TCRAP_Public/090709.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

               Thursday, July 9, 2009, Vol. 12, No. 134

                                Headlines

A U S T R A L I A

ABC LEARNING: Receivers Prepare to Sell 720 Profitable Centers
BNY TRUST: Moody's Continues Review on Senior Note Issues
CITY PACIFIC: Used Fund's Money to Stop Sacking
GREAT SOUTHERN: Receivers Declare Firm Insolvent
METAL STORM: Faces Uncertainty Despite Stock Sale

PAPER POORT: Placed Into Liquidation Following Customer Suits
TIMBERCORP: ASIC Intervenes in Battle Over Almond & Olive Projects


C H I N A

SINO-FOREST CORP: Closing of Deal Won't Affect S&P's 'BB' Rating


H O N G  K O N G

CORAL HOLDINGS: John Robert Lees Quits as Liquidator
FULLYWAY TECHNOLOGY: Creditors' Meeting Set for July 10
GLORY RISE: Appoints Hung and Keng as Liquidators
GOSPA ENTERPRISES: Court to Hear Wind-Up Petition on July 29
HABIB METROPOLITAN: Members' Final Meeting Set for August 7

HSLC FURNITURE: Creditors' Proofs of Debt Due on August 7
MATTEL VENDOR: Members to Receive Wind-Up Report on August 4
MUTUAL FAITH: Creditors' Proofs of Debt Due on July 31
PRAMAC (CHINA): Members' Final Meeting Set for August 5
SGS HONG KONG: Members' Final Meeting Set for August 5

UNI-ALPHA: Members' Final Meeting Set for August 4
UNITED PULP: Creditors' Proofs of Debt Due on July 31


I N D I A

ARSS INFRASTRUCTURE: CRISIL Cuts Ratings on Various Loans to 'D'
CONCORD HOSPITALITY: CRISIL Rates INR500 Million Term Loan at 'B+'
GHAZIABAD ORGANICS: Weak Financial Profile Cues CRISIL BB- Ratings
SABER PAPERS: CRISIL Puts 'BB' Rating on INR1250-Million Term Loan
SARWOTTAM ISPAT: CRISIL Places 'BB+' Rating on INR114.80MM LT Loan

SUCHETAN EXPORTS: CRISIL Puts 'BB-' Rating on INR20-MM Cash Credit
VENKATESHWARA SPONGE: Delays in Loan Payment Cue CRISIL 'D' Rating


I N D O N E S I A

MERPATI NUSANTARA: To Lease 8 French Planes; Xi'an Deal Junked


J A P A N

L-JAC 4: Moody's Downgrades Ratings on Various Classes of Bonds
SMALL LOAN: Moody's Withdraws 'B2' Rating on Class E Certificates
* JAPAN: Corporate Bankruptcies Up 7.4% in 1st Half of 2009
* JAPAN: Reg'l. Banks May Face Surging Mortgage Defaults


K U W A I T

WETHAQ TAKAFUL: S&P Downgrades Counterparty Credit Rating to 'BB+'

M A L A Y S I A

EKRAN BERHAD: Settles With Danaharta for Loan Default
TENGGARA OIL: Defaulted on MYR21 Million in Loans as of June 30


N E W  Z E A L A N D

HOTEL DU VIN: In Receivership; Kordamentha Managing Assets
ONE TREE: Faces Liquidation Over Debt to Franchisor
PLUS SMS: Shares Remains Suspended on Failure to Send Reports


S I N G A P O R E

KJP INTERNATIONAL: Court to Hear Wind-Up Petition on July 17
NGK SPARK: Creditors' Proofs of Debt Due on August 6
RESMED SINGAPORE: Creditors' Proofs of Debt Due on August 3
SO SAY: Court Enters Judicial Management Order
THINK & LEARN: Court Enters Wind-Up Petition


                         - - - - -


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


ABC LEARNING: Receivers Prepare to Sell 720 Profitable Centers
--------------------------------------------------------------
ABC Learning Centres Ltd. receivers McGrathNicol are preparing to
sell the company's 720 profitable centers, the Business Expectator
reports citing the Australian Financial Review.

The company's receivers are working with investment bank UBS AG to
arrange the sale, the report says.

Private equity groups Gresham and Ironbridge, as well as two of
New Zealand's largest child-care operators Kidicorp and Lollipops
Educare, are reportedly interested in buying the company's
surviving centres, the Business Expectator relates.

                   About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- is engaged in the provision of
childcare services and education.  The Company operates in
Australia, New Zealand, the United States and the United Kingdom.
The Company's subsidiaries include A.B.C. Developmental Learning
Centres Pty Ltd, A.B.C. Early Childhood Training College Pty Ltd,
Premier Early Learning Centres Pty Ltd, A.B.C. Developmental
Learning Centres (NZ) Ltd, A.B.C. New Ideas Pty Ltd, A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


BNY TRUST: Moody's Continues Review on Senior Note Issues
---------------------------------------------------------
Moody's Investors Service is continuing its review of the senior
notes issued by BNY Trust Company of Australia Limited in its role
as Trustee for the Mobius ELR-01 Trust.

On February 23, 2009, Moody's downgraded all rated securities
issued by Mobius ELR-01 Trust and placed the Class A Notes on
review for a further possible downgrade.  The rating action
followed further deterioration in the credit profile of the
underlying receivables.  In addition, Moody's retained some
concern with regard to the impact of the deteriorating economic
environment and potential financial pressures faced by the sub-
originators and primary servicers of the receivables securitised
through the transaction.

These factors continue to put the ratings of the Class A Notes
under some pressure.  As such, Moody's retains its negative stance
on the transaction and will continue to monitor the performance of
the receivables in the future.  Moody's also note that receivables
ineligibility and data discrepancies remain a further negative
factor.  As the result, Moody's are focusing Moody's review on the
efficacy and operation of the current servicing platform.

