TCRAP_Public/090814.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

           Friday, August 14, 2009, Vol. 12, No. 160

                            Headlines

A U S T R A L I A

STORM FINANCIAL: Bank of Qld Faces Breach of Contract Allegation


C H I N A

MELCO CROWN: Equity Raise Proposal Won't Affect S&P's 'BB-' Rating


H O N G  K O N G

AKAMAI FINANCIAL: Creditors and Members to Meet on August 17
ALEPPO COMMERCIAL: Sole Member to Hear Wind-Up Report on Sept. 10
CHINALANDMARK.COM: Creditors' Proofs of Debt Due on September 11
CORIOLANUS LIMITED: Moody's Downgrades Ratings on Three Series
EVER-COLD: Creditors' First Meeting Set for Today

FASTER CHINA: Members' Final Meeting Set for September 8
FOOK KIN: Members' and Creditors' Meeting Set for September 11
HOME FORTUNE: Creditors' Meeting Set for August 24
IMTEX COMPANY: Members' Final Meeting Set for September 11
LEGENDFIELD LIMITED: Creditors' Meeting Set for August 24

LUNG TANG: Creditors' Proofs of Debt Due on September 7
LUSANGER LIMITED: Creditors' First Meeting Set for August 21
MAX BILLION: Members' Final Meeting Set for September 10
NEC TELECOMMUNICATIONS: Member to Hear Wind-Up Report on Sept. 16
SIMON C FIREMAN: Members' Final Meeting Set for September 8

TEXNOLOGY NANO: Creditors' Meeting Set for August 18


I N D I A

ICICI BANK: Moody's Puts Prim-1 Rating to Commercial Paper
SANTOSH FINE-FAB: ICRA Rates INR55 Mln Long-term Loans at 'LBB'
VASUNDHARA COTTON: ICRA Puts 'LBB' Rating on INR131.4MM Term Loans


I N D O N E S I A

BANK PERMATA: David Martin Fletcher to Replace Hall as President


J A P A N

JAPAN AIRLINES: Told to Expand Code-Share Deals to Boost Traffic
LMP LOAN: Moody's Cuts Ratings on Various Beneficial Interests
* JAPAN: Corporate Bankruptcies Increased 1.0% in July


K O R E A

KIA MOTORS: Posts KRW8.17 Trillion Profit in First Half of 2009


N E W  Z E A L A N D

BRIDGECORP LTD: Charges Against Former Directors Aligned
DANIEL SCHUSTER: Goes Into Receivership
PROVENCOCADMUS LTD: Unit Placed in Receivership


P A K I S T A N

HABIB BANK: Moody's Cuts Deposit Rating to Ba3/NP
UNITED BANK: Moody's Cuts Deposit Rating to Ba3/NP


P H I L I P P I N E S

FIGARO COFFEE: 19 Outlets Face Foreclosure Over PHP90MM Debt


Q A T A R

MASRAF AL: Moody's Assigns 'D+' Bank Financial Strength Rating


S I N G A P O R E

AMB DAXING: Creditors' Proofs of Debt Due on September 12
AMB FENG: Creditors' Proofs of Debt Due on September 12
AMB QINGDAO: Creditors' Proofs of Debt Due on September 12


T A I W A N

CHUNGHWA PICTURE: Second Quarter Loss Narrows to NT$9.85 Billion


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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STORM FINANCIAL: Bank of Qld Faces Breach of Contract Allegation
----------------------------------------------------------------
Bank of Queensland is facing accusations of breach of contract and
misleading, deceptive and unconscionable conduct in a threatened
court action on behalf of Storm Financial victims, The Age
reports.

The report says law firm Slater & Gordon last week sent a draft
statement of claim to Bank of Queensland.  According to the Age,
the allegations form the basis of an individual test case for
other Bank of Queensland clients of Storm affected by the collapse
of the financial planner.

The draft statement of claim contains a claim for damages and asks
for the loan to be set aside because the contract with the
customer had been breached, the report notes.

According to the Age, Slater & Gordon appears to be using the
statement of claim as a negotiating tool, trying to push Bank of
Queensland into a similar mediation process as that adopted by
Commonwealth Bank, with a deadline of August 20.

However, the Age relates, Bank of Queensland said it "has not been
served with any legal proceedings", and was making no response to
the allegations.

Bank of Queensland has also said it would not make a submission to
the parliamentary committee's inquiry into Storm Financial, partly
because of a continuing Australian Securities and Investments
Commission inquiry into its actions, the report adds.

Slater Gordon began a series of public meetings with former Storm
Financial clients in Brisbane last night to explain a settlement
procedure reached with the Commonwealth Bank, according to ABS
News.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, the Australian Securities & Investments Commission's
investigation into the collapse of Storm Financial Group includes
Macquarie Group and Challenger, along with the two key banks,
Commonwealth Bank of Australia and Bank of Queensland.

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

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

                       About Storm Financial

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

                         *     *     *

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

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

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

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up.  Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.


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MELCO CROWN: Equity Raise Proposal Won't Affect S&P's 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Melco Crown (Macau) Ltd. (BB-/Stable/--) are not
immediately affected by the equity-raising proposal of the
company's parent, Melco Crown Entertainment Ltd.

The offering would strengthen the group's liquidity by potentially
raising up to US$190 million in proceeds.  S&P believes that Melco
Crown already has sufficient liquidity to meet the residual
capital expenditure for its City of Dreams gaming and leisure
resort in Macau and for working capital.  As at June 30, 2009, the
company had US$655.6 million in cash and cash equivalents and an
undrawn facility of about US$50 million.  In S&P's view, the City
of Dreams' operating performance should gradually improve
following a weaker-than-expected first two months of operations.


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


AKAMAI FINANCIAL: Creditors and Members to Meet on August 17
------------------------------------------------------------
The creditors and members of Akamai Financial Markets (Hong Kong)
Limited will hold their annual meeting on August 17, 2009, at
10:00 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.


ALEPPO COMMERCIAL: Sole Member to Hear Wind-Up Report on Sept. 10
-----------------------------------------------------------------
The sole member of Aleppo Commercial Company Limited will hear on
September 10, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Unit 408-9 of Harbour Centre, Tower 1,
1 Hok Cheung Street, Hunghom, in Kowloon, Hong Kong.


CHINALANDMARK.COM: Creditors' Proofs of Debt Due on September 11
----------------------------------------------------------------
The creditors of ChinaLandmark.com Limited are required to file
their proofs of debt by September 11, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          To Fung Wo
          ChinaChem Century Tower, 31st Floor
          178 Gloucester Road
          Wanchai, Hong Kong


CORIOLANUS LIMITED: Moody's Downgrades Ratings on Three Series
--------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of three series of notes issued by Coriolanus Limited.

The transaction closed in July 2007 and is a managed synthetic CDO
of debt obligations issued by corporations domiciled in Asia.

Moody's explained that the rating actions taken are the result of
the deterioration in the credit quality of the transaction's
reference portfolio, which includes but is not limited to the
occurrence of 2 credit events.  1 credit event (a senior unsecured
obligation of a metals & mining company in China, 0.6% of maximum
reference portfolio size) has a determined final price of 0.25%.
The final price for the other credit event (a senior unsecured
obligation of a construction & building company in India, 4% of
maximum reference portfolio size) is still under determination.
The recovery rate is assumed to follow beta distribution with a
mean of 20% and a standard deviation of 25% in the simulation
model.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for corporate
synthetic CDOs as described in Moody's Special Report below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

The rating actions are:

  -- Series 74 US$50,000,000 Portfolio Credit Linked Floating Rate
     Secured Notes due 2019, Downgraded to A2; previously on
     April 7, 2009 Downgraded to A1

  -- Series 75 US$50,000,000 Portfolio Credit Linked Floating Rate
     Secured Notes due 2019, Downgraded to Baa3; previously on
     April 7, 2009 Downgraded to Baa2

  -- Series 76 US$50,000,000 Portfolio Credit Linked Floating Rate
     Secured Notes due 2019, Downgraded to Ba3; previously on
     April 7, 2009 Downgraded to Ba2


EVER-COLD: Creditors' First Meeting Set for Today
-------------------------------------------------
The creditors of Ever-Cold Refrigeration Trading Company Limited
will hold their first meeting today, August 14, 2009, at
3:00 p.m., at the 17th Floor of Ginza Square, 565-567 Nathan Road,
in Kowloon, Hong Kong.

At the meeting, the creditors will be asked to appoint a
liquidator and consider other matters relevant to creditors'
voluntary wind-up.


FASTER CHINA: Members' Final Meeting Set for September 8
--------------------------------------------------------
The members of Faster China Development Limited will hold their
final general meeting on September 8, 2009, at 10:00 a.m., at
Level 28 of Three Pacific Place, in 1 Queen's Road East,
Hong Kong.

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


FOOK KIN: Members' and Creditors' Meeting Set for September 11
--------------------------------------------------------------
The members and creditors of Fook Kin Enterprises Company Limited
will hold their annual meetings on September 11, 2009, at
10:00 a.m. and 10:30 a.m., respectively, at Room 32B2, 32nd Floor
of One Pacific Place, in 88 Queensway, Hong Kong.

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


HOME FORTUNE: Creditors' Meeting Set for August 24
--------------------------------------------------
The creditors of Home Fortune International Enterprises Limited
will hold their meeting on August 24, 2009, at 4:30 p.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 251 of
the Companies Ordinance.

