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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, August 24, 2009, Vol. 12, No. 166

                            Headlines

A U S T R A L I A

ABC LEARNING: Federal Gov't. Favors Sale Process Extension
APN NEWS: First Half Profit Drops 53% on Advertising Slump
FAIRFAX MEDIA: Appoints Roger Corbett as Deputy Chairman
TF GROUP: Placed Into Receivership; Owes Subcontractors AU$2.8MM
TIMBERCORP LTD: Horticulture Assets Up for Sale, Says KordaMentha


C H I N A

ASAT HOLDINGS: Appoints Eric Thompson as CRO and Interim CEO
FIBRECHEM TECHNOLOGIES: Winding-Up Hearing Adjourned to Sept. 25
CHINA HEALTH CARE: Posts US$776,674 Net Loss for June 30 Quarter


H O N G  K O N G

CHINA TIAN: Members' Final Meeting Set for September 25
COIGNITION LIMITED: Placed Under Voluntary Wind-Up
DECO (HONG KONG): Placed Under Voluntary Wind-Up
GOODVALE LABORATORY: Chi Steps Down as Liquidator
GORSSET LIMITED: Creditors' Proofs of Debt Due on September 23

HING LEE: Members' Final Meeting Set for September 25
HONG KONG SAR: Chow Sin Man Steps Down as Liquidator
INGRAM MICRO: Creditors' Proofs of Debt Due on September 21
KIU KOON: Cowley and Muk Step Down as Liquidators
NEWTON COURT: Man Steps Down as Liquidator

PLUM VILLAGE: Members' Final Meeting Set for September 25
TOTAL PROFIT: Cowley and Muk Step Down as Liquidators
UP EAST: Members' Final Meeting Set for September 25
WORLDLINK MEDICAL: Appoints Kwun as Liquidator
YORK PROSPER: Cowley and Muk Step Down as Liquidators


I N D I A

AGARTALA MUNICIPAL: Fitch Assigns 'BB-' National Issuer Rating
ASSAB SRIPAD: CRISIL Assigns 'B+' Rating on INR110.7 Mln LT Loan
BRAHMANI RIVER: Fitch Changes Outlook on 'BB+' Rating to Negative
CHANDRI PAPER: Low Net Worth Prompts CRISIL 'BB-' Ratings
CLASSIC DIAMONDS: CRISIL Cuts Rating on INR.4BB Term Loan to 'D'

DOLPHIN INTERNATIONAL: CRISIL Rates INR20MM Packing Credit at 'P4'
EDEN SLF: CRISIL Assigns 'P4' Rating on INR72.2MM Bank Guarantee
G R CONSTRUCTIONS: ICRA Rates Fund Based Limits at 'LBB+'
HINDUSTAN COMPOSITES: CRISIL Rates INR136.4 Mln LT Loan at 'BB'
ISPAT INFRA: Default in Loan Repayment Cues CRISIL 'D' Ratings

PALLAVI MOTORS: Low Net Worth Prompts CRISIL to Assign 'BB' Rating
PALLIPALAYAM SPINNERS: CRISIL Puts 'B-' Rating on INR152.6MM Loan
RNS INFRASTRUCTURE: CRISIL Cuts Ratings on Various Loan to 'BB-'
SIENA ENGINEERING: ICRA Assigns 'LBB' rating on INR67.2MM Loan


J A P A N

AOZORA BANK: Inks Tie-Up Deal with Two Local Banks


K O R E A

* SOUTH KOREA: Debt Default Ratio Remains Low in July 2009


M A L A Y S I A

BSA INTERNATIONAL: Malayan Banking Demands MYR46.06 Mil. Payment
HO HUP CONSTRUCTION: Wind-Up Petition Against Unit Withdrawn
NIKKO ELECTRONICS: To Hold 21st Annual Meeting on September 15
PECD BERHAD: Court Grants Wind Up Order for Setiakon Holding
PECD BHD: Wind-Up Petition Hearing Against Unit Set for Oct. 6


N E W  Z E A L A N D

AIR NEW ZEALAND: July 2009 Passenger Load Down 8.4%
BLUE CHIP: Founder Pleads Guilty to Three Charges
PROVENCOCADMUS LTD: Receivers Sell Retail Automation Unit


N I G E R I A

INTERCONTINENTAL BANK: Fitch Downgrades Individual Ratings to 'F'


S O U T H  A F R I C A

PRIVATE COMMERCIAL: Moody's Affirms Ratings on Various Notes


T A I W A N

TAISHIN INTERNATIONAL: Moody's Assigns 'D+' Bank Strength Rating


U N I T E D  A R A B  E M I R A T E S

AJMAN SEWERAGE: S&P Retains 'BB' Rating on $100 Mil. Senior Loan


                         - - - - -


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


ABC LEARNING: Federal Gov't. Favors Sale Process Extension
----------------------------------------------------------
Susannah Moran at The Australian reports that the federal
government has sided with receivers acting for a consortium of
banks trying to get more time to sell hundreds of profitable ABC
Learning childcare center, in a bid to recover the bank's AU$955
million investment in the failed company.

The government has intervened in a Federal Court dispute involving
the administrator and receivers of ABC Learning and owners of
hundreds of properties that leased the childcare centers to ABC,
the report said.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 19, 2009, the Australian Associated Press said that a lawyer
acting for ABC Learning Centres administrators has asked the
Federal Court in Sydney to further extend the period when it
reports back to its creditors.  Malcolm Oakes, SC, for the
administrator, has applied for the date to be extended from
September 30 to March 31 next year, an application supported by
the receivers.

However, the AAP related, Anthony Morris, QC, for Orchard Capital
Investments -- one of the landlords of ABC childcare centers, is
opposing the application saying the length of the administration
to date was already "the longest running administration in
Australian corporate history".  Mr. Morris submitted the real
agenda was to allow the banks to maximize their return, the AAP
said.

In a court hearing last week, The Australian says, government's
barrister Robert Newlinds SC told the court the government
believed the extension should be granted to allow receivers to
complete the sale.

Mr. Newlinds, according to The Australian, said the landlords did
not have a legitimate complaint because they were receiving rent
from the properties and any legal rights were not being taken away
but "suspended" until March when it seemed a sale would be
completed.

The Australian notes that the receivers have decided to begin the
sale process since the hearing began on August 17.

                         About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C. Developmental Learning
Centres (NZ) Ltd, A.B.C. New Ideas Pty Ltd, A.B.C. Land Holdings
(NZ) Limited and Child Care Centres Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


APN NEWS: First Half Profit Drops 53% on Advertising Slump
----------------------------------------------------------
APN News & Media Limited disclosed its interim result for the six
months ending June 30, 2009.

The company reported an underlying revenue of AU$516.7 million,
net profit after tax (before exceptional items) was AU$36.1
million and Earnings Before Interest, Tax, Depreciation and
Amortization (EBITDA) was AU$100.8 million.

APN reported a net profit (after exceptional items) of AU$33.6
million for the first half of 2009, down 53% from AU$71.9 million
in the same period last year.

"We experienced difficult trading conditions towards the end of
the first half; however, July and August have seen no further
deterioration.  September onwards looks a little better,
particularly in New Zealand Publishing and Australian Outdoor,
which has experienced a difficult period but where forward orders
into quarter four are encouraging," APN Chief Executive Brendan
Hopkins said in a statement.

