TCRAP_Public/090720.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 20, 2009, Vol. 12, No. 141

                                   Headlines

A U S T R A L I A

CARILLA DAIRIES: Goes Into Receivership; Owes More Than AU$12MM


H O N G  K O N G

ACTAD (FAR EAST): Inability to Pay Debts Prompts Wind-Up
BOTHFAIR LIMITED: HO Wai Ip Step Down as Liquidator
BREAN DISTRIBUTORS: Contributories & Creditors to Meet on Aug. 18
BRENCOURT ASIA: Creditors' Proofs of Debt Due on Aug. 17
EASTGLEN IMPORTS: Members' Final Meeting Set for August 18

GREATING E: Creditors' Proofs of Debt Due on Aug. 17
LA COSTE: Creditors' Proofs of Debt Due on Aug. 18
PEOPLE ACTING: Placed Under Voluntary Wind-Up
ULHK LIMITED: Placed Under Members' Voluntary Liquidation
WEALTHFAIR CONSULTANTS: Creditors' Proofs of Debt Due on Aug. 17


I N D I A

AGGARWAL RICE: CRISIL Assigns 'B+' Ratings on INR28.7MM Term Loan
ANSHU HOSPITALS: CRISIL Rates INR287.4 Million Term Loan at 'BB-'
DYNAMIC INDUSTRIES: CRISIL Reaffirms 'P4' Rating on INR75 Mln LOC
ELLORA PAPER: Low Net Worth Prompts CRISIL to Assign 'BB' Ratings
RACHIT CREATION: CRISIL Rates INR42.1 Million Term Loan at 'B'

SATYAM COMPUTERS: SEBI to Fund Investors' Class Action Suit
SHREE PRAKASH: CRISIL Places 'BB+' Ratings on Various Bank Loans
SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR29.8 Mln Term Loan


I N D O N E S I A

BANK DANAMON: Second Qtr Net Profit Down 20% to IDR477 Billion
BANK NEGARA: Second Qtr Net Profit Rises 176% to IDR1.2 Trillion
PAITON ENERGY: Moody's Affirms 'B1' Senior Secured Rating


J A P A N

MAZDA MOTOR: In Tie Up Talks with Toyota on Hybrids


K O R E A

GENERAL MOTORS: GM Daewoo Aims to Establish Multiple Retail System


N E W  Z E A L A N D

STRATEGIC FINANCE: Expects to Post About NZ$98MM Annual Loss
* NEW ZEALAND: Liquidation Applications Continue to Fall


P H I L I P P I N E S

GOODYEAR TIRE: To Close Philippine Tire Plant; 500 Jobs At Risks


S I N G A P O R E

TOUGHEN ELECTRICAL: Creditors' Proofs of Debt Due on August 1


T A I W A N

TA CHONG: Fitch Downgrades Ratings on Various Bonds to 'D'
TAISHIN BANK: FSC Imposes NT$4 Million Fine Over Client Info Leak
TAIWAN POWER: Auctions Off NT$13 Billion Bonds Last Week
* TAIWAN: Life Insurers Net Worth Plunges to NT$70 Billion in 2008


V I E T N A M

BANK FOR INVESTMENT: Fitch Affirms Individual Rating at 'D/E'


X X X X X X X X

* Recession Grinding to a Halt, Federal Reserve and BoJ Say


                         - - - - -


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A U S T R A L I A
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CARILLA DAIRIES: Goes Into Receivership; Owes More Than AU$12MM
---------------------------------------------------------------
Carilla Dairies Pty Ltd has gone into receivership with debts of
more than AU$12 million, ABC News reports.  Martin Lewis at
Ferrier Hodgson was appointed as the company's receiver.

According to the report, Mr. Lewis said plummeting milk prices
have contributed to the collapse.

ABC News quoted Mr. Lewis as saying that “It's been difficult for
dairy farmers, as a result in this particular case the director
has requested the bank to appoint a receiver and effectively take
control of the assets.”

Carilla Dairies Pty Ltd is a dairy farm located in Tintinara,
South Australia.  The farm runs a herd of 3,000 cows and employs
18 staff.


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


ACTAD (FAR EAST): Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
On June 30, 2009, the shareholders of Actad (Far East) Company
Limited passed a resolution that voluntarily winds up the
company's operations due to its inability to pay debts when it
fall due.

The company's liquidators are:

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


BOTHFAIR LIMITED: HO Wai Ip Step Down as Liquidator
---------------------------------------------------
On July 7, 2009, HO Wai Ip stepped down as liquidator of Bothfair
Limited.


BREAN DISTRIBUTORS: Contributories & Creditors to Meet on Aug. 18
-----------------------------------------------------------------
The contributories and creditors of Brean Distributors Limited
will hold their meeting on August 18, 2009, at 11:00 a.m. and
11:30 a.m., respectively, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The meeting will be held at the 18th Floor, 1801 Wing On House, 71
Des Voeux Road, in Central, Hong Kong.