The meeting will be held at Room 103 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


IMTEX COMPANY: Members' Final Meeting Set for September 11
----------------------------------------------------------
The members of Imtex Company (Hong Kong) Limited will hold their
final general meeting on September 11, 2009, at 11:00 a.m., at
Room 1112, Tower 2, Silvercord, 30 Canton Road, Tsimshatsui, in
Kowloon, Hong Kong.

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


LEGENDFIELD LIMITED: Creditors' Meeting Set for August 24
---------------------------------------------------------
The creditors of Legendfield Limited will hold their meeting on
August 24, 2009, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at Room 103 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


LUNG TANG: Creditors' Proofs of Debt Due on September 7
-------------------------------------------------------
The creditors of Lung Tang Tak Fat Cargo Services Company Limited
are required to file  their proofs of debt by September 7, 2009,
to be included in the company's dividend distribution.

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

The company's liquidator is:

          Kwong Wing Tat
          Full Win Commercial Centre
          Unit A, 22nd Floor
          573 Nathan Road, Kowloon


LUSANGER LIMITED: Creditors' First Meeting Set for August 21
------------------------------------------------------------
The creditors of Lusanger Limited will hold their first meeting on
August 21, 2009, at 11:00 a.m., at the 3rd Floor of Malaysia
Building, 20 Gloucester Road, in Wanchai, Hong Kong.

At the meeting, the creditors will be asked to appoint a
liquidator and consider other matters relevant to creditors'
voluntary wind-up.

The company commenced wind-up proceedings on July 27, 2009.


MAX BILLION: Members' Final Meeting Set for September 10
--------------------------------------------------------
The members of Max Billion Finance Limited will hold their final
general meeting on September 10, 2009, at 10:00 a.m., at 905
Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, in Kowloon,
Hong Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


NEC TELECOMMUNICATIONS: Member to Hear Wind-Up Report on Sept. 16
-----------------------------------------------------------------
The member of NEC Telecommunications (Hong Kong) Limited will
receive on September 16, 2009, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The meeting will be held at the 5th Floor of Gloucester Tower, The
Landmark, 11 Pedder Street, in Central, Hong Kong.


SIMON C FIREMAN: Members' Final Meeting Set for September 8
-----------------------------------------------------------
The members of Simon C Fireman Foundation Limited will hold their
final general meeting on September 8, 2009, at 10:00 a.m., at 1902
MassMutual Tower, in 38 Gloucester Road, Wanchai.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TEXNOLOGY NANO: Creditors' Meeting Set for August 18
----------------------------------------------------
The creditors of Texnology Nano Textile (China) Limited will hold
their meeting on August 18, 2009, at 2:00 p.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at the 32nd Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


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ICICI BANK: Moody's Puts Prim-1 Rating to Commercial Paper
----------------------------------------------------------
Moody's ABCP rating actions for the seven-day period ended
August 10, 2009.

Moody's Rated USCP Program Prime-1 During The Period August 4,
2009 Through August 10, 2009:

   Moody's Assigns Prime-1 Rating To ICICI Bank's Uscp Program
   Supported By A Letter Of Credit Provided By Bank Of America

Moody's has assigned a Prime-1 rating to the commercial paper
issued by ICICI Bank Limited (rated Ba2/NP/C-) through its
$160 million fully supported commercial paper program.  ICICI
Bank, acting through its Bahrain Branch, its Hong Kong Branch, and
its New York Branch, will issue commercial paper notes and will
use the proceeds for general corporate purposes.  Each issuing
entity will issue its own series of commercial paper.  Bank of
America, N.A. (Aa3/Prime-1/D) has issued an irrevocable, direct-
pay letter of credit that provides full and timely support for the
repayment of each series of commercial paper notes upon maturity.
Moody's rating on the CP notes is based primarily on Bank of
America's Prime-1 rating.

Deutsche Bank National Trust Company (Aa3/Prime-1/C), acting as
depositary, will draw on the letter of credit to pay maturing
series of commercial paper notes.

ICICI Bank Limited is the largest retail bank in India.

These ABCP Program Was Placed Under Review For Possible
Downgrade During The Period August 4, 2009 Through August 10,
2009:

      Taylor, Bean & Whitaker Mortgage Corp.'S Ocala Funding
              Placed On Review For Possible Downgrade

On August 5, 2009, Moody's placed both the Prime-1 rating of the
extendible asset-backed commercial paper and the Baa2 rating of
the subordinated notes issued by Ocala Funding, LLC, on review for
possible downgrade.  Ocala is a partially supported, single-seller
mortgage warehouse program sponsored by Taylor, Bean & Whitaker
Mortgage Corp (TB&W).  Ocala provides warehouse funding for
conforming residential mortgages and has a program size of $
1.75 billion.

The rating action follows news of a federal investigation into
TB&W which raises concerns over the company's business practices.
The FHA has suspended TB&W from making loans insured by that
agency and this has triggered an event of default under the Ocala
program documents and placed the program into wind down.  TB&W has
announced that it has closed down its mortgage lending operations.
Moody's is placing the Ocala ratings on review based on the
increased uncertainty with respect to the program collateral and
operations and expects to the resolve the review as more
information becomes available.

The Rating Of These ABCP Program Was Withdrawn During The Period
August 4, 2009 Through August 10, 2009:

       Advantage Asset Securitization Corp. Rating Withdrawn

At the issuer's request, Moody's has withdrawn the Prime-1 rating
of the ABCP issued by Advantage Asset Securitization Corporation,
a partially supported, multiseller ABCP program administered by
the Mizuho Corporate Bank, Ltd. (Aa3/Prime-1/D+).  As of August 3,
2009, all outstanding ABCP was repaid in full.  Advantage Asset
Securitization Corporation will not issue any further ABCP.


SANTOSH FINE-FAB: ICRA Rates INR55 Mln Long-term Loans at 'LBB'
--------------------------------------------------------------
ICRA has assigned an LBB rating to the INR55 million, long-term
sanctioned bank limits of Santosh Fine-Fab Limited.  The rating
indicates inadequate credit quality rating assigned by ICRA to
long-term debt instruments.  ICRA has also assigned A4 rating to
the US$0.95 million, short-term FCNR loan (sublimit of Cash
Credit) of Santosh Fine-Fab Limited.  The rating indicates risk-
prone credit quality assigned by ICRA to short-term debt
instruments.  Although the FCNR loan of the company is denominated
in foreign currency, ICRA's ratings for the same are on a national
rating scale, as distinct from an international rating scale.

The ratings factor in the experience of the promoters; favourable
policies by the Government to promote the textile industry and the
moderate capital structure of the company.  The ratings are,
however, constrained by the small scale of operations of the
company and weak financial indicators, as characterized by low
profitability and high working capital intensity.  The textile
industry is characterized by intense competition from a large
number of players and profitability is vulnerable to volatile raw
material prices.  The industry has been facing a demand slowdown,
particularly in the exports market, on the back of ongoing
economic slowdown.

Santosh Fine-Fab is engaged in the manufacture of man-made textile
fabric used primarily for shirtings and suitings.  The company has
been in this line of business since 1980.  The company started its
operations in Andheri, Mumbai, employing traditional "Icol"
weaving looms.  In 1987, the company shifted its production unit
to Tarapur and upgraded the machines to semi-automatic "Ruti-B"
looms.  In 1995, the company upgraded to fully automatic "Sulzer"
looms.  The company markets its fabric under two distinct brands,
the "Santosh" brand name for rural markets and under "Intellifab"
brand name for institutional sales.

For the year ended March 2009, the company reported a PAT of
INR0.025 million on sales of INR234 million.


VASUNDHARA COTTON: ICRA Puts 'LBB' Rating on INR131.4MM Term Loans
------------------------------------------------------------------
ICRA has assigned an LBB rating to the INR131.4 million term
loans; INR6.2 million corporate loan; INR45 million cash credit
facilities and INR5.8 million, non-fund based facilities of
Vasundhara Cotton Mills Private Limited, indicating inadequate-
credit-quality.  ICRA has also assigned an A4 rating to the
INR8 million, fund-based facilities and the INR10 million, non-
fund based facilities of VCMPL, indicating risk-prone-credit-
quality in the short term.

The ratings are constrained by the relatively small scale of
operations of the company; weak financial profile, characterized
by high gearing levels; volatility in raw material costs affecting
operating margins; sluggish demand for yarn on account of economic
slowdown and surplus capacities in a fragmented industry structure
that restricts pricing flexibility.  The rating favorably factors
in the vast experience of the promoters in cotton-related
businesses; proximity of the manufacturing units of the company to
cotton growing areas besides low power and labor costs.

                      About Vasundhara Cotton

Vasundhara Cotton Mills Private Limited, incorporated on June 24,
2005, is primarily engaged in the production of cotton yarn. VCMPL
has spinning facilities located in Guntur District with an
aggregate installed capacity of 14,400 spindles.  The company
produces cotton yarn in counts ranging from 38s to 80s.  The
company commenced commercial production with 3600 spindles from
June 2007 after its manufacturing facilities at Guntur became
operational and at its full capacity of 14,400 spindles from
December 07.  The project was set up with support from Technology
Upgradation Fund Scheme (TUFS) under the Government of India.  As
per the unaudited FY 2009 results, VCMPL recorded revenues of
INR174.6 million and a profit before tax of INR12.0 million.


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BANK PERMATA: David Martin Fletcher to Replace Hall as President
----------------------------------------------------------------
Jakarta Post reported that PT Bank Permata Tbk's shareholders on
Wednesday appointed David Martin Fletcher of Standard Chartered as
the new president director to succeed Stewart Hall, who will
resign shortly.

