TCRAP_Public/090810.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, August 10, 2009, Vol. 12, No. 156

                            Headlines

A U S T R A L I A

BENDIGO AND ADELAIDE: Full Year Profit Drops 26%; Seeks AU$300MM
GOODMAN GROUP: Moody's Retains Review on 'Ba1' Subordinated Rating
SUNCORP METWAY: Earlier Approach by J.C. Flowers Rejected
TIMBERCORP: Investors' Vote to Sell/Recapitalize Scheme Due Today


C H I N A

CHINA DIGITAL: Wu Steps Down as CFO; Chen Takes Over on Interim
CHINA DIGITAL: Swings to US$1.3 Million Net Income for Q2 2009


H O N G  K O N G

BEAUTIWAY HOLDINGS: Creditors' Proofs of Debt Due on September 2
CHAT HAY: Court to Hear Wind-Up Petition on September 23
FREDERIQUE ACADEMY: Creditors' Meeting Set for August 13
GOLDEN PATH: Court to Hear Wind-Up Petition on Sept. 2
JADE ALLIANCE: Court to Hear Wind-Up Petition on September 2

JENBACHER EAST: Placed Under Voluntary Wind-Up
JOYFUL LONG: Contributories and Creditors to Meet on August 11
JOYWORLD LIMITED: To Pay First and Final Dividend on August 14
LA SIERRA: Creditors' Proofs of Debt Due on September 2
LYDENY DEVELOPMENT: Court to Hear Wind-Up Petition on Sept. 23

NEW CHOICE: Appoints Sutton and Yu as Liquidators
PAUA GROUP: Creditors' Meeting Set for August 13
PAUA GROUP: Creditors' Meeting Set for August 13
SHUN HANG: Court to Hear Wind-Up Petition on September 2
YU'S TIN: Court to Hear Wind-Up Petition on August 19


I N D I A

ANINDITA TRADES: CRISIL Reaffirms 'BB' Rating on INR65MM Term Loan
BP SANGLE: CRISIL Assigns 'BB' Rating on INR45 Million Cash Credit
CREST ANIMATION: CRISIL Cuts Ratings on Cash Credit to 'BB+'
GEMINI STUDIOS: Low Net Worth Cues CRISIL 'BB' Ratings
KARNA PAINTS: CRISIL Assigns 'BB-' Rating on INR5.2MM Term Loan

NARAYANI COKE: CRISIL Places 'BB-' Rating on INR14.7MM Term Loan
NAV DURGA: CRISIL Reaffirms Rating on INR458.3MM Term Loan at 'C'
TRAVANCORE COCOTUFT: CRISIL Rates Various Bank Facilities at 'P4'
WESTERN UP: CRISIL Cuts Rating on INR3.85 Bln Term Loan to 'B+'
* INDIA: Industrial Capex to Grow Amid Economic Slowdown


I N D O N E S I A

INTERNATIONAL NICKEL: Protesters Lift Road Blockade


J A P A N

ASAHI MUTUAL: S&P Downgrades Financial Strength Rating to 'BB-'
ELPIDA MEMORY: Acquires GDDR Technology Licenses from Qimonda
ELPIDA MEMORY: To Sell JPY30 Billion Preferred Shares to DBJ
JAPAN AIRLINES: Q1 Net Loss Widens to JPY99.04 Billion
JAPAN AIRLINES: Reduces Flights to China, Korea and India

PIONEER CORP: Posts JPY4.09 Billion Net Loss in June 30 Quarter


S I N G A P O R E

BEXCOM PTE: Creditors' First Meeting Set for August 26
CENTREPOINT SHIPPING: Court to Hear Wind-Up Petition on August 21
CHIP THYE: To Pay First Interim Dividend
INNOVATIVE STRUCTURAL: Creditors' First Meeting Set for August 13
UNIVERSAL RELIANCE: Court to Hear Wind-Up Petition on August 21


S O U T H  A F R I C A

SUPER GROUP: Fitch Downgrades National Long-Term Rating to 'BB-'


T H A I L A N D

RED DRAGON: Bondholders Mull Legal Action Over US$125-Mln Default


                         - - - - -


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A U S T R A L I A
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BENDIGO AND ADELAIDE: Full Year Profit Drops 26%; Seeks AU$300MM
----------------------------------------------------------------
Bendigo and Adelaide Bank has flagged an after tax profit before
significant items of AU$173.2 million for the 12 months ending
June 30, 2009, a 26% reduction on the prior corresponding period.

The reduced profit was attributable to a slowing economy and
global recession, an unprecedented drop in official cash rates and
increased funding costs, Bendigo said in a statement.

However, in a sign that the Retail Bank, including the Community
Bank(R) network, remains strong, retail deposits increased by 20%
to more than AU$28.5 billion.  This increase in retail deposits
has allowed the Bank to reduce its reliance on wholesale funding,
which remains expensive and difficult to access.

The Bank said that it will pay a final dividend of 15% per share
(fully franked), taking the total dividend for the financial year
to 43 cents per share.

Newly appointed Bendigo and Adelaide Bank Group Managing Director,
Mike Hirst, said "There is no doubt that the last financial year
presented unprecedented challenges for all Australian banks, with
everything from a deteriorating credit cycle and rapid fall in
official cash rates to reduced wholesale funding options impacting
significantly on financial results."

                        Capital Management

The Bank also unveiled plan for a AU$300 million equity raising
comprising of:

   -- a 1 for 12 non-renounceable entitlement offer of ordinary
      shares to eligible Australian and New Zealand retail
      shareholders and eligible institutional shareholders to
      raise approximately AU$173 million; and

   -- a placement of ordinary shares to selected sophisticated
      and institutional investors to raise approximately AU$127
      million.

Bendigo said the additional capital will be used to strengthen the
Bank’s capital base, enhance the Bank’s financial flexibility and
to take advantage of growth opportunities as markets continue to
improve.

                   About Bendigo and Adelaide Bank

Bendigo and Adelaide Bank Limited (ASX:BEN) --
http://www.bendigobank.com.au-- formerly Bendigo Bank Limited, is
engaged in the provision of a range of banking and other financial
services, including retail banking, business banking and
commercial finance, funds management, treasury and foreign
exchange services, superannuation, financial advisory and trustee
services.  At June 30, 2008, the Company operated through more
than 400 branches across Australia.  It also offers 100 Bendigo
Bank agencies and 700 automated teller machines (ATMs). The
Company operates in four segments: retail banking, wholesale
banking, wealth solutions, joint ventures and alliances, and
corporate support.  On November 30, 2007, Bendigo and Adelaide
Bank Limited acquired Adelaide Bank Limited, which is engaged in
the provision of wholesale mortgages, business lending, wealth
management and retail banking services.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2009, Fitch Ratings affirmed Bendigo and Adelaide Bank's
Long-term foreign currency Issuer Default Rating at 'BBB+', Short-
term foreign currency IDR at 'F2', Individual at 'B/C', Support at
'3' and Support Rating Floor at 'BB'.  The Outlook is Stable.
Also, the agency notes the bank's exposure to investors in the
failed managed investment scheme company, Great Southern Limited.

Although the Outlook for BEN's Long-term IDR is Stable, Fitch
remains cognizant of the impact potential losses and/or weakened
recovery prospects could have on earnings, particularly in the
context of the deteriorating economic landscape and the likelihood
of a generally softer financial performance in FY09.


GOODMAN GROUP: Moody's Retains Review on 'Ba1' Subordinated Rating
------------------------------------------------------------------
Moody's Investors Service has said that it is maintaining its
review for possible downgrade on Goodman Group's Baa3 issuer and
senior unsecured ratings.  It is also continuing its review for
possible downgrade on the subordinated Ba1 rating on Goodman's
hybrid securities.  The review will be concluded upon the
successful completion of the recapitalization.

This follows Goodman's announcement of its capital management plan
-- which involves the issuance of an underwritten equity of
AU$1.3 billion and preference securities of AU$500 million -- and
its extension of debt at the headstock as well as the managed
funds.

"The equity issuance and debt extension will address Goodman's
refinancing risk as well as strengthen its balance sheet," says
Clement Chong, a Moody's VP/Senior Analyst, adding, "Near-term
debt maturities and high leverage were previously pressuring the
group's rating at its investment-grade rating level."

"Upon completion of the capital management plan, the wider group
-- including the headstock and managed funds -- would have no
material debt refinancing needs until FY2012," Mr. Chong adds.

Following the capital-raising, headstock and look-through leverage
metrics are expected to improve considerably, providing the group
with a higher degree of financial flexibility to deal with the
operating environment, which is expected to remain challenging
into 2010.  Headroom over covenants -- at the headstock and
managed funds -- is expected to improve meaningfully, better
positioning the group to withstand reasonable property write-
downs.