The ratings assigned to Mobius ELR-01 Trust are maintained:

* Class A Notes

  -- Current rating Ba1, on review for possible further downgrade

  -- Previously, on February 23, 2009, downgraded from A3 to Ba1,
     on review for possible further downgrade;

* Class B Notes

  -- Current rating Ca
  -- Previously, on February 23, 2009, downgraded from B3 to Ca;

* Class C Notes

  -- Current rating C
  -- Previously, on February 23, 2009, downgraded from Ca to C;

* Class D Notes

  -- Current rating C
  -- Previously, on February 23, 2009, downgraded from Ca to C.

Moody's has previously taken rating actions with regard to Mobius
ELR-01 Trust on December 11, 2007; March 26, 2008; July 22, 2008,
October 27, 2008, and February 23, 2009.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold.


CITY PACIFIC: Used Fund's Money to Stop Sacking
-----------------------------------------------
City Pacific Ltd. previously used money from the disputed $630-
million First Mortgage Fund to fight off unit holders trying to
remove the company as manager, The Sydney Morning Herald reports.
The unit holders have replaced City Pacific with rival Balmain
Trilogy as fund manager.

The Herald relates that City Pacific told the Federal Court of
Australia in Brisbane on Monday that it would pay for any legal
fees incurred in connection with the dispute with unit holders.

However, according to the report, it was revealed that prior to,
and until the unit holders' meeting on June 25, City Pacific has
been using the fund's coffers to pay its legal fees.  City Pacific
pursued a legal challenge and sought an injunction against the
meeting.

At the June 25 meeting, holders of 55% of the units voted in favor
of the resolution sacking City Pacific and installing Balmain
Trilogy has been installed as the new responsible entity of the
Fund.

The Herald states that Justice John Dowsett forced an undertaking
from City Pacific not to seek reimbursement for fees and expenses
incurred since the meeting other than a trustee amount set by the
court as reasonable.

As reported in the TCR-AP on August 18, 2008, City Pacific said it
took the necessary steps to preserve the value of the Fund's
assets and protect unitholders investments in light of the rapidly
changing market conditions.  As a result of the significant market
changes, City Pacific made the decision in March 2008 to defer the
payment of redemptions from the Fund while continuing the payment
of distributions to unitholders.

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.


GREAT SOUTHERN: Receivers Declare Firm Insolvent
------------------------------------------------
McGrathNicol, receivers for Great Southern Limited, wrote to
investors that there was no money left to meet the company's day-
to-day operating costs or make lease payments to landowners, ABC
News reports.

McGrathNicol, as cited by the report, said it was now undertaking
a thorough review of Great Southern's horticulture and forestry
schemes and once that review is completed, investors will need to
decide whether to keep funding the schemes until harvest, or
whether they should be wound up.

Investors will have to wait at least another two months to learn
the fate of their investment, ABC News relates.

                     About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units. McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


METAL STORM: Faces Uncertainty Despite Stock Sale
-------------------------------------------------
The future of Metal Storm Ltd. remains uncertain, despite the
company raising more than AU$2 million from shareholders, The
Australian Associated Press reports.

According to the AAP, the AU$2.6 million that Metal Storm has
raised in a share purchase plan that closed July 3 will be used to
tide the company over while the documentation to any extension is
finalized and the company seeks further capital.

The company, says AAP, will formally seek noteholder and
shareholder approval on July 31 to extend the maturity of nearly
AU$20 million in convertible notes, currently due to mature on
September 1, 2009.

The report relates that if Metal Storm fails to secure the note
extension, however, the company will repay the AU$2,613,400 it
raised in the share purchase plan, and the company faced the
prospect that the noteholders could put it into administration.

Based in Brisbane, Australia, Metal Storm Limited (ASX:MST) --
http://www.metalstorm.com/-- is a development stage enterprise,
which is engaged in defence technology.  The Company is working
with government agencies and departments, and the defence industry
to develop weapons systems utilising the Metal Storm non-
mechanical, electronically initiated stacked projectile technology
with the principal focus on the 40 millimeter (mm) category of
weapons and munitions.  The Company operates through its
subsidiaries, which includes Metal Storm Inc., Metal Storm USA
Limited, Digigun LLC, and ProCam Machine LLC. The Company's
products include 3GL, FireStorm, MAUL, and 40mm and 18mm Lethal
and Less Lethal ammunition.


PAPER POORT: Placed Into Liquidation Following Customer Suits
-------------------------------------------------------------
Poort Holdings, trading as Paper Poort, has been placed into
liquidation, with Sydney-based insolvency firm Liquidation Direct
appointed as liquidators, The Queesland Business Review reports.

The company is being investigated by the Office of Fair Trading
after receiving complaints from customers during the past few
weeks.  Paper Poort, the report says, sold advertising space on
recycled paper shopping bags but complaints were raised when it
failed to deliver the bags.


TIMBERCORP: ASIC Intervenes in Battle Over Almond & Olive Projects
------------------------------------------------------------------
The Australian Securities and Investments Commission will
intervene on behalf of 6,000 growers in a battle to save trees
from being sold by Timbercorp Ltd. liquidator Mark Korda, the
Herald Sun reports.

The report says ASIC told the almond and olive growers Tuesday
that a lawyer would be appointed to act on their behalf on July
15, at a Victorian Supreme Court hearing to decide the fate of 14
separate almond and olive projects at Robinvale and Boort.

ASIC is also asking the growers to complete an online poll where
their views about the future of individual schemes will be
submitted to Justice Ross Robson who is to preside over the
hearing, The Herald Sun reports.