The report says further appointments approved by shareholders at
the meeting included:

   * shifting M. Herwidayatmo, currently director of legal &
     compliance, to the post of vice-president director;

   * appointing Joseph Georgino Godong, currently director of
     technology and operations, as director of compliance; and

   * tapping David Allen Worth, currently a member of the board
     of commissioners, to replace Peter B. Stok as the
     independent commissioner for the company.

All of the appointments were subject to approval by Bank Indonesia
and will become effective thereafter, the report notes.

                        About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2008, Moody's Investors Service changed the outlook for
PT Bank Permata Tbk's bank financial strength rating of D- to
stable from positive.

Consequently, the BFSR, which has had a positive outlook since
May 4, 2007, stays at D- and will carry a stable outlook.  All
other ratings which are detailed below are unaffected.

Permata's other ratings are:

  -- Global local currency long-term/short-term deposit of
     Baa3/Prime-3, foreign currency long-term/short-term deposit
     of B1/Not Prime.  The outlook for all ratings is stable.


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JAPAN AIRLINES: Told to Expand Code-Share Deals to Boost Traffic
----------------------------------------------------------------
Japan Airlines Corp. should expand code-sharing agreements with
other airlines to boost passenger traffic without the cost of
operating new routes, Bloomberg News reports citing Ryuhei Maeda,
director general of the transport ministry's Civil Aviation
Bureau.

According to the report, the carrier would benefit from code-
sharing with Delta Air Lines Inc., the world's largest carrier.
Delta's Northwest Airlines Corp. is the biggest overseas carrier
at Narita airport, the Japan's main international gateway.

Bloomberg quoted Mr. Maeda as saying that by joining with Delta
and Northwest, they could expand their network.

Mr. Maeda told Bloomberg that JAL, which started reporting details
of its business to the transport ministry after receiving a
JPY60 billion government loan, needs to reduce costs and boost
revenue.

According to Bloomberg, the Tokyo-based carrier, which already
code-shares with AMR Corp.'s American Airlines, is cutting
international routes after a global economic slump caused the
biggest drop in passengers since the SARS epidemic struck in 2003.

JAL joined the Oneworld code-sharing alliance, which includes
American Airlines, two years ago, the report notes.

"They don't need to cut their tie-up with American Air," the
report quoted Mr. Maeda as saying.  An agreement with Delta would
specifically help expand its U.S. Network, Mr. Maeda added.

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

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

                          *     *     *

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

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


LMP LOAN: Moody's Cuts Ratings on Various Beneficial Interests
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Series
2007-1 Class A through C Senior Beneficial Interests issued by LMP
Loan Master Trust.  The Senior Beneficial Interests of the
transaction were issued in October 2007 and are backed by a pool
of real estate-backed SME loans originated by SFCG Co., Ltd., and
a subsidiary.

The complete rating actions:

Deal Name: LMP Loan Master Trust

Initial Servicer: SFCG Co., Ltd.

  -- Class A, downgraded to Ba3; previously, on May 13, 2009,
     downgraded to Baa3 from Aaa, and placed under review for
     possible further downgrade

  -- Class B, downgraded to Caa2; previously, on May 13, 2009,
     downgraded to B2 from A3, and placed under review for
     possible further downgrade

  -- Class C, downgraded to Caa3; previously on May 13, 2009,
     downgraded to B3 from Ba2, and placed under review for
     possible further downgrade

The rating actions mainly reflect Moody's view that the severe
scenario, which is one of Moody's assumed recovery scenarios, is
being realized regarding recovery from the collateral properties,
in light of the back-up servicer's and special servicer's detailed
servicing policy.

SFCG, an initial servicer of this transaction, filed for the
commencement of civil rehabilitation proceedings in Tokyo District
Court on February 23, 2009.  On March 24, 2009, the court decided
to terminate the civil rehabilitation proceedings.  Then, on
April 21, 2009, the court ordered the company to commence
bankruptcy proceedings.  The servicing and special servicing of
all the loan receivables in the transaction were transferred to
the back-up servicer and special servicer, who started preparing
for full-scale collections.

On May 13, 2009, Moody's revised two of its analysis assumptions
to these: (1) All obligors were considered to be in default, and
no payments from obligors could be expected; and (2) the recovery
rate for the collateral properties was lowered.  (The average
recovery rate on the loan was assumed at 50-60%, down from the
initial 60-70%.) Moody's therefore downgraded the ratings of the
Class A through C Trust Beneficial Interests.

The two assumptions were revised for these reasons: 1) Payment
trends from obligors of the real estate-backed SME loans continued
to worsen, with no sign of improvement; thus, most of the
securitized loans had become delinquent on either principal or
interest payments; 2) because of the slowdown in the real estate
market, the liquidation of collateral properties was taking longer
than previously while property prices for collateral liquidation
also remained under stress.  Moody's did not expect any recovery
of the real estate market in a short term.

At the same time, Moody's believed that the progress of the
servicer's operations should be monitored, and thereby announced
the continuation of its review of the ratings for possible
downgrade.

The back-up servicer and special servicer launched full-scale
collections after the previous rating actions and around 30% of
the properties are being put up for auction.  Also, Moody's has
obtained detailed information concerning the servicing policy for
the properties (including appraisals by an independent specialist
and business plans for each collateral property).  As of end-June
2009, the deal comprised approximately 80 obligors and 230
properties.

In light of the servicing policy, Moody's believes that the severe
scenario -- which is one of Moody's assumed scenarios, wherein the
back-up servicer and special servicer will not wait for the market
to pick up and will sell some properties in a depressed real
estate market and others at auction -- is being realized.  Moody's
has therefore downgraded the ratings on the Class A through C
Trust Beneficial Interests.  The final maturity of the transaction
takes place in March 2011.

Moody's continues to monitor the actual results of servicing from
the collateral properties and credit enhancement levels.  Also,
the deal currently comprises a certain amount of funds in a cash
reserve for liquidity, the level of which should be monitored.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


* JAPAN: Corporate Bankruptcies Increased 1.0% in July
------------------------------------------------------
The number of Japanese corporate bankruptcies jumped 1.0% from a
year earlier to 1,386 cases, but the size of debts involved fell
sharply due to a limited number of major failures, Reuters
reports, citing a report by Tokyo Shoko Research.

According to the research report cited by Reuters, total debt
involved fell 44.2% to JPY371 billion (US$3.8 billion), the
smallest amount this year as the number of major bankruptcies with
debt of more than JPY10 million shrank by more than half from a
year earlier.

Compared with the previous month, Reuters says, the number of
bankruptcies fell 2.5% in July, and the amount of bankruptcy debt
was down 22.2%.

Reuters notes that in manufacturing industry, bankruptcies grew
16.1% from a year earlier to 216 cases, a smaller rise than a 28%
jump in June.  Failures of construction firms decreased 8.2% to
390 cases, the highest so far in calendar 2009.


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


KIA MOTORS: Posts KRW8.17 Trillion Profit in First Half of 2009
---------------------------------------------------------------
Kia Motors Corporation released its financial results for first
half of 2009.

Despite a 5.7% drop in export revenue, total revenue increased by
3.3% to KRW 8.179 trillion (USD 6.05 billion***) in 2009 versus
KRW 7.914 trillion (USD 7.96 billion) in the first half of 2008.
This increase was powered by a strong domestic revenue gain of
23.3% to KRW 3.038 trillion (USD 2.2 billion).

Corporate profitability rose overall in the first half.  Operating
profit rose 91.5% from KRW 219 billion in 2008 (USD 220 million)
to KRW 419 billion (USD 310 million), aided by ongoing efforts by
the company to improve its cost structure, a favorable foreign
exchange rate, and a revitalization of the domestic auto market.
Net profits increased by 627.2% rising from KRW 61 billion (USD
61.4 million) in 2008 to KRW 444 billion (328 million USD).

Kia's balance sheet also improved, with a KRW 361 billion (USD 280
million) increase in total assets to KRW 15.8 trillion (USD 12.3
billion) and a decrease in corporate debt by KRW 241 billion (USD
187 million) to KRW 9.470 trillion (USD 7.4 billion).  Cash
balance at the end of June increased by KRW 140 billion to KRW
1.052 trillion (USD 818 million), compared to the end of 2008.

Hyoung-Keun Lee, Senior Executive Vice President and COO of the
International Business Division, Kia Motors Corporation, said
"Despite a very challenging industry environment, we are pleased
to see that Kia continues to post steady growth. Additionally,
with the release of our 1st half earnings figures, it is clear
that Kia's financial performance is strong and we look forward to
continuous success through 2009."

***USD conversion rates for revenue, operating profits, and net
profits were 1,353 won for 2009 and 994 won for 2008.  Balance
sheet conversion rates were 1285 won for 2009 and 1043 won for
2008.

                       July 2009 Global Sales

Kia Motors also disclosed its global sales figures for passenger
cars (export sales, domestic sales, and sales from overseas
plants), recreational vehicles (RVs), and commercial vehicles for
July 2009, recording a total of 143,588 units sold.  This marks a
year-on-year increase of 17.5%.

By region, Kia posted year-on-year sales increases in China
(22,367 units sold, a 101.3% year-on-year increase), Korea (34,811
units, a 26.5% year-on-year increase), and North America (34,455
units sold, a 7.8% year-on-year increase).

Cumulatively, through the first seven months of 2009, Kia's global
sales increased by 6.4% year-on-year and reached 892,916 units.
The Chinese market experienced the highest gain selling 119,743
units to date representing a 31.8% increase.  Korean and general
markets showed cumulative year-on-year sales increases of 25.2%
(227,335 units sold) and 12.8% (160,587 units sold), respectively.