Moody's estimates that pro-forma look-through leverage -- as
measured by the Debt/EBITDA ratio -- following the
recapitalization would be around mid 7 times, compared to 9.6
times as of December 2008.

"At the conclusion of the review, Goodman's senior unsecured
rating is likely to be confirmed at Baa3, reflecting its improved
financial profile and liquidity," Mr. Chong further says.

The last rating action on Goodman was on June 22, 2009, when
Goodman's ratings were downgraded to Baa3/Ba1 and which remained
on review for possible downgrade.

The Goodman Group, based in Australia, is an internally managed,
integrated property group, with ownership of a substantial
portfolio of Australian industrial property assets.  In addition,
the group has a number of strategic investments in various
industrial property funds globally.  It also derives earnings
streams from providing funds management and property management
services together with property development activities.


SUNCORP METWAY: Earlier Approach by J.C. Flowers Rejected
---------------------------------------------------------
Private equity firm J.C. Flowers approached Suncorp-Metway
Ltd. early this year with a proposal for a "substantial
recapitalization" but was rejected by the board, The Australian
reports citing sources.

The proposal, which could have involved anything up to AU$5
billion, may have been subject to a number of conditions that the
board of the Queensland-based insurance and banking group deemed
as unacceptable, the report said.

According to The Australian, the direct approach to Suncorp by
J.C. Flowers is believed to have occurred around January, when
global markets were again taking a dive towards a post-financial
crisis low in March.

The Troubled Company Reporter-Asia Pacific on Aug. 6, 2009, that
J.C. Flowers is eyeing the assets of Suncorp-Metway.  J.C.
Flowers, which has former Westpac chief executive David Morgan as
an operating partner and Australian chairman, has had a "serious
look" at Suncorp ahead of new chief executive Patrick Snowball's
starting date of September 1, an earlier report from The
Australian said.

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in the business of
banking, insurance, investment and superannuation, focusing on
retail customers and small to medium businesses.  The Company's
banking division provides a range of banking services including
loans, savings and investment accounts, credit cards, foreign
currency services for retail and small- to medium-business
customers.  It includes general insurance group, which offers a
range of covers across Personal, Commercial, Workers Compensation
and CTP insurance.  Wealth Management covers life, super and
managed investments.  It also includes the funds management
activities of the Company.  Suncorp Metway Investment Management
Limited (SMIML) is a wholly owned subsidiary of Suncorp-Metway
Ltd.  It is responsible for wholesale investment management of the
Suncorp Group.  On April 15, 2008, the Company acquired Prophet
Financial Advice Pty Ltd.  On March 20, 2007, it acquired Promina
Group Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Fitch Ratings affirmed and removed from Rating
Watch Evolving Suncorp-Metway Limited's and Suncorp Metway
Insurance Limited's ratings.

These rating actions have been taken:

     -- Individual rating: affirmed at 'B', removed from RWE

     -- Support Rating Floor affirmed at 'BB+'; removed from RWE

At the same time, Fitch placed Suncorp's 'A+' Long- term Issuer
Default Rating on Negative Outlook, and SMIL's Insurer Financial
Strength Rating on Stable Outlook.  The actions follow Suncorp's
announcement that there has been a significant increase in bad
debts, which will affect H109 profits.  With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.


TIMBERCORP: Investors' Vote to Sell/Recapitalize Scheme Due Today
-----------------------------------------------------------------
Philip Hopkins at The Age reports that forestry investors in
Timbercorp Group must vote on whether to sell or recapitalize
their schemes in a bid to realize their investment.

At a meeting in Melbourne on Friday, the report relates the
growers voted on a resolution that would empower Timbercorp
liquidators KordaMentha to sell or recapitalize the various
forestry schemes while maintaining the growers' rights to the
trees.

The Age says growers must submit their vote by 4:00 p.m. today,
with a decision to be announced on Tuesday.

KordaMentha and the Timbercorp Growers Group -- overcoming months
of conflict -- urged growers to back the resolution, which is non-
binding, the report notes.

According to the report, liquidator Mark Korda said that more than
50 expressions of interest had already been received to buy or
recapitalize the forestry assets, with more than 20 from
"substantial" parties.

Final binding offers are due by September 18 to enable the
liquidators to obtain money to pay the rent, the Age adds.

                        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 wind up the
Timbercorp entities.


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CHINA DIGITAL: Wu Steps Down as CFO; Chen Takes Over on Interim
---------------------------------------------------------------
Effective August 3, 2009, Jiangcheng Wu resigned as the Chief
Financial Officer and Principal Accounting Officer of China
Digital Communication Group.  Mr. Wu’s resignation was not a
result of any disagreements relating to the Company’s operations,
policies or practices.

Effective August 3, 2009, the board of directors of the Company
appointed Junfeng Chen as the Company’s interim Chief Financial
Officer and Principal Accounting Officer, while the Company’s
board conducts a candidate search.

Mr. Chen, 30, has worked in the Company since 2005.  Prior to this
appointment, Mr. Chen was the Chief Financial Officer of the
Company's wholly owned subsidiary Shenzhen E’Jenie Science and
Technology Co., Ltd., since February 2006.  From March 2005 to
January 2006, Mr. Chen served as the assistant of financial
manager in Shenzhen E’Jenie.  Mr. Chen worked as an accountant in
Henan Labor Department Officer in Dongguan City, Guangdong
Province, P.R.C and focused on processing the daily financial
works for the office from February 2004 to December 2004.  He also
worked as an accountant in the Dongguan Shatian Yumao Textile Mill
from October 2001 to December 2003.  Mr. Chen majored in
Accounting and graduated from Wuhan University in China in 2001.

Mr. Chen does not have a family relationship with any of the
officers or directors of the Company.  The Company said there are
no related party transactions reportable under Item 5.02 of Form
8-K and Item 404(a) of Regulation S-K.  There is no employment
agreement between Mr. Chen and the Company.

                     About China Digital

China Digital Communication Group and Subsidiaries Inc., (OTC:
CHID) -- www.chinadigitalgroup.com/ -- changed its name and
business in 2004, when it bought Billion Electronics and its
wholly owned principal operating subsidiary, Shenzhen E'Jinie
Technology Development, one of China's largest battery shell
manufacturers.  China Digital Communication Group now makes
aluminum shells and battery caps for lithium ion batteries that
are used in digital mobile devices, such as digital still cameras,
cell phones, MP3 players, laptop computers, and PDAs.  In 2006 the
company acquired Galaxy View International for nearly US$7 million
in cash and stock; the following year, it sold Galaxy View for
US$3 million.  The company is headquartered in Shenzhen,
Guangdong,
Republic of China.

In an April 2008 filing with the U.S. Securities and Exchange
Commission, Kabani & Company, Inc., raised substantial doubt about
the ability of China Digital Communication Group and Subsidiaries
Inc., to continue as a going concern after it audited the
Company's financial statements for the year ended Dec. 31, 2007.
The auditor pointed to the company's accumulated deficit of
US$12,078,964 at December 31, 2007, which included net losses for
the years ended December 31, 2007 and 2006.


CHINA DIGITAL: Swings to US$1.3 Million Net Income for Q2 2009
------------------------------------------------------------
China Digital Communication Group swung to net income of
US$1,338,656 for the three months ended June 30, 2009, from a
US$587 net loss for the same period a year ago.

China Digital Communication Group swung to net income of
US$1,842,938 for the six months ended June 30, 2009, from a
US$177,984 net loss for the same period a year ago.

At June 30, 2009, the Company had US$16,829,967 in total assets;
US$4,335,194 in total liabilities, all current; US$6,464,329 in
accumulated deficit; and US$12,494,773 in stockholders' equity.

"We believe we have sufficient cash to continue our current
business through June 30, 2010 due to expected increased sales
revenue and net income from operations.  However we have suffered
recurring losses in the past and have a large accumulated deficit.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern," the Company said in a
Form 10-Q filing with the Securities and Exchange Commission.  The
Company said it has taken certain restructuring steps to provide
the necessary capital to continue its operations.  The steps
included (1) acquiring profitable operations through issuance of
equity instruments, and (2) continuing to actively seek additional
funding and restructure the acquired subsidiaries to increase
profits and minimize the liabilities.

"We do not believe that inflation had a significant negative
impact on our results of operations during the year ended June 30,
2009," the Company said.