BRENCOURT ASIA: Creditors' Proofs of Debt Due on Aug. 17
--------------------------------------------------------
The creditors of Brencourt Asia Limited are required to file their
proofs of debt by August 17, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Stephen Briscoe
          18th Floor, 1801 Wing On House
          71 Des Voeux Road
          Central, Hong Kong


EASTGLEN IMPORTS: Members' Final Meeting Set for August 18
----------------------------------------------------------
The members of Eastglen Imports & Exports Limited will hold their
final meeting on August 18, 2009, at 10:00 a.m., at Level 28 of
Three Pacific Place, 1 Queen's Road East, Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GREATING E: Creditors' Proofs of Debt Due on Aug. 17
----------------------------------------------------
The creditors of Greating E & E Transport International Company
Limited are required to file their proofs of debt by August 17,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Chan Shu Kin
          Chow Chi Tong
          Tung Ning Building, 9th Floor
          249-253 Des Voeux Road Central
          Hong Kong


LA COSTE: Creditors' Proofs of Debt Due on Aug. 18
--------------------------------------------------
The creditors of La Coste Company Limited are required to file
their proofs of debt by August 18, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Li Fat Chung
          Chan Chi Bor
          Malaysia Building
          Unit 402, 4th Floor
          No. 50, Gloucester Road
          Wanchai, Hong Kong


PEOPLE ACTING: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on July 13, 2009, the
members of People Acting for a Smokeless Society Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

          Ho Kwan Tat
          World Link CPA Limited
          Far East Consortium Building, 5th Floor
          121 Des Voeux Road Central
          Hong Kong


ULHK LIMITED: Placed Under Members' Voluntary Liquidation
---------------------------------------------------------
On July 9, 2009, the shareholders of ULHK Limited passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Wong Chi Kin
          Park-In Commercial Centre, Rooms 2017-8
          56 Dundas Street
          Mongkok, Kowloon


WEALTHFAIR CONSULTANTS: Creditors' Proofs of Debt Due on Aug. 17
----------------------------------------------------------------
The creditors of Wealthfair Consultants Limited are required to
file their proofs of debt by August 17, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 13, 2009.

The company's liquidator is:

          Lam Ying Sui
          Allied Kajima Building, 10th Floor
          138 Gloucester Road
          Wanchai, Hong Kong


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I N D I A
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AGGARWAL RICE: CRISIL Assigns 'B+' Ratings on INR28.7MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the bank
facilities of Aggarwal Rice Mills.

   Facilities                           Ratings
   ----------                           -------
   INR290.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR28.7 Million Term Loan            B+/Stable (Assigned)

The ratings reflect Aggarwal's stretched financial risk profile on
account of large working capital requirements, and exposure to
risks relating to small scale of operations, customer
concentration in revenues, unfavourable government policies, and
increasing raw material prices.   These weaknesses are, however,
partially offset by the benefits that Aggarwal derives from the
experience of its promoters, and the healthy growth prospects for
the rice industry.

Outlook: Stable

CRISIL believes that Aggarwal's financial risk profile will remain
stretched over the medium term on account of substantial working
capital requirements.  The firm's scale of operations may remain
small over the short to medium term.  The outlook may be revised
to 'Positive' if there is substantial improvement in the company's
capital structure and scale of operations.  Conversely, the
outlook may be revised to 'Negative'if the firm's capital
structure deteriorates any further.

                        About Aggarwal Rice

Set up in 1982 as a partnership firm by Mr. Sunil Mittal and his
family and friends, Aggarwal converted to a proprietorship concern
in 2007.  Aggarwal mills, processes, and sells basmati rice. It
produces mainly parboiled rice, which has high demand in the
Middle East.  The firm's rice-milling, grading and sorting unit at
Baghapurana (Punjab) has capacity to process 10 tonnes of rice per
hour.  The firm also procures unsorted rice from other mills, and
sorts the same for sale in the export markets.


In 2007-08 exports contributed about 80 per cent to the firm's
revenues.  Aggarwal reported a profit after tax (PAT) of INR0.9
million on net sales of INR151 million for the year ended
March 31, 2008, as against a PAT of INR0.2 million on net sales of
INR82 million for March 31, 2007.


ANSHU HOSPITALS: CRISIL Rates INR287.4 Million Term Loan at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Anshu Hospitals Ltd (AHL).

   Facilities                    Ratings
   ----------                    -------
   INR10 Million Cash Credit     BB-/Stable (Assigned)
   INR287.4 Million Term Loan*   BB-/Stable (Assigned)

   *Including proposed limit of INR35 million.

The rating reflects AHL's weak financial risk profile marked by a
high gearing, and its small size of operations, with limited track
record in tertiary healthcare services.  These weaknesses are
mitigated by AHL's established presence in Faridabad, Haryana.

Outlook: Stable

CRISIL expects AHL's financial risk profile to remain stable on
the back of the satisfactory demand for its services, considering
the successful implementation and commissioning of the new
hospital, Sarvodaya Hospital and Research Center (SHRC), with 220
beds.  The outlook may be revised to 'Positive' if there is an
improvement in the company's capital structure, through a capital
infusion, or if cash accruals improve, following stabilisation of
operations at SHRC.  Conversely, the outlook may be revised to
'Negative' in the event of a substantial debt-funded expansion or
decline in profitability, adversely affecting its financial risk
profile.

                      About Anshu Hospitals

AHL was incorporated in 1997 by Dr. Rakesh Gupta and his wife
Ms. Anshu Gupta.  AHL had set up Sarvodaya Hospital (SH), in 1998.
At present, the Fariabad-based hospital has 80 beds.  In 2007,
Dr. Rakesh Gupta set up SHRC, a 220-bed hospital; it was
commissioned in August 2008.  SH is engaged in providing secondary
healthcare services, whereas SHRC is engaged in providing tertiary
healthcare services in multi-specialty areas, with focus on
neurology and cardiac care.

For the year ended March 31, 2008, AHL reported a profit after tax
(PAT) of INR3.4 million on net revenues of INR110 million, as
against INR2.0 million and INR93 million, respectively, in the
previous year.


DYNAMIC INDUSTRIES: CRISIL Reaffirms 'P4' Rating on INR75 Mln LOC
-----------------------------------------------------------------
CRISIL's ratings on various bank facilities of Dynamic Industries
Ltd (DIL) continue to reflect DIL's small scale of operations,
exposure to intense competition, weak financial risk profile, and
high working capital requirements. The impact of these weaknesses
is mitigated by the extensive industry experience of the company's
promoters.