"The Radio market in Australia remains resilient and our business
improved market share in the important Sydney market for the half
year.  Conversely, our New Zealand Radio business continues to
find conditions challenging.

"Australian Publishing is currently not seeing any improvement in
trading, although it is pleasing to report that retail revenues
have proven resilient throughout the half.

"The Outdoor market has been challenged by the advertising
downturn, especially in June, and July/August is no different.
October onwards looks more encouraging.  In Asia, there are signs
of some improvement in trading and the Outdoor business in Hong
Kong has recently renewed its New World First Bus transit
contract.

"Our Online business continues to make significant strides in New
Zealand, where we retain market leadership with nzherald.co.nz.
The site is now profitable and users, page impressions and revenue
all continue to grow strongly.  We believe revenues will continue
to grow organically for some time as the New Zealand online ad
market matures.

"In both markets, while online audience and revenues are growing
and growing strongly, we will actively look to supplement this
growth by diversifying our online revenue sources. We are
examining many options, including paid content, transactional and
"club" models. We are actively considering trials of each approach
in certain overseas markets before the year end.

"The Company continues to make good progress in cost control, with
total costs down 10% on a constant currency basis. There was
particular success in our New Zealand Publishing operations, where
costs were down 14% in local currency terms.  Also, the Australian
Radio Network reduced costs by 9% at a time when revenue declined
7%.

"While cost control is an important aspect of our ongoing
operations, it is not the sole focus.  Revenue growth remains a
priority across all divisions and we believe modest growth will
lead to a significant turnaround in profitability, particularly
benefitting 2010.

"Overall, in both Australia and New Zealand many economic
indicators are now turning positive; however, there has been a lag
in that sentiment converting to sustainable revenue growth. Market
sentiment remains cautious but some encouraging signs are
beginning to emerge.  For example, earnings from the New Zealand
Publishing division are currently ahead of the same time last
year, and our publications are taking national advertising market
share from television, radio and outdoor. Also, APN Outdoor's
weekly bookings have recently moved ahead of the same period in
2008.  While it is still too early to say that the impact of the
global slowdown is over, trading in the second half is already
benefiting from less demanding comparables.

"In late June, the Company announced the successful completion of
a AU$99 million pro-rata entitlement offer, the proceeds of which
were used to reduce debt and strengthen the Balance Sheet.  The
offer was well supported and was part of the Company's ongoing
programme of prudent capital management, which included the
extension of the December 2009 debt maturities as previously
anticipated.

"As foreshadowed at the time of the capital raising, the Board has
decided not to pay an interim dividend this year.

"The capital raising, the decision not to pay an interim dividend,
limited capital expenditure requirements and the lower cost base
leave APN well positioned to benefit from improvements in
underlying trading conditions," Mr. Hopkins said.

For the year ended December 31, 2008, APN News reported a net loss
of AU$23.97 million, compared with a net profit of AU$167.43
million in the prior year.

As at December 31, 2008, the company had total assets of AU$2.32
billion, total liabilities of AU$1.27 billion and total
stockholders' equity of AU$1.04 billion.

APN News' balance sheet as of December 31, 2008, showed strained
liquidity with AU$308.05 million in total current assets available
to pay AU$338.81 million in total current liabilities.

As at December 31, 2008, the company's accumulated losses stood at
AU$76.37 million.

                          About APN News

Based in Sydney, Australia APN News & Media Ltd (ASX:APN) --
http://www.apn.com.au/-- is engaged in publishing of newspapers,
magazines and directories in printed and online formats, radio
broadcasting and outdoor advertising.  The company's segments
include Publishing, Broadcasting, and Outdoor.  Publishing
includes newspapers, magazines, directories, printing and online
publishing.  Broadcasting includes radio transmissions.  Outdoor
includes specialist transit and static outdoor advertising.  On
January 8, 2008, the company acquired the remaining 50% of Esky
Limited (formerly Finda Group Limited).  On March 14, 2008, it
acquired the remaining 50% of Sell Me Free Limited.  On Dec. 1,
2008, it acquired Northern Rivers Echo and on December 31, 2008,
it acquired Northland Age.


FAIRFAX MEDIA: Appoints Roger Corbett as Deputy Chairman
--------------------------------------------------------
Fairfax Media Ltd has appointed Roger Corbett as its new deputy
chairman.

Mr. Corbett has been with the Fairfax board since 2003 and is
currently Chairman of the Audit and Risk committee.  Mr. Corbett
currently serves as a director of the Reserve Bank of Australia,
director of Wal-Mart Stores Inc. in the US and is deputy chairman
of Prime Ag Australia Limited.

"Mr. Corbett is one is one of Australia's finest business
leaders," Fairmax Media chairman Ronald Walker said in a statement
on Friday.

"Mr. Corbertt's appointment is part of our ongoing Board renewal
program for the future direction of our company," Mr. Walker said.

Mr. Corbett's appointment is effective immediately.

                      Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

                       About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


TF GROUP: Placed Into Receivership; Owes Subcontractors AU$2.8MM
----------------------------------------------------------------
NSW-based TF Group, the main earthmoving contractor on the AU$4.8
billion Airport Link toll road project build by Brisconnections,
has gone into receivership owing millions of dollars, Mark
Solomons at The Courier Mail reports.

The National Australia Bank last week appointed Gregory Hall and
Philip Carter of PriceWaterhouseCoopers as receivers to TF Group,
following the company's own appointment of Hall Chadwick in Sydney
as administrators, the report relates.

According to the report, administrator Domenic Calabretta of Hall
Chadwick said it was "way too early to tell" what the company's
debts were.

The Courier Mail, citing a source close to the company, says 44
subcontractors were owed AU$2.8 million for work carried out
between April and the end of July.

The report recalls that Thiess John Holland in March hired TF
Group, formerly called Tip-Fast, to shift more than 8 million
tonnes of waste earth and rock from the Airport Link tunnel and
associated projects over three years, in a contract that is
thought to have been worth about AU$35 million.

Thiess John Holland, however, has reportedly paid about AU$1
million to a group of subcontractors on behalf of TF Group in July
after they complained about unpaid bills, the report relates.

PwC, according to the report, on August 21 laid off about 30
administrative staff at TF Group's offices in Coopers Plains.  The
report relates staff said they had been told that the payment of
any entitlements would depend on asset sales.


TIMBERCORP LTD: Horticulture Assets Up for Sale, Says KordaMentha
-----------------------------------------------------------------
Timbercorp Group (In Liquidation) administrator KordaMentha is
seeking urgent expressions of interest for the purchase of
Timbercorp Group's almond, olive, avocado and mango assets:

Almond assets

-- 8,096 hectares of freehold high yielding premium quality
    almond orchards in Victoria, Australia.

-- 50,425 ML per annum of permanent water rights.

Olive assets

  -- 6,012 hectares of freehold high yielding premium quality
     olive groves located in Victoria, Australia.

  -- 26,172 ML per annum of permanent water rights.

  -- A modern, state-of-the-art olive processing facility (storage
     capacity of 4.8m litres of olive oil).

Other horticultural assets

--  751 hectares of freehold avocado orchards and 43 hectares of
     freehold citrus orchards in Queensland, Australia and 780
     hectares of freehold mango properties in Queensland and
     Northern Territory, Australia.

For further information, please contact:

     Jarrod Villani at +61 3 8623 3367 or by email on
     jvillani@kordamentha.com
     Level 24, 333 Collins Street
     Melbourne VIC 3000
     http://www.kordamentha.com

As reported in the The Troubled Company Reporter Asia on
August 21, 2009, Timbercorp Ltd.'s olive grower investors
overwhelmingly voted to sell or recapitalize the projects, rather
than wind them up.