The Herald said that administrator Mark Korda had recommended that
the 40 companies, excluding the managing entity Timbercorp
Securities Ltd, be placed in liquidation because they had no money
and could not trade.  Mr. Korda, according to the Herald, said at
a meeting with creditors on June 29 that Timbercorp had debts of
at least AU$980 million, which include AU$661 million owed to
secured creditors, AU$14 million to unsecured creditors, AU$5
million to employees and AU$300 million in other loans and debt
notes.

Mr. Korda said liquidation was the best option, given that no
other parties were interested in running the Timbercorp companies,
the report related.

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

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

                        About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

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

Administrator Mark Korda had recommended that the 40 companies,
excluding the managing entity Timbercorp Securities Ltd, be placed
in liquidation because they had no money and could not trade.
Creditors of Timbercorp Ltd. voted to wound up the Timbercorp
entities.


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SINO-FOREST CORP: Closing of Deal Won't Affect S&P's 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that the rating and
outlook on Sino-Forest Corp. (BB/Stable/--) are not immediately
affected by the termination of its operating management agreement
(OMA) and master sale agreement with Mandra Forestry Finance Ltd.
(D/--).  S&P believes the termination will have a limited impact
on Sino-Forest's financial risk profile as the service fees
received under the OMA were minimal, at about US$1 million a year,
compared with the company's aggregate revenue. Further, there were
no sales under the MSA.

S&P acknowledges the risk that Sino-Forest will be unable to
operate forestry plantations or provide forestry plantation
services in Anhui province in the next three years as a result of
the termination of the agreements.  Nevertheless, in S&P's view,
the company's current plantation agreements should support its
business growth in the next three years.


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


CORAL HOLDINGS: John Robert Lees Quits as Liquidator
----------------------------------------------------
On June 23, 2009, John Robert Lees stepped down as liquidator of
Coral Holdings Limited.


FULLYWAY TECHNOLOGY: Creditors' Meeting Set for July 10
-------------------------------------------------------
The creditors of Fullyway Technology Limited will hold their
meeting on July 10, 2009, at 3:00 p.m., to appoint liquidator and
to consider further matters relevant to the creditors' voluntary
wind-up.

The meeting will be held at the 17th Floor of Ginza Square, 565-
567 Nathan Road, in Kowloon, Hong Kong.


GLORY RISE: Appoints Hung and Keng as Liquidators
-------------------------------------------------
On June 18, 2009, the creditors of Glory Rise Limited appointed
Lau Siu Hung and Liang Yang Keng as the company's liquidators.

The Liquidators can be reached at:

          Lau Siu Hung
          Liang Yang Keng
          Wing Yee Commercial Building, 2nd Floor
          5 Wing Kut Street
          Central, Hong Kong


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

Limbu Chhatra Jyoti filed the petition against the company on
May 13, 2009.


HABIB METROPOLITAN: Members' Final Meeting Set for August 7
-----------------------------------------------------------
The members of Habib Metropolitan Trade Services Limited will hold
their final meeting on August 7, 2009, at 2:01 p.m., at Level 28
of Three Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Kassim Parekh and Mohamedali Habib, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HSLC FURNITURE: Creditors' Proofs of Debt Due on August 7
---------------------------------------------------------
The creditors of HSLC Furniture Limited are required to file their
proofs of debt by August 7, 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:

          Yip Pui Yee
          Prosperous Commercial Building, 24th Floor
          54-58 Jardine's Bazaar, Causeway Bay
          Hong Kong


MATTEL VENDOR: Members to Receive Wind-Up Report on August 4
------------------------------------------------------------
The members of Mattel Vendor Operations Asia Limited will hold
their final meeting on August 4, 2009, at 10:00 a.m., at the 7th
Floor of Alexandra House, 18 Chater Road, in Central, Hong Kong.

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


MUTUAL FAITH: Creditors' Proofs of Debt Due on July 31
------------------------------------------------------
The creditors of Mutual Faith (HK) Limited are required to file
their proofs of debt by July 31, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 24, 2009.

The company's liquidator is:

          Pang Wai Kui
          Ritz Plaza, Suite A, 12th Floor
          122 Austin Road, Tsim Sha Tsui
          Kowloon, Hong Kong


PRAMAC (CHINA): Members' Final Meeting Set for August 5
-------------------------------------------------------
The members of Pramac (China) Limited will hold their final
meeting on August 5, 2009, at 11:00 a.m., at No. 2 Tuas View
Place, in #01-01 Enterprise Logistics Centre, Singapore 637431.

At the meeting, Wong Suk Kwan Louisa, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SGS HONG KONG: Members' Final Meeting Set for August 5
------------------------------------------------------
The members of SGS Hong Kong Automotives Services Limited will
hold their final meeting on August 5, 2009, at 3:00 p.m., at the
11th Floor of Wheelock House, 20 Pedder Street, in Central,
Hong Kong.

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


UNI-ALPHA: Members' Final Meeting Set for August 4
--------------------------------------------------
The members of Uni-Alpha Securities Limited will hold their final
meeting on August 4, 2009, at 10:00 a.m., at Room 2101 of Sino
Plaza, 256-257 Gloucester Road, in Causeway Bay, Hong Kong.

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


UNITED PULP: Creditors' Proofs of Debt Due on July 31
-----------------------------------------------------
The creditors of United Pulp & Paper (Hong Kong) Company Limited
are required to file their proofs of debt by July 31, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 22, 2009.

The company's liquidator is:

          Chin Kwan Lam, Raymond
          Charmhill Centre, Flat B, 15th Floor
          50 Hillwood Road
          Tsimshatsui, Hong Kong


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I N D I A
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ARSS INFRASTRUCTURE: CRISIL Cuts Ratings on Various Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on certain bank facilities of
ARSS Infrastructure Projects Ltd to 'D/P5' from 'BB/Stable/P4', as
the company has been delaying payment of its term loan
installments.  Also, the company is faced with a strained
liquidity position and is expected to continue delaying payment of
its term debt obligations.

