TCRAP_Public/090813.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, August 13, 2009, Vol. 12, No. 159

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Record Funds Placed in Administration
BABCOCK & BROWN INFRA: Sees Up to AU$920 Million Impairment Charge
BENDIGO AND ADELAIDE: Raises AU$177 Million from Institutions
BOUNTY MINING: Goes Into Administration, Calls in BRI Ferrier
OCTAVIAR LIMITED: QDeck Put Up for Sale by Receivers


C H I N A

CHINA EASTERN: Post First Half Profit of CNY1.17 Billion


H O N G  K O N G

ALLACCESS HK: Appoints Craig William Murphy as Liquidator
BOBTICAL COMPANY: Members' Final Meeting Set for September 11
CALPA AURAL: Creditors' Proofs of Debt Due on September 7
CITY TELECOM: Fitch Upgrades Issuer Default Rating to 'BB-'
CRYSTALTECH ELECTRONICS: Members to Hear Wind-Up Report on Sept. 9

HEEYUN COMPANY: Creditors' Proofs of Debt Due on September 8
JENXON INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
LANEWORTH COMPANY: Appoints Middleton and Cowley as Liquidators
LOGISTICS (HOLDINGS): Members' Final Meeting Set for September 7
NORTH SPRING: Placed Under Voluntary Wind-Up

ROSEJAY COMPANY: Appoints Middleton and Cowley as Liquidators
SONICS DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
TISCO SECURITIES: Members' Final Meeting Set for August 14
TITWORTH COMPANY: Appoints Middleton and Cowley as Liquidators
WAH SANG: Appoints Chan Chiu Yuet as Liquidator

YUK YING: Placed Under Voluntary Wind-Up


I N D I A

AANJANEYA BIOTECH: CRISIL Cuts Ratings on Various Loans to 'D'
AMBICA PAPERS: Low Net Worth Prompts CRISIL to Assign 'B' Rating
BHILAI ENGINEERING: CRISIL Rates INR196.3 Mln Term Loan at 'BB'
FRONTIER KNITTERS: CRISIL Rates INR109.6MM Long Term Loan at 'D'
FUELCO COAL: CRISIL Assigns 'BB+' Rating on INR70MM Cash Credit

INDITEX PROCESSOR: Default in Loan Payment Cues CRISIL 'D' Rating
MEHTA API: Low Profitability Prompts CRISIL 'BB+' Ratings
MEHTA PHARMACEUTICAL: CRISIL Rates INR25 Mln Cash Credit at 'BB+'
PRAHLADRAI FABRICS: CRISIL Puts 'BB-' Rating on Cash Credit Limit
SATYAM COMPUTER: Probe Almost Complete, Corp. Affair Minister Says

SHAMANUR SUGARS: Weak Liquidity Cues CRISIL to Assign 'D' Rating
SHREE GIRIRAJ: Low Net Worth Prompts CRISIL 'B' Rating


I N D O N E S I A

GARUDA INDONESIA: Expects to Raise US$400 Mil. from IPO in June


J A P A N

TOSHIBA CORP: Fitch Affirms Low-B FC, LC Issuer Default Ratings
* S&P Puts Ratings on 30 Tranches on CreditWatch Negative


K O R E A

HYUNDAI MOTOR: Gets EUR180 Mil. Coverage Arrangement from KEIC
SSANGYONG MOTOR: To Receive KRW130 Billion Loan from KDB
SSANGYONG MOTOR: To Resume Operations Today


K U W A I T

GULF INVESTMENT: Fitch Downgrades Individual Rating to 'D/E'


N E W  Z E A L A N D

ST LAURENCE: Managed Fund Breaches Trust Deed
* COOK ISLANDS: S&P Gives Negative Outlook; Affirms 'BB/B' Rating


P A K I S T A N

ROYAL BANK: MCB Bank to Acquire Pakistan Unit for US$87 Million


S I N G A P O R E

LI SENG: Court Enters Wind-Up Order
ORIENT: Creditors' Proofs of Debt Due on August 21
SONY LOGISTICS: Creditors' Proofs of Debt Due on September 7


T A I W A N

CHINA LIFE: Fitch Cuts Insurer Financial Strength Rating to 'BB+'


X X X X X X X X

* S&P Puts Ratings on 31 Tranches of Asia-Pacific Synthetic CDOs


                         - - - - -


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


ALLCO FINANCE: Record Funds Placed in Administration
----------------------------------------------------
Administrators have been appointed to the management arm of Allco
Finance Group's commercial property business, Record Funds
Management Limited, The Age reports.

According to the report, corporate recovery specialist PPB took
control of Record Funds over the weekend, four months after
receivers were appointed to the ASX-listed trust, Record Realty,
which operated under the Allco umbrella.

RFML directors were unable to find another property manager
prepared to replace the company as responsible entity, the report
says.

"The directors didn't have the funding available to continue
paying the ongoing costs of [ASX] compliance," the Age quoted
joint administrator Neil Singleton of PBB as saying.

The Troubled Company Reporter-Asia Pacific on April 3, 2009, that
the Bank of Scotland International, the institutional lending arm
of British lender, HBOS, appointed Craig Shepard and Mark Korda at
Korda Mentha as receivers and managers of Record Realty Trust
after it failed to pay about AU$150 million in debts.

The future of both RFML and Record Realty had been put in doubt by
the failure last year of Allco Finance, their ultimate parent.

Record Realty Trust is an Australia-based investment management
vehicle.  It invests in commercial office buildings with longer
term leases to tenants.  Record Funds Management Limited (RFML) is
the responsible entity of Record Realty.  RFML has entered into a
management agreement with Allco Funds Management Limited (the
Manager), a subsidiary of Allco Finance Group Limited (AFG) under,
which the Manager is responsible for coordinating much of the day-
to-day operations of Record Realty.

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.  The
company is a vendor of Momentum Investment Finance Pty Limited and
Allco Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion
in total debt.


BABCOCK & BROWN INFRA: Sees Up to AU$920 Million Impairment Charge
------------------------------------------------------------------
Babcock & Brown Infrastructure said that preliminary impairment
testing, conducted as part of its preparation of its annual
results for the year ended June 30, 2009, has resulted in a
forecast pre-tax impairment charge (including impairment arising
from the loss on disposal of Euroports in its full year accounts)
of between AU$900.0 million and AU$920.0 million.

BBI said the actual amount of the pre-tax impairment charge will
be determined following completion of the annual audit and
finalization of the financial statements for the 2009 financial
year.

The key reasons for the forecast impairment charge of assets
include:

   * impact of global economic conditions across the portfolio,
     particularly in the Northern Hemisphere ports sector;

   * growth forecasts in the respective businesses taking into
     account current trading conditions;

   * increased weighted average cost of capital (WACC) due to
     changes in cost of debt and equity and relevant asset beta
     assumptions;

   * impairment due to the loss on disposal on the partial sale
     of the Euroports business as announced on 28 July 2009; and

   * a writedown to recoverable amount of the remaining Euroports
     investment.

BBI said that the preliminary assessment of impairment charge
remains subject to a final review by its auditors and approval by
the BBI Boards.  The final pre-tax impairment charge for BBI will
be confirmed at the release of BBI’s Annual Results on August 26,
2009.

                Change of Registered Office Address
              and Principal Place of Business Address

Effective from August 3, 2009, the registered office address,
principal place of business address and postal address of Babcock
& Brown Infrastructure Limited and Babcock & Brown Investor
Services Limited (responsible entity of the Babcock & Brown
Infrastructure Trust) have changed as:

   From      Level 23, The Chifley Tower
             2 Chifley Square
             Sydney NSW 2000

   To        Level 21, The Chifley Tower
             2 Chifley Square
             Sydney NSW 2000

The associated telephone and facsimile numbers remain unchanged.

                 About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, Moody's Investors Service confirmed Babcock & Brown
Infrastructure Group's B1 corporate family rating and B2 senior
secured rating.  The outlook on the ratings is stable.


BENDIGO AND ADELAIDE: Raises AU$177 Million from Institutions
-------------------------------------------------------------
Bendigo and Adelaide Bank said it has successfully closed the
fully underwritten institutional component of the capital raising
announced on August 10, 2009, with exceptionally strong support
received from a broad range of global and domestic investors to
raise roughly AU$177 million.

Bendigo and Adelaide Bank group managing director Mike Hirst said
the company was very pleased with the support that had been
received from institutional equity markets for the raising.

"The continued strong commitment of our existing institutional
shareholders was demonstrated, with more than 95% taking up their
full entitlements.  We are also extremely pleased to be welcoming
a number of significant institutional shareholders to our register
to support our growth going forward," Mr. Hirst said.

The institutional raising comprised the offer of roughly 7.3
million new shares under the institutional component of the 1 for
12 entitlement offer (Entitlement Offer) to raise roughly AU$50
million and the offer of roughly 18.8 million shares (Placement
Shares) to institutional investors under the placement offer to
raise roughly AU$127 million.

"The net proceeds of the equity raising will be used to strengthen
the Bank's capital base, to enhance its financial flexibility and
to take advantage of growth opportunities as markets continue to
improve," Bendigo said in a statement.

The new shares and placement shares are expected to be issued on
Aug. 21, 2009, and commence trading on ASX on the same day.  As
the new shares and placement shares will not be entitled to the
FY2009 final dividend, they will trade under the ASX code "BENN"
until the ex-dividend date for the dividend (expected to be
August 27, 2009).

Shares in Bendigo and Adelaide Bank resumed normal trading on ASX
Wednesday, August 12.

                   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.


BOUNTY MINING: Goes Into Administration, Calls in BRI Ferrier
-------------------------------------------------------------
The directors of Bounty Mining Ltd. on Monday appointed
Martin Green and Peter Krejci of insolvency firm BRI Ferrier as
administrators of the company.

According to a report posted at SmartCompany.com.au, Bounty has
been hit by a series of problems over the last few months,
including cashflow problems and unscheduled machinery breakdowns.

The company lost its two main mining contracts in Queensland in
early April and did not start a new contract in Chain Valley in
New South Wales until May, the report says.  According to the
report, a drop in income was compounded by a jump in costs
associated with redundancies in Queensland and relocating staff to
NSW.

The report says Mr. Green's immediate plan is to continue to
operate the business as usual, while searching for someone to buy
the business or inject the capital necessary to right the ship.

"Expressions of interest are being sought from interested parties
either to purchase the Bounty business as a going concern or
recapitalize the existing business," the report quoted Mr. Green
as saying in a statement.

The first creditors meeting will be help on August 20.  Any
proposal or deed of company arrangement would be considered at a
second creditors meeting on September 14, the report notes.

                        About Bounty Mining

Bounty Mining Ltd (ASX:BNT) -- http://www.bounty.com.au/--
formerly Bounty Industries Ltd, specializes in the provision of
thin-seam coal mining services to the Australian coal industry.
The Company has two wholly owned subsidiaries: InCoal Pty Limited
((InCoal), the vehicle used for mining assignments where the
mining of thin-seam coal is a significant component of the
agreement and Bounty Equipment Limited (BEL), which owns the
underground coal mining equipment required by InCoal and is
responsible for the purchase, refurbishment and where appropriate
the sale or leasing to InCoal and other industry participants.  It
provides mining solutions and equipment to mine-owners who want to
unlock the value of their thin-seam coal reserves.


OCTAVIAR LIMITED: QDeck Put Up for Sale by Receivers
----------------------------------------------------
The observation deck of Australia's tallest building is on the
sale block after being placed in receivership on June 22.