InvestorDaily related that the voting covered investors in the
2001 to 2008 olives schemes and began at a meeting of grower
representatives, industry experts, parties interested in
purchasing or recapitalizing the assets and liquidator Mark Korda
in Melbourne earlier this week.  The votes, InvestorDaily noted,
have now been finalized.

The report, citing Timbercorp administrator KordaMentha, disclosed
that a total of 7,060 votes were received in support of the
resolution that the schemes continue and not be wound up, while
286 votes were received against the resolution.

Growers also voted that a decision over a possible new responsible
entity to replace the insolvent Timbercorp Securities Limited
(TSL) be deferred until a later date, according to InvestorDaily.

InvestorDaily further related that at the meeting, administrator
Mark Korda said AU$3.7 million was needed to fund the olive groves
to September 2009 and AU$26.8 million was required to fund the
2010 crop.  Capital expenditure of AU$11.1 million was also
required, the report noted.

"As the responsible entity is insolvent and the groves require
urgent expenditure, it is critical that a decision about their
future is made shortly," Mr. Korda was quoted by InvestorDaily as
saying.

The report related that Mr. Korda said liquidators had started an
expression of interest process in the olives and interested
parties had until September 11 to submit their offers.

According to InvestorDaily, Timbercorp spokesperson Matt Trewin
said KordaMentha was considering its next steps and indicated
there could be further action in the courts in order to reach a
resolution.

                         About Timbercorp

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

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

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


=========
C H I N A
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ASAT HOLDINGS: Appoints Eric Thompson as CRO and Interim CEO
------------------------------------------------------------
ASAT Holdings Limited appointed Eric E. Thompson to the position
of Chief Restructuring Officer and interim CEO.  Mr. Thompson will
be based in the Company's manufacturing facility in Dongguan,
China, and will work closely with ASAT's management team, board of
directors and creditors on the financial restructuring of the
Company's obligations under the 9.25% Senior Notes due 2011 and
the Purchase Money Loan Facility. T.L. Li, former acting CEO, will
continue to be involved in ongoing operations and will remain as a
consultant to ASAT.

For nearly a decade Mr. Thompson has led several successful
turnarounds and financial restructurings for companies in Asia,
Europe and the United States, first with Alvarez & Marsal and most
recently with Harmony Capital Partners.

"We are fortunate to have someone of Eric's caliber join ASAT at
this important time in our restructuring process," said Henry
Montgomery, chairman of the board of directors at ASAT Holdings
Ltd. "Eric brings a strong background in managing successful
restructurings across multiple industries, and we will benefit
from his experience as we look to finalize our restructuring plan.
"I would like to thank T.L. for the tremendous job he did in
leading ASAT during a challenging period over the last three years
in his role as acting CEO, and I am pleased that he will remain a
key part of ASAT and its day-to-day operations," added Mr.
Montgomery.

While at Alvarez & Marsal, Mr. Thompson held several interim
management positions as CEO, CRO, and strategic advisor. In 2006,
he led Singapore-listed Daka Designs, which included the
restructuring of a significant manufacturing and assembly business
in Dongguan.  His other notable engagements include Bridge
Information Systems, Exodus Communications and Ihr Platz.

"ASAT has been an important player in the semiconductor assembly
and test industry for two decades and I am pleased to be able to
join the Company at this important juncture in its long history,"
said Mr. Thompson.  "The management team and board have worked for
several months in partnership with their creditors to establish an
agreement in principle to restructure the Company's financial
position.  As the CRO and interim CEO, I will help facilitate a
successful conclusion for all sides, and put ASAT back on a path
towards financial stability."

Mr. Thompson holds an International Master of Business
Administration from the University of Chicago, and a Bachelor of
Arts from Duke University.

As reported by the Troubled Company Reporter on August 3, 2009,
ASAT Holdings has received an Extension of Forbearance Period
under the Forbearance Agreements dated as of March 2, 2009, with
certain of the Noteholders under the 9.25% Senior Notes due 2011
issued by New ASAT (Finance) Limited and the lenders under the
Purchase Money Loan Facility.

The extended duration of the Forbearance Agreements is for an
additional period of 30 consecutive days, commencing on July 31,
2009, and expiring on August 30.  The same terms and conditions of
the original Forbearance Period will stay in effect for the
Additional Forbearance Period, except that the definition of
'Specified Defaults' has been expanded to include the failures to
pay interest on the Notes on August 1, and to pay interest on the
PMLA on June 30.

Under the terms of the Forbearance Agreements, the Noteholders and
PMLA Lenders agree to forbear from exercising their rights and
remedies against the Company with respect to certain designated
defaults until after August 30, 2009, subject to certain early
termination events.

                    Rescheduling of Court Date

On July 1, 2009, the Company has reached an agreement in principle
with a majority of its creditors on the terms of a consensual
financial restructuring of the obligations of New ASAT (Finance)
Limited under the Notes and the Company under the PMLA.

The restructuring of the Notes will be implemented through a
creditor scheme of arrangement in the Cayman Islands courts. The
first court hearing, which was originally planned for July 30,
2009, has been rescheduled.  The Company has reapplied for a court
date in August and will announce the new date once it becomes
available.

"With an agreement in principal with the majority of our holders
in place we are now working towards getting the scheme approved
and sanctioned by the court as quickly as possible," said Kei Hong
Chua, chief financial officer of ASAT Holdings Limited.

                    About ASAT Holdings Limited

Based in Hong Kong, Dongguan, China and Milpitas, California, ASAT
Holdings Limited (OTCBB: ASTTY) -- http://www.asat.com/--
provides semiconductor package design, assembly and test services.
With 20 years of experience, the Company offers a definitive
selection of semiconductor packages and world-class manufacturing
lines.  ASAT's advanced package portfolio includes standard and
high thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and flip
chip.  ASAT was the first company to develop moisture sensitive
level one capability on standard leaded products.   The Company
has operations in the United States, Asia and Europe.


FIBRECHEM TECHNOLOGIES: Winding-Up Hearing Adjourned to Sept. 25
----------------------------------------------------------------
Singapore's High Court has adjourned a liquidation hearing of
FibreChem Technologies Ltd. to Sept. 25, Bloomberg News reports
citing the Business Times.

FibreChem was ordered to create a plan by that date to repay a
US$35 million loan to Oversea-Chinese Banking Corp, Bloomberg
relates.

According to Bloomberg, the Business Times said the bank is
petitioning for Fibrechem’s liquidation after the company
defaulted.

FibreChem’s shares have been suspended from trading since Feb. 23,
Bloomberg says.

Based in Quanzhou City, Fujian Province , China, Fibrechem
Technologies Limited -- http://www.fibrechem.com/-- is an
investment holding company.  Through its subsidiaries, the Company
operates as a chemical fiber manufacturer.  It also a manufacturer
of bi-component and specialised chemical fibres.  FibreChem
produces uniform sea-island short fibre, which it uses to produce
its own uniform microfibre leather.  Its major chemical fibre
products include differential bi-component long fibre, core sheath
bi-component long fibre, and uniform sea-island bi-component short
fibre.  FibreChem’s differential bi-component long fibre combines
specific proportions of nylon and polyester chips using segmented
extrusion spraying assembly and advanced chemical fibre production
technology.  Chucra is the registered trademark used to market the
Company's uniform microfibre leather.  Its range of uniform
microfibre leather includes synthetic upholstery leather, car
ornament and bags; synthetic fashion leather; glove leather, and
synthetic shoe leather.