   Facilities                      Rating
   ----------                      ------
   INR570.8 Million Term Loan      D (Downgraded from 'BB/Stable')

   INR180 Million Working Capital  D (Downgraded from 'BB/Stable')
            Demand Loan

   INR150 Million Bank Guarantee*  D (Downgraded from 'BB/Stable')

   INR2200 Million Bank Guarantee  P5 (Downgraded from 'P4')

   INR50 Million Standby Line      P5 (Downgraded from 'P4')
                    of Credit

   INR50 Million Letter of Credit  P5 (Downgraded from 'P4')

   * Bank guarantee convertible into working capital limit;
     hence, rated as long-term facility.

                     About ARSS Infrastructure

Incorporated in 2000, ARSS Infrastructure undertakes construction
of railway infrastructure, roads, highways, bridges, and
irrigation projects.  The company has, over the years, developed
expertise in railway construction projects, which include
earthwork, major and minor bridges, supply of ballast and
sleepers, laying of sleepers and rails, and linking of tracks.
Over the past seven years, the company has executed more than 60
projects, involving over 300 kilometres (km) of roads and
highways, 200 km of rail tracks, 10 minor and major bridges, and
other general civil engineering works.

For the year ended March 31, 2008, the company reported a net
profit of INR501 million on sales of INR6244 million, against a
net profit of INR271 million and sales of INR3126 million for the
previous year.


CONCORD HOSPITALITY: CRISIL Rates INR500 Million Term Loan at 'B+'
------------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the term loan
facility of Concord Hospitality Pvt Ltd.

   Rating                       Facility
   ------                       --------
   INR500 Million Term Loan     B+/Stable (Assigned)

The rating reflects CHPL's exposure to risks relating to its
limited track record in the hospitality industry.  This weakness
is, however, partially offset by the benefits that CHPL is
expected to derive from the healthy demand prospects for the
hospitality segment in Amritsar, and from the fact that the
company's project is nearing completion.

Outlook: Stable

The 'Stable' outlook reflects CRISIL's expectation that CHPL's
hotel project will commence operations without time overruns, and
that CHPL will maintain a stable business risk profile over the
medium term.  The outlook may be revised to 'Positive' if large
cash accruals from operations lead to substantial improvement in
CHPL's financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if delays or cost overruns on the project
impact CHPL's debt-servicing ability, or in case of less than
expected cash accruals.

                    About Concord Hospitality

Incorporated in 2006, CHPL has interests in real estate trading
and development.  It is currently undertaking the construction of
a Radisson hotel in Amritsar, under franchise from Carlson
Hospitality.  The project is expected to be completed by November
2009 at an estimated cost of INR1.13 billion.  It has also
developed a commercial complex near the hotel site in association
with Ansal Properties & Infrastructure Limited; about 90 per cent
of the area in the complex has already been sold out.  In
addition, CHPL is developing an apartment-cum-penthouse complex in
Amritsar.


GHAZIABAD ORGANICS: Weak Financial Profile Cues CRISIL BB- Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the bank
facilities of Ghaziabad Organics Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR100 Million Cash Credit Limit     BB-/Negative (Assigned)
   INR55 Million Term Loan              BB-/Negative (Assigned)
   INR13.5 Million Letter of Credit     P4 (Assigned)
   INR1.5 Million Bank Guarantee        P4 (Assigned)

The ratings reflect GOL's weak financial risk profile, marked by
poor debt protection measures, moderate gearing, and low net
worth.  The ratings also factor in GOL's small scale of operations
in the organic chemicals industry, and exposure to risks relating
to slowdown in the sugar industry.  These weaknesses are, however,
partially offset by the benefits that the company derives from its
healthy operating efficiency, backward integration in operations,
and modernized plant.

Outlook: Negative

CRISIL's 'Negative' outlook reflects GOL's exposure to risks
relating to significant movements in the prices of large
inventories maintained by GOL.  The ratings may be downgraded if
substantial decline in the prices of raw materials or finished
goods leads to low profitability and deterioration in financial
risk profile for GOL.  Conversely, the outlook maybe revised to
'Stable' if raw material availability in the domestic market
improves considerably, enabling GOL to manufacture alcohol in-
house, thereby enhancing its profitability and cash accruals.

                     About Ghaziabad Organics

Incorporated in 1996, GOL manufactures acetic acid, butyl acetate
and ethyl acetate used by industries such as foods, textiles,
pharmaceuticals, paints and cosmetics.  Around 80 per cent of the
company's sales are through dealers.  GOL's plant at Ghaziabad
(Uttar Pradesh) has capacity to manufacture 10,000 tonnes per
annum (tpa), 3000 tpa and 10,000 tpa of acetic acid, butyl
acetate, and ethyl acetate, respectively.  The company has also
integrated backwards into the manufacture of alcohol: its
distillery at Ghaziabad has capacity to produce 50 kilo litres of
alcohol per day.

GOL reported a profit after tax (PAT) of INR2 million on net sales
of INR244 million for the year ended March 31, 2009, as against a
PAT of INR11 million on net sales of INR295 million for for the
year ended March 31, 2008.


SABER PAPERS: CRISIL Puts 'BB' Rating on INR1250-Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Saber Papers Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR1250 Million Term Loan        BB/Stable (Assigned)
   INR40 Million Bank Guarantee     P4 (Assigned)

The ratings reflect SPL's exposure to risks relating to
implementation of its project to set up a writing and printing
paper (WPP) facility, and to weak financial risk profile, marked
high gearing and low net cash accruals.  These weaknesses are,
however, partially offset by SPL's average operating efficiencies.