Receivers to the landmark QDeck at Surfers Paradise has sought
expressions of interest from around the world to buy the prime
tourism asset, a report posted at goldcoast.com.au says.

QDeck, according to the report, is owned by Sunleisure Property
Holdings, a subsidiary of former funds manager Octaviar Group.

The report says the receivers also announced the observation deck,
located on levels 77 and 78 of the Q1 tower, was poised for an
expansion aimed at giving visitors an added adrenalin rush on
their Gold Coast holiday.  According to the report, receiver
Justin Walsh, of Ernst and Young, said plans were in place to
install a glass walkway around the central 'crown' of the
building.

Mr. Walsh, as cited by the report, said plans for the proposed
glass walkway were put in train by Octaviar.  Those plans are
still subject to approval, the report notes.

Expressions of interest in QDeck will close on September 10.

The QDeck, formerly known as the Q1 Observation Deck, has become a
major tourist attraction for the Gold Coast since opening in
December, 2005.

                      About Octaviar Limited

Headquartered in Queensland, Australia, Octaviar Limited (ASX:OCV)
-- http://www.mfsgroup.com.au-- formerly known as MFS Limited,
operates as an Investment Management business with a portfolio of
businesses and assets, including: operating businesses in the
leisure and childcare sectors; real estate portfolio; 35% interest
in the Stella Group; operating businesses which hold AFSL licenses
and act as Responsible Entity for a number of Managed Investment
Schemes.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed Messrs. John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.

The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and Harwood
as Voluntary Administrators.

The TCR-AP reported on Sept. 17, 2008, that Fortress Credit
Corporation (Australia) II Pty Ltd., one of Octaviar Limited's
major creditors, appointed Stephen James Parbery and Anthony
Milton Sims of PPB as receivers and managers for Octaviar.

The TCR-AP reported on Dec. 19, 2008, that the creditors voted for
a deed of company arrangement over two entities in the Octaviar
group, Octaviar Limited and Octaviar Administration Pty Limited.
The three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Limited into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement
that has been in place since December, naming company
administrators John Greig and Nick Harwood at Deloitte, as
provisional liquidators.


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


CHINA EASTERN: Post First Half Profit of CNY1.17 Billion
--------------------------------------------------------
China Eastern Airlines Corp. said its first-half net profit surged
to CNY1.174 billion (US$172.6 million), under Chinese accounting
standards, boosted by improved passenger demand and revaluation
gains from fuel hedging, according to Xinhua News Agency.

The Shanghai-based carrier said revenue in the first half,
however, fell 15.83% to CNY17.5 billion, the report relates.

In the first six months to June 30, Xinhua says, the carrier
received CNY1.24 billion in non-operating income, mainly
government subsidies and reimbursement from the civil aviation
infrastructure fund.

According to international accounting standards, the report notes,
China Eastern's net profit totaled CNY984.65 million in the first
half of this year.  It didn't provide a corresponding figure over
the same period last year, Xinhua adds.

The Troubled Company Reporter-Asia Pacific reported on July 14,
2009, that China Eastern Airlines disclosed plans to merge with
Shanghai Airlines Co. Limited through a shares swap.  Shanghai
Airlines will exchange one of its A shares for 1.3 shares of China
Eastern after its shareholders are given a 25% risk premium.  The
merger will give China Eastern, one of China's three state-
owned airlines, about 50% market share in Shanghai,

                        About China Eastern

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

                          *     *     *

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


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


ALLACCESS HK: Appoints Craig William Murphy as Liquidator
---------------------------------------------------------
At an extraordinary general meeting held on July 27, 2009, the
members of Allaccess HK Limited appointed Craig William Murphy as
the company's liquidator.

The Liquidator can be reached at:

          Craig William Murphy
          ING Tower, Suite 1306, 13th Floor
          308 Des Voeux Road Central
          Hong Kong


BOBTICAL COMPANY: Members' Final Meeting Set for September 11
-------------------------------------------------------------
The members of Bobtical Company Limited will hold their final
meeting on September 11, 2009, at 4:00 p.m., at the 12th Floor of
Lucky Building, 39 Wellington Street, in Central, Hong Kong.

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


CALPA AURAL: Creditors' Proofs of Debt Due on September 7
---------------------------------------------------------
The creditors of Calpa Aural-Laserpuncture Consultants Limited are
required to file their proofs of debt by September 7, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Lau Yui Wing
          2201 Hong Kong Trade Centre
          161 Des Voeux Road
          Central, Hong Kong


CITY TELECOM: Fitch Upgrades Issuer Default Rating to 'BB-'
-----------------------------------------------------------
Fitch Ratings has upgraded City Telecom (H.K.) Limited's Long-term
foreign currency Issuer Default Rating to 'BB-' from 'B+' and the
rating of its senior unsecured debt to 'BB' from 'BB-'.  At the
same time, the agency has revised the Outlook to Stable from
Positive.

The upgrades reflect CTI's achievement of steady subscriber growth
while maintaining its EBITDA margin at around 30% between 2007 and
H109.  Fitch expects CTI's subscriber growth trend and margins to
likely continue in the same direction over the short-to-medium-
term.  The upgrades take into account CTI's further improvement in
financial leverage, which declined to around 0.5x in H109 from
1.0x in FY08 (as measured by net adjusted debt to EBITDAR).

CTI's ongoing broadband subscriber growth of more than 20% yoy has
far exceeded the Hong Kong industry's average performance of low-
single digit growth.  This significant growth has been driven by a
combination of the company's competitive bandwidth pricing and its
advanced fibre-to-the-home broadband infrastructure.  Fitch
expects CTI to continue to record strong subscriber growth as the
company continues to increase its FTTH coverage from 1.5 million
homes passed currently to 2 million by 2011, although probably at
a lower pace given the highly penetrated telecom market.  Along
with an increasing broadband subscriber base, Fitch expects
subscriptions for CTI's voice and IPTV services to also increase.

Impressively, during H109 the company's broadband ARPU rose to
HKD196, 10.7% higher than H108.  However, such a high ARPU may not
be sustainable going forward, in Fitch's view, given increasing
competition from the incumbent operator, Hong Kong
Telecommunications Limited.  However, concerns over downward
pressure on ARPU, if any, could be mitigated by the fact that CTI
has secured a 24-month contract with at least 80% of its
subscribers, which renders CTI's revenue more predictable and
stable in the economic downturn.

CTI's EBITDA margin improved slightly to 32.2% in H109 from 30%
yoy, although its advertising and marketing expenses rose by 15.1%
yoy.  With further expansion of its subscriber base, CTI has the
potential to improve or maintain its current margin.  Fitch
expects that management should be able to cut marketing expense
amid the downturn, given its more discretionary nature, to protect
margins.  In addition, operating margins could be positively
impacted over time as the company's business model progressively
shifts from a subscriber acquisition mode based in Hong Kong, to a
subscriber retention mode based in Guangzhou.  Currently CTI has
1,366 or 47% of its total workforce located in Guangzhou for
customer servicing and contract renewal.

The ratings also take into account CTI's consistent free cash flow
generation.  Its strong cash generation has also been driven by
its rational capex and prudent dividend policy, in addition to
benefiting from strong revenue growth and stable margins.
Although its budgeted capex will increase to HKD600m in FY09 and
FY10 - about 76% higher than that in FY07 and FY08 - the proposed
expenditure is still within the range of CTI's "Capex below EBITDA
level" policy.  Hence, Fitch expects continuous positive FCF
generation.  CTI's strong cash generation over the past two years
has enabled the company to buyback the major portion of its
outstanding bonds and reduce its gross leverage.

Further positive rating actions could occur if CTI is able to
increase its broadband market share to above 25% while maintaining
stable EBITDA margin.  Conversely, negative rating actions could
be taken if there is sharp drop in the company's EBITDA margin due
to intensified competition, its broadband market share declines to
below 15%, or its net adjusted debt to EBITDAR leverage ratio
exceeds 1.5x.


CRYSTALTECH ELECTRONICS: Members to Hear Wind-Up Report on Sept. 9
------------------------------------------------------------------
The members of Crystaltech Electronics (China) Limited will hold
their meeting on September 9, 2009, at 11:00 a.m., to hear the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


HEEYUN COMPANY: Creditors' Proofs of Debt Due on September 8
------------------------------------------------------------
The creditors of Heeyun Company Limited are required to file their
proofs of debt by September 8, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Andrew Y.S. Wong
          1601 Wing On Centre
          111 Connaught Road
          Central, Hong Kong


JENXON INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------------
On July 31, 2009, Yeung Kam Hoi stepped down as liquidator of
Jenxon Investment Limited.


LANEWORTH COMPANY: Appoints Middleton and Cowley as Liquidators
---------------------------------------------------------------
On July 27, 2009, a special resolution was passed appointing
Edward Simon Middleton and Patrick Cowley as the liquidators of
Laneworth Company Limited.

The Liquidators can be reached at:

          Edward Simon Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong


LOGISTICS (HOLDINGS): Members' Final Meeting Set for September 7
----------------------------------------------------------------
The members of Logistics (Holdings) Limited will hold their final
meeting on September 7, 2009, at 11:00 a.m., at the offices of
Ferrier Hodgson Limited, 14th Floor of The Hong Kong Club
Building, 3A Chater Road, in Central, Hong Kong.

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


NORTH SPRING: Placed Under Voluntary Wind-Up
--------------------------------------------
On July 31, 2009, the shareholders of North Spring Limited passed
a resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Chiu Wai Hon
          Hang Seng Wanchai Building
          Rooms 603-4, 6th Floor
          200 Hennessy Road
          Wanchai, Hong Kong


ROSEJAY COMPANY: Appoints Middleton and Cowley as Liquidators
-------------------------------------------------------------
On July 27, 2009, a special resolution was passed appointing
Edward Simon Middleton and Patrick Cowley as the liquidators of
Rosejay Company Limited.

The Liquidators can be reached at:

          Edward Simon Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong


SONICS DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
----------------------------------------------------------
On July 31, 2009, Yeung Kam Hoi stepped down as liquidator of
Sonics Development Limited.


TISCO SECURITIES: Members' Final Meeting Set for August 14
----------------------------------------------------------
The members of Tisco Securities Hong Kong Limited will hold their
final meeting on August 14, 2009, at 10:00 a.m., at the Level 14,
Tower 1 of Admiralty Centre, in 18 Harcourt Road, Hong Kong.

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


TITWORTH COMPANY: Appoints Middleton and Cowley as Liquidators
--------------------------------------------------------------
On July 27, 2009, a special resolution was passed appointing
Edward Simon Middleton and Patrick Cowley as the liquidators of
Titworth Company Limited.

The Liquidators can be reached at:

          Edward Simon Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong


WAH SANG: Appoints Chan Chiu Yuet as Liquidator
-----------------------------------------------
At an extraordinary general meeting held on August 3, 2009, the
members of Wah Sang Po Yik Company Limited appointed Chan Chiu
Yuet as the company's liquidator.