CHINA HEALTH CARE: Posts US$776,674 Net Loss for June 30 Quarter
----------------------------------------------------------------
China Health Care Corporation filed its June 30, 2009 quarterly
report on Form 10-Q with the Securities and Exchange Commission on
August 21, four days after stating it would delay the filing of
the 10-Q report.  The Company had said its auditor failed to
complete their review of the Form 10-Q.

The Company posted a net loss of US$776,674 for the fiscal third
quarter ended June 30, 2009, from a net loss of US$2,099,758 for
the same period a year ago.  The Company swung to a US$280,096 net
income for the three months ended June 30, 2009, from a net loss
of US$93,152 for the same period a year ago.

As of June 30, 2009, the Company had US$1,477,660 in total assets
and US$7,064,389 in total liabilities, resulting in stockholders'
deficit of US$5,586,729.

A full-text copy of the Company's financial report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?42b7

The Company said the consolidated financial statements have been
prepared assuming it will continue as a going concern.  The
Company has a net loss of US$776,674 for the nine months through
June 30, 2009; a working capital deficiency of US$5,567,224; and a
shareholders' deficit of US$5,586,729 at June 30, 2009.  These
matters raise substantial doubt about the Company's ability to
continue as a going concern if the Company does not secure new
outside financing.  The Company is currently and continues to make
efforts to procure outside financing to strengthen its financial
position.

China Health Care Corporation provides consultancy services to the
VIP Maternity & Gynecological Centers in the People's Republic of
China.  The services are provided in conjunction with Johns
Hopkins International, LLC, a U.S. based healthcare provider, and
based upon a Consultancy Agreement with JHI.

The Company and JHI are currently disputing certain material terms
of the consultancy agreement.

China Health Care is currently under contracts to provide
consultancy services to a total of five VIP Birthing Centers in
the PRC and to manage a private hospital in Macau.  The Company
said it has had difficulty enforcing these contracts, and three of
the VIP Birthing Centers have ceased complying with the Company's
payment terms.   The Company engaged lawyers to negotiate with the
host hospitals for settlement.  It also had a VIP Birthing Center
in Shanghai.  It has not been paid by the Shanghai Center since
January 2006 and it has taken legal action against the host
hospital for breach of contract.

The Company had an additional VIP Birthing Center in Guangzhou
which ceased its operation in March 2007.  The Company's invested
assets were sold back to its host hospital.


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


CHINA TIAN: Members' Final Meeting Set for September 25
-------------------------------------------------------
The members of China Tian Yun Development Limited will hold their
final meeting on September 25, 2009, at 11:00 a.m., at Unit 306,
3rd Floor of Dah Sing Life Building, 99-105 Des Voeux Road, in
Central, Hong Kong.

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


COIGNITION LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------------
On August 10, 2009, the members of Coignition Limited passed a
resolution that voluntarily winds up the company's operations.

The company's liquidators are:

          Edward Simon Middleton
          Paul Mitchell
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


DECO (HONG KONG): Placed Under Voluntary Wind-Up
------------------------------------------------
On August 21, 2009, the members of Deco (Hong Kong) Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

           Kwok Sau Fan
           East Town Building, Room 1501
           41 Lockhart Road
           Wanchai, Hong Kong


GOODVALE LABORATORY: Chi Steps Down as Liquidator
-------------------------------------------------
On August 11, 2009, Ho Wai Chi stepped stepped down as liquidator
of Goodvale Laboratory and Research Limited.


GORSSET LIMITED: Creditors' Proofs of Debt Due on September 23
--------------------------------------------------------------
The creditors of Gorsset Limited are required to file their proofs
of debt by September 23, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 12, 2009.

The company's liquidators are:

          Natalia Seng Sze Ka Mee
          Cheng Pik Yuk
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


HING LEE: Members' Final Meeting Set for September 25
-----------------------------------------------------
The members of Hing Lee Nylon Woven Fabric Holdings Limited will
hold their final meeting on September 25, 2009, at 11:00 a.m., at
Room 1102 of Unicorn Trade Centre, 127-131 Des Voeux Road in
Central, Hong Kong.

At the meeting, Wong Yuk Ming Aaron, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HONG KONG SAR: Chow Sin Man Steps Down as Liquidator
----------------------------------------------------
On August 13, 2009, Chow Sin Man stepped down as liquidator of
Hong Kong Sar Golfers Association Limited.


INGRAM MICRO: Creditors' Proofs of Debt Due on September 21
-----------------------------------------------------------
The creditors of Ingram Micro (Hong Kong) Limited are required to
file their proofs of debt by September 21, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


KIU KOON: Cowley and Muk Step Down as Liquidators
-------------------------------------------------
On August 14, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Kiu Koon Development Limited.


NEWTON COURT: Man Steps Down as Liquidator
------------------------------------------
On August 8, 2009, Cheuk Yee Man stepped down as liquidator of
Newton Court Seafood Restaurant Limited.


PLUM VILLAGE: Members' Final Meeting Set for September 25
---------------------------------------------------------
The members of Plum Village Hong Kong Co. Limited will hold their
final meeting on September 25, 2009, at 10:00 a.m., at Room 1018
of Beverley Commercial Centre, 87 Chatham Road, in TST, Kowloon.

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


TOTAL PROFIT: Cowley and Muk Step Down as Liquidators
-----------------------------------------------------
On August 14, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of Total Profit International Limited.


UP EAST: Members' Final Meeting Set for September 25
----------------------------------------------------
The members of Up East Metal Limited will hold their final meeting
on September 25, 2009, at 2:30 p.m., at Room 1102 of Unicorn Trade
Centre, 127-131 Des Voeux Road in Central, Hong Kong.

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


WORLDLINK MEDICAL: Appoints Kwun as Liquidator
----------------------------------------------
On August 14, 2009, the shareholders of Worldlink Medical System
Limited passed a resolution appointing Yau Yin Kwun Joseph as the
company's liquidator.

The Liquidator can be reached at:

          Yau Yin Kwun Joseph
          Pico Tower, 13th Floor
          66 Gloucester Road
          Wanchai, Hong Kong


YORK PROSPER: Cowley and Muk Step Down as Liquidators
-----------------------------------------------------
On August 14, 2009, Patrick Cowley and Jacky Chung Wing Muk
stepped down as liquidators of York Prosper Limited.


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


AGARTALA MUNICIPAL: Fitch Assigns 'BB-' National Issuer Rating
--------------------------------------------------------------
Fitch Ratings has assigned a National Long-term Issuer rating of
'BB-(ind)' to Agartala Municipal Council.  The Outlook on the
rating is Stable.

The rating is constrained by the city's weak institutional
structure and large gaps in its provision of civic services.  This
is coupled with its disadvantageous geographical location, adding
to woes relating to economic under-development.  Although AgMC has
a huge capex plan of INR15.96 billion under the Jawaharlal Nehru
National Urban Renewal Mission programme, its zero debt status is
unlikely to change as the entire capital investment will be borne
by the federal and state governments in a 90:10 ratio.  That said,
shrinking revenue surplus could necessitate additional debt to
fund operating expenditure.  Yet, even with liberal assumptions on
additional benefits accruing from the reforms and new projects,
the agency believes that AgMC's debt-raising capacity is very
limited.