To date in 2009, Kia's best selling model in overseas markets has
been the C-segment Cerato (known as 'Spectra' or 'Forte' in some
markets) with 152,784 units sold.  Kia's Sportage compact SUV and
the B-segment Rio followed closely with 94,216 and 89,388 units
sold, respectively.  The C-segment cee'd and Picanto complete the
top five with 72,111 and 55,165 units sold, respectively.

In terms of vehicle category sold overseas, Kia's recreational and
passenger vehicles achieved year-on-year increases in July of
21.8% (38,811 units) and 11.7% (67,007 units), respectively.

                         About Kia Motors

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating.  At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC.  The rating outlook is negative.  This concludes Moody's
review for downgrade initiated on January 21, 2009.


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


BRIDGECORP LTD: Charges Against Former Directors Aligned
--------------------------------------------------------
The Securities Commission said its move to have the charges
against Bridgecorp Ltd former directors Rodney Petricevic and
Rob Roest aligned with the charges against the other directors has
been approved, The National Business Review reports.

According to the report, Messrs Petricevic and Roest and
Bridgecorp’s chairman Bruce Davidson and non-executive directors
Gary Urwin and Peter Steigrad all face a medley of charges under
the Securities Act.

Charges have been laid by the Securities Commission, the Serious
Fraud Office and the Companies Office, the report says.

Meanwhile, NBR reports that lawyers for Bridgecorp's directors
said they were ready to proceed with their case and that there was
no need for further intermediary steps.

Both parties agreed on Tuesday they did not need to meet again
until the full hearing, scheduled for mid-September, according to
NBR.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2008, the Securities Commission laid criminal charges
against the chairman of Bridgecorp Bruce Davidson and non-
executive directors Gary Urwin and Peter Steigrad.

Criminal charges were also laid by the Registrar of Companies
earlier last year against the executive directors, Rodney
Petricevic and Robert Roest.  These new charges follow further
investigations by the Commission.  The Commission has also issued
civil proceedings against all five directors.

Commission Chairman Jane Diplock said in a press release that all
the directors are responsible for Bridgecorp's offer documents.
The Commission believed that the offer documents misled investors
by misrepresenting the overall financial position of those
companies and the risk of investing in them.

                        About Bridgecorp

New Zealand-based Bridgecorp Ltd was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


DANIEL SCHUSTER: Goes Into Receivership
---------------------------------------
Waipara, New Zealand-based winery Daniel Schuster Wines is now
under the control of receivers, Tina Law at The Press reports.

It is not known what forced the company into receivership, or how
much money was owed to creditors, the report says.

According to the Press, receiver Stephen Tubbs at BDO Spicers said
Daniel Schuster Wines was a private company and much of the
information he was privy to was confidential to the business, its
financiers and the staff.

The report relates Mr. Tubbs said he was continuing to employ all
four staff who had worked at the winery, while he gathered
information, assessed the financial position of the company and
its prospects.

Set up in 1986, Daniel Schuster Wines produces pinot noir,
chardonnay and riesling.


PROVENCOCADMUS LTD: Unit Placed in Receivership
-----------------------------------------------
Cadmus Developments Ltd., a subsidiary of ProvencoCadmus Ltd., has
been placed in receivership.

Perpetual Trust Limited, as trustee of Cadmus Developments First
Secured Notes, has appointed Colin McCloy and Maurice Noone of
PricewaterhouseCoopers as receivers, with effect from 4:00 p.m.
Tuesday, August 11, 2009.

Their appointment follows ProvencoCadmus Limited being placed into
receivership, which as a result, is a subsequent default under the
Cadmus Developments Limited Trust Deed.

The New Zealand Herald reported that according to Cadmus
Developments' 2008 accounts, Provenco Cadmus has provided a
guarantee for the amounts owing under the notes.  The Herald says
the notes mature on January 15, 2010 and pay interest at a rate of
9.9% per annum.

                        About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 4, 2009, ANZ National Bank appointed Michael Stiassny and
Brendon Gibson at KordaMentha joint and several receivers of
ProvencoCadmus Limited.

ProvencoCadmus asked ANZ National Bank to appoint receivers to the
Company, as the Company will not have sufficient funds to meet its
working capital requirements.


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


HABIB BANK: Moody's Cuts Deposit Rating to Ba3/NP
--------------------------------------------------
Moody's Investors Service downgraded the global local currency
deposit ratings of Habib Bank Ltd and United Bank Ltd to Ba3/NP
from Ba2/NP in light of its global review of systemic support
indicators for banking systems, thus concluding the review for
possible downgrade of the ratings initiated on 28 May 2009.

Consistent with the analytical criteria specified in the Special
Comment and given Pakistan's current situation and future
prospects, Moody's has changed the systemic support input for
Pakistani banks' ratings to B2 from the Ba2 local currency deposit
ceiling.  The new B2 systemic support anchor for Pakistani banks
is one notch above the B3 local currency government debt rating.
Accordingly, the ratings of Habib Bank and United Bank, which had
previously received a one-notch uplift from their respective Ba3
baseline credit assessments as a result of such support, have been
affected.  National Bank of Pakistan and MCB Bank Ltd have not
been affected, despite Moody's assessment of a high probability of
systemic support, since their Ba2 BCAs are at the same level as
the Ba2 LCDC.

In the Special Comment, Moody's noted that the appropriate
reference rating for the capacity of a national government to
provide support to banks in a prolonged and widespread crisis
would be aligned with or constrained by the government's own debt
rating.  However, Moody's also believes that this rating could be
adjusted, usually positively, to reflect the non-fiscally-
dependent measures that many central banks and governments can
deploy to support banks.

In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system.  These are:
the size of the banking sector relative to the government's
resources; the level of stress in the banking system and in the
economy; the foreign currency obligations of the banking system
relative to the government's own foreign currency resources;
political and historical patterns; and the possibility of any
drastic shift in government priorities.

Moody's regards the Pakistani banking system as having a dominant
role in the country's financial market (despite the moderate ratio
of banking system assets as a percentage of GDP).  Moreover, the
proportion of remittances that are channelled through formal
banking channels has increased significantly over the past few
years due to the crackdown on unofficial money transfers.

The level of stress in the banking system and the economy has
increased during the worldwide recession and the sovereign
position has deteriorated, as reflected by Moody's change in the
credit outlook to negative from stable in December 2008,
indicating the likely weakening of the economic and credit
environment.  Security threats are also a challenge to the
country's stability, particularly from militants inside Pakistan.

Moody's expects slower economic growth in Pakistan to lead to
deterioration in the credit environment, with adverse asset
quality and profitability implications for the rated banks.
Despite an improving trend over the past few years, asset quality
has traditionally been a problem for the rated banks, weighing on
their balance sheets and restricting rating upgrades.
Furthermore, the expected slowdown in profitability, in
conjunction with possible further mark-to-market losses from the
investment portfolio, could adversely affect the banks' currently
adequate capital levels.

"Despite the negative credit outlook, the bank financial strength
ratings of the four rated Pakistani banks have stable outlooks
because the constraints are already incorporated in the low
ratings," explain Nondas Nicolaides and Christos Theofilou,
Moody's banking analysts for Pakistan.  That said, downward rating
pressure could be exerted if: the economy were to deteriorate more
than the rating agency expects; Pakistan's repayment capacity were
to become impaired; or if any other bank-specific issues related
to a breakdown in risk management practices and controls were to
lead to a severe deterioration in the banks' financials.

In Moody's view, Pakistan provides a medium level of support to
its banking sector, demonstrated by the government willingness and
ability to intervene and prevent banking defaults by systemically
important banks.  The State Bank of Pakistan (SBP) takes a leading
role in managing banking sector crises and its track record shows
that it has the government's full backing.  In Moody's opinion,
the attitude of the SBP and the government to support the banks
has not changed and is not likely to change in the foreseeable
future.

The B2 systemic support input for Pakistani banks is one notch
above the B3 local currency government debt rating.  The uplift is
predicated on Moody's view that the risk of a system-wide banking
crisis is medium and that the likelihood of the government "ring-
fencing" its own fiscal position from the banking system is also
medium.

Moody's took these rating actions:

  (i) Habib Bank's GLC deposit ratings were downgraded to Ba3/NP
      from Ba2/NP.  The D- BFSR (mapping to a Ba3 BCA) remains
      unchanged with a stable outlook.  The B3/NP foreign currency
      deposit ratings (constrained by the foreign currency deposit
      sovereign ceiling) are also unchanged, with a negative
      outlook.

(ii) United Bank's GLC deposit ratings were downgraded to Ba3/NP
      from Ba2/NP.  The D- BFSR (Ba3 BCA) remains unchanged with a
      stable outlook.  The B3/NP foreign currency deposit ratings
      (constrained by the foreign currency deposit sovereign
      ceiling) are also unchanged, with a negative outlook.

Moody's last rating action on Habib Bank and United Bank was
implemented on 28 May 2009, when it placed the banks' Ba2 GLC
deposit ratings on review for possible downgrade in light of the
rating agency's global review of systemic support indicators for
banking systems.

Habib Bank Ltd, headquartered in Karachi, reported assets of
PKR749.8 billion (US$9.3 billion) as of the end of March 2009.

United Bank Ltd, headquartered in Karachi, reported assets of
PKR642.0 billion (US$8.0 billion) as of the end of March 2009.


UNITED BANK: Moody's Cuts Deposit Rating to Ba3/NP
--------------------------------------------------
Moody's Investors Service downgraded the global local currency
deposit ratings of Habib Bank Ltd and United Bank Ltd to Ba3/NP
from Ba2/NP in light of its global review of systemic support
indicators for banking systems, thus concluding the review for
possible downgrade of the ratings initiated on 28 May 2009.