Prior to filing its Form 10-Q report, the Company on July 22,
2009, issued revenue and earnings guidance for 2009.  "We are
announcing 2009 earnings guidance as part of our enhanced
financial communications initiatives," Fushun Li, CEO of China
Digital, said at that time.  "These strong results are a testament
to China Digital’s commitment to improving efficiencies, as well
as our decision to enter the finished battery distribution
business.  We believe that our management team’s ability to sign
large contracts, like our recent US$4.1 million agreement with
China Electronics Shenzhen Company, and make proactive adjustments
as well as diversify our product lines will serve to drive
revenues, earnings and, ultimately, shareholder value throughout
2009 and beyond."

A full-text copy of the Company's earnings report is available at
no charge at http://ResearchArchives.com/t/s?4100

                     About China Digital

China Digital Communication Group and Subsidiaries Inc., (OTC:
CHID) -- www.chinadigitalgroup.com/ -- changed its name and
business in 2004, when it bought Billion Electronics and its
wholly owned principal operating subsidiary, Shenzhen E'Jinie
Technology Development, one of China's largest battery shell
manufacturers.  China Digital Communication Group now makes
aluminum shells and battery caps for lithium ion batteries that
are used in digital mobile devices, such as digital still cameras,
cell phones, MP3 players, laptop computers, and PDAs.  In 2006 the
company acquired Galaxy View International for nearly US$7 million
in cash and stock; the following year, it sold Galaxy View for
US$3 million.  The company is headquartered in Shenzhen,
Guangdong,Republic of China.

In an April 2008 filing with the U.S. Securities and Exchange
Commission, Kabani & Company, Inc., raised substantial doubt about
the ability of China Digital Communication Group and Subsidiaries
Inc., to continue as a going concern after it audited the
Company's financial statements for the year ended Dec. 31, 2007.
The auditor pointed to the company's accumulated deficit of
US$12,078,964 at December 31, 2007, which included net losses for
the years ended December 31, 2007 and 2006.


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H O N G  K O N G
================


BEAUTIWAY HOLDINGS: Creditors' Proofs of Debt Due on September 2
----------------------------------------------------------------
The creditors of Beautiway Holdings Limited are required to file
their proofs of debt by September 2, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ng Wai Man Agnes
          Fee Tat Commercial Centre, 21st Floor
          No. 603 Nathan Road, Kowloon
          Hong Kong


CHAT HAY: Court to Hear Wind-Up Petition on September 23
--------------------------------------------------------
A petition to wind up the operations of Chat Hay Inter-United
Limited will be heard before the High Court of Hong Kong on
September 23, 2009, at 9:30 a.m.

Sony Corporation of Hong Kong Limited filed the petition against
the company on July 17, 2009.

The Petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


FREDERIQUE ACADEMY: Creditors' Meeting Set for August 13
--------------------------------------------------------
The creditors of Frederique Academy of Holistic Health & Beauty
Limited will hold their meeting on August 13, 2009, at 9:30 a.m.,
at Room 1408 of World-Wide House, 19 Des Voeux Road in Central,
Hong Kong.

The company commenced wind-up proceedings on July 16, 2009.

The company's liquidator is:

          Philip Richard Nicholls
          World-Wide House, Room 1408
          19 Des Voeux Road Central
          Hong Kong


GOLDEN PATH: Court to Hear Wind-Up Petition on Sept. 2
------------------------------------------------------
A petition to wind up the operations of Golden Path Investment
Limited will be heard before the High Court of Hong Kong on
September 2, 2009, at 9:30 a.m.

Chong Wai Man David filed the petition against the company on
June 29, 2009.


JADE ALLIANCE: Court to Hear Wind-Up Petition on September 2
------------------------------------------------------------
A petition to wind up the operations of Jade Alliance Metal
Limited will be heard before the High Court of Hong Kong on
September 2, 2009, at 9:30 a.m.

Dah Sing Bank Limited filed the petition against the company on
June 25, 2009.

The Petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


JENBACHER EAST: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on July 22, 2009, the
members of Jenbacher East Asia Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Fan Sai Yee
          K. Wai Centre
          Rooms 1009-1012, 10th Floor
          191 Java Road, North Point
          Hong Kong


JOYFUL LONG: Contributories and Creditors to Meet on August 11
--------------------------------------------------------------
The contributories and creditors of Joyful Long International
Limited will hold their meeting on August 11, 2009, at 9:30 a.m.
and 10:30 a.m., respectively.

The contributories will hold their meeting at Room 1904, 19th
Floor of Hong Kong Club Building, in 3A Chater Road Central,
Hong Kong, while the creditors will meet at Room 203 of Duke of
Windsor Social Service Building, No. 15 Hennessy Road, in Wanchai,
Hong Kong.


JOYWORLD LIMITED: To Pay First and Final Dividend on August 14
--------------------------------------------------------------
Joyworld Limited, which is in liquidation, will pay the first and
final dividend to its creditors on August 14, 2009.

The company will pay 100% to all admitted preferential claims
while 62.85% to all admitted ordinary claims.

The company's liquidators are:

          Roderick John Sutton
          Desmond Chung Seng Chiong
          The Hong Kong Building, 14th Floor
          3A Chater Road, Central
          Hong Kong


LA SIERRA: Creditors' Proofs of Debt Due on September 2
-------------------------------------------------------
The creditors of La Sierra (Hong Kong) Limited are required to
file their proofs of debt by September 2, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2009.

The company's liquidator is:

          Poon Che Hing
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road
          Kowloon, Hong Kong


LYDENY DEVELOPMENT: Court to Hear Wind-Up Petition on Sept. 23
--------------------------------------------------------------
A petition to wind up the operations of Lydeny Development Limited
will be heard before the High Court of Hong Kong on September 23,
2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 17, 2009.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          South China Building, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


NEW CHOICE: Appoints Sutton and Yu as Liquidators
-------------------------------------------------
On June 9, 2009, Roderick John Sutton and Fok Hei Yu were
appointed as liquidators of New Choice Industrial Limited.

The Liquidators can be reached at:

          Roderick John Sutton
          Fok Hei Yu
          Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


PAUA GROUP: Creditors' Meeting Set for August 13
------------------------------------------------
The creditors of Paua Group Limited will hold their meeting on
August 13, 2009, at 10:00 a.m., at Room 1408 of World-Wide House,
19 Des Voeux Road in Central, Hong Kong.

The company commenced wind-up proceedings on July 16, 2009.

The company's liquidator is:

          Philip Richard Nicholls
          World-Wide House, Room 1408
          19 Des Voeux Road Central
          Hong Kong


PAUA GROUP: Creditors' Meeting Set for August 13
------------------------------------------------
The creditors of Paua Group International Limited will hold their
meeting on August 13, 2009, at 10:30 a.m., at Room 1408 of World-
Wide House, 19 Des Voeux Road in Central, Hong Kong.

The company commenced wind-up proceedings on July 16, 2009.

The company's liquidator is:

          Philip Richard Nicholls
          World-Wide House, Room 1408
          19 Des Voeux Road Central
          Hong Kong


SHUN HANG: Court to Hear Wind-Up Petition on September 2
--------------------------------------------------------
A petition to wind up the operations of Shun Hang Ki Engineering
Company Limited will be heard before the High Court of Hong Kong
on September 2, 2009, at 9:30 a.m.

Zheng Yongqin filed the petition against the company on June 29,
2009.


YU'S TIN: Court to Hear Wind-Up Petition on August 19
-----------------------------------------------------
A petition to wind up the operations of Yu's Tin Sing Enterprises
Company Limited will be heard before the High Court of Hong Kong
on August 19, 2009, at 9:30 a.m.

The Government of the Hong Kong Special Administrative Region
filed the petition against the company on June 10, 2009.

The Petitioner's solicitor is:

          Ho Chin Pang Dick
          Department of Justice
          High Block, 2nd Floor
          Queensway Government Offices
          66 Queensway, Hong Kong


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ANINDITA TRADES: CRISIL Reaffirms 'BB' Rating on INR65MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the proposed
long-term bank facility of Anindita Trades and Investments Ltd,
and has reaffirmed its ratings on the company's existing bank
facilities at 'BB/Stable/P4'.

   Ratings                        Facilities
   -------                        ----------
   INR80 Million Cash Credit *    BB/Stable(Reaffirmed)
   INR65 Million Term Loan**      BB/Stable(Reaffirmed)
   INR60 Million Proposed Long    BB/Stable(Reaffirmed)
       Term Bank Loan Facility
   INR25 Million Bank Guarantee   P4(Reaffirmed)

   * Includes proposed limit of INR30 Million
   ** Includes proposed limit of INR21.5 Million

The ratings reflect Anindita's marginal market share in the steel
industry, large working capital requirements, and exposure to
risks relating to cyclicality in the steel industry.  These
weaknesses are mitigated by Anindita's average gearing and debt
protection measures.

