
groups.  "While downgrades will still outnumber upgrades during
the rest of the year, our rating actions over Q408 and Q109 have
incorporated the severity of the post-Q408 downturn and Fitch's
assumptions of an anaemic corporate recovery through 2010 and into
2011."

Downgrade actions in the remainder of the year will reflect the
high number of negative outlooks currently assigned to Fitch's
corporate ratings.  Fitch's mid-year update report includes a list
of 68 "double-dippers" (issuers downgraded and simultaneously
placed on watch or outlook negative), spread across Europe and
Asia and different sectors, but overwhelmingly in cyclical
industries, reflecting their greater exposure to the current
super-cyclical recession.

Rating actions have been moderated by their already conservative
level entering the recession.

"Despite the sharp downturn, we have seen also rating affirmations
across many industries in both Europe and Asia," adds co-author
Tony Stringer, managing director and head of corporate ratings in
Asia.  "Investment grade corporate ratings' resiliency at the
portfolio level has mirrored investment-grade corporate entities'
own relative resilience to the current recession."  Despite a
number of sub-sectors, including automotive, technology and real
estate, being hit by multi-notch downgrades, at the portfolio
level, downgrade actions have averaged less than 1.5 notches
during the last 18 months.

Booming investment grade bond market issuance in Europe this year
has also offset liquidity concerns for investment grade corporates
prompted by weakness in the region's banking system.  Despite the
continuing pressure on bank lending volumes, Fitch continues to
regard liquidity for investment-grade names as largely addressed
for 2009 and 2010.  "This will hold whether or not European
corporate bond market issuance tapers off in the second half of
2009," notes John Hatton, Group Credit Officer for corporates and
author of Fitch's regular corporate liquidity studies.  "Fitch
expects issuance not to keep pace with first half levels, and
likely represent a high watermark, rather than a new benchmark
level of capital markets disintermediation for Europe."  While G3
currency issuance in Asia has remained modest, bank lending
capacity for investment grade names in Asia has been less affected
by the recession, and liquidity remains strong for developed
country and leading emerging market issuers in the region.

The situation looks bleaker for speculative grade borrowers.
"Nearly 60% of Fitch's shadow ratings of leveraged loans, covering
approximately EUR250 billion of senior secured debt, are now rated
'B-*' or below, with 'CCC*' shadow ratings reaching nearly 20% of
the portfolio as of June 30, 2009, compared with an average
'B*'/'B-*' in June 2007, " notes Ed Eyerman, co-author and head of
leveraged finance in Europe.  "While additional premia in high
yield may be attractive, the high likelihood of defaults through
refinancing dates in 2013 and 2014, and correspondingly poor
recoveries, may restrict access to high yield debt markets for all
but the most robust 'BB'-rated issuers."

More optimistically, while Fitch has already identified M&A
activity as a resurgent risk in the coming months, there are
reasons to believe this wave may be less credit-negative than
prior waves.  "Industrial logic and financing parameters are
likely to be stronger and more conservative in many of the sectors
where consolidation occurs, including telecom and manufacturing,"
says Mike Dunning, co-author and managing director in Fitch's
European corporate group.  "History shows, however, that the
balance of M&A-related rating actions are nonetheless likely to be
negative, albeit more moderately so in this cycle."

The report also highlights a number of risk drivers beyond Fitch's
central rating case which have the potential to impact ratings,
including supply chain risks, state support and, on the upside,
the possibility that current recessionary conditions improve
earlier than assumed in Fitch's current forecasts.


                         *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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





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