The Liquidator can be reached at:

          Chan Chiu Yuet
          No. 58A Tak Ku Ling Road, 1st Floor
          Kowloon


YUK YING: Placed Under Voluntary Wind-Up
----------------------------------------
At an extraordinary general meeting held on July 31, 2009, the
members of Yuk Ying Kindergarten Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Chiu Wai Hon
          Hang Seng Wanchai Building
          Rooms 603-4, 6th Floor
          200 Hennessy Road
          Wanchai, Hong Kong


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


AANJANEYA BIOTECH: CRISIL Cuts Ratings on Various Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Aanjaneya Biotech Pvt Ltd to 'D' from 'B+/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR244 Million Cash Credit      D (Downgraded from 'B+/Stable')
   INR117 Million Long-Term Loan   D (Downgraded from 'B+/Stable')

The downgrade reflects delays by Aanjaneya in repayment of its
term loan obligations because of strained liquidity caused by
increase in debtor and inventory levels.

                      About Aanjaneya Biotech

Aanjaneya was set up in 2006 by Mr. K V Vishwanathan and his son
Mr. Kannan Vishwanath for manufacturing anti-malarial active
pharmaceutical ingredients (APIs) from natural extracts.  The
company commenced commercial production at its facility at Mahad
(Maharashtra) in October 2008.  Aanjaneya extracts anti-malarial
APIs such as quinine sulphate and quinine hydrochloride from the
bark of cinchona ledgeriana trees.  The promoters had earlier set
up Benzochem LifeSciences Pvt Ltd in 1978 for manufacturing basic
chemicals and bulk drugs, which they sold to Arch Pharmalabs Ltd
in 2008.

Aanjaneya reported a profit after tax (PAT) of INR 52 million on
net sales of INR901 million for the year ended March 31, 2009, as
against a PAT of INR23 million on net sales of INR219 million in
the previous year.


AMBICA PAPERS: Low Net Worth Prompts CRISIL to Assign 'B' Rating
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Ambica Papers Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR50.00 Million Cash Credit         B/Stable (Assigned)
   INR50.00 Million Bill Discounting    P4 (Assigned)
   INR50.00 Million Letter of Credit    P4 (Assigned)

The ratings reflect APPL's weak financial risk profile marked by
low net worth, high gearing, and below-average debt protection
measures.  The ratings also factor in APPL's exposure to risks
relating to small scale of operations in the paper industry, and
substantial receivables.  These weaknesses are, however, partially
offset by the benefits that APPL derives from the experience of
its promoters in the paper industry, and from its negligible
inventory risks.

Outlook: Stable

CRISIL believes that APPL's financial risk profile will remain
weak over the near to medium term on account of small scale of
operations and low cash accruals.  The outlook may be revised to
'Positive' if the company's profitability and financial risk
profile improve considerably; or to 'Negative' if there are
significant delays by APPL in collection of receivables.

                        About Ambica Papers

APPL was set up as a proprietorship firm in 1985 by Mr. Vasudeo
Haripurkar.  The business of the firm was taken over by APPL in
1996.  APPL is an indenting agent: it arranges for sale of paper
from the manufacturers to the publishers, and earns a commission
on the same.  The company pays the manufacturer on behalf of the
buyer, and extends credit to the buyer.

APPL posted an expected profit after tax (PAT) of INR2.3 million
on expected net sales of INR35 million for the year ended
March 31, 2009, as against a PAT of INR5.1 million on net sales of
INR26.7 million for the year ended March 31, 2008.


BHILAI ENGINEERING: CRISIL Rates INR196.3 Mln Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the bank
facilities of Bhilai Engineering Corporation Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR196.3 Million Term Loan          BB/Stable (Assigned)
   INR862.5 Million Cash Credit        BB/Stable (Assigned)
   INR1700.7 Million Bank Guarantee    P4 (Assigned)
   INR1041.5 Million Letter of Credit  P4 (Assigned)

The rating reflects BECL's weak liquidity because of its large
working capital requirements, and the susceptibility of its
margins to fluctuations in raw material prices.  These weaknesses
are partially offset by BECL's diversified business profile.

Outlook: Stable

CRISIL believes that BECL will maintain a stable business risk
profile over the medium term, backed by its diversified revenue
profile. The outlook may be revised to 'Positive' in case of
significant improvement in BECL's profitability.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
larger-than-expected debt-funded capital expenditure, or if its
liquidity comes under further stress due to delays in receivables.

                      About Bhilai Engineering

Incorporated as a public limited company in 1976, BECL is the
flagship company of the BEC group. The company is managed by the
Jain family.  It caters to a wide range of basic industries such
as steel, mining, and railways. Over the past couple of years,
BECL has entered into manufacturing of towers for the wind mill
sector, and into road construction.  The company has three
predominant divisions: engineering and construction, fertilizer,
and food.  The company operates through a corporate office in
Bhilai, and one regional office each at New Delhi, Mumbai,
Kolkata, Chennai, and Bangalore. It also has local offices at
various project sites in different parts of the country.

BECL reported a provisional profit after tax (PAT) of INR143
million on net sales of INR4555 million for the year ended
March 31, 2009; it reported a PAT of INR138 million on net sales
of INR3111 million for the year ended March 31, 2008.


FRONTIER KNITTERS: CRISIL Rates INR109.6MM Long Term Loan at 'D'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'C/D/P4' to the bank facilities
of Frontier Knitters, a Frontier group entity.

   Facilities                               Ratings
   ----------                               -------
   INR100.00 Million Cash Credit Limit      C (Assigned)
   INR80.00 Million Foreign Bills           C (Assigned)
                    Discounting Limit*
   INR109.60 Million Long Term Loan         D (Assigned)
   INR50.00 Million Working Capital         D (Assigned)
                     Term Loan
   INR37.00 Million Standby Line of Credit  P4 (Assigned)
   INR5.00 Million Bank Guarantee Limit     P4 (Assigned)

   *Fully Interchangeable with Cash Credit Limit

The 'D' rating reflects delay by Frontier in meeting term loan
obligations, owing to weak liquidity.  The 'C/P4' ratings on
Frontier's other bank facilities also take into account the firm's
default on the term loan obligations; in addition, the ratings
factor in Frontier's below-average financial risk profile, marked
by low net worth, deteriorating gearing, and weak debt protection
measures; and the firm's exposure to risks relating to customer
concentration in revenues.  The ratings also reflect Frontier's
established presence in the knitted garments industry.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of Frontier and Inditex Processor Pvt Ltd.  This is
because Frontier and Inditex, together referred to as the Frontier
group, are part of the textile value chain, and have a common
management, and operational and financial linkages.

                          About the Group

Set up in 1988 at Tirupur (Tamil Nadu), the Frontier group is
promoted by Mr. Mohammed Thajutheen.  Frontier is the Frontier
group's flagship entity, and manufactures and exports a wide range
of knitted garments.  Inditex, set up in 2006, dyes fabric and
yarn and derives 75 per cent of its revenues from the group. The
group has an installed capacity to manufacture 4 million pieces of
garments per annum.

The Frontier group's estimated net loss is INR22.55 million on net
sales of INR 1.10 billion for the year ended March 31, 2009, as
against a PAT (Profit after Tax) of INR 18.66 million on net sales
of INR 955.33 million for the year ended March 31, 2008.


FUELCO COAL: CRISIL Assigns 'BB+' Rating on INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Fuelco Coal (India) Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Cash Credit       BB+/Stable (Assigned)
   INR50.0 Million Letter of Credit  P4 (Assigned)
   INR25.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect FCIL's small scale of operations and limited
geographic reach in the coal trading business, and exposure to
risks relating to customer concentration in its revenue profile.
These weaknesses are, however, partially offset by FCIL's
comfortable financial risk profile, and the benefits that the
company derives from its promoter's experience in the coal
business.

Outlook: Stable

CRISIL believes that FCIL will sustain its credit profile, by
leveraging on its existing relationships with customers and the
promoter's experience in the coal business.  The outlook may be
revised to 'Positive' if FCIL's financial risk profile improves
substantially on the back of sustained improvement in operating
margins, and additional equity infusions.  Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile weakens owing to substantial debt-funded capital
expenditure.

                         About Fuelco Coal

Set up in 2004 by Mr. Naval Kishore Agarwal, FCIL procures coal
through e-auctions conducted by Coal India Ltd.  FCIL's sells to
end users belonging to industries such as paper, textile,
chemical, and cement, apart from other coal traders.  The company
also undertakes liaisoning and transportation services for
companies with coal linkages.  The promoters have set up other
companies with interests in transportation, coal washery, real
estate, sponge iron manufacturing, and power generation. FCIL
reported a profit after tax (PAT) of INR6.9 million on net
operating income of INR199.2 million for the year ended
March 31, 2008, as against a PAT of INR5.6 million on net
operating income of INR231.1 million for the year ended
March 31, 2007.


INDITEX PROCESSOR: Default in Loan Payment Cues CRISIL 'D' Rating
-----------------------------------------------------------------
CRISIL has assigned its ratings of ‘C/D’ to the bank facilities of
Inditex Processor Pvt Ltd, a Frontier group entity.

   Facilities                           Ratings
   ----------                           -------
   INR20.00 Million Cash Credit Limit   C (Assigned)
   INR80.20 Million Long Term Loan      D (Assigned)

The ‘D’ rating reflects delay by the company in meeting term loan
obligations, owing to weak liquidity.  The ‘C’ ratings on
Inditex’s other bank facilities also take into account the
company’s default on the term loan obligations; in addition, the
ratings factor in Inditex’s below-average financial risk profile,
marked by low net worth, deteriorating gearing, and weak debt
protection measures; and exposure to risks relating to customer
concentration in revenues. The ratings also reflect Inditex’s
established presence in the knitted garments industry.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of Inditex and Frontier Knitters (Frontier). This is
because Inditex and Frontier (together referred to as the Frontier
group) are part of the textile value chain, and have a common
management, and operational and financial linkages.

                          About the Group

Set up in 1988 at Tirupur (Tamil Nadu), the Frontier group is
promoted by Mr. Mohammed Thajutheen.  Frontier is the group’s
flagship entity, and manufactures and exports a wide range of
knitted garments.  Inditex, set up in 2006, dyes fabric and yarn
and derives 75 per cent of its revenues from the group.  The group
has an installed capacity to manufacture 4 million pieces of
garments per annum.

The Frontier group’s estimated net loss is INR22.55 million on net
sales of INR 1.10 billion for the year ended March 31, 2009, as
against a PAT (Profit after Tax) of INR 18.66 million on net sales
of INR 955.33 million for the year ended March 31, 2008.


MEHTA API: Low Profitability Prompts CRISIL 'BB+' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of ‘BB+/Negative/P4’ to Mehta API
Pvt Ltd (Mehta API), a Mehta group company.

   Facilities                       Ratings
   ----------                       -------
   INR15 Million Cash Credit        BB+/Negative (Assigned)
   INR5 Million Overdraft           BB+/Negative (Assigned)
   INR50 Million Long Term Loan     BB+/Negative (Assigned)
   INR130 Million Letter of Credit  P4 (Assigned)
   INR5 Million Bank Guarantee      P4 (Assigned)
   INR20 Million Packing Credit/    P4 (Assigned)
                 Bill Discounting

The ratings reflect the Mehta group’s low profitability,
constrained by its high dependence on revenues from the
manufacture of older active pharmaceutical ingredients (APIs), and
its weak financial risk profile.  These weaknesses are mitigated
by the group’s longstanding relationships with reputed clients,
and the experience of its promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Mehta API and Mehta Pharmaceutical
Industries, together referred to as the Mehta group.  This is
because the two entities share a common management, and are
involved in manufacturing and trading of APIs. Also, the
management plans to merge the business of Mehta Pharma with that
of Mehta API over the medium term.