Outlook: Stable

CRISIL expects Saber Papers Ltd to commence commercial production
at its plant on time; though there may be teething problems in the
initial year of operations like entering new markets and tying
with new customers.  The financial risk profile of SPL is likely
to remain constrained over the medium term because of large
working capital requirements and weak debt protection measures.
Stabilization in the operations with more-than-expected cash
accruals may result in the outlook being revised to 'Positive'.
Conversely, any delay in commissioning the plant leading to
adverse impact on SPL's cash flows may lead to revision in outlook
to 'Negative'.

                        About Saber Papers

SPL was incorporated in October, 2007 by Mr. Dinesh Soin and his
family. The company is setting up a 225-tonnes-per-day (tpd) semi-
integrated writing and printing paper (WPP) plant with an annual
capacity of around 74,250 tonnes at Haroli in Una, Himachal
Pradesh (HP).  The proposed plant will manufacture papers of 50-
150 grammes per square metre (GSM) for use in copiers, books,
magazines, brochures, and catalogues.  SPL manufactures mainly
papers used for copiers.  The project requires setting up a
pulper, inking plant, a steam-based boiler and other effluent
treatment plants.  The project, expected to cost around
INR1.92 billion, may be funded in the debt-to-equity ratio of
1.86:1.  The facility is expected to become operational by
September 30, 2009 and commercial production is expected to
commence in October 2009.


SARWOTTAM ISPAT: CRISIL Places 'BB+' Rating on INR114.80MM LT Loan
------------------------------------------------------------------
CRISIL assigned ratings of 'BB+/Stable/P4' to the bank facilities
of Sarwottam Ispat Ltd (Sarwottam):

   Facilities                           Rating
   ----------                           ------
   INR114.80 Million Long Term Loan*    BB+/Stable (Assigned)
   INR103.50 Million Cash Credit#       BB+/Stable (Assigned)
   INR43.70 Million Letter of Credit ^  P4 (Assigned)
   INR18.00 Million Bank Guarantee      P4 (Assigned)

   * Includes proposed Long term Loan of INR15.00 Million
   # Includes proposed Cash Credit of INR15.00 Million
   ^ Includes proposed Letter of Credit of INR4.70 Million

The ratings reflect Sarwottam's small scale of operations in a
fragmented industry, exposure to fluctuations in raw material
prices, and cyclicality in the steel industry.  These weaknesses
are mitigated by Sarwottam's established and long-standing
presence in the steel industry and the benefits it derives from
the experience of its promoters.

Outlook: Stable

CRISIL believes that Sarwottam will maintain its stable business
risk profile over the medium term supported by its long track
record in the industry.  The outlook may be revised to 'Positive'
if the company enhances its profitability and diversifies its
revenue base.  Conversely, the outlook may be revised to
'Negative' in case of decline in margins or cash flows, or if its
capital structure deteriorates, due to large, debt-funded capital
expenditure or acquisitions.

                       About Sarwottam Ispat

Sarwottam, incorporated in 1984 in Hyderabad, manufactures steel
ingots, billets and thermo-mechanically treated (TMT) bars.  The
company has capacity to manufacture 56,000 tonnes per annum (tpa)
of rolled products such as ingots and billets, and 50,000 tpa of
TMT bars.  It reported a profit after tax (PAT) of INR28.3 million
on net sales of INR857.1 million for 2007-08 (refers to financial
year, April 1 to March 31), against a PAT of INR9.1 million on net
sales of INR745.1 million for 2006-07.


SUCHETAN EXPORTS: CRISIL Puts 'BB-' Rating on INR20-MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Suchetan Exports Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR20.0 Million Cash Credit       BB-/Stable (Assigned)
   INR80.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect SEPL's weak inventory and debtor risk
management systems, and geographical concentration in revenues.
These weaknesses are, however, partially offset by SEPL's
comfortable financial risk profile.

Outlook: Stable

CRISIL believes that SEPL will maintain a stable business risk
profile by leveraging on strong business relationships.  The
outlook may be revised to 'Positive' if sustained improvement in
operating margins and additional equity infusions by promoters
help strengthen SEPL's financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens on account of decline in profitability or
material deterioration of the capital structure.

                      About Suchetan Exports

Incorporated in 1991, SEPL trades in cotton waste and thermal
coal. Sale of thermal coal contributed to about two-thirds of the
company's revenues in the year ended March 31, 2009.  The company
sells coal to customers in industries such as paper, textile,
chemical, and cement; cotton waste is used in manufacturing
currency paper, brake padding, denim, and healthcare products.
SEPL reported a profit after tax (PAT) of INR 3.1 million on net
sales of INR 411.0 million for the year ended March 31, 2008, as
against a PAT of INR 0.5 million on net sales of INR 316.5 million
for the year ended March 31, 2007.


VENKATESHWARA SPONGE: Delays in Loan Payment Cue CRISIL 'D' Rating
------------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the bank facilities of
Venkateshwara Sponge & Iron Company Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR100 Million Cash Credit Limits *   D (Assigned)
   INR150 Million Term Loan**            D (Assigned)
   INR10 Million Proposed Long Term      D (Assigned)
                 Bank Loan Facility

    * Includes proposed limit of 40 Million
   ** Includes proposed limit of Rs 80 Million

The ratings reflect delays by Venkateshwara in its repayment of
term loan obligations, owing to weak liquidity.

                    About Venkateshwara Sponge

Venkateshwara, a closely held company set up in 2005, manufactures
sponge iron.  The company commenced commercial production in
February 2008, with an installed capacity of 100 tonnes per day.

Venkateshwara reported a profit after tax of INR2.3 million on net
sales of INR194 million for the year ended March 31, 2009, as
against a profit after tax of INR(4.4) million on net sales of
INR42.5 million for the year ended March 31, 2008.


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


MERPATI NUSANTARA: To Lease 8 French Planes; Xi'an Deal Junked
--------------------------------------------------------------
PT Merpati Nusantara Airlines said that it is in the process of
signing deals with foreign lessors worth as much as US$63 million
for eight French-made ATR-72 passenger planes, the Jakarta Globe
reports.