   Facilities                             Ratings
   ----------                             -------
   INR4 Million Cash Credit Limit         BB/Stable (Reaffirmed)

   INR140 Million Export Packing Credit   P4 (Reaffirmed)

   INR75 Million Letter of Credit         P4 (Reaffirmed)
   (Enhanced from INR57.5 Million)

Outlook: Stable

CRISIL expects DIL to maintain its market position on the back of
industry experience of the company's promoters.  The outlook may
be revised to 'Positive' if DIL improves its cash accruals
substantially, while maintaining its current capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in DIL's profitability, or if the company undertakes large
debt-funded capital expenditure (capex) programs, resulting in
deterioration in its financial risk profile.

                      About Dynamic Industries

Incorporated in 1989 by Mr. H D Mamlatdarna and Mr. D N Choksi,
DIL manufactures direct and acid dyes.  The company has two
manufacturing facilities in Vatva district of Gujarat, with a
total installed capacity of 3200 million tonnes per annum.  DIL
also trades in colour dyes manufactured by other players.  The
company caters mainly to the overseas market, with exports
contributing around 90 per cent to its revenues in 2008-09.

For 2008-09, DIL reported a profit after tax (PAT) of INR2.2
million on net sales of INR419.7 million, against INR1.86 million
and INR412 million, respectively, in the previous financial year.


ELLORA PAPER: Low Net Worth Prompts CRISIL to Assign 'BB' Ratings
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Negative' to the bank
facilities of Ellora Paper Mills Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR77.4 Million Cash Credit       BB/Negative (Assigned)
   INR29.0 Million Long Term Loan    BB/Negative (Assigned)
   INR36.1 Million Proposed Long     BB/Negative (Assigned)
         Term Bank Loan Facility

The rating reflects Ellora's low operating margins, propensity for
diversification into unrelated businesses, and exposure to risks
relating to fluctuations in the price of waste paper.  These
weaknesses are partially offset by Ellora's established presence
in the paper manufacturing business.

Outlook: Negative

CRISIL expects Ellora's financial risk profile, marked by low
operating margins and net worth, to remain constrained over the
medium term on account of slowdown in demand for newsprint amid
the current economic slowdown.  The rating may be downgraded if
adverse operating conditions materially impact Ellora's debt
protection measures.  Conversely, the outlook may be revised to
'Stable' if the operating environment recovers, leading to
improvement in Ellora's profitability and debt protection
measures.

                        About Ellora Paper

Established in Nagpur, Maharashtra, in 1977, Ellora was declared
sick in 1985 and was taken over by Mr. Chandra Prakash Goenka from
its original promoters.  A one-time settlement was agreed with
lenders in 1992.  The company produces newsprint and writing and
printing paper.  In 2008, it diversified its operations by setting
up a rice mill near the company's existing paper unit in Bhandara,
Nagpur.  The company processes rice under 'Akshat' and
'Jaisiyaram' brands.  The paper and rice divisions accounted for
around 70 per cent and 30 per cent, respectively, of the company's
revenues in 2009.

Ellora reported a profit after tax (PAT) of INR8.4 million on net
sales of INR369.7 million for the year ended March 31, 2008, as
against a PAT of INR19.8 million on net sales of INR359.8 million
for the year ended March 31, 2007.


RACHIT CREATION: CRISIL Rates INR42.1 Million Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Rachit Creation (Rachit).

   Facilities                           Ratings
   ----------                           -------
   INR10.0 Million Cash Credit Limit    B/Stable (Assigned)
   INR42.1 Million Term Loan            B/Stable (Assigned)
   INR62.1 Million Proposed Long Term   B/Stable (Assigned)
           Bank Loan Facility
   INR1.5 Million Proposed Short      P4(Assigned)
         Term Bank Loan Facility

   INR1.8 Million Bank Guarantee      P4(Assigned)

The ratings reflect Rachit's weak financial risk profile marked by
large debt-funded capital expenditure (capex), and small scale of
operations in the intensively-competitive embroidery designing
segment.  These weaknesses are, however, partially offset by
Rachit's established track record in the textile industry.

Outlook: Stable

CRISIL believes that Rachit will maintain a stable business risk
profile on the back of established relationships with customers.
The firm's financial risk profile may, however, remain constrained
by high gearing and declining margins over the medium term.  The
outlook may be revised to 'Positive' if successful stabilisation
of the ongoing capex, leads to strong growth in revenues and
margins.  Conversely, the outlook may be revised to 'Negative' if
inability to generate expected sales from the new capacity leads
to lower-than-expected cash accruals.

                       About Rachit Creation

Rachit, set up by Mr. Ramniwas Gupta in 2005, is engaged in
embroidery designing on fabrics.  The firm is part of the
Jaybharat group. Jaybharat group's flagship company, Jaybharat
Dyeing and Printing Pvt Ltd is engaged in textile dyeing and
printing.  Rachit reported a profit after tax (PAT) of INR1.6
million on net sales of INR29.3 million for the year ended
March 31, 2008, as against net loss of INR4.3 million on net sales
of INR15.9 million for the year ended March 31, 2007.


SATYAM COMPUTERS: SEBI to Fund Investors' Class Action Suit
-----------------------------------------------------------
The Securities and Exchange Board of India will fund a domestic
investors' association class action suit against Satyam Computers,
its former promoters, auditors and directors, The Economic Times
reported.

According to the report, investor-plaintiffs will seek
compensation from Satyam and the parties involved for the losses
they incurred when its stock price crashed, after an accounting
fraud came into light in January 2009.

The Times relates that the class action, which is one of the many
class action suits that the company is facing, has been filed by
New Delhi-based Midas Touch Investor Association in the Supreme
Court.