Outlook: Negative

CRISIL believes that the Mehta group will face pressures on
profitability and cash accruals, on account of intense competition
because of the availability of new generation drugs in the
segments where the group operates.  The rating may be revised
downwards if the group’s revenues and profits decline.
Conversely, the outlook may be revised to ‘Stable’ if the group
reports improved profitability and product mix.

                        About Mehta Pharma

Set up in 1970 as a partnership firm, Mehta Pharma is registered
with the Registrar of Firms, Maharashtra.  The firm is classified
as a small scale industry (SSI) unit, and manufactures APIs.
Mehta Pharma has a manufacturing facility at Virar, near Mumbai.
This pant is located in a green zone, and hence, the capacities
cannot be expanded at this location.

Incorporated in 1987, Mehta API (formerly, Symbiotic
Pharmaceuticals Pvt Ltd) manufactures APIs.  Mehta API has a plant
at Tarapur (Maharashtra).  In 2006, Symbiotic was re-constituted
as Mehta API, with the partners of Mehta Pharma as directors.  On
account of tax implications on transfer of assets, the partners
decided to incorporate their business into a new company (Mehta
API), and gradually transfer all businesses of Mehta Pharma to the
new entity.  The company has also entered contract research, which
contributed less than 5 per cent to its revenues in 2007-08
(refers to financial year, April 1 to March 31).

For 2008-09, the Mehta group’s estimated profit after tax (PAT)
was INR56 million (INR31 million in 2007-08) on an estimated net
sales of INR992 million (INR782 million).


MEHTA PHARMACEUTICAL: CRISIL Rates INR25 Mln Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of ‘BB+/Negative/P4’ to Mehta
Pharmaceutical Industries, a Mehta group entity.

   Facilities                       Ratings
   ----------                       -------
   INR25 Million Cash Credit        BB+/Negative (Assigned)
   INR5 Million Overdraft           BB+/Negative (Assigned)
   INR20 Million Packing Credit     P4 (Assigned)
   INR35 Million Bill Discounting   P4 (Assigned)
   INR5 Million Proposed Short      P4 (Assigned)
        Term Bank Loan Facility
   INR200 Million Letter of Credit  P4 (Assigned)
   INR5 Million Bank Guarantee      P4 (Assigned)

The ratings reflect the Mehta group’s low profitability,
constrained by its high dependence on revenues from the
manufacture of older active pharmaceutical ingredients (APIs), and
its weak financial risk profile.  These weaknesses are mitigated
by the group’s longstanding relationships with reputed clients,
and the experience of its promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Mehta Pharma and Mehta API Pvt Ltd,
together referred to as the Mehta group.  This is because the two
entities share a common management, and are involved in
manufacturing and trading of APIs.  Also, the management plans to
merge the business of Mehta Pharma with that of Mehta API over the
medium term.

Outlook: Negative

CRISIL believes that the Mehta group will face pressures on
profitability and cash accruals, on account of intense competition
because of the availability of new generation drugs in the
segments where the group operates.  The rating may be revised
downwards if the group’s revenues and profits decline.
Conversely, the outlook may be revised to ‘Stable’ if the group
reports improved profitability and product mix.

                          About the Group

Set up in 1970 as a partnership firm, Mehta Pharma is registered
with the Registrar of Firms, Maharashtra.  The firm is classified
as a small scale industry (SSI) unit, and manufactures APIs.
Mehta Pharma has a manufacturing facility at Virar, near Mumbai.
This pant is located in a green zone, and hence, the capacities
cannot be expanded at this location.

Incorporated in 1987, Mehta API (formerly, Symbiotic
Pharmaceuticals Pvt Ltd) manufactures APIs. Mehta API has a plant
at Tarapur (Maharashtra).  In 2006, Symbiotic was re-constituted
as Mehta API, with the partners of Mehta Pharma as directors. On
account of tax implications on transfer of assets, the partners
decided to incorporate their business into a new company (Mehta
API), and gradually transfer all businesses of Mehta Pharma to the
new entity. The company has also entered contract research, which
contributed less than 5 per cent to its revenues in 2007-08
(refers to financial year, April 1 to March 31).

For 2008-09, the Mehta group’s estimated profit after tax (PAT)
was INR56 million (INR31 million in 2007-08) on an estimated net
sales of INR992 million (INR782 million).



PRAHLADRAI FABRICS: CRISIL Puts 'BB-' Rating on Cash Credit Limit
-----------------------------------------------------------------
CRISIL has assigned its rating of ‘BB-/Stable’ to the cash credit
facility of Prahladrai Fabrics Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR160.0 Million Cash Credit Limit     BB-/Stable (Assigned)

The rating reflects Prahladrai’s weak debt protection measures
marked by a low interest coverage ratio and high gearing, and its
exposure to intense competition in the fabric trading industry.
These weaknesses are mitigated by Prahladrai’s efficient working
capital management, healthy financial flexibility due to periodic
equity infusion by promoters, and diversified customer base.

Outlook: Stable

CRISIL expects Prahladrai to maintain a stable credit risk profile
on the back of strong growth in revenues and efficient working
capital management.  The outlook may be revised to ‘Positive’ if
the company’s operating margins improve, while it maintains steady
growth in revenues.  Conversely, the outlook may be revised to
‘Negative’ if the company’s growth in turnover does not meet
current expectations, and its interest coverage ratio declines
sharply.

                     About Prahladrai Fabrics

Incorporated as a private limited company in Gwalior in 1992,
Prahladrai was converted to a public limited company in March
2008.  The company is part of the Jajoo group, which has had a
presence in the textile industry for around fifteen years.  The
group has two other companies – Jajoo Enterprise Ltd and Guru
Aashish Texfab Ltd.  Prahladrai, managed by Mr. Kamal Jajoo and
his wife, Ms. Nita Jajoo, trades in shirting and suiting fabrics,
mainly under its own brand, PR Sulz Fab Gwalior.

The company reported a profit after tax of INR2.3 million on net
sales of INR1.35 billion for for the year ended March 31, 2009, as
against a PAT of INR2 million on net sales of INR687 million for
the year ended March 31, 2008.


SATYAM COMPUTER: Probe Almost Complete, Corp. Affair Minister Says
------------------------------------------------------------------
India's Minister for Corporate Affairs Salman Khurshid said
investigation of the fraud at Satyam Computer Services Ltd. has
almost been completed, Bloomberg News reports.

Bloomberg relates that Mr. Khurshid told reporters in Mumbai that
the government has filed charges against seven people in the case
and a special court will be set up to conduct the trial.

According to the report, Mr. Khurshid said the Serious Fraud
Office's final report is awaited.  Tax and finance ministry
officials were continuing investigations into the siphoning of
funds, he said.

"We must ensure that the prosecution is done expeditiously and
taken to its logical conclusion," Mr. Khurshid was quoted by
Bloomberg as saying.

                         Fraud Revelation

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

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

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

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

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

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

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

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

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

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

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

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

                       About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired approximately
31.04% of the Company's outstanding shares of common stock.


SHAMANUR SUGARS: Weak Liquidity Cues CRISIL to Assign 'D' Rating
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/C/P4' to the bank facilities
of Shamanur Sugars Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR467.30 Million Cash Credit        D (Assigned)
   INR207.90 Million Term Loan*         C (Assigned)
   INR500.00 Million Letter of Credit   P4 (Assigned)

   * Includes proposed limit of INR 147.40 Million

CRISIL's rating of 'D' on Shamanur's cash credit facility reflects
the fact that the facility has been overdrawn for more than 30
consecutive days, owing to weak liquidity.  The ratings of 'C/P4'
on Shamanur's term loan and letter of credit facilities reflect
the company's weak financial risk profile owing to intake of large
debt to fund capital expenditure, exposure to risks relating to
unfavorable regulations for the sugar industry, and inadequate
availability of raw materials.  These weaknesses are mitigated by
the benefits that Shamanur derives from its fully-integrated
operations, high operating efficiency, and its promoters'
experience in the sugar industry.

                       About Shamanur Sugars

Set up in 1999 by the Shamanur group, Shamanur produces sugar,
power, ethanol, and allied products.  Shamanur's sugar-processing
facility and cogeneration unit at Dugavathi (Karnataka) have
capacities of 2500 tonnes crushed per day (TCD) and 22 mega watts
(MW), respectively.  The company sells the by-products of sugar
manufacturing—molasses—to its group company Samsons Distillery
Pvt. Ltd (rated BB+/Positive/P4 by CRISIL).  Shamanur plans to set
up an ethanol plant with a capacity of 65 kilo litres per day
(KLPD) at the existing sugar processing facility to utilize
molasses captively.

Shamanur's provisional profit after tax (PAT) of INR13.3 million
on provisional net sales of INR1.2 billion for the year ended
March 31, 2009, as against a PAT of INR5.6 million on net sales of
INR774.2 million for the year ended March 31, 2008.


SHREE GIRIRAJ: Low Net Worth Prompts CRISIL 'B' Rating
------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Shree Giriraj Metalex Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit         B/Stable (Assigned)
   INR150.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect SGMPL's weak financial risk profile, marked by
low net worth and high gearing, and exposure to risks relating to
high debtor and inventory levels. However, these weaknesses are
partially mitigated by the benefits that the company derives from
its promoters' experience in the steel industry.

Outlook: Stable

CRISIL believes that SGMPL's financial risk profile will remain
constrained by low net worth and high gearing over the medium
term. The outlook may be revised to 'Positive' if the company
increases its scale of operations, while maintaining stable
revenues. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates materially due
to large working capital requirements or low profitability.

                        About Shree Giriraj

Set up in 2005 by Mr. Bhupendra Bhalala, SGMPL trades in steel
products.  SGMPL's product range includes square bars, channels,
joists, beams, and flats in the steel long products segment and
hot-rolled/mild steel plates and mild steel slabs in the steel
flat products segment.  SGMPL purchases 70-75 per cent of the
steel products from domestic companies that import these products.
It procures the remainder from domestic steel manufacturers for
sale in the retail market.

SGMPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR1046 million for the year ended March 31, 2008, as
against a PAT of INR0.7 million on net sales of INR143 million for
the year ended March 31, 2007.


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I N D O N E S I A
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GARUDA INDONESIA: Expects to Raise US$400 Mil. from IPO in June
---------------------------------------------------------------
The Jakarta Post reports that Garuda Indonesia expects to raise as
much as US$400 million from its much-awaited Initial Public
Offering in June, next year.

President director of Garuda, Emirsyah Satar told The Jakarta Post
on Tuesday that “The target of proceeds from the IPO is between
US$300 million and US$400 million.”  The proceeds, Mr. Satar said,
would be used to double the carrier’s fleet to 103 planes by 2013,
improve safety standards and further pare down its debts.

According to the report, Mr. Satar said the expected launch,
slated for June 2010, is based on a positive outlook of the market
condition, vis-a-vis investor sentiment.

However, the Post relates that according to analysts, market
response to the IPO will largely depend on the company’s ability
to settle its US$670 million in debts.  Garuda’s total debts as of
the end of last December reached US$670 million — US$450 million
to the European Credit Agency (ECA), US$100 million to Bank
Mandiri, and the rest to other creditors.

The Post says Garuda announced recently it would complete the
restructuring of a large portion of its debt by next month after
intensive negotiations with its lenders.  According to the repot,
what remains to be completed, however, is the conversion of Bank
Mandiri’s mandatory convertible bond into equity, on which Mandiri
has already showed its reluctance.