Outlook: Stable

CRISIL believes Anindita will maintain an average financial risk
profile.  The outlook may be revised to 'Positive' if the
company's revenues and profitability improve substantially, or if
it attains greater integration in operations.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
large, debt-funded capital expenditure programme.

                      About Anindita Trades

Incorporated as a financing company in 1995, the company remained
non-operational till 2005.  The company changed its line of
business in 2005 to manufacturing sponge iron.  Its manufacturing
unit in Jharkhand has capacity to produce 300 tonnes of sponge
iron per day.  Anindita reported a profit after tax (PAT) of INR13
million on net sales of INR163 million for the year ended
March 31, 2008, as against a PAT of INR(4)million on net sales of
INR129 million in the prior year ended March 31, 2007.


BP SANGLE: CRISIL Assigns 'BB' Rating on INR45 Million Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of BP Sangle Constructions Pvt Ltd.

   Ratings                          Facilities
   -------                          ----------
   INR45.0 Million Cash Credit      BB/Stable (Assigned)
   INR15.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect BPSCPL's moderate financial risk profile,
marked by low net worth and high gearing, and exposure to risks
relating to geographic concentration in revenues, and limited
project diversity.  These weaknesses are, however, partially
offset by the benefits that the company derives from its
experience in executing civil infrastructure projects.

Outlook: Stable

CRISIL expects BPSCPL's financial risk profile to remain
constrained over the medium term owing to high gearing and low net
worth.  The outlook may be revised to 'Positive' if the company
receives additional equity infusions, and sustains its operating
margins and revenue growth. Conversely, the outlook may be revised
to 'Negative' if large, debt-funded capital expenditure further
significantly weakens BPSCPL's financial risk profile.

                          About BP Sangle

Set up in 1998 as a proprietorship firm by Mr. Bhausaheb P Sangle,
BPSCPL converted to a private limited company in January 2008.
The company undertakes civil infrastructure projects such as
construction of buildings, roads, pipelines, drainages, and sewage
treatment plants.  BPSCPL reported a profit after tax (PAT) of
INR4.4 million on net sales of INR46.4 million for the three
months ending March 31, 2008; while the proprietorship firm had
reported a PAT of INR5.0 million on net sales of INR96.6 million
for the nine months ended December 31, 2008, prior to converting
into BPSCL.


CREST ANIMATION: CRISIL Cuts Ratings on Cash Credit to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on Crest Animation Studio Ltd's
bank facilities to 'BB+/Negative/P4' from 'BBB-/Stable/P3'.

   Ratings                          Facilities
   -------                          ----------
   INR150.00 Million Cash Credit    BB+/Negative (Downgraded
                                    from BBB-/Stable)
   INR13.70 Million Bank Guarantee  P4 (Downgraded from P3)

The rating revision reflects the company's slower than expected
evolution in the revenue profile resulting in modest cash accruals
and moderate debt protection measures.

The ratings continue to reflect CASL's moderate financial risk
profile, and exposure to risks inherent in the animation industry.
These weaknesses are, however, partially offset by CASL's strong
presence in the animation industry.

Outlook: Negative

CRISIL believes that CASL's revenues will remain constrained over
the medium term by delay in production and release of proposed
movies with Lions Gate Entertainment corp.  The outlook may be
revised to 'Stable' if the company executes film projects on time,
while maintaining or improving its operating margins, and the
movies receive healthy response in the market.  Conversely, the
ratings may be downgraded if the company's production schedules
are delayed further, or its debt protection measures deteriorate
owing to slowdown in revenue growth.

                      About Crest Animation

Set up in 1990 by Mr. Shyam Ramanna as Crest Communications Pvt.
Ltd., the company began by producing advertising films, post
production facilities and in flight programming.  In 1994, the
company was converted to a public limited company.  Over the
years, the company changed its business model and began focusing
on production of animation content.  Currently, the company
operates in two business segments – animation and non-animation.
In the animation segment, the company is involved in work-for-hire
(WFH) contracts received from US and European clients. The non-
animation business covers post-production studio works, live
action film production, dubbing, and in-flight programming.

CASL reported a net loss of INR138 million on net sales of
INR570 million for the year ended March 31, 2009, as against a net
loss of INR137million on net sales of INR513 million for the year
ended March 31, 2008.


GEMINI STUDIOS: Low Net Worth Cues CRISIL 'BB' Ratings
------------------------------------------------------
CRISIL has assigned its rating of BB/Stable to the bank facilities
of Gemini Studios and Innovations Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR54.00 Million Cash Credit  BB/Stable (Assigned)
   INR193.60 Million Term Loan   BB/Stable (Assigned)

The rating reflects Gemini's aggressive financial risk profile,
characterized by high gearing and low net worth, and the company's
exposure to risks relating to operations in a single location –
Mumbai. These weaknesses are, however, partially offset by the
benefits that the company derives from its established presence in
the television software production industry and strong market
acceptability of the training program run by 'Digital Academy',
the company's training division.

Outlook: Stable

CRISIL expects Gemini to maintain a stable credit risk profile on
the back of strong expected growth and healthy revenue visibility.
The outlook may be revised to 'Positive' if the company's gearing
and net worth improves considerably.  Conversely, the outlook may
be revised to 'Negative' if the company undertakes large, debt-
funded capital expenditure, or faces a further decline in
operating margins.

                        About Gemini Studios

Gemini Studios and Innovations Pvt Ltd. produces television
software in the form of serials, films, tele-films and
documentaries.  The company also offers 38,000 square feet (four
complete floors) of centrally air-conditioned ready-to-shoot
studio locations for shooting of advertisement films, serials, and
movies.  Its training institute, Digital Academy, offers film
production courses.  Recently, the company has also begun trading
in computer hardware, laptops, rights in film and television
software, and security solutions.  Gemini reported a profit after
tax (PAT) of INR7.1 million on net sales of INR230.6 million for
the year ended March 31, 2009, as against a PAT of INR4.4 million
on net sales of INR102.5 million for the year ended March 31,
2008.


KARNA PAINTS: CRISIL Assigns 'BB-' Rating on INR5.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Karna Paints Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR60.0 Million Cash Credit Facility  BB-/Stable (Assigned)
   INR5.2 Million Term Loan              BB-/Stable (Assigned)
   INR20.0 Million Bill Discounting      P4 (Assigned)

The ratings reflect KPPL's weak financial risk profile, small
scale of operations in the industrial paints segment, and exposure
to increasing prices of raw materials.  These weaknesses are,
however, partially offset by the benefits that KPPL derives from
the experience of its promoters in the industrial paints industry.

Outlook: Stable

CRISIL believes that KPPL will maintain a stable business risk
profile over the medium term on the back of its established
customer base.  The company's financial risk profile may remain
weak on account of low net worth.  CRISIL may revise the outlook
to 'Positive' if KPPL's capital structure improves, driven by
healthy profitability or equity infusions by promoters.
Conversely, the outlook maybe revised to 'Negative' if the company
undertakes large, debt-funded capital expenditure leading to
further deterioration in its financial risk profile.

                        About Karna Paints

Incorporated in 1978, KPPL manufactures industrial paints and
synthetic resins, which are used as intermediates in the
manufacture of paints.  Industrial paints include liquid paints,
industrial powder coatings and general industry paints.  The
company's plant at Karnal (Haryana) has capacity to manufacture
500 kilo liters of paints per month, and 600 tonnes per month
(tpm) and 275 tpm, respectively, of alkyd and polyester resin.
KPPL reported a profit after tax (PAT) of INR4.5 million on net
sales of INR289 million for for the year ended March 31, 2009, as
against a PAT of INR2.8 million on net sales of INR248 million in
the previous year.


NARAYANI COKE: CRISIL Places 'BB-' Rating on INR14.7MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Narayani Coke Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR35.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR14.7 Million Term Loan           BB-/Stable (Assigned)
   INR190.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect NCPL's weak financial risk profile marked by
low net worth and weak debt protection measures, limited financial
flexibility owing to low net worth, and exposure to risks relating
to cyclicality inherent to the end-user steel industry.  These
weaknesses are partially offset by the benefits NCPL derives from
its promoter's established track record in the coke industry.

Outlook: Stable

CRISIL believes that NCPL will maintain a stable credit risk
profile backed by its promoter's experience in the coke industry,
and its reputed customer base.  The outlook may be revised to
'Positive' in case of higher-than-expected revenue growth and
profitability.  Conversely, the outlook may be revised to
'Negative' if the company faces substantial delay in recovery of
dues, or undertakes large, debt-funded capital expenditure.