Deficiencies in the delivery of civic services and tardy progress
in the levy of user charges are major areas of concern.  The water
loss rate is at 35% and the cost of water production at INR19 per
kiloliter is one of the country's highest.  The city's sewerage
handling system is virtually non existent and wastewater is being
let out without treatment, therefore polluting the main river.  In
addition, the concept of user charges recovery is relatively new
to the city's planners and property tax reform has yet to take
off.

The city's pace of urban reforms is slow compared to other JNNURM
cities in the country, and currently behind schedule.  E-
governance and migration to an accrual system of accounting are
also in very nascent stages of implementation.  Fitch views that
timely infusion of government grants under the JNNURM programme in
conjunction with successful implementation of planned projects to
strengthen civic services, along with an ability to usher in a
user charges regime that more accurately reflects cost of
delivery, could result in an upward rating movement.

AgMC's revenue is significantly dependent on assigned revenue from
the state government; during FY04-FY08, the share of assigned
revenue to total revenue accounted on an average of about 62%.
Establishment expenses -- inelastic in nature -- constitute a bulk
of total revenue expenses and stood at 68% in FY08.  The local
body has consistently reported a revenue surplus in FY04 to FY08,
although small in absolute terms.  Given that any surplus or
deficit on the capital account primarily hinges on the level of
grants disbursed during a year, AgMC reported a capital deficit of
INR10.31 million in FY04 and a capital surplus of INR3.37 million
in FY08.

The Stable Outlook on the rating is driven by Fitch's expectation
that implementation of projects under the JNNURM programme,
coupled with the salutary benefits from the reform agenda, could
help AgMC gradually improve several key financial and operating
performance parameters.

Agartala is the capital city of Tripura, situated in north-east
India.  It borders Bangladesh and is the centre of economic and
political activities in the state.  To give effect to the 74th
amendment of the Constitution of India, The Tripura Municipal Act,
1994 (TMA) was passed to allow AgMC, along with other related
departments of the government of Tripura, to coordinate and
supervise JNNURM projects.


ASSAB SRIPAD: CRISIL Assigns 'B+' Rating on INR110.7 Mln LT Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of Assab Sripad Steels Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR110.70 Million Long Term Loan    B+/Stable (Assigned)
   INR57.50 Million Cash Credit Limit  B+/Stable (Assigned)

The ratings reflect Assab Sripad's weak financial risk profile,
and exposure to risks relating to intense competition in the tool
steel segment, and to changes in the fortunes of end-user
industries.  These weaknesses are partially offset by the benefits
that Assab Sripad derives from the support provided by its
ultimate holding company, Voestalpine AG.

Outlook: Stable

CRISIL believes that Assab Sripad will continue to receive
operational and financial support from Voestalpine.  The outlook
may be revised to 'Positive' if Assab Sripad enhances its
profitability on a sustainable basis, while scaling up operations
and strengthening its capital structure through equity infusions.
Conversely, weak cash flows owing to slowdown in end-user
segments, deterioration in margins, or significant debt-funded
capital expenditure may result in a revision in the outlook to
'Negative'.

                        About Assab Sripad

Established in 1994 as a joint venture between Assab International
AB, Sweden (Assab-Sweden), and Sripad Steels Pvt Ltd, Assab Sripad
trades in tool steel, and provides heat treatment services.
Assab-Sweden initially held a 30% stake in Assab Sripad, and
subsequently increased the stake to 70%.  Assab-Sweden is a 100
per cent subsidiary of Bohler-Uddeholm AG, Austria.  With the
acquisition of Bohler-Uddeholm AG by Austria-based Voestalpine in
2007, Assab Sripad became a subsidiary of Voestalpine.  Assab
Sripad has branch offices and service centres in Chennai, Mumbai,
Delhi, and Hyderabad; heat treatment service units in Mumbai and
Chennai; and a warehouse in Delhi.

Assab Sripad posted a loss of INR31.4 million on net sales of
INR378.8 million for the year ended March 31, 2009, as against a
loss of INR10.3 million on net sales of INR347.9 million for the
year ended March 31, 2008.


BRAHMANI RIVER: Fitch Changes Outlook on 'BB+' Rating to Negative
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based Brahmani
River Pellets Limited's National Long-term rating of 'BB+(ind)' to
Negative from Stable, and simultaneously affirmed its long term
debt of INR9.75 billion at 'BB+(ind)'.

The Outlook revision takes into account a six month delay in
BRPL's project completion timeframe which reduces the cushion
available for debt servicing, with principal repayments expected
to commence from October 1, 2010.  Other areas of concern include
the significant deterioration in the performance of its sponsor
and the risks on the sponsor's ability to contribute additional
equity to meet any potential cost overruns, if any.

The project delay stems primarily from delays in land acquisition,
which is a pre-disbursement condition; subsequently, this led to
the first loan disbursement being delayed.  To mitigate cash flow
issues, sponsors brought in their upfront equity contribution in
December 2007.  Yet, impacted by the initial local issues in
setting up large projects in Orissa and impeded by the lack of a
continuous flow of funds, the project activities did not gather
momentum until July 2009 when the first fund-based disbursement of
loans was made by the lenders.  Hence the project execution was
delayed, postponing the Commercial Operations Date (COD) by six
months.  Although BRPL's request to lenders to reschedule the COD
from October 1, 2009, to April 1, 2010, has been accepted, this
meant that the buffer between the COD and the date it has to start
repaying its loans has effectively been reduced to six months from
a year.

Fitch, however, draws comfort from the fact that no cost overruns
have been incurred thus far.  BRPL has completed the land
acquisition for its slurry pipeline and pellet plant, and acquired
close to 60% land for its beneficiation plant.  That said, the
progress in its pellet plant and beneficiation plant has been less
than 35%, with work in its beneficiation plant running behind
schedule.  As per the lender's independent engineer, Mecon Ltd's
project assessment report updated in May 2009, mechanical
completion of the project is likely to be completed by mid March
2010.

The economics of the project remain intact and although BRPL's
debt service coverage ratio may suffer as a result of project
delays in the first year and a sharp correction in prices over the
past year, the impact is likely to be mitigated by the company's
ongoing contracts on both the supply and the end product side.
Fitch has done a sensitivity analysis on BRPL's projected cash
flows with significantly higher iron-ore prices and lower capacity
utilization levels, and the debt servicing continues to remain
robust at an average of over 1.3x.

Fitch expects to revise the Outlook back to Stable in the next 12
months, monitoring key issues such as the execution and
stabilization of the project, as well as the performance of its
parent Stemcor Holdings Limited's and its ability to meet cost
overruns, if any.  However, the rating could be impacted severely
in the event of further delays and resulting cost overruns in the
project, as well as continued deterioration of its parent's
financials.


CHANDRI PAPER: Low Net Worth Prompts CRISIL 'BB-' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Chandri Paper & Allied Products Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR55.0 Million Cash Credit       BB-/Stable (Assigned)
   INR100.0 Million Proposed Long    BB-/Stable (Assigned)
          Term Bank Loan Facility
   INR30.0 Million Letter Of Credit  P4 (Assigned)

The ratings reflect Chandri's low net worth, moderate debt
protection measures, and exposure to risks relating to raw
material price volatility.  These weaknesses are, however,
partially offset by Chandri's established customer base and wide
applications of its products.