Late last month, the report recalls, Mandiri vice president Wayan
Agus Mertayasa said the bank considered the shares as a troubled
asset and decided not to make it part of the company, preferring
Garuda pay off the US$100 million debt.

The Post, citing Mirza Adityaswara, a managing director at Mandiri
Sekuritas, says the success of Garuda’s entry to the stock market
would depend on how the company settles its debts.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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


TOSHIBA CORP: Fitch Affirms Low-B FC, LC Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-term foreign currency and
local currency Issuer Default Ratings of Hitachi, Ltd., Panasonic
Corporation, and Sharp Corporation.  At the same time, the agency
has affirmed the FC and LC IDRs of NEC Corporation, Sony
Corporation, and Toshiba Corporation.  With the exception of
Panasonic, the rating Outlook for all 6 companies is Negative.
Panasonic's long-term FC/LC IDRs and issue ratings remain on
Rating Watch Negative.

The rating actions are subsequent to negative actions taken on all
six Japanese companies on March 11 2009, and reflect Fitch's view
that the operating environment for these Japanese exporters
continued to deteriorate during the first quarter of FY09 ending
30 June 2009 (Q1FY09).  Across these six companies, Q1FY2009
revenues declined, on average, by 21.6% yoy and 9.5% qoq, with all
companies continuing to report negative revenue growth compared to
the same period 12 months ago.  Cost cutting measures were largely
responsible for the average EBITDA margin improving to 3.8% in
Q1FY2009, compared with negative 0.53% in Q4FY2008.  However Fitch
remains concerned that Q1FY2009's operating income remained
negative for all six companies, and EBITDA margins remained well
below the average 7.9% recorded in the same period 12 months
prior.

While Fitch has affirmed the ratings of NEC, Sony and Toshiba, the
negative outlooks or RWN assigned in all six cases reflect the
agency's concern over the timing of a sustainable recovery in
demand, and accordingly, the potential for further rating
downgrades should ongoing quarterly results reveal that operating
and credit metrics have deteriorated further.  Although certain
global economic indicators may have turned positive based on a
quarterly comparison of Q2, Fitch notes that most global
indicators including GDP, housing prices, and employment continue
to decline on a yoy basis.  The agency believes the world economic
outlook for the remainder of 2009 and 2010 will be characterized
by below-trend growth in most advanced economies that begin to
recover.

"Ongoing slow end-user demand for consumer electronics products,
such as TVs, digital cameras, and high definition DVD players, in
developed markets indicate that it would be premature to conclude
that these Japanese companies are set to embark on a sustainable
recovery track," notes Matt Jamieson, Senior Director and Head of
Fitch's Asia Pacific Telecommunications, Media and Technology
team.  "Moreover, operating profits remain negative despite cost
reductions, exchange rates continue to favor the Korean exporters
who are taking a greater share of the reduced level of demand, and
both the timing and potential to which demand and profit margins
could rebound for these Japanese names over the next 12-24 months
remain highly uncertain," adds Mr. Jamieson.

As current and future cost reductions are unlikely to materially
offset the impact of collapsing demand, the agency expects free
cash flow generation and financial leverage for all six Japanese
companies to deteriorate during FY2009.  The agency defines FCF as
cash flow from operating activities minus the sum of capital
expenditure, purchase of rental assets and dividends payments.
Further negative rating actions could be triggered by ongoing
negative FCF generation resulting from continuing weak
profitability, higher capex or larger dividend payouts.

Panasonic Corporation:

  -- Long-term FC and LC IDRs downgraded to 'A' from 'A+'; RWN
     maintained;

  -- Short-term FC and LC IDRs affirmed at 'F1'; Placed on RWN.

  -- LC senior unsecured notes downgraded to 'A' from 'A+', RWN
     maintained.

The downgrade of Panasonic's ratings reflect its weak operating
and financial performance in recent quarters as well as Fitch's
expectation that its credit metrics for the fiscal year ending 31
March 2010 (FY09) are unlikely to be stronger than the previous
fiscal year, despite an improvement during Q1FY09.  In addition to
a 25.9% yoy sales drop, Panasonic's EBITDA margin in Q1FY09
declined to 2.3% from 5.6% in FY08, although improving from
negative figures in the prior quarter.  Its total adjusted debt
surpassed cash and cash equivalents at the end of FY09 in
consequence of negative free cash flow exceeding JPY500bn and
additions in borrowings.  Lower profitability also caused its
financial leverage ratio in terms of net adjusted debt over
EBITDAR to rise to 0.1x for FY08 (FY07: -0.6x), and the agency
anticipates that this could further increase in FY09 under limited
improvement in business conditions.

While the decline in Panasonic's profit margin partly reflects its
response to demand shifting to emerging markets and lower priced
products, the company's revenue growth rate has generally been
lower than other major consumer electronic vendors in Japan and
Korea since FY06, despite nearly half of its revenue being
generated overseas.  Panasonic's underperformance could be
attributed to the ability of Korean and Taiwanese peers in
improving their competitiveness in terms of value creation and
market penetration.

Panasonic's ratings remain on RWN in view of its proposed capital
and business alliance with SANYO Electric Co., Ltd. (SANYO), under
which the latter will become a subsidiary.  The RWN will be
resolved by an assessment of the potential consolidation synergies
and likely financial impact on Panasonic once all necessary
regulatory approvals and acquisition details are confirmed.  The
extent of a negative action on the IDRs (if any) will depend,
among other factors, on the acquisition cost and the transaction
structure.

Separately the agency will further consider a negative rating
action on Panasonic should its upcoming quarterly results reveal a
trend of heightening business and financial risks, such as any
material loss of industry competitiveness resulting in a
meaningful decrease in its product market share, or if Fitch
expects its net adjusted debt/EBITDAR leverage ratio to likely be
sustained above 1.25x at end FY09 as a result of weak
profitability or additional borrowings.  Conversely, a positive
rating action may result if Fitch expects Panasonic's net adjusted
leverage to fall below 0.5x on a sustained annual basis, or if
evidence of a sustainable pick-up in product pricing and demand
emerges, driving an improvement in Panasonic's profitability and
credit profile.

Sharp Corporation:

  -- Long-term FC and LC IDRs downgraded to 'BBB+' from 'A'; Off
     RWN; Negative Outlook assigned;

  -- Short-term FC and LC IDRs downgraded to 'F2' from 'F1'; Off
     RWN; and

  -- LC senior unsecured notes downgraded to 'BBB+' from 'A'; Off
     RWN.

The downgrade of Sharp's ratings reflects its weak operating and
financial performance in recent quarters as well as the agency's
expectation that its credit metrics for the fiscal year ending
FY09 are unlikely to be stronger than the previous fiscal year
despite an improvement during Q1FY09.  After a 16.7% decline in
FY08, Sharp's sales fell by 20% yoy in Q1FY09, with sales of its
consumer and information products declining by 10% and sales of
its electronic components falling by 36.9% (42% down in liquid
crystal displays panels).  Its EBITDA margin declined to 6.8% in
Q1FY09 from 8.8% in FY08, reflecting the inherent risk in its LCD
panel manufacturing business, which is subject to severe industry
competition, a large capex requirement, a high percentage of fixed
cost and falling prices.  After capital expenditures in the range
of 8.4%-10.6% of revenue, its free cash flow has been negative
since FY06.  Its financial leverage ratio (net adjusted
debt/EBITDAR) for FY08 rose to 2.6x from 1.0x in the previous
year.

Although the world economy appears to be stabilizing with
significant signs emerging recently, the potential level of the
rebound in demand and profit margins for the next 12-24 months
remain highly uncertain.  Whether Sharp can maintain or improve
its credit metrics depends on the extent to which it can enhance
profitability via its LCD panel production facility upgrade.
Moreover, its ability to implement a recovery plan during the
current fiscal year is likely to prove critical, given that
intense competitive industry challenges from overseas markets
(particularly in the LCD TV and panel businesses), chiefly from
Korea, will continue.  The Outlook for the ratings is thus
Negative.

Fitch will consider a further negative rating action on Sharp
should its upcoming quarterly results reveal a trend of
heightening business and financial risks, which could be reflected
in a meaningful decline in its product market share as a result of
weakened industry competitiveness, or if Fitch expects its net
adjusted debt/EBITDAR leverage ratio to likely be sustained above
2.5x at end FY09 as a result of increased borrowings or
deteriorated profitability.  Conversely, a positive rating action
may result if Fitch expects Sharp's net adjusted leverage to fall
below 2.0x on a sustained annual basis, or if evidence of a
sustainable pick-up in product pricing and demand emerges, driving
an improvement in Sharp's profitability and credit profile.

Sony Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BBB+'; Off RWN ;
     Negative Outlook assigned;

  -- Short-term FC and LC IDRs affirmed at 'F2'; Off RWN; and

  -- LC Senior unsecured notes affirmed at 'BBB+'; Off RWN.

The affirmation of Sony's ratings reflects its cash flow
improvement following an effective cost reduction achieved in
Q1FY09.  Assuming that these recent costs cuts will be maintained,
Fitch expects that the company's credit metrics for the fiscal
year ending 31 March 2010 (FY09) will generally improve with only
a slight increase in financial leverage.  As a result of a
structural reorganization involving the realignment of business
segments and scaling back of on-site manufacturing through job
cuts and factory closures starting January 2009, Sony's quarterly
EBITDA jumped to JPY140.2bn in Q1FY09 from negative in Q4FY08 with
5.0% qoq revenue growth.  Its EBITDA margin rose to 8.8% from 6.4%
in FY08.  While demand for LCD TV, digital cameras and video
cameras remain weaker year on year, Sony's largest business
segment -- consumer products & devices -- reported a lower cost of
sales ratio in Q1FY09.  Fitch expects Sony's corporate restructure
to realign its operations towards customer needs and towards
strengthening its competitiveness.  Fitch also expects the
revamped executive team led by its current CEO to enhance its
product supply chain and internal coordination, leading to greater
operating efficiency.

The Negative Outlook reflects high uncertainties surrounding the
potential level of a rebound in demand and profit margins for the
next 12-24 months, although the world economy appears to be
stabilizing.  Whether Sony can maintain or improve its credit
metrics largely depends on its ability to enhance profitability in
the second half of the current fiscal year, a period in which
severe industry challenges from overseas markets (particularly in
the LCD TV business), chiefly from Korea, are likely to continue.

The agency will consider a negative rating action on Sony should
its upcoming quarterly results reveal a trend of heightening
business and financial risks, which could be reflected in a
meaningful decline in its product market share as a result of
weakened industry competitiveness, or if Fitch expects its net
adjusted debt/EBITDAR leverage ratio (for operations excluding
financial services segment) to likely be sustained above 2.5x as a
result of low profitability or additional borrowings.  Conversely,
a positive rating action may result if Fitch expects Sony's net
adjusted leverage to fall below 2.0x on a sustained annual basis,
or if evidence of a sustainable pick-up in product pricing and
demand emerges, driving an improvement in its profitability and
credit profile.

Hitachi, Ltd.:

  -- Long-term FC and LC IDRs downgraded to 'BBB' from 'BBB+'; Off
     RWN; Negative Outlook assigned;

  -- Short-term FC and LC IDRs downgraded to 'F3' from 'F2'; Off
     RWN; and

  -- LC Senior unsecured notes downgraded to 'BBB' from 'BBB+';
     Off RWN.