                        About Narayani Coke

NCPL was incorporated in 2003, and commenced operations in
July 2004.  Owing to lack of bank funding, the company's
operations were stopped in March 2005.  The company resumed
operations in September 2006.  It has installed capacity to
manufacture 50,000 tonnes of low ash metallurgical coke per annum
at its manufacturing facility at Kutch, Gujarat.  NCPL reported a
profit after tax (PAT) of INR4.4 million on net sales of INR302.2
million for the year ended March 31, 2008, as against a PAT of
INR1.5 million on net sales of INR145.9 million for the year ended
March 31, 2007.


NAV DURGA: CRISIL Reaffirms Rating on INR458.3MM Term Loan at 'C'
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nav Durga Fuels Pvt
Ltd, continue to reflect the Scan group's recent instances of
delays in repayment of its loans and large appetite for debt
funding fuelled by management's strong growth orientation.  These
weaknesses are mitigated by the group's forward integration
leading to a moderate market position.

   Facilities                      Ratings
   ----------                      -------
   INR106.2 Million Cash Credit    C (Reaffirmed)
   INR458.3 Million Term Loan      C (Reaffirmed)
   INR30 Million Letter of Credit  P4 (Reaffirmed)
   INR10 Million Bank Guarantee    P4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the financials of
Scan Steels and Nav Durga Fuels Pvt Ltd (Nav Durga), collectively
referred to, herein, as the Scan group; this is because the two
companies are in the same industry and under a common management.

                         About the Group

Scan Steels, the flagship company of the Scan group, was
incorporated in December 1990, as a private limited company, and
converted into a public limited company in March 1996.  The
company, promoted by Mr. Sawarmal Gadodia, is now managed by his
sons Mr. Rajesh Gadodia and Mr. Nimish Gadodia.

Nav Durga, incorporated in February 2004 as a private limited
company, was promoted by Mr. G S Agarwal and family.  The company
went into losses in financial year ended March 31, 2006, and was
acquired by the Gadodia family in February 2007.

Group companies, Shrishti Ispat Ltd and Scan Sponge Iron Ltd were
merged with Scan Steels with effect from April 1, 2005.  However,
owing to family disputes and dispersed plant locations, Units- III
and V located at Bijabahal in the district of Sundargarh, Orissa,
have been demerged from Scan Steels with effect from April 1st
2007 and transferred into a separate company, Scan Sponge Iron
Ltd, headed by Mr. Sanjay Gadodia.


TRAVANCORE COCOTUFT: CRISIL Rates Various Bank Facilities at 'P4'
-----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Travancore Cocotuft Pvt Ltd.

   Ratings                                      Facilities
   -------                                      ----------
   INR155 Million Packing Credit Limit          P4 (Assigned)
   INR12 Million Standby Line of Credit Limit   P4 (Assigned)
   INR100 Million Bills Discounting Limit       P4 (Assigned)
   INR30 Million Bank Guarantee Limit*          P4 (Assigned)

  *Includes INR25.00 Million fully interchangeable with Letter
   of Credit facility

The rating reflects Cocotuft's limited revenue diversity and
below-average financial risk profile.  The rating also factors in
Cocotuft's small scale of operations, and its vulnerability to
intense competition in the coir-mat industry and to volatility in
raw material prices and foreign exchange rates.  The impact of the
weaknesses is mitigated by the benefits Cocotuft derives from the
industry experience of its management, and its established
presence in the coir-mat industry.

                    About Travancore Cocotuft

Based in Cherthala, Kerala, Cocotuft was founded by Mr. V V
Pavitharan in 2004.  The company manufactures and exports poly
vinyl chloride (PVC)-tufted coir rolls and mats.

Cocotuft's estimated profit after tax (PAT) is INR7 million on net
sales of INR460 million for the year ended March 31, 2009, as
against a PAT of INR14 million on net sales of INR448 million for
the year ended March 31, 2008.


WESTERN UP: CRISIL Cuts Rating on INR3.85 Bln Term Loan to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the term loan of Western UP
Tollway Ltd to 'B+/Negative' from 'BB-/Stable'.

   Facilities                   Ratings
   ----------                   -------
   INR3.85 Billion Term Loan    B+/Negative (Downgraded from
                                             'BB-/Stable')

The rating action reflects CRISIL's expectation of deterioration
in WUPTL's liquidity over the next 12 months because of the delay
of around nine months in its project - the project is now expected
to be commissioned by the end of December 2009, as against the
earlier date of April 2009.  WUPTL's debt protection measures have
come under pressure as the cost overrun of INR1.10 billion in the
implementation of the project has increased the project cost and
WUPTL's debt obligations.

The debt repayments are scheduled to start from October 2009, and
the company has approached its bankers for debt restructuring. The
bankers, however, are yet to approve WUPTL's application.

Outlook: Negative

CRISIL believes that WUTPL may face difficulty in servicing its
upcoming debt obligations, as the project has been delayed by
about nine months.  The company has approached its bankers for
debt rescheduling.  The rating may be downgraded if the company
fails to service its debt in a timely manner, or in case of more
time and cost overruns.  Conversely, the outlook could be revised
to 'Stable' if WUTPL and its bankers arrive at an agreement to
reschedule the date of repayment soon enough.

                         About Western UP

WUPTL is a special purpose vehicle promoted by Nagarjuna
Construction Company Ltd (30% stake), Gayatri Projects Ltd (40%),
and Maytas Infra Ltd (30%).  The company has signed a 20-year
concession agreement with the National Highways Authority of India
for undertaking the construction and maintenance of a road project
on a build, operate, transfer (BOT) basis at a total project cost
of INR5.35 billion. WUPTL has, in turn, signed a fixed-cost,
fixed-duration engineering, procurement, and construction contract
with its promoters for the project.

The project involves widening the existing two-lane, 79-kiliometer
(km)-long stretch of National Highway 58, between Meerut and
Muzzaffarnagar, and improving the stretch.  WUTPL will also
collect toll from vehicles using the stretch.  This stretch forms
a part of National Highway Development Programme Phase 3A, being
undertaken by NHAI.


* INDIA: Industrial Capex to Grow Amid Economic Slowdown
--------------------------------------------------------
A CRISIL Research study spanning 11 key sectors estimates that
aggregate industrial investments would continue to grow at a
moderate pace over the next 3 years, with total investments
projected at INR10.5 trillion.  This growth is notwithstanding the
current economic slowdown and expectations of relatively muted GDP
growth, and in contrast to experiences in past when a deceleration
in economic growth resulted in a decline in corporate investments.

According to CRISIL Research, the capex growth can largely be
attributed to continued investments in sectors such as power and
telecom along with expectations of a gradual economic recovery by
2010-11.

Mr. Manoj Mohta, Head, CRISIL Research said, "Power, telecom and
gas distribution are expected to witness strong investor interest.
Continuing supply deficit and increased government thrust to
augment power generation capacity would attract investments into
the power sector.  In telecom, the factors drawing investor
interest, despite high competition, are the continuing buoyancy in
mobile subscriber growth and the sheer size of the addressable
market.  The anticipated increase in natural gas supply is
expected to propel investments in gas pipelines and city gas
distribution networks."

The slowdown in developed economies and falling prices have
reduced the attractiveness of the business case for investing in
capacity expansion projects in the metals, oil refining, and
textiles sectors.  Therefore, CRISIL Research expects some of the
projects in these sectors to be delayed beyond their planned
commissioning dates.  Also, in sectors facing overcapacity such as
cement and automobiles, the flow of investments would be subdued.

Mr. Mohta further said, "In the past, between 1997-98 and 2002-03,
private sector investment contracted in response to slowdown in
economic growth.  However, based on our current assessment of over
500 projects and interactions with stakeholders across key
sectors, we project a 7% CAGR in investments between 2008-09 and
2011-12.  Although this growth is far lower than the 30% CAGR
witnessed in the previous 3 years, it is still significant."

CRISIL Research's study on industrial capex provides a detailed
assessment of investments projected to take place during 2009-10
to 2011-12 across 11 sectors - power, telecom, oil refining, oil
exploration, gas transmission and distribution, steel, aluminium,
automobiles, cement, textiles, and fertilizers.  These sectors
represent a lion's share of the industrial economy.  The report
also assesses the overall macroeconomic environment, bank credit
disbursements and project feasibility in the current economic
environment.

While some of the investments announced between 2006 and 2008,
when growth expectations were much higher, are likely to get
postponed, the scenario is still one of cautious optimism.  Among
individual companies, CRISIL Research believes that corporates
with strong balance sheets, being better placed to weather the
current difficult business environment, are more likely to go
ahead with their investment plans.


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


INTERNATIONAL NICKEL: Protesters Lift Road Blockade
---------------------------------------------------
Reuters reported that PT International Nickel Indonesia said on
Thursday that protesters have lifted blockade of road leading to
its nickel mine in Sulawesi island.  The protesters had closed the
road in a protest over job cuts.