Midas, which represents 300,000 investors, collectively holds nine
crore shares of Satyam, the report notes.

The Times discloses that this is the first instance in the country
where Sebi is financially assisting investors to legally challenge
wrongdoings by companies or promoters.

                         Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

  (1) inflated (non existent) cash and bank
      balances of 50.40 billion rupees (US$1.04 billion)
      (as against 53.61 billion reflected in the books);

  (2) an accrued interest of 3.76 billion rupees which
      is non existent;

  (3) an understated liability of 12.30 billion rupees
      on account of funds arranged by Mr. Raju; and

  (4) an overstated debtors position of
      4.90 billion rupees (as against 26.51 billion
      reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell stake in itself, as the company seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31
per cent stake in Satyam Computer Services Limited, beating strong
rival L&T.  Tech Mahindra would acquire the stake in an all-cash
deal, followed by an open offer for a 20 percent stake to take
management control of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                        About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the takeover of Motorola Inc.'s software development
center in Malaysia.


SHREE PRAKASH: CRISIL Places 'BB+' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Shree Prakash Textiles (Gujarat) Pvt Ltd (SPTPL).

   Facilities                           Ratings
   ----------                           -------
   INR75.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR36.7 Million Term Loan            BB+/Stable (Assigned)
   INR4.6 Million Proposed Long Term    BB+/Stable (Assigned)
                  Bank Loan Facility

The ratings reflect SPTPL's weak financial risk profile marked by
high gearing and low net worth, and small scale of operations and
vulnerability of operating margins to raw material prices.  These
weaknesses are, however, partially offset by the benefits that
SPTPL derives from the healthy prospects for the textile industry.

Outlook: Stable

CRISIL believes that SPTPL will maintain a stable business risk
profile on the back of established relationships with customers
and operations based on fixed job processing charges.  The outlook
may be revised to 'Positive' if there is substantial improvement
in the company's operating income and margins.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure.

                       About Shree Prakash

SPTPL, incorporated in 1969 by Mr. Purushottamdas Somabhai Patel,
undertakes job works in the processing of fabric.  The job works
include bleaching, dyeing, printing, and finishing of grey cloth.
The company caters to the domestic market (around 50% to the
operating income) and also caters to the export market through
orders provided by local agents serving the international market
(around 50% of the operating income).  SPTPL has two ISO 9001
certified manufacturing locations in Gujarat – at Naroda and
Rakhial.  The company caters largely to the shirt fabric, for
men's and women's wear, in the domestic market while for the
export oriented orders it caters largely to made ups comprising of
bed sheets, pillow covers etc.  The product mix of the company has
60-70% polyester and the balance is cotton. SPTPL reported a
profit after tax (PAT) of INR 4 million on net sales of INR 268
million for the year ended March 31, 2009, as against a PAT of
INR 3 million on net sales of INR 260 million for the year ended
March 31, 2008.


SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR29.8 Mln Term Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sai Prakash Alloys
Pvt Ltd., a part of the Saiji group of industries, continues to
reflect the Saiji group's liquidity constraints because of rising
raw material prices, and its exposure to the cyclicality inherent
in the steel business and the uncertainty in the business
environment in Meghalaya.  The impact of these weaknesses is
mitigated by the integrated nature of operations of the group
entities, leading to improvement in its market position.

   Facilities                     Ratings
   ----------                     -------
   INR55.0 Million Cash Credit    BB+/Stable (Reaffirmed)
   INR29.8 Million Term Loan      BB+/Stable (Reaffirmed)

For arriving at its rating, CRISIL has combined the financials of
Shree Sai Prakash Alloys Pvt Ltd, Shree Sai Rolling Mills (India)
Ltd (Shree Sai Rolling Mills), Shree Sai Smelters (India) Ltd
(Shree Sai Smelters), and Shree Sai Megha Alloys Ltd (Shree Sai
Megha Alloys).  Ingots produced by Shree Sai Smelters and Shree
Prakash Alloys are used by Shree Sai Rolling Mills.  Shree Sai
Megha Alloys has guaranteed all the loans of Shree Sai Smelters
and Shree Prakash Alloys. All these entities are based in
Meghalaya.

Outlook: Stable

CRISIL expects the Saiji group to maintain its credit risk
profile, on the back of increasing revenues.  The outlook may be
revised to 'Positive' if the group's liquidity improves.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes a large debt-funded capital expenditure programme, or
if its profitability deteriorates further.

                          About the Group

Shree Sai Prakash Alloys, based in Byrnihat, Meghalaya, is part of
the Saiji group of industries, promoted by Mr. J P Jaiswal and Mr.
Sandeep Bhagat.  The group has a manufacturing presence in Assam,
Meghalaya, West Bengal, and Arunachal Pradesh.  The group has an
installed capacity to produce 60,000 tonnes per annum (tpa) of
rolling materials in Shree Sai Rolling Mills, 32,000 tpa of
ingots, and 7500 tpa of ferro-alloys in Shree Sai Smelters, and
28,000 tpa of ingots in Shree Sai Prakash Alloys.  For the year
ended March 31, 2009, the group reported a consolidated
provisional profit after tax (PAT) of INR33 million on net sales
of INR826 million.  For the year ended March 31, 2008, it posted a
PAT of INR37 million on net sales of INR611 million.


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BANK DANAMON: Second Qtr Net Profit Down 20% to IDR477 Billion
--------------------------------------------------------------
Reuters reports that PT Bank Danamon Tbk said Thursday its second-
quarter net profit fell 20 percent to IDR477 billion ($47.25
million) from IDR595.3 billion a year ago, citing the high cost of
funds and credit.

Reuters says the bank's net interest income in the second quarter
climbed 25 percent to IDR2.345 trillion from IDR1.88 trillion a
year earlier.