Consistent with the analytical criteria specified in the Special
Comment and given Pakistan's current situation and future
prospects, Moody's has changed the systemic support input for
Pakistani banks' ratings to B2 from the Ba2 local currency deposit
ceiling.  The new B2 systemic support anchor for Pakistani banks
is one notch above the B3 local currency government debt rating.
Accordingly, the ratings of Habib Bank and United Bank, which had
previously received a one-notch uplift from their respective Ba3
baseline credit assessments as a result of such support, have been
affected.  National Bank of Pakistan and MCB Bank Ltd have not
been affected, despite Moody's assessment of a high probability of
systemic support, since their Ba2 BCAs are at the same level as
the Ba2 LCDC.

In the Special Comment, Moody's noted that the appropriate
reference rating for the capacity of a national government to
provide support to banks in a prolonged and widespread crisis
would be aligned with or constrained by the government's own debt
rating.  However, Moody's also believes that this rating could be
adjusted, usually positively, to reflect the non-fiscally-
dependent measures that many central banks and governments can
deploy to support banks.

In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system.  These are:
the size of the banking sector relative to the government's
resources; the level of stress in the banking system and in the
economy; the foreign currency obligations of the banking system
relative to the government's own foreign currency resources;
political and historical patterns; and the possibility of any
drastic shift in government priorities.

Moody's regards the Pakistani banking system as having a dominant
role in the country's financial market (despite the moderate ratio
of banking system assets as a percentage of GDP).  Moreover, the
proportion of remittances that are channelled through formal
banking channels has increased significantly over the past few
years due to the crackdown on unofficial money transfers.

The level of stress in the banking system and the economy has
increased during the worldwide recession and the sovereign
position has deteriorated, as reflected by Moody's change in the
credit outlook to negative from stable in December 2008,
indicating the likely weakening of the economic and credit
environment.  Security threats are also a challenge to the
country's stability, particularly from militants inside Pakistan.

Moody's expects slower economic growth in Pakistan to lead to
deterioration in the credit environment, with adverse asset
quality and profitability implications for the rated banks.
Despite an improving trend over the past few years, asset quality
has traditionally been a problem for the rated banks, weighing on
their balance sheets and restricting rating upgrades.
Furthermore, the expected slowdown in profitability, in
conjunction with possible further mark-to-market losses from the
investment portfolio, could adversely affect the banks' currently
adequate capital levels.

"Despite the negative credit outlook, the bank financial strength
ratings of the four rated Pakistani banks have stable outlooks
because the constraints are already incorporated in the low
ratings," explain Nondas Nicolaides and Christos Theofilou,
Moody's banking analysts for Pakistan.  That said, downward rating
pressure could be exerted if: the economy were to deteriorate more
than the rating agency expects; Pakistan's repayment capacity were
to become impaired; or if any other bank-specific issues related
to a breakdown in risk management practices and controls were to
lead to a severe deterioration in the banks' financials.

In Moody's view, Pakistan provides a medium level of support to
its banking sector, demonstrated by the government willingness and
ability to intervene and prevent banking defaults by systemically
important banks.  The State Bank of Pakistan (SBP) takes a leading
role in managing banking sector crises and its track record shows
that it has the government's full backing.  In Moody's opinion,
the attitude of the SBP and the government to support the banks
has not changed and is not likely to change in the foreseeable
future.

The B2 systemic support input for Pakistani banks is one notch
above the B3 local currency government debt rating.  The uplift is
predicated on Moody's view that the risk of a system-wide banking
crisis is medium and that the likelihood of the government "ring-
fencing" its own fiscal position from the banking system is also
medium.

Moody's took these rating actions:

  (i) Habib Bank's GLC deposit ratings were downgraded to Ba3/NP
      from Ba2/NP.  The D- BFSR (mapping to a Ba3 BCA) remains
      unchanged with a stable outlook.  The B3/NP foreign currency
      deposit ratings (constrained by the foreign currency deposit
      sovereign ceiling) are also unchanged, with a negative
      outlook.

(ii) United Bank's GLC deposit ratings were downgraded to Ba3/NP
      from Ba2/NP.  The D- BFSR (Ba3 BCA) remains unchanged with a
      stable outlook.  The B3/NP foreign currency deposit ratings
      (constrained by the foreign currency deposit sovereign
      ceiling) are also unchanged, with a negative outlook.

Moody's last rating action on Habib Bank and United Bank was
implemented on 28 May 2009, when it placed the banks' Ba2 GLC
deposit ratings on review for possible downgrade in light of the
rating agency's global review of systemic support indicators for
banking systems.

Habib Bank Ltd, headquartered in Karachi, reported assets of
PKR749.8 billion (US$9.3 billion) as of the end of March 2009.

United Bank Ltd, headquartered in Karachi, reported assets of
PKR642.0 billion (US$8.0 billion) as of the end of March 2009.


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


FIGARO COFFEE: 19 Outlets Face Foreclosure Over PHP90MM Debt
------------------------------------------------------------
The new management of Figaro Coffee Co. blamed the founder of the
homegrown coffee chain for more than PHP90 million in unpaid debt
that have choked operations in the past months, ABS-CBN News
reports.

According to ABS-CBN, Figaro acting chief executive officer
Crismel Verano showed a demand letter dated May 26, 2009, from
Banco de Oro Unibank, Inc. which said the "due and demandable
obligation" of Figaro has reached PH92.660 million, inclusive of
interest and penalties.  Another PHP5 million is owed to
Metrobank.

ABS-CBN relates that Figaro’s founder Pacita Juan explained that
the loan with Banco de Oro was availed in 2005 as part of plans to
list in the stock exchange by 2009.  At the time, ABS-CBN
recounts, there were about 30 company-owned stores and about 40
franchised ones.

BusinessWorld Online relates that 19 Figaro outlets, which were
pledged as collateral, are now in danger of being foreclosed by
Banco De Oro, as a result.  According to BusinessWorld, Mr. Verano
said the new management is in talks with Banco de Oro to prevent
foreclosure.

                           Court Battle

BusinessWorld relates that Ms. Juan is embroiled in a court battle
with the new Figaro management over the coffee shop’s trademarks,
which turned out to have been registered under her name.  The
dispute, says BusinessWorld arose when she stepped down from
management in June 2008 amid pressure from other shareholders and
the entry of new investors.

New investors include Mr. Verano, Domino’s Pizza owner Jerry Liu,
and Aurora Tanseco, BusinessWorld discloses.

ABS-CBN recounts that a corporate infighting ensued months after.
Then the interest charges on the loan went unpaid and the
suppliers had difficulty collecting, ABS-CBN relates.
                        About Figaro Coffee

Based in the Philippines and established in 1993, Figaro Coffee
Co. -- http://www.figarocoffee.com/-- operates a chain of coffee
shops.  It has 35 franchised stores and 30 corporate stores.
Figaro employs about 250 employees in all corporate stores.
Franchisees employ 250 to 300 workers.


=========
Q A T A R
=========


MASRAF AL: Moody's Assigns 'D+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has assigned A3 long-term and Prime-2
short-term local and foreign currency issuer ratings as well as a
D+ bank financial strength rating to Masraf Al Rayan.  The rating
outlook is stable.  This is Moody's first public rating assigned
to an Islamic bank in Qatar.

With US$4.6 billion of assets at 31 December 2008, MAR is a small
financial institution by domestic and regional standards and holds
a market share of around 5% in domestic banking assets.  However,
it is one of Qatar's most successful Islamic banks and commands
around 25% of the country's Shari'ah-compliant banking assets.
MAR's immediate domestic Islamic banking competitors,
International Islamic Bank and Qatar Islamic Bank (both not
rated), are older and more entrenched players.

Despite having been established as recently as January 2006, MAR
began operations with authorized capital as large as US$2.1
billion, of which US$1.1 billion was issued and paid up at year-
end 2008.  MAR already boasts one of the most significant market
capitalizations in Qatar, standing at US$6.2 billion at 30 June
2009.  However, MAR still has a short track record and small
customer base, serving around 8,000 retail and around 400
corporate customers through a network of only five branches.
Despite its small size, MAR enjoys a solid brand name and a strong
reputation as one of the most dynamic Shari'ah-compliant financial
institutions in the country.

The D+ BFSR -- which maps to a baseline credit assessment of
Ba1-- reflects MAR's growing franchise as one of Qatar's few
Islamic banks, its close ties with the government of Qatar, strong
financial performance and asset quality, as well as ample
capitalization and satisfactory liquidity.  However, the rating is
constrained by a short track record and limited absolute size,
high degree of concentration risks, rapid balance sheet growth, as
well as a still imbalanced funding continuum that is heavily
reliant on short-term customer deposits, generating both maturity
mismatches and displaced commercial risks.

Moody's believes the D+ BFSR and Ba1 BCA capture the bank's
standalone risk profile, which balances very strong financial
metrics with lower qualitative scores, which themselves factor in
the recurring weaknesses of Islamic banks in the Middle East:
namely, high concentration risks, constrained liquidity
management, still developing risk management architectures,
challenging balance sheet management on both the asset and
liability sides, and -- in the case of MAR -- small size, a
limited track record and an unseasoned/untested business model.