The downgrade of Hitachi's ratings reflects its weak operating and
financial performance in recent quarters as well as Fitch's
expectation of the company's likely weaker performance in FY09.
After a 10.9% decline in FY08, Hitachi's sales in Q1FY09 fell
22.1% qoq and 25.6% yoy, as a result of declines in the Power &
Industrial Systems, High Functional Materials & Components, and
Information & Telecommunication Systems segments, tracking
decreased demand for automotive systems, semiconductors and
industrial equipment, respectively.  Hitachi's operating cash flow
(EBITDA) in Q1FY09 was similar to the previous quarter.  Although
revenue declined qoq, the company's EBITDA margin improved to 3.1%
from 2.4% in the prior quarter, reflecting reductions to fixed
costs with progress in business restructuring, but still lower
than the 6.1% for FY08.  Free cash flow has been negative since
the fiscal year ended 31 March 2006 and is likely to remain so for
FY09 without a substantial reduction in capex.  Fitch expects
Hitachi's balance sheet to be weakened by its plans to fully-own
five publicly-listed subsidiaries without any offsetting proceeds
from asset disposals or an equity injection.

Although the world economy appears to be stabilizing with
significant signs emerging recently, the potential level of a
rebound in demand and profit margins over the next 12-24 months
remain highly uncertain.  Whether Hitachi can prevent its credit
metrics from further deterioration largely depends on the extent
to which its strategic focus on the "social innovation" business
(including social infrastructure systems, information and
telecommunication systems and also lithium-ion batteries) will be
successful.  Moreover, group structure reforms, including the
conversion of business groups or subsidiaries into wholly-owned
subsidiaries, are likely to heavily influence the company's credit
profile.  The Outlook for the ratings is thus Negative.

Fitch will consider a further negative rating action on Hitachi
should its upcoming quarterly results reveal a trend of
heightening business and financial risks, which could be reflected
in a meaningful decline in its product market share due to
weakened industry competitiveness, or if Fitch expects its net
adjusted debt/EBITDAR leverage ratio (for operations excluding
financial services segment) to likely be sustained above 3.0x as a
result of increased borrowings or deteriorated profitability.
Conversely, a positive rating action may result if Fitch expects
Hitachi's net adjusted leverage to fall below 2.5x on a sustained
annual basis, or if evidence of a sustainable pick-up in product
pricing and demand emerges, driving an improvement in Hitachi's
profitability and credit profile.

NEC Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BBB-' (BBB minus);
     Outlook Negative;

  -- Short-term FC and LC IDRs affirmed at 'F3'; and

  -- Senior unsecured notes affirmed at 'BBB-' (BBB minus);

The affirmation of NEC's ratings reflects the company's ongoing
cost reduction efforts and the scheduled spin-off of the company's
loss making semiconductor subsidiary.  While weak revenue and
profitability continued in Q109, an operating loss of JPY40bn in
Q109 was JPY20bn above the company's previous guidance thanks
mainly to its ability to reduce fixed costs.  NEC is targeting a
JPY270bn fixed cost reduction in FY09 and Fitch believes this to
be reasonable in light of Q1's smaller-than-expected operating
loss.  Also as NEC's loss-making semiconductor subsidiary NEC
Electronics, NECE (not rated), will be carved out of its
consolidated results from April 2010, lower recognition of NECE's
losses under the equity method is expected.  At the same time this
should allow NEC's management to focus more resources on its
competitive communication and IT businesses.

The Negative Outlook reflects the company's heavily domestic-
concentrated revenue structure and elevated concerns over the
company's Network System division based on the division's poor Q1
result.  While other Japanese Technology companies with a sizeable
proportion of export revenues were able to report a sequential
recovery in sales during Q109, NEC's high exposure to the Japanese
domestic market (78% of sales in FY08) contributed to its 32%
sequential decline in revenue and suggests that the company's
performance will remain suppressed until the domestic economy
improves substantially.  Also, in contrast to the agency's
previous expectation that NEC's Network System division had
limited downside risk from its considerable exposure to the
relatively stable domestic telecommunication industry, the
division's revenue fell by 20% qoq and its operating profit margin
turned negative owing to investment restraint in systems
deployment by telecom operators in Japan.

The agency will consider a negative rating action on NEC should
its ongoing quarterly results reveal a further deterioration of
operating and financial performance, or its net adjusted debt /
EBITDAR leverage ratio at end FY09 exceed 4.0x.  In addition, the
company losing its competitiveness in the industry, translating to
a meaningful loss in market share in its various business
segments, will force the agency to review the adequacy of the
rating.  Conversely, positive rating actions are likely to be
taken if NEC's operating profit margins recover to 3% and its net
adjusted leverage falls below 3.0x on a sustained annual basis.

Toshiba Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
     Outlook assigned;

  -- Short-term FC and LC IDRs affirmed at 'B'; and

  -- Senior unsecured notes affirmed at 'BB';

The affirmation of Toshiba's ratings reflect mitigated short-term
liquidity concerns and the price recovery trend in NAND flash
memory semiconductor products during the first half of 2009.  In
June 2009, Toshiba successfully raised JPY317bn by issuing new
shares.  Fitch notes that this has clearly alleviated near-term
liquidity concerns.  Moreover, NAND flash memory prices have moved
in favor of Toshiba during H109, thanks mainly to limited supply
growth.  Fitch anticipates that the current upward trend in NAND
flash memory prices will lead to improved operating results for
Toshiba in Q209, resulting in increased revenues and lower
operating losses.

The Negative Outlook reflects mid-to-long-term uncertainties
surrounding the NAND flash memory industry.  The NAND flash market
could destabilize in H209 as production by the major makers,
including Samsung Electronics ('A+'/Negative), Hynix
('B+'/Negative) and Toshiba, has been brought back on line and
process migration is likely to accelerate industry production
growth.  Accordingly, Fitch views that this could lead to
intensified price erosion unless current slow end-user demand for
IT products in developed markets recovers, at least marginally.

A downgrade could occur if ongoing quarterly results reveal
further deterioration in the company's operating and financial
data and leads Fitch to expect that Toshiba's end FY09's net
adjusted debt/EBITDAR leverage ratio will still exceed 6.0x.  In
particular the resumption of a downward price trend for memory
products, which turns the company's EBITDA negative for two
consecutive quarters will result in a negative rating action In
addition, the company losing its competitiveness in the industry,
translating to a meaningful loss in NAND flash market share, will
force the agency to review the adequacy of the rating.
Conversely, a positive rating action may result if Toshiba's net
adjusted leverage falls below 4.0x on a sustained annual basis, or
if evidence of a sustainable pick-up in semiconductor pricing and
demand emerges which is likely to drive an improvement in
Toshiba's profitability and credit profile.


* S&P Puts Ratings on 30 Tranches on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 30
tranches relating to 25 Japanese synthetic CDO transactions on
CreditWatch with negative implications.

The 30 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on July 31, 2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative implications, are intended to be
reviewed by the end of this month.

The ratings assigned here are based on S&P's criteria for rating
synthetic CDOs.  As recently announced, however, this criteria is
under review.  S&P solicited feedback from market participants
with regard to proposed changes to S&P's collateralized loan
obligation and synthetic CDO criteria.  S&P will evaluate the
market feedback, which may result in changes to the criteria.  Any
such criteria changes may affect the rating(s) on the notes
affected by the rating actions.

                           Ratings List

                            Andante Ltd.
               Credit-linked secured notes series 2

        Class      To               From      Issue Amount
        -----      --               ----      ------------
        A-1        CCC/Watch Neg    CCC       JPY1.7 bil.
        A-2        CCC/Watch Neg    CCC       JPY1.3 bil.

                    Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 45

                To             From   Issue Amount
                --             ----   ------------
                BB+/Watch Neg  BB+    JPY3.0 bil.

     Fixed rate secured portfolio credit-linked loan series 53

                To             From   Issue Amount
                --             ----   ------------
                BBB-/Watch Ne  BBB-   JPY3.0 bil.

              Fixed rate credit-linked loan series 58

                To             From   Issue Amount
                --             ----   ------------
                BBB /Watch Neg BBB    JPY3.0 bil.

             Fixed rate credit-linked notes series 64

                To             From   Issue Amount
                --             ----   ------------
                CCC+/Watch Neg CCC+   $50.0 mil.

                       Helium Capital Ltd.
Asset backed securities and collateralized debt obligation limited
                   credit linked notes series 51

                To             From   Issue Amount
                --             ----   ------------
                CCC+/Watch Neg CCC+   JPY1.0 bil.

         Series 79 limited recourse secured floating rate
                       credit-linked notes

                To             From   Issue Amount
                --             ----   ------------
                CCC+/Watch Neg CCC+   $20.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

           Class    To              From   Issue Amount
           -----    --              ----   ------------
           AF       CCC/Watch Neg   CCC    JPY1.0 bil.
           AX       CCC/Watch Neg   CCC    JPY1.5 bil.

      Secured credit-linked notes Louvre II CDO series 2005-2

           Class    To              From   Issue Amount
           -----    --              ----   ------------
           BF       B/Watch Neg     B      JPY1.5 bil.
           BX       B/Watch Neg     B      JPY2.2 bil.

       Secured credit-linked loan Louvre CDO II series 2005-3

              To               From       Issue Amount
              --               ----       ------------
              BB+/Watch Neg    BB+        JPY3.0 bil.

          Prelude III floating rate notes series 2005-4

              To               From       Issue Amount
              --               ----       ------------
              BB+/Watch Neg    BB+        JPY3.0 bil.

                  Omega Capital Investments PLC
               Class A-1 series 11 secured 1.5% notes

              To               From       Issue Amount
              --               ----       ------------
              BBB-/Watch Neg   BBB-       JPY2.2 bil.

                Secured multi rate notes series 21

          Class    To              From     Issue Amount
          -----    --              ----     ------------
          A1       B-/Watch Neg    B-       $20 mil.
          A2       B-/Watch Neg    B-       JPY300.0 mil.

                     Series 48 secured notes

          Class    To              From     Issue Amount
          -----    --              ----     ------------
          5Y-A1    CCC/Watch Neg  CCC       JPY1.3 bil.

                          Orpheus II Ltd.
                    Secured credit link notes

          Class    To              From     Issue Amount
          -----    --              ----     ------------
          AF       B/Watch Neg    B         JPY1.1 bil.
          AX       B/Watch Neg    B         JPY1.2 bil.

                       Signum Vanguard Ltd.
             Secured credit-linked loan series 2004-6

            To                From       Issue Amount
            --                ----       ------------
            A-/Watch Neg      A-         JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2004-08

            To                From       Issue Amount
            --                ----       ------------
            A-/Watch Neg      A-         JPY1.0 bil.

   Class A secured fixed rate credit-linked loan series 2005-04

            To                From       Issue Amount
            --                ----       ------------
            B /Watch Neg      B          JPY4.0 bil.

     Secured floating rate credit-linked notes series 2006-03

            To                From       Issue Amount
            --                ----       ------------
            CCC+/Watch Neg    CCC+       $10.0 mil.

     Series 2006-05 secured floating rate credit-linked notes

            To                From       Issue Amount
            --                ----       ------------
            CCC/Watch Neg     CCC        JPY600.0 mil.

                        Silk Road Plus PLC
    Limited-recourse secured floating-rate credit-linked notes
                        series 2 class B1-U

            To                From       Issue Amount
            --                ----       ------------
            BB-/Watch Neg     BB-        $70.0 mil.