The lender reported a gross non-performing loan (NPL) ratio of
3.5 percent in the January-June period, compared to 2.3 percent a
year ago, Reuters notes.

Jakarta Globe meanwhile reports that Bank Danamon revealed a
dismal 25 percent slump in earnings for the first half of 2009.

According to the Globe, the bank saw its net profit tumble 25
percent to IDR870 billion in the first half, compared with IDR1.16
trillion in the year-earlier period.

Danamon's loan book stood at IDR61.59 trillion in the first half,
marking only a slight increase from IDR61.21 trillion in the same
period last year, the Globe adds.

"In the first half 2009 compared to first half 2008 there was a
drop mainly because of high cost of funds we experience in the
first quarter of this year and also high cost of credit across the
banking sector in indonesia," Reuters quoted Danamon's President
Director Sebastian Paredes.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                           *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


BANK NEGARA: Second Qtr Net Profit Rises 176% to IDR1.2 Trillion
----------------------------------------------------------------
PT Bank Negara Indonesia reported a 176 percent surge in net
profit in the second quarter this year to IDR1.2 trillion from the
same period in 2008, the Jakarta Globe reports.

According to the report, BNI said it had expanded lending by
21 percent to IDR119.86 trillion during the first half.

"Our fundamentals are now stronger because we've reduced our NPLs
[non-performing loans] while increasing our provisions against
possible losses to 118.5 percent, to maintain the quality of our
assets," the Globe quoted Gatot Suwondo, BNI's president director.

BNI said it now only expected 14 percent full-year lending growth,
compared with the 16 to 18 percent forecast earlier despite
soaring profit, the report relates.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Fitch Ratings affirmed PT Bank Negara Indonesia
Tbk's Long- term foreign and local currency Issuer Default Ratings
at 'BB' with a Stable Outlook, Short-term foreign currency IDR at
'B', National Long-term Rating at 'AA-(idn)' (AA minus(idn)) with
a Stable Outlook, Individual rating at 'D', Support rating at '3',
and Support rating floor at 'BB-' (BB minus).


PAITON ENERGY: Moody's Affirms 'B1' Senior Secured Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the B1 senior secured
rating of Paiton Energy Funding B.V., the obligations of which are
guaranteed by PT Paiton Energy.  The outlook is stable.

"The affirmation reflects Moody's view that Paiton's planned
US$1.54 billion expansion for its 815MW P3 coal-fired power
project will not have material adverse impact on existing lenders'
interests in the P7/8 project, given the presence of various
security protection mechanisms during the P3 construction period,"
says Jennifer Wong, Moody's lead analyst for the company.

These protection mechanisms mainly include (1) split power
purchase agreement invoicing for P7/8 and P3 which allows
separation of project cash waterfalls; (2) PPA structured to
provide for separate compensation for each of the two projects;
(3) P3 Lenders have agreed to forbear triggering enforcement over
shared security during construction; (4) additional debt service
reserve of approximately US$115 million made available to P7/8
lenders from financial close until 6 months after P3 commercial
operation date, meaning October 2012;and (5) contingent equity of
US$180 million.

"At the P3 commercial operation date, P7/8 debt outstanding will
be manageable at approximately US$322 million (as compared to
outstanding of US$872 million as of 31 December 2008), which are
expected to be fully repaid by Feb 2014", says Wong, adding
"Further comfort can be drawn from the 6-month debt-service
reserve in place and additional security mechanisms".

The B1 rating reflects Paiton's stable operational performance
since it restructured its PPA in 2003.  It has maintained the
availability factor of its plants consistently higher than the PPA
requirement and well above 85% over the past three years.
Furthermore, payments from its off-taker, Perusahaan Listrik
Negara (Ba3/Positive) have so far been on time.

The stable outlook reflects Moody's expectation that Paiton will
continue to demonstrate a strong operating performance and
generate steady and predictable cash flow.  The stable outlook
also incorporates Moody's expectation that the expansion will have
a minimal adverse impact on its existing operation due to the
separation of project cash waterfalls.

Upward pressure on the rating is unlikely in the next 12 months,
given the execution risks associated with the company's large
expansion plan.

On the other hand, negative rating pressure could emerge if 1)
there is significant cost overrun and/or delays to the P3
expansion plan and which results in a materially adverse impact on
Paiton's operational and financial profile, and impairs the
interests of current bondholders; or 2) the company's operational
performance in P7/8 deteriorate, such that its DSCR consistently
falls below 1.2x.

Moody's last rating action on Paiton was taken on 8 October 2008,
when its outlook was changed to stable from positive.

PT Paiton Energy owns and operates two 615MW coal-fired power
units in East Java, Indonesia.  Paiton Energy Funding B.V. is a
special purpose company created for the bond funding of the power
plants.


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


MAZDA MOTOR: In Tie Up Talks with Toyota on Hybrids
---------------------------------------------------
Toyota Motor Corp. is in talks with Mazda Motor Corp. as it
considers providing Mazda with core parts of its hybrid car in a
tie-up, Kyodo News reports citing unnamed sources.

The news agency relates that Toyota is expected to supply
batteries and motors for a hybrid car Mazda plans to release
between 2010 and 2015.

Sources said talks between the two automakers for a tie-up began
after Mazda asked for the hybrid parts from the world's largest
automaker, Kyodo relates.

The report says that Mazda, which had planned to enter the hybrid
market after 2015, will be able to roll out the model earlier if
it can ink the deal with Toyota. On the other hand, says Kyodo,
Toyota will also be able to push down costs for the key hybrid
components through mass production.

According to the report, the deal between Toyota and Mazda is
likely to open the door to similar tie-ups between automakers amid
a growing market for energy-saving cars, particularly in Japan due
partially to recent government tax breaks and subsidies for
hybrids and other eco-friendly vehicles.