Moody's assesses the probability of systemic support in the event
of a stress situation to be very high, based on (i) Moody's
assessment of Qatar (rated Aa2) as a high-support environment,
especially for domestic, retail deposit-taking institutions like
MAR; (ii) evidence of systemic support that was provided to
troubled domestic retail banks in the past; and (iii) the bank's
status as one of Qatar's most successful Shari'ah-compliant
financial institutions, and its 33% ownership by Qatari public
sector entities.  However, Moody's does not consider MAR to be a
Government-Related Issuer (GRI) and as such, does not apply its
GRI methodology to assess MAR's credit profile.  Given the support
assessment, MAR's long-term global local currency (GLC) issuer
rating is set at A3, underpinned by its BCA of Ba1 and the Qatari
government's systemic support capability -- resulting in a four-
notch uplift from the bank's BCA.

The outlook on the ratings is stable.  Moody's considers both an
upgrade and a downgrade of the bank's current BFSR and issuer
ratings to be unlikely over the medium term.  The rating agency
says that an upgrade of the bank's BFSR and/or issuer rating could
be triggered by significant asset as well as business expansion,
which would in turn lead to further diversification, both by name
and sector, especially in the retail segment.  The BFSR and/or
issuer rating could also be upgraded if the mix of funding sources
were to incorporate more term financing as an alternative to the
bank's binary approach between capital and customer deposits, and
if buffers against displaced commercial risks are gradually built
up.

Conversely, the BFSR and/or issuer rating could be downgraded in
the event of deteriorating profitability, a steep decline in asset
quality, or a sudden and sharp tightening of the bank's liquidity
profile or capitalization that would be triggered by a pace of
growth that far exceeds expectations and plans.  Downward rating
pressure would also arise if reputation or displaced commercial
risks materialize, or if the current links with Qatar's government
and public sector at large weaken.

Masraf Al Rayan is headquartered in Doha, Qatar, and reported
total assets of QAR22,613 million (US$6.2 billion) at 30 June
2009.


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


AMB DAXING: Creditors' Proofs of Debt Due on September 12
---------------------------------------------------------
The creditors of AMB Daxing Distribution Center Pte Ltd are
required to file their proofs of debt by September 12, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


AMB FENG: Creditors' Proofs of Debt Due on September 12
-------------------------------------------------------
The creditors of AMB Feng Xian 1 Pte Ltd are required to file
their proofs of debt by September 12, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


AMB QINGDAO: Creditors' Proofs of Debt Due on September 12
----------------------------------------------------------
The creditors of AMB Qingdao Port Distribution Center Pte Ltd are
required to file their proofs of debt by September 12, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


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


CHUNGHWA PICTURE: Second Quarter Loss Narrows to NT$9.85 Billion
----------------------------------------------------------------
The Taipei Times Chunghwa Picture Tubes Ltd. said its second-
quarter loss narrowed by 12% from the first quarter because of
rising market demand and rising panel prices.

The company reported a net loss of NT$9.85 billion, or NT$1.04 per
share, compared with a net loss of NT$11.2 billion in the first
quarter and a profit of NT$1.08 billion a year earlier, the report
says citing a company statement.

Quarterly revenue rose to NT$11.9 billion from NT$7.9 billion in
the first quarter, but the figure was still 66.2% lower than the
NT$35.2 billion from a year earlier, the statement showed.

According to the report, Chunghwa Picture chief financial officer
James Wu said the company's second-quarter revenue rebounded by a
smaller-than-expected 21.4% from the first quarter because a
shortage of integrated circuits and glass for liquid-crystal
displays (LCD) prevented the company from producing enough panels.

Chunghwa Picture declined to give its business guidance on
earnings and gross margins for the current quarter or the second
half of the year, citing a silent period following the company’s
sale of as many as 100 million new global depository receipts,
Taipei Times states.

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2009, the China Post said Chunghwa Picture Tubes Ltd. was
seeking repayment extension of its NT$40 billion (US$1.1 billion)
loans to bolster its working capital.

According to the Post, Chief Financial Officer James Wu said the
company will need to soon repay NT$10 billion in one-year loans
and more than NT$30 billion over the longer term to several banks.

Mr. Wu said the company would like to repay part of the loans
while asking its creditors to allow the company to extend
repayments of the remaining loans by up to two years.  Chunghwa
Picture creditors include state-owned Bank of Taiwan, Land Bank of
Taiwan and Taiwan Cooperative Bank.  The company, however,
insisted it was not seeking for a government bailout.

Chunghwa Picture posted a loss of NT$11.98 billion in the fourth
quarter of 2008 and a net loss of NT$11.68 billion for the year.

Based in Taipei, Taiwan, Chunghwa Picture Tubes Ltd. is
principally engaged in the development and production of thin film
transistor-liquid crystal display (TFT-LCD) panels, LCD module
assemblies and cathode ray tubes (CRTs).  The company's products
include small and medium size monitor panels, desktop personal
computer (PC) monitor panels, laptop PC monitor panels and LCD
television (TV) panels.  Its TFT-LCDs are applied for consumption
and industrial products, including TVs, computer monitors, laptop
computers, mobile phones, personal digital assistants (PDAs),
portable digital video disc (DVD) players, portable videos,
measurement devices, analysis devices, medical equipment, driving
meters and radars, among others.  During the year ended
December 31, 2007, the company obtained approximately 90% of its
total revenue from its TFT-LCD business.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company            Ticker            Assets            Equity
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW      FUL          16933460.19    -8226075.95
ADVANCE HEALTHCA      AHG          16933460.19    -8226075.95
ALLOMAK LTD           AMA          40685785.47    -5913422.67
ALLSTATE EXPL-PP      ALXCC         16169603.2   -50619940.96
ALLSTATE EXPLORA      ALX           16169603.2   -50619940.96
ARC EXPLORATION       ARX           58544299.4   -15958771.93
AUSMELT LTD           AET           10421943.8    -1558622.35
AUSTAR UNITED         AUN         508844538.84  -310055789.75
AUSTRAILIAN Z-PP      AZCCA        77741918.88    -2566335.24
AUSTRALIAN ZIRC       AZC          77741918.88    -2566335.24
BIRON APPAREL LT      BIC          19706736.59    -2220069.65
BISALLOY STEEL G      BIS          54556820.43    -7472108.44
CHEMEQ LIMITED        CMQ          25194855.59   -24254413.72
CITY PACIFIC LTD      CIY         171501648.08    -6383353.75
EIRCOM HOLDINGS       ERC        7921901248.89  -381294562.59
ELLECT HOLDINGS       EHG          18245003.37   -15487781.92
ETW CORP LTD          ETW          83708786.34   -58673955.65
FULCRUM EQUITY L      FUL          19209264.95    -3664831.12
HYRO LTD              HYO          19685101.98   -15769362.01
MAC COMM INFR-CD      MCGCD      8104415200.76  -103343256.49
JAMES HARDIE-CDI      JHX           1898699904     -108700000
JAMES HARDIE NV       JHXCC         1898699904     -108700000
RESIDUAL ASSC-EE      RAGXF       597329874.01  -126963316.48
RUBICON AMERICA       RAT         649532285.57  -100605696.94
RUBICON EUROPE T      REU          553099503.3  -252490904.13
TOOTH & CO LTD        TTH         108860665.87   -69404500.26
VERTICON GROUP        VGP          14221690.08   -24604525.15
VOYAGER RESOURCE      VOR         105239382.56  -190859513.39


CHINA

ALONG TIBET CO-A      600773       10645458.33    -1260472.65
AMOI ELECTRONI-A      600057      208865199.77  -161881131.09
ANHUI KOYO GROUP      979          60010204.49   -52445757.65
BAO LONG ORIENTA      600988       16279600.58    -1854369.56
CHANG LING GROUP      561          37577889.93    -9465740.92
CHENGDU UNION-A       693          55030423.06    -2741222.75
CHINA EAST AIR-A      600115    10702789177.41 -1851807066.86
CHINA EAST AIR-H      670       10702789177.41 -1851807066.86
CHINA KEJIAN-A        35           75056861.57   -184097248.8
CHINESE.COM LOGI      805          12869661.54   -10094949.57
CITIC GUOAN VI-A      600084      362240219.99  -110093269.44
DANDONG CHEM F-A      498         104365074.72  -103885795.87
DONGXIN ELECTR-A      600691       20560051.24       -3771204
FUJIAN SANNONG-A      732          61811813.75   -53114169.28
GAOXIN ZHANGTO-A      2075        127410216.06   -15071836.61
GUANGDONG HUAL-A      600242       19373034.05    -2325690.04
GUANGDONG KEL-A       921         540254350.35   -125797076.1
GUANGMING GRP -A      587          46455752.14   -40019198.72
GUANGXI BEISHE-A      600556      126091499.15  -153594444.24
GUANGXIA YINCH-A      557           21664724.6   -34846155.01
HEBEI BAOSHUO -A      600155      131548104.09  -354980505.73
HEBEI JINNIU C-A      600722      227141182.32  -223794072.17
HISENSE ELEC-H        921         540254350.35   -125797076.1
HUATONG TIANXI-A      600225       70268587.22   -35844635.44
HUDA TECHNOLOG-A      600892       20047637.29    -1792599.78
HUNAN ANPLAS CO       156          53136755.69    -81141655.2
HUNAN AVA HOLDIN      918         219048363.26   -78476613.98
JIANGXI CHANGH-A      600372      316925380.97    -3387818.97
JIAOZUO XIN'AN-A      719          16263330.39    -3681456.28
QINGHAI SUNSHI-A      600381       53430938.15   -26418232.17
SHANG HONGSHENG       600817       18084539.68  -396285379.92
SHANG LIANHUA-A       600617       16795640.14    -1743299.26
SHANG LIANHUA-B       900913       16795640.14    -1743299.26
SHANGHAI WORLDBE      600757      221563153.24  -116684849.78
SHENZ CHINA BI-A      17           27968310.96   -264106065.1
SHENZ CHINA BI-B      200017       27968310.96   -264106065.1
SHENZ SEG DASH-A      7            87929092.73   -12564255.28
SHENZHEN DAWNC-A      863          28956539.07  -151601215.51
SHENZHEN KONDA-A      48          202326403.32    -13552596.4
SHENZHEN SHENXIN      34           28627569.28  -165833104.81
SICHUAN DIRECT-A      757         121641656.08  -112131770.94
SUNTEK TECHNOL-A      600728       35176457.04   -23191875.13
TAIYUAN TIANLO-A      600234       12265615.62   -60715447.57
TIANJIN MARINE        600751       82399198.24   -30394356.74
TIANJIN MARINE-B      900938       82399198.24   -30394356.74
TIBET SUMMIT I-A      600338       72677899.02   -13527522.12
TOPSUN SCIENCE-A      600771      200059655.52  -121606797.74
WINOWNER GROUP C      600681       15621614.17   -72193630.51
WUHAN BOILER-B        200770      413277147.43   -44507992.86
WUHAN GUOYAO-A        600421       11548487.32   -37317665.16
XIAMEN OVERSEA-A      600870      316697544.56  -153952891.08
YUEYANG HENGLI-A      622          37038161.53   -15556588.42
ZHANGJIAJIE TO-A      430          47476905.56    -6608204.52