   Limited recourse secured floating-rate credit-linked notes
                       series 5 class C1-J

            To                From       Issue Amount
            --                ----       ------------
            B+/Watch Neg      B+         JPY1.0 bil.

       Limited-recourse secured variable return combination
              credit-linked notes series 6 class B3-U

          To                   From        Issue Amount
          --                   ----        ------------
          BB-pNRi/Watch Neg    BB-pNRi     $14.0 mil.

    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

          To                   From        Issue Amount
          --                   ----        ------------
          BBB-/Watch Neg       BBB-        $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

          To                   From        Issue Amount
          --                   ----        ------------
          BBB-/Watch Neg       BBB-        EUR10.0 mil.


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


HYUNDAI MOTOR: Gets EUR180 Mil. Coverage Arrangement from KEIC
--------------------------------------------------------------
Yonhap News Agency reported that South Korea's state-run export
insurer said it will provide coverage for Hyundai Motor Co. to
build a new automobile plant in Russia.

According to the news agency, the Korea Export Insurance Corp.
said the EUR180 million (US$255 million) coverage arrangement will
help Hyundai to build a new production base in St. Petersburg and
win financing to purchase necessary manufacturing equipment.

"Hyundai used the KEIC deal to secure funds at favorable rates
from four leading lenders like ING, Societe Generale, Natixis and
West LB, despite lingering uncertainties in the global financial
market," Yonhap quoted a spokesman for the insurer as saying.

The report says Hyundai expects to produce 150,000 cars every year
with 10 local parts suppliers also moving to the Russian city.

The plant may generate EUR500 million worth of fresh exports of
parts and components for South Korea per year, Yonhap notes.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


SSANGYONG MOTOR: To Receive KRW130 Billion Loan from KDB
--------------------------------------------------------
Korea Development Bank said Wednesday it will provide Ssangyong
Motor Co. KRW130 billion for restructuring, according to The
Chosun Ilbo.

The bank, one of Ssangyong's main creditors, will take the
manufacturing plant as collateral, the report said.

Chosun Ilbo related that Ssangyong asked KRW150 billion in fresh
loans to develop a new vehicle, but KDB said the company needs to
find a new owner after its operations get back to normal, and the
new owner should draw up a management plan and raise more capital.

Ssangyong will get the aid late this week or early next week,
Chosun Ilbo added.

The Troubled Company Reporter-Asia Pacific said Jan. 12, 2009,
that Ssangyong filed for receivership with the Seoul Central
District Court to stave off a complete collapse.  On Feb. 6, 2009,
the TCR-AP reported the Seoul Central District Court accepted
Ssangyong's application to rehabilitate under court protection.
The court named former Hyundai Motor Co. executive Lee Yoo-il and
Ssangyong executive Park Young-tae to run the automaker.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor's restructuring
plan.  The Auto Channel said the court confirmed a Samil
PricewaterhouseCoopers assessment that the manufacturer had a
greater value as a going concern than its liquidated value,
and ordered Ssangyong to submit its full restructuring plan by
mid-September.

Unionized workers at Ssangyong Motor launched on May 22 a full
strike against the company's massive job-cut plan as part of a
restructuring plan.  Ssangyong won permission to enter bankruptcy
protection in return for conducting restructuring that calls for
36 percent of its workforce, or 2,646 employees, to be cut,
according to The Korea Herald.  Since then, some 1,670 workers
have left the company through voluntary retirement, while the
remaining 976 workers have gone on strike, the Herald said.

A TCR-AP report on Aug. 7 said that Ssangyong Motor reached an
agreement with its union on job cuts, ending displaced workers'
takeover of the company's main factory.  Court-ordered trustee Lee
Yoo-il said the two sides agreed to slash 52% of the 976 striking
workers while the rest will be put on unpaid leave.

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


SSANGYONG MOTOR: To Resume Operations Today
-------------------------------------------
Ssangyong Motor Co. said Wednesday that it will resume operations
today, Aug. 13 as it restored car-making equipment partly damaged
by workers forced to end their months-long occupation of its
plant, Yonhap News Agency reports.

"Equipment damage is not worse than expected, and we will be able
to resume operations tomorrow [Thursday]," Yonhap quoted Choe
Sang-jin, Ssangyong Motor vice president, as saying.

Ssangyong Motor expects to produce 2,600 units this month, and to
make around 4,000 units per month from September, the news agency
relates.

Ssangyong's vehicle sales in June plunged 97.1% from a year ago.
The company sold only 217 cars in June, with domestic sales
plummeting 91.3% to 197 units and exports plunging 96.7% to 20
units, the Troubled Company Reporter-Asia Pacific reported July 2.

The TCR-AP said Jan. 12, 2009, that Ssangyong filed for
receivership with the Seoul Central District Court to stave off a
complete collapse.  On Feb. 6, 2009, the TCR-AP reported the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  The court named former
Hyundai Motor Co. executive Lee Yoo-il and Ssangyong executive
Park Young-tae to run the automaker.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor's restructuring
plan.  The Auto Channel said the court confirmed a Samil
PricewaterhouseCoopers assessment that the manufacturer had a
greater value as a going concern than its liquidated value,
and ordered Ssangyong to submit its full restructuring plan by
mid-September.

Unionized workers at Ssangyong Motor launched on May 22 a full
strike against the company's massive job-cut plan as part of a
restructuring plan.  Ssangyong won permission to enter bankruptcy
protection in return for conducting restructuring that calls for
36 percent of its workforce, or 2,646 employees, to be cut,
according to The Korea Herald.  Since then, some 1,670 workers
have left the company through voluntary retirement, while the
remaining 976 workers have gone on strike, the Herald said.

A TCR-AP report on Aug. 7 said that Ssangyong Motor reached an
agreement with its union on job cuts, ending displaced workers'
takeover of the company's main factory.  Court-ordered trustee Lee
Yoo-il said the two sides agreed to slash 52% of the 976 striking
workers while the rest will be put on unpaid leave.

                      About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


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


GULF INVESTMENT: Fitch Downgrades Individual Rating to 'D/E'
------------------------------------------------------------
Fitch Ratings has downgraded Kuwait-based Gulf Investment
Corporation's Long-term Issuer Default Rating to 'BBB' from 'A',
Short-term IDR to 'F3' from 'F1', Support Rating to '2' from '1'
and Individual rating to 'D/E' from 'D'.  The ratings have been
removed from Rating Watch Negative.  Fitch has also withdrawn the
Support Rating Floor of 'A'.  The Outlook for the Long-term IDR is
Stable.

GIC's Long-term and Short-term IDRs are support-driven.  The
downgrade reflects Fitch's view of a reduced willingness to
provide future support as implied by the excessive delays in
completing the US$1.1bn capital increase approved by all
shareholders last year.  To date, GIC has raised only US$813m, as
certain shareholders have not made their full contribution.

The Support Rating of '2' still implies a high probability of
support, based on GIC's equal ownership by the six member states
of the Gulf Corporation Council, comprising Saudi Arabia, Qatar,
Kuwait, UAE, Oman and Bahrain, and the substantial funding support
received from most of its shareholders (and related entities).
The Support Rating Floor has been withdrawn as Fitch now considers
support to be institutional in nature, although the owners are
sovereign entities.

GIC reported a US$77 million loss for H109 after a US$996 million
net loss in 2008 due to substantial investment write-downs and
impairment losses.  Its financial position has improved somewhat
in H109, after recording higher asset valuations, lower provisions
and significantly improved capital ratios.  Nevertheless, GIC is
unlikely to return to profitability in the near-term, especially
due to limited earnings from private equity investments.  Fitch is
also concerned that GIC will remain reliant on shareholder funding
for the foreseeable future.

Fitch takes a positive view of GIC's revised business strategy
which focuses on primarily regional private equity investments,
where it has an adequate franchise.  GIC's de-leveraging
initiatives are also progressing well, in the agency's opinion,
particularly the unwinding of its hedge fund portfolio.  Fitch
also views positively GIC's significantly improved tier 1 capital
ratio of 16.9% at end-June 2009 (2008: 8.7%), which has been
bolstered by the new capital received and increasing asset
valuations.

GIC was established in Kuwait in 1983 to promote private
enterprise and economic growth in the GCC region.


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


ST LAURENCE: Managed Fund Breaches Trust Deed
---------------------------------------------
The St. Laurence Property Development Fund Ltd, which is managed
by St. Laurence Ltd., has breached its trust deed after failing to
make an interest payment to bond investors in June, the New
Zealand Herald reports.

Around NZ$20 million was raised by the company in 2006 in a bond
offering to pay 15% interest a year over the next five years, the
report says.

The Herald relates that Perpetual Trustee chief executive Louise
Edwards confirmed the company was in default on its bond payments
and had advised investors.

According to the report, Ms. Edwards said the company had
submitted a repayment plan that would enable investors to be paid
back by the end of 2010.  Ms. Edwards was reviewing the plan and
expected to make a recommendation in the next week on whether it
would be acceptable, the Herald notes.

                     About St Laurence Limited

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, St Laurence Limited stopped repaying principal
investments ahead of a vote on a scheme of repayment.  The company
had halted repayments of principal after it received legal advice
which said all debenture holders needed to be treated equally and
fairly.

The TCR-AP reported on Dec. 5, 2008, that St Laurence Limited said
its recapitalization plan and proposal to amend the Trust Deed has
been approved by secured debenture stock and capital note holders.


* COOK ISLANDS: S&P Gives Negative Outlook; Affirms 'BB/B' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that is has revised its
outlook on the Cook Islands to negative, from stable, but affirmed
its 'BB/B' foreign currency and local currency credit ratings on
the sovereign.  At the same time, the Transfer & Convertibility
assessment on the Cook Islands was raised to 'AAA', from 'AA+'.

Sustained fiscal surpluses, debt restructurings and repayments,
and the build-up of cash debt-repayment reserves have resulted in
a lowering of general government net debt to 3% of GDP at June 30,
2008.  The Cook Islands' net general government debt levels are
projected to rise sharply in the next three years to about 28% of
GDP -- a level not seen since 2004, at which time the Cook Islands
was rated lower, at 'BB-'.  Nevertheless, the new debt is mostly
concessionary and earmarked to address infrastructure shortcomings
that impair investment in tourism and allied sectors, which are
needed to diversify the economy and provide employment
opportunities for the population.

S&P believes that the projected increase in debt will be
temporary, and this supports the ratings.  In part, it reflects
the bringing forward of some port, water, and road infrastructure
projects to benefit from concessionary terms available from donor
agencies.  Although the long-term benefit to the economy of the
new stadium for the South Pacific Mini Games -- funded by the
China Development Bank -- is not likely to be as strong as for
other infrastructure projects, the quantum of the debt is
relatively small, at NZ$13.5 million (or 4.2% of GDP).

"The negative outlook reflects higher projected government debt
and the possibility of a further relaxation in fiscal discipline
at a time when the government's fiscal profile is vulnerable to
further weakening in the tourism sector," said Standard & Poor's
credit analyst Kyran Curry.  "Apart from the loans to fund
infrastructure development, S&P believes the borrowings and use of
debt repayment reserves to fund the hosting of the South Pacific
Mini Games may illustrate a weakening commitment to fiscal
consolidation and in upholding past reforms.  While S&P consider
that the currently projected debt levels can be accommodated at
the 'BB' ratings level, there is a heightened risk that further
borrowings or the use of reserves for recurrent expenditure or
more "nation-building" projects such as the sports stadium could
rapidly lead to a higher debt profile."