Outlook: Stable

CRISIL believes that Chandri's business risk profile will remain
stable on the back of stable demand for paraffin, and established
relationships with suppliers.  The outlook may be revised to
'Negative' if the company undertakes large, debt-funded capital
expenditure leading to material deterioration in its financial
risk profile.  Conversely, the outlook may be revised to
'Positive' if the company substantially scales up its operations,
and brings in additional equity into the business.

                        About Chandri Paper

Set up in 1981 by the Kedia family, Chandri was taken over by
Mr. Ishwardas Agarwal in 1995.  It began manufacturing paraffin
wax in 2003.  Its manufacturing facility is located at Tarapur
(Maharashtra) and has capacity to manufacture 450 tonnes per annum
of paraffin.  Chandri reported a profit after tax (PAT) of
INR0.9 million on net sales of INR144.5 million for the year ended
March 31, 2008, as against a PAT of INR1.1 million on net sales of
INR122.4 million for the same period in 2007.


CLASSIC DIAMONDS: CRISIL Cuts Rating on INR.4BB Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Classic Diamonds India Ltd to 'D/P5' from 'BB-/Negative/P4', as
the company has defaulted on some of its rated debt obligations
due to weak liquidity situation.

   Facilities                      Ratings
   ----------                      -------
   INR0.4 Billion Term Loan        D (Downgraded from
                                     'BB-/Negative)
   INR3.3 Billion Export Packing
    Credit/Post-Shipment Credit*   P5 (Downgraded from 'P4')
   INR0.04 Billion Bank Guarantee  P5 (Downgraded from 'P4')

* Interchangeable with packing credit and post-shipment credit.

                      About Classic Diamonds

Classic Diamonds, promoted by Mr. Kumar Bhansali and his father,
Mr. Chandrakant Bhansali, began operations as a public limited
company in 1986.  The company is in the business of manufacturing
low-value diamonds (between 0.01 carats and 0.05 carats), and
exporting diamond jewellery.  The company's jewellery
manufacturing facilities are located in Mumbai, and its diamond
processing facilities are located at Surat.

Classic Diamonds reported a profit after tax (PAT) of INR35.7
million on net sales of INR6.7 billion for the year ended
March 31, 2009, as against a PAT of INR311 million on net sales of
INR7.1 billion for the year ended March 31, 2008.


DOLPHIN INTERNATIONAL: CRISIL Rates INR20MM Packing Credit at 'P4'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Dolphin International Limited.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Foreign Bill    P4 (Assigned)
              Discounting
   INR20.00 Million Packing Credit  P4 (Assigned)

The ratings reflect Dolphin's low net worth, and moderate gearing
and debt protection indicators, and risks relating to substantial
exposures to group companies, and customer concentration in
revenues.  These weaknesses are, however, partially offset by the
benefits that Dolphin derives from its promoters' experience, and
its established market position in castor oil trading and exports,
and from stable operating margins.

Outlook: Stable

CRISIL believes that Dolphin will maintain a healthy market
position in the castor oil exports business over the medium term.
The outlook may be revised to 'Positive' if Dolphin's
profitability improves substantially.  Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates on account of high gearing or weak liquidity;
significant financial support extended to associate entities, and
substantial debt taken to fund capital expenditure may also drive
a revision in outlook to 'Negative'.

                    About Dolphin International

Dolphin trades in and exports castor oil, a commodity that has
unlimited demand, owing to widespread application across
industries such as transportation, cosmetics, pharmaceuticals and
manufacturing.  Dolphin is a 100 per cent export-based company —
it exports to countries such as China, Egypt, USA, and Russia. The
company has won Star Export House status from the Government of
India.  For 2008-09, the company reported a profit after tax (PAT)
of INR5.7 million on net sales of INR510 million, up from a PAT of
INR4.2 million on net sales of INR250 million in 2007-08.


EDEN SLF: CRISIL Assigns 'P4' Rating on INR72.2MM Bank Guarantee
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank guarantee
facility of Eden SLF Residency.

   Facilities                       Ratings
   ----------                       -------
   INR72.2 Million Bank Guarantee   P4 (Assigned)

The rating reflects Eden SLF's exposure to risks relating to
implementation of its project at Karnal (Haryana), uncertainty in
demand and revenues, and to cyclicality inherent in the Indian
real estate industry.  These weaknesses are, however, partially
offset by the healthy track record of Eden SLF's promoters in the
real estate sector.

                          About Eden SLF

Eden SLF is an association of persons (AOP) formed between Eden
Infraestate Pvt Ltd (Eden, (represented by directors Mr. Satpal
Kumar and Mr. Harsh Kumar) and Swatantra Land and Finance Pvt Ltd
(SLF, represented by directors Mr. Ajay Madan and Mr. V K Madan).
Eden SLF is developing a township, a group housing project and a
commercial complex at Karnal.  Sharing of profit and loss between
Eden and SLF will be in the 65:35 ratio.


G R CONSTRUCTIONS: ICRA Rates Fund Based Limits at 'LBB+'
---------------------------------------------------------
ICRA has assigned LBB+ rating, indicating inadequate-credit-
quality in the long term, to the INR112.5 million fund based
limits of G R Constructions.

The rating favorable factors in the proprietor's experience in the
industry and GRC's qualified staff.  The rating is however
constrained by GRC's dependence on a small set of clients in
Visakhapatnam leading to client/geographic concentration risks,
low operating and net margins owing to the company's dependence on
low margin road projects and inadequate revenue visibility
reflected in its latest order book position. The rating also takes
into account that GRC's small size of operations and
proprietorship nature expose it to event risks that may have
significant adverse impact on its financial risk profile in case
of any contingencies.

GRC has been executing orders mainly for government entities and
public sector undertakings, key clients being Rashtriya Ispat
Nigam Limited, Roads & Buildings Department, Government of Andhra
Pradesh and Visakhapatnam Port Trust.  At present around 60% of
the order book is from RINL, leading to client concentration risk.
In the past, delays by client have led to delay in revenue booking
and adverse impact on GRC's liquidity position.

For the past few years GRC has been concentrating on road sector
making it the dominant business segment.  This exposes the company
to concentration risk arising from its dependence on a particular
sector.  Moreover, as most of the ongoing works are in
Visakhapatnam and nearby areas, it is also exposed to geographical
concentration risk.

After having recently set up a new ready mix concrete plant, GRC's
order book to operating income ratio is low at around 1.5 times.
Going forward, ICRA expects this ratio to improve as GRC is likely
to execute incremental orders from this plant in FY 10.

GRC's modest scale of operations with an operating income of Rs.
202 million in FY 09, limits its ability to bid for higher volume
works and also exposes it to adverse financial risks that it may
confront in case of contingency in any of its ongoing projects.
Further, being a sole proprietorship, GRC has excessive dependence
on a single person, unlike a corporate like structure.

GRC reported an operating income of Rs. 202 million in FY 09§§, a
decrease of 25% over FY 08 on account of lower number of orders
and client side delays.  However, it witnessed significant
improvement in profitability as majority of the new contracts had
in built input price escalation clauses thereby mitigating input
price risks to a large extent.

                      About G R Constructions

G R Constructions is a proprietorship firm engaged in civil
engineering construction, primarily roads.  GRC was incorporated
by Mr K Gangadharan Rao in 1988 and operates in and around
Visakhapatnam.  Until 2002, GRC carried out construction of
buildings, reservoirs, compound walls subsequent to which it
shifted focus towards roads and road related works.  GRC focuses
on orders from government entities and secures them on a
competitive bidding basis.  Some of the major projects completed
in the past include road works for Visakhapatnam Steel Plant,
IVRCL Infrastructures and Projects Limited (IVRCL) and Andhra
Pradesh Industrial Infrastructure Corporation Limited (APIICL)
among others.