HONG KONG

ASIA TELEMEDIA L      376          16618871.08    -5369335.42
BINHAI INVESTMEN      8035          73711393.1  -114389190.24
CHINA CYBER PORT      8206          16718083.9      -21712245
CHINA GOLDEN DEV      162         249858442.34    -1458174.64
EGANAGOLDPFEIL        48          557892423.39  -132858951.98
FULBOND HLDGS         1041            66063004      -11679000
HUTCHISON TELE H      215        2400098040.83  -366059762.21
NEW CITY CHINA        456         113178595.41    -9932226.54
PALADIN LTD           495         160927722.22    -1629398.23
PALADIN LTD -PRE      642         160927722.22    -1629398.23
SANYUAN GROUP LT      140          15148448.77    -1587205.23


INDONESIA

BANK CENTURY TBK      BCIC        493235338.87  -135578273.49
BUKAKA TEKNIK UT      BUKK         73759284.09   -88378100.23
DAYA SAKTI UNGGU      DSUC         20182967.71   -14063966.67
ERATEX DJAJA          ERTX         14094093.62   -13644427.04
JAKARTA KYOEI ST      JKSW         23855890.79   -36519229.92
KARWELL INDONESI      KARW         13459944.34    -7208303.23
MULIA INDUSTRIND      MLIA        329626279.29  -438147831.29
PANCA WIRATAMA        PWSI         24440350.75    -28494642.1
POLYSINDO EKA PE      POLY        413587722.04  -843849953.26
SEKAR BUMI TBK        SKBM         16366816.27    -2619135.89
STEADY SAFE TBK       SAFE         10838828.11    -4030148.54
SURABAYA AGUNG        SAIP        211007388.88  -113611192.14
TEIJIN INDONESIA      TFCO           199177024      -55412900
UNITEX TBK            UNTX         13649308.63   -14400120.13


INDIA

ALCOBEX METALS        AML          35670319.03   -22443296.68
APPLE FINANCE         APL          70832103.73   -29253849.19
ASHIMA LTD            ASHM         59922403.11   -47153581.06
BAKELITE HYLAM        BKLT         13911138.88    -12867352.6
BALAJI DISTILLER      BLD          59974008.41   -50890026.26
BELLARY STEELS        BSAL         512415670.4  -101442229.54
BHAGHEERATHA ENG      BGEL         22646453.72   -28195273.09
CFL CAPITAL FIN       CEATF        20637497.85   -48884440.84
COMPUTERSKILL         CPS          14896780.89    -7560054.57
CORE HEALTHCARE       CPAR        185364966.99  -241912027.81
DCM FINANCIAL SE      DCMFS        16540889.84   -10988851.47
DIGJAM LTD            DGJM         98769193.78   -14623833.58
DISH TV INDIA         DITV        422081403.33  -127614551.41
DUNCANS INDUS         DAI         164653351.85  -220922929.88
EMTEX INDS INDIA      EMTX         11807105.53   -44405235.51
GALADA POWER & T      GCC          10899606.76   -27849464.86
GANESH BENZOPLST      GBP          77840261.61   -41865917.86
GLOBAL BOARDS         GLB          25154303.78     -793024.17
GSL INDIA LTD         GSL          37040429.61   -42340564.58
GUJARAT SIDHEE        GSCL         59440728.18     -660003.43
GUJARAT STATE FI      GSF          30159595.18  -234918081.46
HANJER FIBRES         HJF          10720699.56     -310044.87
HARYANA STEEL         HYSA         10831176.59    -5909008.81
HFCL INFOTEL LTD      HFCL        233136050.86   -59728545.83
HIMACHAL FUTURIS      HMFC        633329926.05  -104792044.71
HINDUSTAN PHOTO       HPHT         93725753.93 -1229352757.43
HMT LTD               HMT         206932743.85  -263572925.12
ICDS                  ICDS         13300348.69    -6171079.46
INDIA FOILS LTD       IF           48457142.32   -38013960.39
INTEGRAT FINANCE      IFC          57729537.53   -52297155.04
JCT ELECTRONICS       JCTE         122542558.6   -49996834.55
JD ORGOCHEM LTD       JDO          14537402.78   -69753846.55
JENSON & NIC LTD      JN           15734678.26   -92089109.12
JIK INDUS LTD         KFS           20633171.5    -5623616.49
JK SYNTHETICS         JKS          20208078.76    -2171303.89
JOG ENGINEERING       VMJ          50080964.36   -10076436.07
KALYANPUR CEMENT      KCEM         37538318.01   -41771703.35
LLOYDS FINANCE        LYDF         36822038.19   -10290725.19
LLOYDS STEEL IND      LYDS        358940191.85   -83135016.16
MILLENNIUM BEER       MLB          39726352.09     -732186.48
MILTON PLASTICS       MILT         26114050.07   -42391324.19
NATH PULP & PAP       NPPM         13588844.93   -39126079.65
NICCO UCO ALLIAN      NICU         38788084.34      -61659313
ORIENT PRESS LTD      OP           16699814.52      -94789.33
PANCHMAHAL STEEL      PMS          51024827.03     -325116.26
PANYAM CEMENTS        PYC          30241162.87    -9403739.61
PARASRAMPUR SYN       PPS         111971290.89  -317111727.95
PAREKH PLATINUM       PKPL         61081050.43   -88849040.15
PEACOCK INDS LTD      PCOK         14682895.47   -18138660.88
PIRAMAL LIFE SC       PLSL         32054795.68    -3725239.05
POLAR INDS LTD        PLI          17540987.69   -24687678.21
PRECISION CONTAI      PCLL         10013065.56    -3669728.21
RAMA PHOSPHATES       RMPH         34066789.55    -1192495.62
RATHI ISPAT LTD       RTIS         44555929.56     -3933592.5
REMI METALS GUJA      RMM          82273746.28    -1650461.11
ROLLATAINERS LTD      RLT          22965755.05   -22244556.92
ROYAL CUSHION         RCVP         29192373.45   -73115309.68
RPG CABLES LTD        RPG          51431409.37   -20192930.18
SEN PET INDIA LT      SPEN         13283611.52    -25431862.1
SHALIMAR WIRES        SWRI         30588221.25    -63772177.8
SHAMKEN COTSYN        SHC          23127927.75    -6172791.93
SHAMKEN MULTIFAB      SHM           60546590.6   -13260108.95
SHAMKEN SPINNERS      SSP          42180451.29   -16764934.64
SHARDA ISPAT LTD      SHIL         16179943.38    -5040578.35
SHREE RAMA MULTI      SRMT         81405835.45   -64134056.23
SIDDHARTHA TUBES      SDT          92929926.47   -10719543.54
SIL BUSINESS ENT      SILB         12461159.02   -19961202.41
SPICE COMMUNICAT      SPCM        263692459.52   -19679192.67
STI INDIA LTD         STIB            44107456     -300149.59
TAMILNADU TELE        TNT          11680819.22    -3373123.87
TATA TELESERVICE      TTLS        793627684.28   -74636840.33
TRIVENI GLASS         TRSG         34542881.89    -6209872.78
UNIWORTH LTD          WW          178225972.59  -131624807.91
USHA INDIA LTD        USHA         12064900.61   -54512967.31
WINDSOR MACHINES      WML          14500894.45   -28144999.02
WIRE AND WIRELES      WNW         102422193.22   -37057061.49


JAPAN

AVIX INC              7836         19009420.72    -2125138.36
COSMOS INITIA CO      8844       2333430615.87  -454804416.82
DDS INC               3782         10683845.35    -5696657.23
FDK CORP              6955         465071545.7   -85901797.18
G-TRADING             3348         53439073.69   -19823380.51
GREEN FOODS CO        3367         87003396.49   -48040344.74
L CREATE CO LTD       3247         42344509.56     -9146496.9
MORISHITA CO LTD      3594        168223801.88    -2415401.06
NESTAGE CO LTD        7633         15752022.32    -7045459.62
OPEN INTERFACE I      4302         10824431.23   -25566252.98
PLACO CO LTD          6347         19727184.96    -1662140.28
PLACO CO LTD-WI       63471        19727184.96    -1662140.28
PROPERST CO LTD       3236        854806960.92   -17847055.11
REMIXPOINT CO LT      3825         13032512.99    -1159815.17
SPC ELECTRONICS       6818        124705573.68   -13095644.59
TERRANETZ CO LTD      2140         11633353.37    -4293462.63
ZENTEC TECHNOLOG      4296         61693138.35   -30725846.21