Toyota has previously provided its hybrid technology and parts to
Nissan Motor Co. and U.S. automaker Ford Motor Co., Kyodo notes.

                            About Mazda

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'BB' long-term corporate
credit rating on Mazda Motor Corp., reflecting increased pressure
on the company's profitability and cash flow amid ongoing
turbulence in global auto markets.  At the same time, Standard &
Poor's affirmed its long-term corporate credit and 'BB+' senior
unsecured debt ratings on Mazda.


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


GENERAL MOTORS: GM Daewoo Aims to Establish Multiple Retail System
------------------------------------------------------------------
GM Daewoo Auto and Technology Co., South Korean unit of General
Motors, said it will establish a multiple retailer system to
increase domestic sales, The Korea Herald reports.

According to the report, the company said that it is currently
reevaluating its domestic sales network and discussing the
restructuring plans with Daewoo Motor Sales Co.

GM Daewoo said that the new sales structure will be introduced
during the final quarter of the year and that it will be fully
operational by January 2010, the Herald relates.

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had US$82.2
billion in total assets and US$172.8 billion in total liabilities,
resulting in US$90.5 billion in stockholders' deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


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


STRATEGIC FINANCE: Expects to Post About NZ$98MM Annual Loss
------------------------------------------------------------
Strategic Finance Limited said it is entering its bi-annual audit
process following the conclusion of its financial year on June 30,
2009, with KPMG (New Zealand) as auditor.

SFL, along with all participants in the property and finance
sector, continues to be affected by the difficult economic climate
and a number of other factors including the continued decline of
underlying property values, a high rate of defaulting purchasers
of property subject to SFL mortgages and actions that prior
ranking lenders are taking to collect their loans over properties
on which SFL does not hold a first ranking mortgage.

As a result, SFL said it expects to make significantly higher
levels of impairments, provisions and bad debt write-offs
(together impairment adjustments) in respect of loans made by SFL
in SFL's final statements to the year ended June 30, 2009, in
comparison with the position ended December 31, 2008.

The Board's current views as to the appropriate level of
impairment in respect of any SFL loans will be the subject of
KPMG's review throughout the audit process.  That process may
result in changes to those impairment adjustments as they are
presented in the June 30, 2009, financial statements of SFL.
Subject to that comment, the Board of SFL currently expects that
SFL's financial performance and position for the year ended, and
as at, June 30, 2009, will show a continued decline when compared
to SFL's financial performance and position for the prior 6 month
period because of the material increase in impairment adjustments.

"The Board's current assessment is that the increased level of
impairment adjustments will likely result in SFL making a net
operating loss after tax for the financial year to June 30, 2009,
in the vicinity of NZ$98 million (the net loss after tax for the
half year ended December 31, 2008, was NZ$32.76 million) and SFL
having negative shareholders' funds of approximately NZ$25 million
as at June 30, 2009," SFL said in a statement.

Under the new international financial reporting standards, the
impairment adjustment referred to above requires a calculation of
net present values of future cashflows using the effective
interest rate of each impaired loan.  Some of this impairment
adjustment will be released over time and on this basis, the Board
currently expects that SFL will not resume payment of dividends to
perpetual preference shareholders as full repayment of the prior
ranking subordinated notes is now not expected.  The Board is
currently of the view that interest on subordinated notes will not
be paid and that approximately 85 cents in the dollar of principal
will be repaid to this class during the moratorium.  The total
amount of principal owing to subordinated noteholders amounts to
approximately NZ$21 million.

"It is the Board's assessment that the provisional full year
results have no impact on the forecast repayment of 100 cents in
the dollar of principal and all interest to depositors,
debentureholders or the prior ranking BOS International
(Australia) Limited facility," SFL said.

The full audited financial results for the financial year ended
June 30, 2009, will be made available on confirmation by the Board
following the conclusion of the audit in late August 2009.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services.  Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.  The company owed NZ$325 million to 15,000 investors,
according to various reports.

On Dec. 22, 2008, the TCR-AP reported that Strategic Finance
gained the approval from debenture stockholders, depositors and
noteholders of its moratorium proposal.

Under the moratorium plan, the company will, subject to the
availability of funds as the assets of Strategic Finance
are realized, make quarterly repayments of principal and interest
through to December 2013, to its stockholders, deposit holders and
subordinated note holders, in accordance with existing priority
arrangements, as the assets of Strategic Finance are realized.

Under the moratorium proposal, interest on investments will be re-
set at August 7, 2008, to 8.0% across the board for all
securityholders, including BOSIAL for its main bank facility
(interest that accrues on the prior ranking BOSIAL facilities of
NZ$25 million will continue to accrue at the existing ordinary
rate).


* NEW ZEALAND: Liquidation Applications Continue to Fall
--------------------------------------------------------
The National Business Review reports that liquidation applications
going through at the High Court are back to normal with just 108
liquidation applications granted by Associate Judges in
High Courts around New Zealand in June -- only three up on June
2008.

The number of new liquidation administrations for the Insolvency
and Trustee Service are also down with 29 appointments in June,
lower than 54 in February, the report said.


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


GOODYEAR TIRE: To Close Philippine Tire Plant; 500 Jobs At Risks
----------------------------------------------------------------
The Goodyear Tire & Rubber Company said Friday it will close its
tire plant in the Philippines as part of a strategy to address
uncompetitive manufacturing capacity globally.

The action, which is expected to be completed by the end of the
third quarter, will result in a reduction of approximately 500 of
the company's 600 associates in the Philippines. The company's
sales and marketing operations in the country are not affected,
Goodyear said in a statement.