Merpati President Director Bambang Bhakti said the company had
conducted a tender process for the 60-seater ATR-72s, with the
planes set to be delivered starting in August.  One of the lessors
is Germany's Flair Aviation, the report notes.

The tender process came as Merpati continued to back away from a
US$232 million contract with China's Xi'an Aircraft Industry for
15 similar-sized propeller aircraft.

Mr. Bambang had said the company would execute a Plan B if the
Xi'an contract dispute was not resolved.  "I still haven't heard
of any new developments from the [Xi'an] negotiations," Mr.
Bambang said.

A government source close to the negotiations, told the Globe that
Merpati had clearly abandoned the deal because "there has been no
resolution whatsoever between Merpati and Xi'an."

The Globe relates that the source also said that Indonesia would
be willing to go to international arbitration if Xi'an so desired.
Xi'an has already threatened to take Merpati to arbitration for
US$90 million in damages, the report says.

According to the report, Merpati ordered the 15 MA-60s, also 60-
seater propeller aircraft, from Xi'an in 2006, using a soft loan
facility provided by the Chinese government.  But the airline took
delivery of just two of the planes on a trial basis before seeking
to abandon the deal, the Jakarta Globe relates.

                   About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

Merpati Nusantra has been suffering from massive debts and soaring
costs, and is now under a restructuring program of the Asset
Management Company (PPA) — the state-sanctioned agency tasked to
restructure ailing state firms, the Troubled Company Reporter-Asia
Pacific reported on Feb. 25, 2009, citing Jakarta Globe.

The company has a total debt of IDR2.2 trillion to two other state
firms, plus around IDR800 billion it owes as part of employee
layoff settlements, following the dismissal of up to 1,300 workers
on a voluntary basis.


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


L-JAC 4: Moody's Downgrades Ratings on Various Classes of Bonds
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Class
A-2 through G-3 Bonds issued by L-JAC 4 Funding and Class X-1/X-2
Trust Certificates.  The bonds will mature in August 2012 and
May 2015.

The individual rating actions are listed below:

  -- Class A-2, downgraded to Aa2 from Aaa; previously, Aaa had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class B-2, downgraded to A1 from Aa2; previously, Aa2 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class C-2, downgraded to A3 from A2; previously, A2 had been
     placed under review for possible downgrade on September 17,
     2008

  -- Class D-2, downgraded to Baa3 from Baa2; previously, Baa2 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class D-3A, downgraded to Ba1 from Baa2; previously, Baa2 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class D-3B, downgraded to Ba1 from Baa2; previously, Baa2 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class E-2, downgraded to Ba2 from Baa3; previously, Baa3 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class E-3, downgraded to Ba2 from Baa3; previously, Baa3 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class F-2, downgraded to Ba3 from Ba1; previously, Ba1 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class F-3, downgraded to Ba3 from Ba1; previously, Ba1 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class G-2, downgraded to B1 from Ba2; previously, Ba2 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class G-3, downgraded to B1 from Ba2; previously, Ba2 had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class X-1, downgraded to Aa2 from Aaa; previously, Aaa had
     been placed under review for possible downgrade on
     September 17, 2008

  -- Class X-2, downgraded to Aa2 from Aaa; previously, Aaa had
     been placed under review for possible downgrade on
     September 17, 2008

L-JAC4, effected in May 2007, represents the securitization of
non-recourse loans to five borrowers.  The transaction is
currently backed by two loans.

Moody's had originally placed the ratings under review for
possible downgrade on September 17, 2008, as a result of the
Lehman Brothers Holdings Inc bankruptcy filing on September 15,
2008, and a subsequent rating downgrade.  The transaction is
exposed to one of the LBHI's subsidiaries as hedge counterparties.

Additionally, Moody's has updated its key surveillance assumptions
for the monitoring of Japanese CMBS ratings and on April 14, 2009,
started reviewing for possible downgrade 228 tranches in 50
Japanese CMBS deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

Moody's had continued the review for possible downgrade of the
ratings of the subject transaction, reflecting the update of its
key surveillance assumptions.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining sharply, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                        0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       25% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       75% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in 16% for
both of the loans, in light of these factors.

1) Given the stressed environment for the commercial real estate
   market, the property is likely to be less attractive to
   potential buyers in terms of type.

2) One of the two loans will mature in 2010, and will need to be
   refinanced in a severely stressed market.

3) Currently, the trustee of the transaction is entering new hedge
   contracts with an eligible financial institution to the
   satisfaction of Moody's rating methodology, "Framework for De-
   Linking Hedge Counterparty Risks from Global Structured Finance
   Cashflow Transactions Moody's Methodology"(May 2007).  But this
   has not yet been finalized. Moody's has factored in the
   potential interest rate risks, reflecting the current situation
   regarding the hedge contracts.


SMALL LOAN: Moody's Withdraws 'B2' Rating on Class E Certificates
-----------------------------------------------------------------
Moody's Investors Service has withdrawn its B2 rating for the
Class F Trust Certificates issued by the Small Loan Trust: Series
One for business reasons.  The final maturity of the trust
certificates will take place in December 2011.

The individual rating action is:

  -- Class F, B2 rating withdrawn; previously, B2 assigned on
     July 1, 2004


* JAPAN: Corporate Bankruptcies Up 7.4% in 1st Half of 2009
-----------------------------------------------------------
Japanese corporate bankruptcies rose 7.4 percent in June from a
year earlier to 1,422 cases, Reuters reports citing Tokyo Shoko
Research Ltd.  According to Reuters, the rise comes after the
number of bankruptcies fell year-on-year in May for the first time
in 12 months.