According to Reuters, a company spokesman also said the firm would
continue negotiations with local villagers this week.

Jakarta Globe relates that about 500 villagers last week blocked
access to a key road that connects Inco's management facilities to
employee housing areas.  The Globe says the villagers have
demanded to meet with Inco's board of directors.

Apart from wanting more information about the job cuts, the
villagers also wanted assurances that the firm would meet its
promises on health care, infrastructure and educational programs
in the area near the mine, as part of its corporate social
responsibility efforts, the Globe relates.

Janus Siahaan, Inco's communications director, told the Jakarta
Globe by telephone that the protests had not disrupted the day-to-
day operations of the mine.

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2009, Inco was planning to slash about 500 jobs as the
global slump forces the company's biggest shareholder to pare
costs back to a minimum.  The plan was mainly due to the external
situation faced by its main shareholder, Vale Inco.

                           About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *     *     *

As of July 14, 2009, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings; and Fitch Rating's "BB" LT Issuer Default
rating.


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


ASAHI MUTUAL: S&P Downgrades Financial Strength Rating to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB' its
financial strength and long-term counterparty ratings on Asahi
Mutual Life Insurance Co. and removed the ratings from CreditWatch
with negative implications, where they had been placed on May 12,
2009.  The CreditWatch placement followed the company's
announcement on May 11, 2009, that it would defer dividend
payments to insurance policyholders in light of its provisional
financial results for fiscal 2008 (ended March 31, 2009), as well
as media reports that the company would postpone interest payments
on "kikin" funding provided by its closest lenders, including
financial institutions.  The outlook on the ratings is negative.

The downgrade reflects S&P's opinion that Asahi Life's largely
weakened risk-based capital is vulnerable to deterioration in the
investment environment, and its earnings-generating capacity is
unlikely to restore capital adequacy to a level consistent with
S&P's 'BB' ratings within the next two years.  The deferral of
interest payments on "kikin" funding has not had an immediate
negative impact on the company's financial flexibility.  Asahi
Life has been reducing its domestic equity exposure and has built
a hedge position in relation to foreign exchange risk, as well as
equity-related investment risks.  The company's competitive
position remains relatively stable.  Despite postponing dividend
payments to insurance policyholders, Asahi Life's sales
force and annualized premiums for business-in force relating to
third-sector insurance products were both up slightly year on year
as of March 31, 2009.  S&P expects these trends to continue in
fiscal 2009 (ending March 31, 2010).  However, the company's
capital restructuring depends on accumulating retained earnings
through income flows from insurance operations and by securing
investment profits, mainly from gains on sales of stocks.  In
Standard & Poor's view, it will be difficult for Asahi Life to
strengthen its capital, as the recovery trend in the investment
environment has not stabilized.

The negative outlook reflects S&P's view that continued
uncertainty relating to financial market trends and the economic
slowdown will constrain Asahi Life's capitalization and business
growth.  Given the difficult business climate facing Japanese life
insurers amid the economic downturn, Standard & Poor's will focus
on Asahi Life's efforts to improve its operating performance and
the execution of its capitalization strategy.

The ratings could come under further downward pressure if there is
further erosion in the company's capitalization, beyond the level
seen as of March 31, 2009, or if core profitability in its
insurance business declines significantly amid the economic
downturn.  Conversely, the outlook could be revised to be stable
if there is a solid improvement in the investment environment and
the company's insurance sales are steady, thereby improving its
capital adequacy.

                           Ratings List

                            Downgraded

                  Asahi Mutual Life Insurance Co.

                              To                  From
                              --                  ----
Counterparty Credit Rating
  Local Currency              BB-/Negative/--     BB/Watch Neg/--
Financial Strength Rating
  Local Currency              BB-/Negative/--     BB/Watch Neg/--


ELPIDA MEMORY: Acquires GDDR Technology Licenses from Qimonda
-------------------------------------------------------------
Elpida Memory, Inc., said it reached an agreement with Germany-
based Qimonda AG to acquire Qimonda's technology licenses and a
portion of the design assets related to Graphics Double Data Rate,
a memory architecture that has a high-speed data interface for
graphic processing applications.

Based on the licenses and assets acquired from Qimonda, Elpida
will now join the graphics DRAM business and become a memory
solutions company with an expanded range of products and services,
Elpida said in a statement.

Elpida said it plans to quickly ramp up a full-fledged GDDR
business.  GDDR technology development will continue at Elpida's
recently built Munich Design Center -- Elpida Memory Europe GmbH,
Munich branch -- where nearly 50 engineers and other former
Qimonda employees involved in GDDR development work will take up
new posts.  Shipments of 1-Gigabit GDDR3 and 1-Gigabit GDDR5
products are expected to begin in the first half of CY 2010.  The
production of both products is considered to be outsourced to
Winbond Electronics Corporation, a Taiwanese company that has
experience with Qimonda's process technology.

Elpida also said it plans to begin mass production of 2-Gigabit
GDDR5 at its Hiroshima Plant starting in the second half of CY
2010, following additional development work by a highly qualified
team of engineers working jointly in Germany and Japan.

                         Rating Downgrade

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

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

                          About Elpida

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


ELPIDA MEMORY: To Sell JPY30 Billion Preferred Shares to DBJ
------------------------------------------------------------
Taku Kato and Mariko Yasu at Bloomberg News reported that Elpida
Memory Inc. will sell JPY30 billion (US$314 million) in shares to
the state-run Development Bank of Japan.

Citing Elpida in a filing to the finance ministry on Aug. 7,
the report says the Company will issue the preferred stock,
convertible into 23.7 million common shares from 2011, on Aug. 31.

According to Bloomberg, the sale is a part of Elpida's plan to
raise JPY160 billion from the government, banks and a Taiwanese
partner, after falling chip prices led to a record loss last year.
The company said in June it will use the funds to develop smaller
chips to cut costs and better compete with the industry's leader
Samsung Electronics Co, the report recounts.

Bloomberg relates that converting all the preferred shares into
new common stock may make the state-run bank Elpida's largest
shareholder with a 14.3% stake.  According to company shareholding
data compiled by Bloomberg, Japan Trustee Services is currently
the chipmaker's largest investor with a 13.7% holding.

                        Rating Downgrade

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

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

                          About Elpida

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


JAPAN AIRLINES: Q1 Net Loss Widens to JPY99.04 Billion
------------------------------------------------------
Japan Airlines Corp. said Friday its net loss in the April-June
quarter widened from a year earlier as travel demand faltered amid
the global economic downturn, Japan Today reports.

JAL reported a net loss of JPY99.04 billion in the three months
ended June 30, compared with a net loss of JPY3.41 billion
reported in the same quarter last year.

Japan’s largest airline also booked an operating loss of JPY86.11
billion, swinging into the red from a profit of JPY3.91 billion a
year earlier, Japan Today says.  Revenue fell 31.7% to JPY334.90
billion from JPYY490.34 billion.

JAL said it will suspend its flights between Nagoya and Paris and
between Nagoya and Seoul and reduce domestic flights on six routes
as part of its restructuring efforts to return to profitability,
Japan Today relates.

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

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

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

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

                          *     *     *

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

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


JAPAN AIRLINES: Reduces Flights to China, Korea and India
---------------------------------------------------------
Japan Airlines Corp. will reduce flights to China, Korea and India
as international travel demand drops, Chris Cooper at Bloomberg
News reports.

The report, citing Japan Air in a statement, says the carrier will
cut the frequency of Tokyo flights to and from Guangzhou, Hong
Kong, Seoul and New Delhi from Oct. 25.  The airline will also
suspend Nagoya flights to and from Seoul and Paris at that time,
Bloomberg relates.

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

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

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

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

                          *     *     *

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

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


PIONEER CORP: Posts JPY4.09 Billion Net Loss in June 30 Quarter
---------------------------------------------------------------
Pioneer Corporation disclosed its consolidated first fiscal
quarter business results for the period ended June 30, 2009.

For the first quarter of fiscal 2010, consolidated net sales
decreased 40.5% from the first quarter of fiscal 2009 to JPY95.75
billion (US$997.5 million).  This was mainly the result of a
decline in sales of car audio products, DVD drives, plasma
displays and car navigation systems, which largely reflected the
sharp deterioration in consumer spending worldwide and the impact
of the yen’s appreciation.

Pioneer recorded an operating loss of JPY8.75 billion (US$91.2
million), compared with an operating loss of JPY6.82 billion in
the first quarter of fiscal 2009, reflecting the drop in net sales
and deterioration in the gross profit margin, despite lower
selling, general and administrative expenses, mainly owing to
restructuring benefits and the recording of a lump-sum fee income
from patents related to plasma displays.