HINDUSTAN COMPOSITES: CRISIL Rates INR136.4 Mln LT Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Hindustan Composites Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR136.4 Million Long-Term Loan        BB/Stable (Assigned)
   INR50.0 Million Foreign Currency Loan  BB/Stable (Assigned)
   INR42.9 Million Cash Credit            BB/Stable (Assigned)
   INR9.7 Million Buyers' Credit          P4 (Assigned)

The ratings reflect HCL's moderate, though improving, financial
risk profile, and modest scale of operations.  These weaknesses
are mitigated by the benefits that the company derives from the
extensive experience of its promoters in the frictions component
segment of the automobile component industry.

Outlook: Stable

CRISIL believes that HCL's business risk profile will remain
stable over the near term backed by new product developments and
healthy flow of orders. The outlook could be revised to 'Positive'
if the company reports better-than-expected operating revenues and
profitability. Conversely, the outlook could be revised to
'Negative' in case of any debt-funded capital expenditure, or
lesser-than-expected off-take levels owing to lower demand from
original equipment manufacturers (OEMs).

                     About Hindustan Composites

HCL, formerly Hindustan Ferrodo Ltd, was jointly owned by
Mr. Raghu Mody (promoter of the Kolkata-based Rasoi group of
companies) and AMFM Ltd. (AMFML), London.  In 2004, Mr. Mody
acquired AMFML' stake in the company. HCL manufactures friction
components like brake linings and clutch facings for the
automobile, railways and other industries, and also sealant
materials like gaskets and jointings for industrial applications.
For 2008-09, HCL reported a profit after tax of INR4 million on
net sales of INR774 million, as against a net loss of INR19.92
million on net sales of INR716 million for 2007-08.


ISPAT INFRA: Default in Loan Repayment Cues CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Ispat Infrastructure India Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR98.0 Million Cash Credit         D (Assigned)
   INR126.5 Million Term LoanFacility  D (Assigned)
   INR5.5 Million Bank Guarantee      P5 (Assigned)
   INR4.5 Million Letter of Credit    P5 (Assigned)

The rating reflects the default by Ispat Infra on repayment of
term loans owing to weak liquidity, latest incident being in
August 2009.

                    About Ispat Infrastructure

Incorporated in 1999, Ispat Infra was formed to undertake the
business of business of trading and leasing of construction
equipments.  These infrastructure and construction equipments
include bar bending and cutting machines, mast climbing work
platforms, passenger material hoists among others.

Ispat Infra reported a profit after tax (PAT) of INR8.6 million on
net sales of INR332 million for the year ended March 31, 2008, as
against a PAT of INR5.1 million on net sales of INR155 million for
the year ended March 31, 2007.


PALLAVI MOTORS: Low Net Worth Prompts CRISIL to Assign 'BB' Rating
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Pallavi Motors Private Limited.

   Facilities                           Ratings
   ----------                           -------
   INR47.5 Million Cash Credit Limits   BB/Stable (Assigned)
   INR30 Million Bank Guarantee         P4 (Assigned)

The ratings reflect the pressure on Pallavi Motors' margins as a
result of intense competition, and its weak financial profile,
marked by low net worth and weak debt protection measures. These
weaknesses are, however, partially offset by Pallavi Motors'
average business risk profile, backed by its strong relations with
its principal, Maruti Suzuki India Ltd.

Outlook: Stable

CRISIL expects Pallavi Motors to maintain an average business risk
profile over the medium term, backed by stable relationships with
MSIL.  Any significant improvement in operating margins may lend a
positive bias to the rating. Conversely, a significant drop in
turnover and margins may lend a negative bias to the rating.

                       About Pallavi Motors

Pallavi Motors was incorporated in 1999 as a closely held company
by Mr. Om Prakash Lahoty.  The company is an authorised dealer to
MSIL's passenger cars in Guwahati.  The company also operates a
Maruti spare parts showroom, and True Value outlet.  Pallavi
Motors reported a profit after tax (PAT) of INR2.2 million on net
sales of INR392 million for the year ended March 31, 2009, as
against a PAT of INR1.4 million on net sales of INR530 million for
the year ended March 31, 2008.


PALLIPALAYAM SPINNERS: CRISIL Puts 'B-' Rating on INR152.6MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the above-
mentioned bank facilities of Pallipalayam Spinners Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR152.60 Million Long Term Loan   B-/Stable (Assigned)
   INR170.00 Million Cash Credit*     B-/Stable (Assigned)
   INR95.00 Million Letter of Credit  P4 (Assigned)

*Includes a sub-limit of INR65 million of Export Packing Credit

The ratings reflect PSPL's below-average financial risk profile,
and exposure to risks related to supplier concentration and
volatility in raw material prices.  The impact of these weaknesses
is mitigated by the company's established presence in the viscose
yarn industry, longstanding relationship with clients, and
improved liquidity owing to recent term debt restructuring.

Outlook: Stable

CRISIL expects PSPL to maintain its stable credit risk profile
over the medium term on the back of its established position in
the viscose yarn market. The outlook could be revised to
'Negative' if the company's cash flows and margins deteriorate, or
if the company undertakes large, debt-funded capital expenditure
programme, adversely affecting its capital structure. Conversely,
the outlook could be revised to 'Positive' in case of sustainable
and significant improvement in the company's financial risk
profile, especially in its liquidity and capital structure.

                    About Pallipalayam Spinners

Established in 1974 by the late Mr. P Kulandhaivelu, the late Mr.
P Palaniappan, and Mr. Jagadish Prakash Khemka, PSPL is engaged in
the business of manufacturing viscose yarn.  The company has an
installed capacity of 30,912 spindles and 720 open-end rotors in
Salem, Tamilnadu.  The company also has windmill capacity of 5.75
megawatts in Tirunelveli district, Tamil Nadu.

PSPL posted a profit after tax (PAT) of INR2.1 million on a
turnover of INR792.8 million for the year ended March 31, 2009,
against a PAT of INR3.5 million on a turnover of INR967.7 million
for the year ended March 31, 2008.


RNS INFRASTRUCTURE: CRISIL Cuts Ratings on Various Loan to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded its ratings on RNS Infrastructure Ltd's
long-term bank facilities to 'BB-/Negative' from 'BB+/Stable', and
has assigned its rating of 'P4' to the company's short-term bank
guarantee facility.

   Facilities                       Ratings
   ----------                       -------
   INR500 Million Long-Term Loan    BB-/Negative (Downgraded from
                                                  'BB+/Stable')

   INR102.50 Million Cash Credit    BB-/Negative (Downgraded from
                        Facility                  'BB+/Stable')

   INR80 Million Mortgage Loan      BB-/Negative (Downgraded from
                      Facility                    'BB+/Stable')

   INR1017.50 Million Bank          P4 (Reaffirmed)
                 Guarantee

The downgrade reflects CRISIL's expectation that RNSIL's sales and
profitability will remain under pressure over the medium term
because of its revenue concentration and limited experience in the
real estate development business.  The ratings also factor in the
instance of the reschedulement of term debt by RNSIL due to
stretched liquidity.  The impact of these weaknesses is mitigated
by RNSIL's established position and track record in the civil
construction segment, and moderate financial risk profile.