Data from Tokyo Shoko Research showed that total debt involved
fell 3.1 percent to JPY477 billion or US$5.0 billion, Reuters
said.

Reuters, citing Tokyo Shoko, relates that bankruptcies of
manufacturers were up 28 percent, failures of construction firms
hit a calendar year high, and small and medium-size firms now face
both falling revenues and higher interest rates.


* JAPAN: Reg'l. Banks May Face Surging Mortgage Defaults
--------------------------------------------------------
Finbarr Flynn and Shingo Kawamoto at Bloomberg News report that
Japan's smaller regional banks may need to brace for an increase
in mortgage defaults as unemployment rises and the contagion from
the recession spreads through the world's second-largest economy.

"Banks need to take steps to prevent loans to individuals from
going bad, just as they do with corporate borrowers," Nobuo
Kojima, chairman of the Second Association of Regional Banks, was
quoted by Bloomberg News as saying.  "We've seen a lot of measures
to support smaller companies, such as credit guarantees, but
nothing much for individuals."

According to Bloomberg News, Japan's smaller regional lenders
grant a third of their loans to individuals and face the risk of
homeowners defaulting on debt, after corporate bankruptcies forced
more than half of the 44 banks in Kojima's association to book
losses in the year ended March 31.

Citing Masahiko Sato, an analyst at Nomura Holdings Inc. in Tokyo,
Bloomberg News notes that defaults by individuals may crimp the
banks' earnings.


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


WETHAQ TAKAFUL: S&P Downgrades Counterparty Credit Rating to 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
counterparty credit and insurer financial strength ratings on
Wethaq Takaful Insurance Co. K.S.C. (Closed) to 'BB+' from 'BBB-'.

The ratings remain on CreditWatch with negative implications,
where they were placed on May 27, 2009.

"The downgrade reflects S&P's increasing concerns regarding the
impact on Wethaq's financial strength of the situation at TID,"
said Standard & Poor's credit analyst Lotfi Elbarhdadi.

TID (The Investment Dar; not rated) has a 67% shareholding in
Wethaq.

The negative CreditWatch status means that S&P may further lower
the ratings, depending on the development of TID's financial
situation.  The ratings were originally placed on CreditWatch
negative on May 27, 2009, following an announced default by TID on
one of its sukuk issues.

Among the key features underlying S&P's opinion on Wethaq's
financial strength ratings, as a Takaful (Islamic insurance)
player in Kuwait, was an implicit benefit of being part of a large
Sharia-compliant shareholder.

S&P expects to resolve the CreditWatch status or update it within
three months.

"The resolution timing will depend upon the outcome of TID's debt
restructuring, and on obtaining more clarity on its financial
situation and strategic positioning," said Mr. Elbarhdadi.

S&P will then focus on evaluating the impact of TID's ownership on
Wethaq's financial flexibility (defined as its level of access to
capital relative to its needs), competitive position, and
investments.  If the outcome of the review is negative, S&P may
lower the ratings, but S&P expects the ratings to remain in the
'BB' category.


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


EKRAN BERHAD: Settles With Danaharta for Loan Default
-----------------------------------------------------
Pursuant to Practice Note 1/2001 of the Listing Requirements of
the Bursa Malaysia Securities Berhad, Ekran Berhad disclosed that
it in June it defaulted in payment on certain loans:

  Bankers               Claimed amount      Description
  -------               --------------      -----------
  Pengurusan Danaharta  MYR28,426,953.08    Original Loan with
  National Sdn Bhd      + Interest          Pacific Bank Berhad.
                                            Loan recalled.

  Danaharta Managers    MYR1,217,535.25     Original Loan with
   Sdn Bhd              + Interest          Public Merchant Bank
                                            Berhad.
                                            Loan recalled.

  Danaharta Urus        MYR29,535,045.28    Original Loan with
  Sdn Bhd               + Interest          Bumiputra-Commerce
                                            Bank Berhad.
                                            Loan recalled.

Danaharta filed separate writs of summons against the Company.
The Company countered with defenses to the summons.

Following negotiations, the parties have agreed to a full and
final settlement sum. Payments are to be made progressively.

                        About Ekran Berhad

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

                          *     *     *

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


TENGGARA OIL: Defaulted on MYR21 Million in Loans as of June 30
---------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary company, Tenggara Concrete
Sdn Bhd, have been unable to pay the amount of principal and
interest in respect of its credit facilities as of June 30,
2009:

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR6,709,832.41
   (Southern Bank Berhad)

   CIMB Bank Bhd              TOB                 1,408,900.57
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               12,904,815.62
                                              ----------------
                                              MYR21,023,548.60

                       About Tenggara Oil

Tenggara Oil Berhad is a Malaysia-based investment holding company
engaged in provision of management services. The principal
activities of the subsidiaries are filling, blending and
processing of lubricants.  The Company's subsidiaries include
Tenggara Lubricant Sdn. Bhd., which is engaged in filling,
blending and processing lubricants; Tenggara Plaza Sdn. Bhd.,
which is engaged in letting and managing of property, and Tenggara
Concrete Sdn. Bhd., which is engaged in manufacturing and
supplying of ready-mixed concrete.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


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


HOTEL DU VIN: In Receivership; Kordamentha Managing Assets
----------------------------------------------------------
Luxury botique hotel Hotel du Vin was placed into receivership on
July 3, Tamsyn Parker at The New Zealand Herald reports.
Receivers Kordamentha were called in to manage the business and
all of its assets, the report says.

According to the report, companies office records show Hotel du
Vin is directly owned by Leeward Holdings, the holding company for
Aster Investment Company, which was also put into receivership on
Friday.

The hotel is managed by the Heritage Hotel Management chain and
continues to be run.  Heritage is not in receivership, the report
notes.  According to the report, a Heritage spokesman said that
the company was continuing to operate the hotel under the
receivers and would continue to do so until a formal agreement was
reached.