MALAYSIA

BSA INTERNATIONA      BSAI         60415146.27   -45433037.17
HARVEST COURT         HAR          10626827.67    -6604210.03
LITYAN HLDGS BHD      LIT          15777258.11    -28374431.5
NEPLINE BHD           NL            20464406.2   -25108761.81
NIKKO ELECTRONIC      NIKKO        10890137.48    -8147304.11
PECD BHD              PECD        247769002.01  -363970343.69
WONDERFUL WIRE        WW           11189410.52   -13834863.57


NEW  ZEALAND

DOMINION FINANCE      DFH         258902749.12   -55312405.88



PHILIPPINES

APEX MINING 'B'       APXB         51256351.82    -8972145.85
APEX MINING-A         APX          51256351.82    -8972145.85
BENGUET CORP 'B'      BCB          75710043.41   -35193170.69
BENGUET CORP-A        BC           75710043.41   -35193170.69
CENTRAL AZUC TAR      CAT          37806902.52    -2588843.76
CYBER BAY CORP        CYBR         12926776.59   -79228223.36
EAST ASIA POWER       PWR          50796443.41  -139420756.07
FIL ESTATE CORP       FC           37286935.14   -11355841.65
FILSYN CORP A         FYN           22000423.4   -10278638.86
FILSYN CORP. B        FYNB          22000423.4   -10278638.86
GOTESCO LAND-A        GO           18684576.24   -10863822.41
GOTESCO LAND-B        GOB          18684576.24   -10863822.41
MRC ALLIED            MRC          13040098.81    -3682026.54
PICOP RESOURCES       PCP          105659068.5   -23332404.14
STENIEL MFG           STN          28673457.47    -1478015.89
UNIVERSAL RIGHTF      UP           45118524.67   -13478675.99
UNIWIDE HOLDINGS      UW           52802040.71   -56176026.28
VICTORIAS MILL        VMC         178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO      ASA          13594299.01    -8730090.95
ADVANCE SCT LTD       ASCT         69486218.18   -11959064.78
CHUAN SOON HUAT       CSH          33386752.42   -11485337.08
FALMAC LTD            FAL          10288220.94    -6460596.18
HL GLOBAL ENTERP      HLGE         93947954.45   -12514151.49
INFORMATICS EDU       INFO         21961840.29     -412465.93
LINDETEVES-JACOB      LJ          149102492.24   -82583823.03
OCEAN INTERNATIO      OCEAN        61659790.45   -13720371.73
PACIFIC CENTURY       PAC          84332200.42    -2695477.98
SUNMOON FOOD COM      SMOON        37238842.66   -13726971.17
TT INTERNATIONAL      TTI         274506594.33   -42323078.96
WESTECH ELECTRON      WTE          28290170.94   -12855750.98


SOUTH KOREA

CL LCD CO LTD         35710        55585277.13   -14793655.63
DAHUI CO LTD          55250       186003859.24    -1504246.54
DAISHIN INFO          20180        740500919.3  -158453978.78
ELIM EDU CO LTD       46240        34029159.88    -3747735.09
FIRST FIRE & MAR      610        2044031310.36    -1780221.91
KYSYS CO LTD          15390        10671544.09    -6267111.24
MOBILINK TELECOM      41310        52665694.67   -11474605.44
MOBO CO LTD           51810       196643340.38   -11979182.85
ORICOM INC            10470        82645454.13   -40039161.33
PRIME ENTMT           17170         31473002.9    -19371600.2
ROCKET ELEC-PFD       425          68584186.91       -2140474
ROCKET ELECTRIC       420          68584186.91       -2140474
SAMT CO LTD           31330       303858255.56   -77572655.65
SIMM TECH CO LTD      36710       314177541.38   -34486443.29
SOLAR & TECH CO       30390        11466591.81     -588035.38
STARMAX CO LTD        17050        50131660.74   -25436154.88
SUNNY TRENDS CO       35500        32757713.75    -7323573.46
TAESAN LCD CO         36210        187935112.1  -546263614.46
TONG YANG MAGIC       23020       355147750.92   -25767007.75
YOUILENSYS CORP       38720       166697877.68   -12337148.33


TAIWAN

CHIEN TAI CEMENT      1107        202446919.23    -22407739.4
HELIX TECH-EC         2479T        23385923.43   -24115022.26
HELIX TECH-EC IS      2479U        23385923.43   -24115022.26
HELIX TECHNOL-EC      2479S        23385923.43   -24115022.26
TAIWAN KOL-E CRT      1606U       507206787.88   -147139297.7
TAIWAN KOLIN-EN       1606V       507206787.88   -147139297.7
TAIWAN KOLIN-ENT      1606W       507206787.88   -147139297.7
VERTEX PREC-ENTL      5318T        43037265.55    -2305484.43
VERTEX PRECISION      5318         43037265.55    -2305484.43
YEU TYAN MACHINE      8702         39574168.04  -271070409.72


THAILAND

ABICO HLDGS-F         ABICO/F      12066621.69    -9544714.91
ABICO HOLD-NVDR       ABICO-R      12066621.69    -9544714.91
ABICO HOLDINGS        ABICO        12066621.69    -9544714.91
BANGKOK RUB-NVDR      BRC-R        81029895.85   -63623979.94
BANGKOK RUBBER        BRC          81029895.85   -63623979.94
BANGKOK RUBBER-F      BRC/F        81029895.85   -63623979.94
BLISS-TEL PCL         BLISS        12552268.65    -1546013.01
BLISS-TEL PCL-F       BLISS/F      12552268.65    -1546013.01
BLISS-TEL PCL-NV      BLISS-R      12552268.65    -1546013.01
CENTRAL PAPER IN      CPICO        10220356.04  -216074904.26
CENTRAL PAPER-F       CPICO/F      10220356.04  -216074904.26
CENTRAL PAPER-NV      CPICO-R      10220356.04  -216074904.26
CIRCUIT ELE-NVDR      CIRKIT-R     61295807.28   -25886476.66
CIRCUIT ELEC PCL      CIRKIT       61295807.28   -25886476.66
CIRCUIT ELEC-FRN      CIRKIT/F     61295807.28   -25886476.66
DATAMAT PCL           DTM          12690638.93    -6132014.29
DATAMAT PCL-NVDR      DTM-R        12690638.93    -6132014.29
DATAMAT PLC-F         DTM/F        12690638.93    -6132014.29
ITV PCL               ITV          31557425.41   -76616907.26
ITV PCL-FOREIGN       ITV/F        31557425.41   -76616907.26
ITV PCL-NVDR          ITV-R        31557425.41   -76616907.26
K-TECH CONSTRUCT      KTECH        83204235.85    -5693045.29
K-TECH CONSTRUCT      KTECH/F      83204235.85    -5693045.29
K-TECH CONTRU-R       KTECH-R      83204235.85    -5693045.29
KUANG PEI SAN         POMPUI       17146363.89   -12117287.24
KUANG PEI SAN-F       POMPUI/F     17146363.89   -12117287.24
KUANG PEI-NVDR        POMPUI-R     17146363.89   -12117287.24
MALEE SAMPR-NVDR      MALEE-R      52662866.04    -6699070.37
MALEE SAMPRAN         MALEE        52662866.04    -6699070.37
MALEE SAMPRAN-F       MALEE/F      52662866.04    -6699070.37
NATURAL PAR-NVDR      NPARK-R      99405582.21     -795660.77
NATURAL PARK PCL      NPARK        99405582.21     -795660.77
NATURAL PARK-F        NPARK/F      99405582.21     -795660.77
NFC FERTILI-NVDR      NFC-R        41394761.31     -328937.74
NFC FERTILIZER P      NFC          41394761.31     -328937.74
NFC FERTILIZER-F      NFC/F        41394761.31     -328937.74
PATKOL PCL            PATKL        56238621.35   -21509387.22
PATKOL PCL-FORGN      PATKL/F      56238621.35   -21509387.22
PATKOL PCL-NVDR       PATKL-R      56238621.35   -21509387.22
PONGSAAP PCL          PSAAP        26782248.02    -2033209.65
PONGSAAP PCL          PSAAP/F      26782248.02    -2033209.65
PONGSAAP PCL-NVD      PSAAP-R      26782248.02    -2033209.65
SAFARI WORL-NVDR      SAFARI-R     98372248.17   -18046379.39
SAFARI WORLD PUB      SAFARI       98372248.17   -18046379.39
SAFARI WORLD-FOR      SAFARI/F     98372248.17   -18046379.39
SAHAMITR PR-NVDR      SMPC-R       31177710.43    -14940579.6
SAHAMITR PRESS-F      SMPC/F       31177710.43    -14940579.6
SAHAMITR PRESSUR      SMPC         31177710.43    -14940579.6
SUNWOOD INDS PCL      SUN          19863687.56   -13033623.14
SUNWOOD INDS-F        SUN/F        19863687.56   -13033623.14
SUNWOOD INDS-NVD      SUN-R        19863687.56   -13033623.14
THAI-DENMARK PCL      DMARK        15715462.27   -10102519.69
THAI-DENMARK-F        DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD      DMARK-R      15715462.27   -10102519.69
UNIVERSAL S-NVDR      USC-R        77602986.98    -55435027.3
UNIVERSAL STAR-F      USC/F        77602986.98    -55435027.3
UNIVERSAL STARCH      USC          77602986.98    -55435027.3


                         *********

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

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

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


                            *********


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

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

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

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

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





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