The net loss improved from JPY9.48 billion in the first quarter of
fiscal 2009 to JPY4.09 billion (US$42.7 million).  This
improvement mainly reflected the recording of a gain on sales of
noncurrent assets such as patents related to plasma displays, and
decreased income taxes.

During the first quarter of fiscal 2010, the average value of the
Japanese yen appreciated 7.4% against the U.S. dollar and 23.3%
against the euro, compared with the first quarter of fiscal 2009.

Car Electronics sales decreased 38.4% year on year to JPY54.23
billion (US$564.9 million) because of lower sales of both car
audio products and car navigation systems, mainly due to
lackluster auto sales worldwide.  In car navigation systems,
consumer-market sales declined year on year, due to lower sales in
Japan. OEM sales decreased because of lower sales in North America
and Japan.  In car audio products, consumer-market sales declined,
mainly due to lower overseas sales.  OEM sales decreased because
of lower sales in Japan and North America.  Total OEM sales in
this segment accounted for approximately 39% of Car Electronics
sales, compared with approximately 41% in the first quarter of
fiscal 2009.

In terms of geographic sales, sales in Japan decreased 29.4% to
JPY24.63 billion (US$256.6 million), and overseas sales declined
44.4% to JPY29.60 billion (US$308.4 million).

This segment recorded an operating loss of JPY8.69 billion
(US$90.6 million), compared with operating income of JPY1.70
billion in the first quarter of fiscal 2009.  This was mainly due
to lower net sales, as well as deterioration in the gross profit
margin caused by a decline in production volume and the yen’s
appreciation, primarily in the car audio products business.

Home Electronics sales decreased 48.2% year on year to JPY29.70
billion (US$309.4 million).  Despite increased sales of Blu-ray
Disc players due to favorable sales of new models, the decrease in
Home Electronics sales largely reflected a drop in DVD drive
sales mainly for PC manufacturers, as well as lower overseas sales
in the plasma display business, from which Pioneer will withdraw
by the end of fiscal 2010.

In terms of geographic sales, sales in Japan increased 17.1% year
on year to JPY7.76 billion (US$80.9 million) due to higher sales
of Blu-ray Disc drives, while overseas sales decreased 56.7% to
JPY21.94 billion (US$228.6 million).

Operating income in this segment was JPY1.02 billion (US$10.6
million) compared with an operating loss of JPY7.39 billion in the
first quarter of fiscal 2009.  Despite the drop in net sales, the
main reasons for this improvement were that in plasma displays
there were the recording of a lump-sum fee income from patents,
improvement in the gross profit margin, and reduced operating
expenses.

In the Others segment, sales decreased 23.9% year on year to
JPY11.81 billion (US$123.1 million) due principally to lower sales
of factory automation systems, electronics devices and parts,
speaker units for cellular phones and organic light-emitting diode
displays.

In terms of geographic sales, sales in Japan decreased 20.3% to
JPY8.26 billion (US$86.1 million), and overseas sales decreased
31.2% to JPY3.54 billion (US$37.0 million).

The operating loss in this segment was JPY1.61 billion (US$16.8
million) compared with JPY264 million in the first quarter of
fiscal 2009. The larger operating loss mainly resulted from the
drop in net sales and deterioration in the gross profit margin.

                  Consolidated Financial Position

Total assets as of June 30, 2009 were JPY418.24 billion (US$4.36
billion), a decrease of JPY10.85 billion from March 31, 2009,
mainly reflecting decreases in inventories, and cash and deposits.
Inventories declined JPY8.39 billion from March 31, 2009 to
JPY76.49 billion (US$796.8 million), as the Company pressed ahead
with inventory reductions centered on  car audio products.  Cash
and deposits decreased JPY3.77 billion from the previous fiscal
year-end to JPY59.97 billion (US$624.7 million).

Total liabilities as of June 30, 2009 were JPY307.03 billion
(US$3.19 billion), down JPY10.21 billion from March 31, 2009.
This mainly reflected a decrease of JPY9.65 billion in accrued
expenses, chiefly due to the payment of special retirement
benefits for the early retirement programs implemented in fiscal
2009.

Total equity was JPY111.20 billion (US$1.15 billion), a decrease
of JPY646 million.  This chiefly reflected a decline of JPY4.09
billion in retained earnings due to the recording of a net loss,
despite an increase of JPY4.01 billion in unrealized gain on
available-for-sale securities, resulting from a rise in the market
value of investment securities compared with March 31, 2009.

                            Cash Flows

During the first quarter of fiscal 2010, operating activities used
net cash of JPY7.40 billion (US$77.2 million).  The main factors
reducing cash were a loss before income taxes and minority
interests of JPY4.02 billion (US$41.9 million); a decrease in
accrued expenses of JPY10.12 billion (US$105.4 million), mainly
reflecting the payment of special retirement benefits; as well as
a decrease in accrued pension and severance costs of JPY2.75
billion (US$28.7 million).  These factors outweighed the add-back
of non-cash expenses, namely depreciation and amortization of
JPY10.48 billion (US$109.2 million).

Investing activities provided net cash of JPY3.34billion (US$34.8
million).  This mainly reflected proceeds of JPY9.04 billion
(US$94.2 million) from sales of noncurrent assets, such as patents
related to plasma displays, despite capital expenditures of
JPY5.89 billion (US$61.4 million) mainly in the Car Electronics
business.  Financing activities provided net cash of JPY1 million
(US$0.01 million), mainly due to a net increase in short-term
borrowings, despite the repayment of long-term debt.

Consequently, cash and cash equivalents at June 30, 2009 were
JPY59.97 billion (US$624.7 million), down JPY3.77 billion from
March 31, 2009.

                Business Forecasts for Fiscal 2010

Consolidated business forecasts for fiscal 2010, ending March 31,
2010, have not been changed from those announced on May 13, 2009.
In the first quarter of fiscal 2010, net sales and losses were
both better than plan mainly due to a smaller-than-expected drop
in plasma display prices and weaker-than-expected yen exchange
rates.  However, Pioneer has conservatively estimated consumption
trends and the competitive environment from the second quarter of
fiscal 2010 onward.  The average yen-U.S. dollar and yen-euro
exchange rates for these consolidated business forecasts are JPY90
and JPY115, respectively.  The figures do not include the impact
of the optical disc joint venture business with Sharp Corporation.

Pioneer expects a net loss of JPY83 billion, an operating loss of
JPY33 billion and net sales of JPY420 billion for fiscal year
ended March 31, 2010.

                    Progress with Restructuring

Pioneer is currently implementing drastic restructuring comprising
measures to realign the business portfolio, streamline the
business framework of the entire Pioneer group, and improve the
Company’s financial position.

Regarding business portfolio realignment, in its core Car
Electronics business, Pioneer has entered into a memorandum of
understanding with Mitsubishi Electric Corporation concerning
joint development of car navigation platforms and has begun
development work.  Pioneer is also proceeding with discussions to
start a joint venture in October 2009 with Shanghai Automotive
Industry Corporation (Group) of China.  In the display business,
Pioneer plans to completely withdraw from this business after
ending plasma TV sales by March 31, 2010, as scheduled.

Regarding the optical disc joint venture with Sharp Corporation,
Pioneer decided, at a meeting of its Board of Directors held on
Aug. 6, to transfer its optical disc business to the new company
and preparations are under way to begin operations at the joint
venture from October 1, 2009.

Regarding streamlining the business framework of the entire
Pioneer group, the Company is consolidating its current network of
production companies around the world.  Four companies have
already been closed.  Going forward, Pioneer plans to close two
additional companies and downsize the operations of three
companies by December 31, 2009.  Plans also call for closing three
additional companies and downsizing the operations of three
more companies by March 31, 2010.

Regarding its sales structures in Japan, from October 1, 2009,
Pioneer plans to integrate domestic sales divisions and companies
into two sales companies, one each for the Car Electronics and
Home Electronics businesses, in order to raise efficiency.

Regarding streamlining overseas sales structures, the Company
plans to implement measures in North America and Europe from the
fall to the end of December 2009.  The Company has already
completed such measures in other regions.  Furthermore, aiming
to optimize the efficiency of Headquarters and back office
functions, the Company is planning to conduct organizational
changes on October 1, 2009 and expects to integrate Pioneer’s
network of five operating bases in Japan into two locations at
Kawasaki and Kawagoe by March 31, 2010.

With regard to readjustments of personnel levels accompanying
these measures, in Japan, Pioneer is implementing special early
retirement programs with a retirement date of September 30, 2009.
Overseas, the Company plans to implement personnel reductions by
March 31, 2010.