Located south of Auckland, New Zealand, Hotel du Vin features 48
chalets, a vineyard and full spa complex.  The hotel caters to the
wealthy, offering activities from archery and claybird shooting to
a team-building arena.


ONE TREE: Faces Liquidation Over Debt to Franchisor
---------------------------------------------------
One Tree Hill Realty Ltd is facing liquidation by its franchisor,
Remax, The National Business Review reports.

The Review relates that Remax, which is owed NZ$116,000, told the
court that its franchisee, One Tree Hill Realty was insolvent and
should be liquidated.  One Tree Hill Realty has outstanding bills
to a number of creditors, including the New Zealand Herald and
Empire Publishing, the report says.

According to the report, the lawyer for Remax, David Quigg, said
One Tree Hill Realty had failed to meet its payments for over a
year.  The charges included membership fees, service fees, a base
management fee and market training levy.

The Review, citing the lawyer for One Tree Hill Realty Mike
Tolhurst, says the company had a payment arrangement with its
landlord and Empire Publishing, both of which are owed money for
bills that were due over six months ago.

Associate Judge Jeremy Doogue, as cited by the report, said having
such arrangements with creditors indicated insolvency.

Mr. Tolhurst admitted the client does not have any money to make a
significant payment, the Review relates.

One Tree Hill Realty Ltd is a New Zealand-based real estate
agency.


PLUS SMS: Shares Remains Suspended on Failure to Send Reports
-------------------------------------------------------------
The New Zealand Exchange (NZX) has reaffirmed the suspension of
trading of securities of Plus SMS Holdings Limited at the New
Zealand Alternative Market (NZAX) after the company failed to file
its annual accounts on time.

The NZX said it is retaining the suspension because the company
has not submitted its preliminary full year announcement for the
full year ended March 31, 2009.  The full year results were due to
be filed on June 12.

On June 15, the company was placed in suspension due to concerns
about its corporate governance structure, following a series of
announcements relating to resignations by its directors.

                    Securities Commission Says
              Law Vs. Disclosure Breach Now in Effect

Recent events concerning Plus SMS, have prompted the securities
commission of the NZX to issue a statement.

The Commission says that it has investigated disclosures by Plus
SMS from October 2005 to September 2006, and trading in shares of
Plus SMS in this period.

The Commission said that the investigation followed a notice given
by the Commission in September 2006, which resulted in Plus SMS
correcting several earlier announcements.  These announcements
related to certain contracts said to be held by Plus SMS and their
effect on the company.

The Commission considered the findings of the investigation in
September 2007.  It found:

   -- Company announcements made various claims about the
      benefits of contractual arrangements in circumstances
      where the company itself did not know whether the
      contracts in fact held any value;

   -- There was no evidence of trading by insiders during
      periods when the market was misinformed about the
      contracts; and

   -- There was no evidence of an intention on the part of
      Plus SMS directors to deceive or mislead the market.

The Commission said it did not investigate any possible market
manipulation, since no relevant law regarding the behavior was in
effect until February 29, 2008.

The Commission formed the opinion that there were breaches of
continuous disclosure obligations by the company in 2006.  As the
breaches occurred prior to February 29, 2008, there was no way to
proceed against directors.

As the investigation did not disclose evidence of insider trading,
and as actions for breaches of continuous disclosure could only at
that time be taken against the company itself, to the cost of
shareholders, the Commission decided not to take court action in
respect of the matter.

Thereafter the Commission considered publication of a report on
its investigation.  It heard submissions from certain affected
parties.  Not having found any actionable breach of the law during
this process, the Commission could not commit further resources in
the light of significant enforcement work on other matters.

Amendments to the continuous disclosure provisions in the
Securities Markets Act came into force on February 29, 2008.
These changes allow the Commission to seek pecuniary penalties and
compensation from individual directors and officers who are
knowingly involved in any continuous disclosure breach.  The
Commission says it will not hesitate to take action in appropriate
cases.

                      About Plus SMS Holdings

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                           *     *     *

The company incurred three consecutive net losses of
NZ$6.96 million, NZ$11.89 million, and NZ$4.49 million for the
financial years ended March 31, 2008, 2007 and 2006, respectively.


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


KJP INTERNATIONAL: Court to Hear Wind-Up Petition on July 17
------------------------------------------------------------
A petition to have KJP International (S) Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
July 17, 2009, at 10:00 a.m.

Singapore Tin Industries Pte Ltd filed the petition against the
company on June 24, 2009.

The Petitioner's solicitor is:

          WongPartnership LLP
          One George Street #20-01
          Singapore 049145


NGK SPARK: Creditors' Proofs of Debt Due on August 6
----------------------------------------------------
NGK Spark Plugs Singapore Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 6, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Tam Chee Chong
          Lim Loo Khoon
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


RESMED SINGAPORE: Creditors' Proofs of Debt Due on August 3
-----------------------------------------------------------
The creditors of Resmed Singapore Pte Ltd are required to file
their proofs of debt by August 3, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Victor Goh
          c/o Phoenix Corporate Advisory Pte Ltd
          101 Upper Cross Street
          #08-15 People’s Park Centre
          Singapore 058357


SO SAY: Court Enters Judicial Management Order
----------------------------------------------
On June 30, 2009, the High Court of Singapore entered an order to
place So Say Cheong Pte Ltd under judicial management.

Messrs. Wee, Tay & Lim are the applicant's solicitors.


THINK & LEARN: Court Enters Wind-Up Petition
--------------------------------------------
On June 26, 2009, the High Court of Singapore entered an order to
wind up the operations of Think & Learn Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

          Official Receiver
          Insolvency & Public Trustee’s Office
          The URA Centre (East Wing)
          45 Maxwell Road, #05-11 & #06-11
          Singapore 069118


                         *********

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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