The ratings might be downgraded if the increase in debt proves to
be more permanent.  Further, the ratings could be reviewed if the
current cyclical downturn in the operating position proves to be
deeper and/or more permanent than currently expected.  For the
outlook to return to stable, S&P will need to be confident that
the increase in debt is only temporary.  The Cook Islands' small
and narrowly-based economy makes any rating increase unlikely in
the medium term.

The ratings on the Cook Islands reflect the government's fiscal
profile, with regular operating surpluses; the favorable economic
potential of tourism and allied industries; and a supportive
relationship and monetary union with the highly rated sovereign of
New Zealand.  These factors are offset, in part, by a rising debt
burden and potential for the past strong advances in government
fiscal flexibility to be quickly reversed through undisciplined
spending, and the vulnerabilities inherent in a geographically
isolated economy.  Infrastructure shortcomings also raise the
costs and impair investment in the tourism sector, and in other
sectors where prospects are already weak.


===============
P A K I S T A N
===============


ROYAL BANK: MCB Bank to Acquire Pakistan Unit for US$87 Million
---------------------------------------------------------------
Naween A. Mangi at Bloomberg News reports that MCB Bank Ltd.
agreed to acquire Royal Bank of Scotland Group Plc's Pakistan unit
for about US$87 million.

Bloomberg relates MCB Bank, Pakistan's biggest lender by market
value, said in a statement to the Karachi Stock Exchange on
Wednesday it will buy 1.7 billion shares, or a 99.4% stake, at
4.22 rupees apiece before making an offer for the remainder.

According to Bloomberg, the statement said the purchase of RBS
Pakistan, which has 75 branches in 24 cities, will expand MCB's
network of outlets to 1,139.

RBS, based in Edinburgh, is selling or shutting businesses in
two-thirds of the 54 countries in which it operates after posting
the biggest loss in British corporate history last year.

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  Bloomberg disclosed about
70% of RBS's losses came from its so-called non-core division,
which includes assets the bank plans to sell or discontinue.
According to Bloomberg, the bulk of the division is comprised of
parts of the global banking and markets businesses, which include
propriety trading and higher risk assets.

The U.K. government owns 70% of RBS after it invested GBP20
billion last year to rescue the bank.

                             About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


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


LI SENG: Court Enters Wind-Up Order
-----------------------------------
On July 31, 2009, the High Court of Singapore entered an order to
wind up the operations of Li Seng Development Pte Ltd.

Bossoil Energy Pte Ltd filed the petition against the company.

The company's liquidator is:

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


ORIENT: Creditors' Proofs of Debt Due on August 21
--------------------------------------------------
Orient Telecommunications Networks Pte Ltd, which is under
judicial management, requires its creditors to file their proofs
of debt by August 21, 2009, to be included in the company's
dividend distribution.

The company's judicial manager is:

          Tam Chee Chong
          c/o Deloitte & Touche LLP
          6 Shenton Way
          #32-00 DBS Building Tower 2
          Singapore 068809


SONY LOGISTICS: Creditors' Proofs of Debt Due on September 7
------------------------------------------------------------
Sony Logistics (Singapore) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by September 7, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Teh Kwang Hwee
          c/o 7 Maxwell Road
          MND Complex Annexe B #05-07
          Singapore 069111


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


CHINA LIFE: Fitch Cuts Insurer Financial Strength Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has downgraded Taiwan's China Life Insurance Co
Ltd's Insurer Financial Strength (IFS) rating to 'BB+' from 'BBB-'
and its National IFS to 'A-(twn)' from 'A(twn)' and removed the
ratings from Rating Watch Negative.  The Outlook is Negative.

The rating downgrades and Negative Outlook on China Life primarily
reflect the additional strain on the company's capitalization from
the acquisition of PCA Life Assurance Co Ltd's (Prudential Plc's
Taiwan subsidiary) in-force policies with guaranteed rates
substantially higher than current market interest rates.  The
rating actions also reflect Fitch's view of the greater challenges
(including the extremely low TWD interest rates and potentially
high volatility of the stock markets) Taiwanese life insurers are
likely to face over the next few years under a more difficult
economic environment.

China Life announced in February 2009 that it would acquire PCA
Life's core assets (around TWD190 billion) and liabilities for a
nominal consideration of TWD1.00, and completed the transaction in
June 2009.  Based on International Financial Reporting Standard 4
(the Taiwanese regulator plans to implement phase 1 of the
Standard in 2011), the acquisition would pose significant capital
pressure given the high guaranteed rates offered in PCA Life's
legacy policies.  As PCA Life mainly allocated its assets in low-
yield (but low-risk) government bonds, Fitch expects the negative
interest spread carried on PCA Life's insurance policies to weigh
on the combined entity's profitability in 2009, and likely in
2010.  China Life plans to reallocate the acquired assets mainly
overseas to improve investment returns.

On the other hand, Fitch views the acquisition of PCA Life as
positive in enhancing China Life's franchise and business
diversification in light of the former's expertise in selling
investment-linked products.  Cost synergies arising from the
consolidation could be significant, although there would be
execution risks associated with the process.

On a standalone basis, China Life's capitalization has been
restored to an adequate level in H109, thanks to the capital
injection of TWD2 billion in Q109, its resilient earnings
performance and the strong rebound of Taiwan's stock market.

China Life has demonstrated strong discipline in controlling
credit and currency risks and successfully enhanced its investment
returns through offshore investments.  Despite the challenging
environment, the company reported a net profit of TWD1.1 billion
(compared with a net loss of TWD3.1 billion for the overall life
sector) and an annualized ROA of 1.4% in Q109.  Nonetheless, Fitch
remains concerned about the sensitivity of China Life's
capitalization to the valuation changes of its equity investments,
although the enlarged capital base following the acquisition of
PCA Life will dilute the impact to some extent.


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


* S&P Puts Ratings on 31 Tranches of Asia-Pacific Synthetic CDOs
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 31
tranches of Asia-Pacific (excluding Japan) synthetic
collateralized debt obligations on CreditWatch with negative
implications.  In addition, the ratings on three other CDO
tranches were taken off CreditWatch negative and affirmed.

The 31 transactions in the list below have been placed on
CreditWatch with negative implications due to a fall in their SROC
(synthetic rated overcollateralization) to below 100% at the
current rating level in the analysis for end-July 2009.  This
reflects the negative rating migration within the portfolios.


  Deal Name                        To                  From       SROC
  ---------                        --                  -----      ----
Alpha Financial Products Ltd.
Series 1                          B+pNRi/Watch Neg    B+pNRi     98.736%
Aphex Pacific Capital Ltd.
Series 5 DESIGN 2006              CCC+/Watch Neg      CCC+       99.328%
ARLO Ltd. Series 2005
(SKL CDO - Series 6)              BBB+pNRi/Watch Neg  BBB+pNRi   98.504%
ARLO IX Ltd. 2007
(Pascal SCO A-1)                  B/Watch Neg         B          99.902%
Athenee CDO PLC  Series 2007-4     BB+/Watch Neg       BB+        99.807%
Athenee CDO PLC Series 2007-6      BB+/Watch Neg       BB+        99.807%
Athenee CDO PLC Series 2007-7      BB+/Watch Neg       BB+        99.807%
Athenee CDO PLC Series 2007-10     AA/Watch Neg        AA         99.975%
Athenee CDO PLC Series 2007-14     BB+/Watch Neg       BB+        99.807%
Castle Finance I Ltd. Series 2     BB/Watch Neg        BB         99.106%
Chess II Ltd. Series 2004-6        AA+/Watch Neg       AA+        99.809%
Chess II Ltd. Series 2004-7        AA-/Watch Neg       AA-        99.621%
Corsair (Jersey) No.  2 Ltd.
Series 68                         B+/Watch Neg        B+         95.238%
Dragon A (CDS BNP)                 BBB-srp/Watch Neg   BBB-srp    99.663%
Echo Funding Pty Ltd. Series 21    CCC/Watch Neg       CCC        99.753%
Eirles Two Ltd. Series 241         CCC/Watch Neg       CCC        99.692%
Morgan Stanley Managed ACES SPC
Series 2006-7 Class IA            CCC/Watch Neg       CCC        99.345%
Morgan Stanley ACES SPC
2007-9 Class III (Principal)      CCCp/Watch Neg      CCCp       99.843%
Morgan Stanley ACES SPC
2007-21 Class I                   CCC+/Watch Neg      CCC+       99.435%
Morgan Stanley ACES SPC 2007-29    B+/Watch Neg        B+         99.462%
Obelisk Trust 2005-3 Mica          BB+/Watch Neg       BB+        99.261%
Obelisk Trust 2007-1
Sonoma Valley Class A             AAA/Watch Neg       AAA        99.793%
Obelisk Trust 2007-1
Sonoma Valley Class B             AA/Watch Neg        AA         99.726%
Sceptre Capital B.V.
Series 2007-2                     CCC/Watch Neg       CCC        78.431%
SELECT ACCESS Investments Ltd.
Series 2005-2                     B-/Watch Neg        B-         99.418%
SELECT ACCESS New Zealand
Series 2004-3                     BBB+/Watch Neg      BBB+       99.645%
Xelo PLC Series 2006 (Spinnaker III Asia Mezz)
Tranche A                         CCC+/Watch Neg      CCC+       99.738%
Xelo PLC Series 2006 (Spinnaker III Asia Mezz)
Tranche B                         CCC/Watch Neg       CCC        98.703%
Xelo PLC Series 2007
(Spinnaker III Asia Mezzanine 3)  CCC/Watch Neg       CCC        99.240%
Zenesis SPC Series 2005-3          AA/Watch Neg        AA         98.944%
Zenesis SPC Series 2005-4          AAA/Watch Neg       AAA        97.436%

     Srp - swap risk rating.
     NRi - Interest is not rated.
     P - Rating is on the principal amount.

The rating on Zenesis SPC Series 2006-1 was taken off CreditWatch
with negative implications as the SROC level rose above 100% at
the current rating level during the SROC analysis as of end-July
2009.  This reflects a reduction in the credit risk of the
underlying portfolio due to positive rating migration within it.

Deal Name                   Rating To   Rating From     SROC
---------                   ---------   -----------     ----
Zenesis SPC Series 2006-1   BB          BB/Watch Neg    100.605%

In the table below, the 'CCC-' ratings on Corsair (Jersey) No.  2
Ltd. Series 88 and Series 90 have been taken off CreditWatch
negative, as S&P's assessment of aggregate loss is lower than the
available subordination in the respective portfolios.  The SROC
being lower than 100% reflects the implicit negative bias within
the 'CCC-' rating.

  Deal Name                   Rating To   Rating From     SROC
  ---------                   ---------   -----------     ----
Corsair (Jersey) No.  2 Ltd.
Series 88                    CCC-        CCC-/Watch Neg   98.257%
Corsair (Jersey) No.  2 Ltd.
Series 90                    CCC-        CCC-/Watch Neg   98.258%

Note: Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc.

The Global SROC Report, including the SROC analysis as at July 1,
2009, will be published shortly.  In the week following the
publication of the report, a full review of the affected tranches
of Asia-Pacific synthetic CDOs will be performed and appropriate
rating actions, if any, will be taken.  The Global SROC Report
provides SROC and other performance metrics on more than 3,000
individual CDO tranches.


                         *********

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

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

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


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

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

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

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

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





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