Regarding improving the Company’s financial position, Pioneer has
worked to generate cash mainly through inventory reductions and
the sales of noncurrent assets such as patents related to plasma
displays.  In regard to boosting equity capital, Pioneer
has agreed with Honda Motor Co., Ltd. to conduct a JPY2.5 billion
third-party allotment of shares to this company, and discussions
are proceeding on the implementation period.

Furthermore, Pioneer is currently conducting negotiations on new
financial partnerships with potential sponsors, with the aim of
raising funds of around JPY40 billion.

In this manner, restructuring is proceeding largely on schedule.
Going forward, Pioneer said it will continue making every effort
to complete restructuring by the end of fiscal 2010.

                    Material Events Regarding
                     Going Concern Assumption

Pioneer’s financial position has deteriorated due to a sharp drop
in net sales, large losses and significant net cash used in
operating activities.  As a result, conditions have given
rise to material uncertainty about Pioneer’s ability to continue
its business activities into the future.  However, Pioneer
believes that this uncertainty can be avoided by steadily
implementing the drastic restructuring that is currently under
way.

Also, from fiscal 2009, the Company’s business performance has
triggered breaches of financial covenants stipulated by loan
agreements with multiple banks.

However, in recognition of the Company’s situation as described
above, the banks have agreed to maintain their existing loans to
Pioneer based on loan agreements.

Furthermore, Pioneer has received loans on an ongoing basis
chiefly from its main banks, which have pledged their intention to
continue providing financial support to the Company.  Pioneer
remains committed to improving its performance by implementing
restructuring, while working hard to ensure the continued support
of the banks.

                     About Pioneer Corporation

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The Company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The Company has a
global network. The Company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 11, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Pioneer Corp., due to the increased likelihood of
deterioration in its financial profile and heightened uncertainty
regarding its funding plans over the next 12 to 24 months.
Moreover, the company is likely to post another large loss for
fiscal 2009 (ending March 31, 2010), which would represent the
sixth consecutive year it has done so.  The outlook on the long-
term corporate credit rating is negative.

Moreover, the TCR-AP also reported on April 22, 2009, that Moody's
Investors Service downgraded to B1 from Ba3 the local currency
issuer rating for Pioneer Corporation.  The ratings outlook is
negative.


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


BEXCOM PTE: Creditors' First Meeting Set for August 26
------------------------------------------------------
The creditors of Bexcom Pte Ltd will hold their first meeting on
August 26, 2009, at 11:00 a.m.

At the meeting, the creditors will be asked to:

   -- receive an update on the progress of liquidation; and

   -- approve the liquidators' fees.

The company's liquidator is:

          Aaron Loh Cheng Lee
          c/o Ernst & Young Solutions LLP
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


CENTREPOINT SHIPPING: Court to Hear Wind-Up Petition on August 21
-----------------------------------------------------------------
A petition to wind up the operations of Centrepoint Shipping &
Trading Pte Ltd will be heard before the High Court of Singapore
on August 21, 2009, at 10:00 a.m.

Bridge Oil Far East Pte. Ltd filed the petition against the
company on July 27, 2009.

The Petitioner's solicitors are:

          TSMP Law Corporation
          6 Battery Road, #33-01
          Singapore 049909


CHIP THYE: To Pay First Interim Dividend
----------------------------------------
Chip Thye Enterprise Pte Ltd, which is in liquidation, will pay
the first interim dividend to its unsecured creditors on Aug. 14,
2009.

The company will pay 27.50% to all received claims.

The company's liquidator is:

          Khoo Ho Tong
          100 Beach Road
          #24-01 Shaw Tower
          Singapore 189702


INNOVATIVE STRUCTURAL: Creditors' First Meeting Set for August 13
-----------------------------------------------------------------
The creditors of Innovative Structural Systems Pte Ltd will hold
their first meeting on August 13, 2009, at 2:00 p.m.

At the meeting, the creditors will be asked to:

   -- receive a full statement of the affairs of the company,
      showing the assets and liabilities of the company;

   -- appoint a Committee of Inspection if deemed necessary; and

   -- discuss other matters.

The company's liquidator is:

          Don M Ho, FCPA
          c/o Don Ho & Associates, Public Accountants
          & Certified Public Accountants
          Corporate Advisory & Recoveries
          20 Cecil Street #12-02 Equity Plaza
          Singapore 049705
          Tel: 6532 0320 (8 lines)
          Fax: 6532 0331


UNIVERSAL RELIANCE: Court to Hear Wind-Up Petition on August 21
---------------------------------------------------------------
A petition to wind up the operations of Universal Reliance
(Holdings) Pte. Ltd. will be heard before the High Court of
Singapore on August 21, 2009, at 10:00 a.m.

Jonathan Chow Hong Pei filed the petition against the company on
July 24, 2009.

The Petitioner's solicitors are:

          Ong & Lau
          30 Robinson Road #06-01 Robinson Towers
          Singapore 048546


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


SUPER GROUP: Fitch Downgrades National Long-Term Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has downgraded Super Group Ltd's National Long-term
rating and unsecured bond rating to 'BB-(zaf)' from 'BB(zaf)'
respectively.  The National Short-term rating is affirmed at
'B(zaf)'.  The Rating Watch Evolving on the Long-term rating and
the Rating Watch Negative on the Short-term rating have been
resolved.  A Negative Outlook is assigned.

The downgrade of the Long-term rating reflects Fitch's expectation
that, despite likely improvements in the group's liquidity,
leverage will remain at elevated levels in the medium term, given
continued difficult trading conditions.  It also reflects Fitch's
continued concerns regarding reduced group profitability, and
losses incurred from the discontinuation of businesses which
exceeded the agency's expectations.

The Negative Outlook reflects Fitch's view that challenging
trading conditions due to the current economic downturn is
expected to continue over the next 12 to 18 months, adversely
affecting Super Group's credit metrics in the short- to medium-
term.

The completion of its debt restructuring in 2009 and cash inflows
from the ZAR1 billion underwritten rights offer should enhance
Super Group's liquidity, leading to the resolution of the Rating
Watches.

The ratings are supported by shareholder and lender support, as
demonstrated by a consortium of banks and the majority shareholder
recapitalizing the group, as well as the debt restructuring
exercise which will lead to the repayment of unsecured debt.

The ratings are further supported by the stable cash flows within
Super Group's full maintenance lease and supply chain management
businesses.  The group has embarked on a strategy of disposing of
non-core operations, which include the Autozone, MICA, Emerald
Insurance and Hermans Truck businesses, in a bid to return the
group to financial profitability.

Super Group is a South Africa-based company involved in supply-
chain management, fleet logistics and vehicle retail
distributorships.


===============
T H A I L A N D
===============


RED DRAGON: Bondholders Mull Legal Action Over US$125-Mln Default
-----------------------------------------------------------------
Local holders of bonds issued by Thailand-based Red Dragon are
considering suing the company for allegedly trying to avoid
repaying debt to them worth US$125 million, Jakarta Globe reports
citing a lawyer for the investors.

According to the Globe, the Indonesian bondholders, who are still
waiting f or their money from Red Dragon, are now considering
legal action of their own.

The Globe relates that the case involves a group of international
and Indonesian investors who bought a US$200 million bond issue,
and the banks who acted as the trustee and security agent for the
debt.

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2009, The Financial Times recalled that the case began in
July 2007 when Red Dragon and the three other companies pledged
about US$1 billion worth of shares in PT Central Proteina Prima to
guarantee US$200 million in secured exchangeable bonds.  According
to the FT, their troubles began last year when CP Prima's share
price plunged.

The FT related that efforts to restructure the deal failed and
bondholders ordered Bank of New York Mellon, the trustee, and Bank
Danamon, the security agent, to seize the collateral because they
believed the companies had defaulted on the bond.

On July 17, Red Dragon, Regent Central International, Charm Easy
and Surya Hidup Satwa, all controlled by the Chearavanont family,
sued the banks, and thus effectively the bondholders, for
US$1 billion for "causing very large losses to the claimants" and
for seizing their assets after allegedly deciding without proof
that the companies were in default of their obligations to the
bondholders, according to four Jakarta court filings obtained by
the FT.

Red Dragon and Pertiwi Indonesia, another Chearavanont-owned
company, are also suing in London, the FT added.

Jakarta Globe cited Todung Mulya Lubis, a lawyer for Red Dragon's
bondholders, as saying that "One thing that could be interpreted
from this lawsuit is that Red Dragon was trying to avoid repaying
its debts."

Mr. Lubis, as cited by the Globe, said the South Jakarta District
Court had scheduled the first hearing for the civil suit filed by
Red Dragon and another three Chearavanont family-owned companies
for Aug. 20.

Thailand-based Red Dragon is a special purpose vehicle controlled
by the Chearavanont family.


                         *********

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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