The closure of the plant in Las Pinas will result in the reduction
of nearly two million units of annual production capacity, which
is part of Goodyear's strategy to remove 15 million to 25 million
units of capacity over the next two years. Production will be
transferred to lower-cost plants in the company's Asia-Pacific
Region.

"Due to high costs compared to other plants in the region, tires
produced in the Las Pinas plant are not competitive in the
marketplace," said Pierre E. Cohade, president of Goodyear's Asia-
Pacific Region.

"Goodyear is committed to its business in the Philippines as well
as continuous product innovation, and intends to maintain its
market leadership through aggressive marketing, excellent customer
service and superior products," Mr. Cohade said.  "This action
will, in no way, disrupt our service to wholesale, retail and
original equipment customers."

The company said it will record approximately US$20 million in
charges associated with the closure in the third quarter of 2009,
principally for non-cash asset write offs.

Goodyear, which has had a presence in the Philippines since 1919,
opened the Las Pinas plant in 1956.

               About Goodyear Tire & Rubber Company

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26
countries and employs 80,000 people worldwide.  Goodyear has
subsidiaries in New Zealand, Australia, Venezuela, Peru, Mexico,
Luxembourg, Finland, Korea, and Japan.

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2009,
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating to The Goodyear Tire & Rubber Co.'s proposed $500 million
senior unsecured notes due 2016, and a recovery rating of '5',
indicating S&P's expectation that lenders will receive modest
recovery (10% to 30%) in the event of a default.  All of
Goodyear's senior unsecured notes, including this note, are
pari passu with respect to right of payment.

On May 11, 2009, Moody's Investors Service assigned a B1 rating to
Goodyear Tire & Rubber Company's new $500 million offering of
unsecured notes.  In a related action, Moody's affirmed Goodyear's
Corporate Family and Probability of Default ratings of Ba3, and
affirmed the Speculative Grade Liquidity Rating at SGL-3.  All
other long-term ratings are unchanged.  The outlook remains
negative.


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


TOUGHEN ELECTRICAL: Creditors' Proofs of Debt Due on August 1
-------------------------------------------------------------
Toughen Electrical Pte Ltd, which is in creditors' 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:

          Winston Loong Sie Yoke
          c/o Winston Loong & Co.
          140 Robinson Road #06-03
          Chow House
          Singapore 068907


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


TA CHONG: Fitch Downgrades Ratings on Various Bonds to 'D'
----------------------------------------------------------
Fitch Ratings has downgraded Ta Chong Bank 2006-2 Collateralized
Bond Obligation Special Purpose Trust New Taiwan Dollar
denominated tranches:

  -- NT$23.74 million Class A-1 CP downgraded to 'D(twn)' from
     'C(twn)';

  -- NT$1,635.70 million Class A-2 CP downgraded to 'D(twn)' from
     'C(twn)';

  -- NT$100.10 million Class B CP downgraded to 'D(twn)' from
     'C(twn)'; and

  -- NT$100.65 million subordinated term note due February 2013
     downgraded to 'D(twn)' from 'C(twn)'.

The transaction was established in 2006 to make a one-time
purchase of NTD corporate bonds and a US$ single tranche synthetic
CDO (Castle Finance III Limited Series 2 (Castle Finance 2))
through the issuance of three classes of CP and one subordinated
term note.

The rating actions follow the release of the estimated final
distribution report available on July 14, 2009, indicating that
the liquidation proceeds, after swaps termination costs and senior
fees, will not be sufficient to pay down Class A-1 CP in full, and
that all the remaining classes will suffer 100% of loss.

Following the Stop Issuance Event arising from the non-payment of
US$ coupon by Castle Finance 2 to SPT2 in October 2008, the
remaining NTD assets were liquidated, and the US$54.75 million
principal amount of Castle Finance 2 was written down to zero.

The liquidation proceeds were used to pay down most of Class A-1,
reducing the outstanding principal to NT$23.74 milllion from
NT$1,363.90 million at the last issuance in October 2008.  The
final distribution report, subject to the investor's consent on
July 23, 2009, projects that the unpaid notional amount of Class
A-1 will represent 1.40% of its last issuing notional of
NTD1,363.90 million.


TAISHIN BANK: FSC Imposes NT$4 Million Fine Over Client Info Leak
-----------------------------------------------------------------
The Financial Supervisory Commission said it has imposed an
administrative fine of NT$4 million on Taishin International Bank
after confirming the veracity of news reports from July 2008, in
which the media reported that there had been a leak of information
on the credit card spending histories and banking transactions of
the bank's customers.  The leaks revealed problems with the bank's
handling of customer information as well as its internal controls,
in violation of Article 45-1, paragraph 1 of the Banking Act.  The
amount of the fine was set in accordance with Article 129,
paragraph 1, subparagraph 7 of the same Act.

Headquartered in Taipei, Taiwan, Taishin International Bank
provides general commercial banking services, which include
commercial lending, letters of credit, bankers' acceptances,
checking and savings accounts, installment and term loans, foreign
exchange transactions and wire transfer services.

Taishin International Bank continues to carry Moody's Investors
Service 'D' Bank Financial Strength Rating BFSR.


TAIWAN POWER: Auctions Off NT$13 Billion Bonds Last Week
--------------------------------------------------------
Elizabeth Tchii at the Taipei Times reports that Taiwan Power Co.
auctioned NT$13 billion (US$394.4 million) in corporate bonds on
July 16, its second bond offering this year after it sold NT$6.99
billion in bonds in April.

Based on results of the auction, says Taipei Times, the company
sold the three-year bonds with a yield of 0.97 percent, five-year
bonds with a yield of 1.43 percent and seven-year bonds with a
yield of 1.70 percent.

According to Taipei Times, Taipower said it will use the proceeds
for routine capital expenditures, which include renewing existing
facilities, building new power generators, factories and
transmission lines.

Fubon Securities Co. is serving as guarantor for the latest bond
issuance, while KGI Securities Co is the lead underwriter, the
report says.

The Troubled Company Reporter-Asia Pacific reported on Nov. 20,
2008, that Taiwan Power Co.'s financial deficits were expected to
continue increasing to the level of NT$100 billion, by the end of
2008.

As of the end of October, Taipower incurred an operating loss of
NT$93.2 billion, sharply up from a surplus of NT$2.154 billion for
the whole year of 2005, a deficit of NT$200 million for 2006, and
a huge net loss of NT$23.13 billion in 2007.

Executives of Taipower said that the state-run company,
capitalized at NT$330 billion, will be forced to seek government
permission to raise the electricity rates because the company is
likely to run into loss again in 2009, the report cites Executives
of Taipower.

The government still maintains a controlling state of NT$94.04
billion in Taipower plus 3.07 percent held by private investors,
and 2.89 percent by others.

With a generating capacity of more than 37,370 MW, Taiwan Power
(Taipower) serves nearly 11.7 million industrial, commercial, and
residential customers.  Thermal sources (coal, oil, and liquefied
natural gas) fuel most of Taipower's plants; nuclear energy and
hydroelectric sources make up the balance. Unable to meet Taiwan's
power needs on its own, the utility has opened its market to
independent power producers, allowing companies to build power
plants and sell to Taipower.  Taipower has resumed construction on
the nation's fourth nuclear plant, and the government has
announced plans to privatize Taipower.


* TAIWAN: Life Insurers Net Worth Plunges to NT$70 Billion in 2008
------------------------------------------------------------------
Taiwanese life insurers saw their net worth plunge last year, the
Taipei Times reports citing the Financial Supervisory Commission.

The report, citing Wu Tsung-chuan of the FSC's Insurance Bureau,
relates that the net worth of life insurers contracted from NT$430
billion in 2007 to NT$70 billion in 2008.

Premiums for local insurers had dropped in the low interest rate
environment between 2003 and 2006, the report relates.

The Times says that the FSC recently announced measures including
temporarily easing capital ratio requirements to help ease
financial pressure.  According to the report, Mr. Wu said the
measure is due to expire at the end of the year and the FSC will
need time to consider whether or not to extend it.


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


BANK FOR INVESTMENT: Fitch Affirms Individual Rating at 'D/E'
-------------------------------------------------------------
Fitch Ratings has affirmed Bank for Investment and Development of
Vietnam's Individual rating at 'D/E' and Support rating at '4'.

BIDV's Individual Rating reflects its limited balance-sheet
strength, concentration risks on sector loans and single-name
deposits, and the challenging/volatile environment it operates in.
It also factors in improved underlying profitability, good
disclosure and the bank's solid franchise (benefiting from its
state-owned status).  Fitch assumes a limited probability of
external support as the government, despite an almost certain
willingness, may be constrained by a lack of resources.

"We consider BIDV to be one of Vietnam's more advanced banks in
terms of commercial orientation and risk management.  Its
Individual Rating has upward potential if the bank continues to
strengthen these areas alongside materially stronger
capitalisation," notes Sabine Bauer, Director in Fitch's Financial
Institutions team.  "That said, significantly higher NPLs and
subsequently weaker capital may trigger a downgrade," adds Ms.
Bauer.

Loan quality has notably improved, but special mention loans
remained at a high 20% of loans at FYE08.  In addition, even
though BIDV grew at a slower pace than the banking sector in 2005-
2008 (by an average 23% per year versus the sector's 34%), Fitch
expects credit costs to increase as Vietnam's trade-dependent
economy faces lower global demand.  Furthermore, subsidized
stimulus lending is providing artificially cheap loans to
customers who may not be able to repay in 2009/2011 if interest
rates rise.

BIDV's total regulatory CAR (based on Vietnamese Accounting
Standards) stood at a low 8.2% at end-H109 (2008: 8.9%).  Capital,
applying IFRS, is notably lower due to additional impairment
allowances, but BIDV aims for a minimum total CAR of 8% prior to
its partial IPO via retained earnings and subordinated capital.

BIDV is Vietnam's second-largest bank (with 13% of system-wide
assets at FYE08).  It had 13,100 staff at FYE08.  Following two
other state-owned peers' partial IPOs, the government plans to
privatize up to 30% of BIDV, including 20% to strategic/financial
investors; this is most likely to take place in H110.


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


* Recession Grinding to a Halt, Federal Reserve and BoJ Say
-----------------------------------------------------------
In a Memo issued by the Federal Reserve on July 16, officials
predict that the 18-month-long economic recession is grinding to a
halt.  Meanwhile Bank of Japan said on July 15 that Japan's
economic downturn has reached the floor.  China has also seen
clearer economic recovery momentum in the first half of 2009, with
its domestic industry taking on a prosperous scene.

In a statement, Fairtheworld.com believes that the recovery signal
sent by China, Japan and the U.S. indicates that main global
economies are gradually bottoming out, which will instill
confidence to global investment and employment markets.  However,
the gloom will not be dispelled immediately.  In a prolonged
period from now on, joblessness will remain high; there may be a
lot of deficits or bankruptcies taking place in quite a number of
enterprises.  The best measure a company can take is to try its
best to reduce cost, maintain and expand orders.

Some lavishly-funded enterprises may take this opportunity to
start a global merger & acquisition spree and attract talent with
high salaries, in a bid to prepare for a future expansion after
the recovery, Fairtheworld.com says.

Fairtheworld predicts that the global merger & acquisition and
recruitment surge will reach its peak before an economic re-bound,
because all companies hope to get themselves ready before a
genuine recovery.

On the Net: http://www.Fairtheworld.com/


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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.


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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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