Outlook: Negative

CRISIL expects RNSIL's financial risk profile to remain under
pressure over the medium term because of its limited experience in
the real estate business.  The rating could be downgraded if the
company's credit risk profile deteriorates, because of further
pressure on its sales and profitability.  Conversely, the outlook
could be revised to 'Stable' if RNSIL generates significant
profits from its real estate business on a sustainable basis,
leading to improvement in its financial risk profile.

                      About RNS Infrastructure

Incorporated in 2003, RNSIL took over the business of the
partnership firm set up by its promoters in 1961.  The company is
engaged in the business of construction of tunnels, irrigation
projects, bridges, power projects, buildings, dams, reservoirs,
and highways.  The company has completed civil construction
projects for the Government of Karnataka, and has undertaken
projects in Andhra Pradesh, Maharashtra, Tamil Nadu, and Goa.  The
company entered the real estate development business in 2006-07.

For the year ended March 31, 2009, RNSIL posted a provisional net
profit of INR 65.5 million on net sales of INR1.75 billion.  The
company reported a net profit of INR 360 million on net sales of
INR1.8 billion for the year ended March 31, 2008.


SIENA ENGINEERING: ICRA Assigns 'LBB' rating on INR67.2MM Loan
--------------------------------------------------------------
ICRA has assigned an LBB rating, indicating inadequate-credit-
quality, to the INR67.2 million fund based limits of Siena
Engineering Private Limited.  ICRA has also assigned an A4 rating,
indicating risk-prone-credit-quality, to the INR20 million non-
fund based limits.

ICRA's inadequate credit quality ratings factor in the limited
track record in its core business of supplying casting items for
the railways, strong competitive pressures from established larger
manufacturers and small scale of operations, which result in poor
economies of scale as well as limited bargaining power vis-a-vis
customers as well as suppliers.  Further, as the company has been
classified as a "Part II vendor" for certain items this limits
Siena's ability from supplying large orders.  The ratings also
factors in absence of price variation clause resulting in
vulnerability to raw material prices.  These factors have resulted
in a small revenue base and below average profitability indicators
in the past and this trend are unlikely to change significantly in
the medium term.  While the company's gearing levels are low at
0.72 times as on FY09, below average profitability indicators have
led to weak coverage indicators.  The ratings however derive
comfort from the strong demand outlook and the experience of the
promoter family in the field of casting components for railways,
which is likely to result in some revenue growth.  Going forward,
the company's ability to get the "Part I vendor" status (which
would enable it to supply against larger tender values) and its
ability to remain as preferred vendor for Indian Railways(IR) will
remain the key rating drivers.

                      About Siena Engineering

Siena Engineering Private Limited is a manufacturer of cast steel
components for railways.  It is engaged in the manufacturing and
supply of cast steel components such as couplers, bogeys, wheels
etc and sub-assemblies.  The company is registered with Indian
Railways (IR) for supplying various items such as components of
wagons like bogeys, coupler, wheel etc.  Until 2006-07 the company
was supplying casting components to its group company Raneka
Industries Limited which used to supply to Indian Railways (IR),
however due to family partition Siena started supplying to IR in
2007-08 by registering as a Part II vendor.


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


AOZORA BANK: Inks Tie-Up Deal with Two Local Banks
--------------------------------------------------
Kyodo News International reports that Aozora Bank Ltd said last
week it and two Ibraki Prefecture-based local banks have agreed to
cooperate on the marketing of a range of financial products
including deposits and the provision of loans to corporate
borrowers.

The accord was reached with Kanto Tsukuba Bank, based in
Tsuchiura, and Ibaraki Bank, based in Mito, which are to merge
next March 1 to form Tsukuba Bank, the report said.

The deal, Kyodo News relates, calls for the two local lenders and
Aozora to collaborate in the area of developing retail financial
products and the business of revitalizing troubled nonfinancial
companies.

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'.  The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.

The TCR-AP also reported on July 6, 2009, that Moody's Investors
Service confirmed Aozora Bank, Ltd.'s ratings.  The outlook for
all ratings is stable.  The ratings affected are its D+ bank
financial strength rating, Ba1 baseline credit assessment, and
Baa1 long-term deposit rating and senior unsecured debt rating.
At the same time, Moody's affirmed the bank's Prime-2 short-term
deposit rating.  This rating action concludes the review for
further possible downgrade initiated on February 12, 2009.


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


* SOUTH KOREA: Debt Default Ratio Remains Low in July 2009
----------------------------------------------------------
South Korea's overall debt default ratio remained low in July and
the number of new businesses hit a near 7-year high amid growing
signs of economic recovery, Reuters reports citing data from South
Korea's central bank.

Reuters relates that the Bank of Korea data showed that the debt
default ratio, which represents the percentage of defaults against
total commercial debt and corporate bonds issued from settlement,
was 0.02% in July, unchanged from June, which was the lowest level
since September last year.

According to Reuters, the central bank said separately that
South Korea's business start-up/failure ratio in July was 64.0,
near a record high of 64.2 seen in June, with the number of start-
ups rising to 5,501, the highest since October 2002.


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


BSA INTERNATIONAL: Malayan Banking Demands MYR46.06 Mil. Payment
----------------------------------------------------------------
Malayan Banking Berhad has filed a writ of summon claim against
CAM Automotive Manufacturing (Fushun) Co., Ltd., a wholly owned
subsidiary of BSA International Berhad in relation to
MYR46,068,260.95 banking facilities granted to CAM Fushun.

The Company would be seeking its solicitor's advice on the
necessary course of action to be taken in relation to the notice.

The Company said the notice has no additional financial and
operational impact on BSA Group.

                            About BSA

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.

                          *     *     *

BSA Group said it defaulted in payments under Practice Note
No. 1/2001 of the Listing Requirements of Bursa Malaysia
Securities Berhad on June 2, 2008.  Moreover, it triggered the
requirement under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia on June 9, 2008.  The trading
of the Company's securities had been suspended with effect from
May 15, 2009.


HO HUP CONSTRUCTION: Wind-Up Petition Against Unit Withdrawn
------------------------------------------------------------
As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2009, Ho Hup Construction Company Bhd said that a
winding-up petition has been served on Bukit Jalil Development
Sdn. Bhd., a major subsidiary of the company, by Yew Kok Foo, Siew
Kim Moey and Yew Seik Wai.

Bukit Lalil is indebted to the petitioners for MYR94,153.97 based
on the notice pursuant to Section 218 of the Companies Act 1965,
dated Jan. 22, 2009.

The winding-up petition was filed arising from liquidated
ascertained damages in connection with the delayed completion and
handover of one unit of the two-storey shop house to the
Petitioners as Purchaser.

In an update, Ho Hup said that the petitioners withdrew the
winding-up petition on August 13, 2009.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                          *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


NIKKO ELECTRONICS: To Hold 21st Annual Meeting on September 15
--------------------------------------------------------------
Nikko Electronics Bhd. will hold its 21st annual general meeting
on September 15, 2009, at 10:00 a.m., at the Alhambra I & II,
(Level M1), Melia Hotel Kuala Lumpur, No 16, in Jalan Imbi, 55100
Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive the audited financial statements for the financial
      year ended March 31, 2009, together with the directors'
      and auditors' report;

   -- approve the payment of directors' fees for the financial
      year ended March 31, 2009;

   -- re-elect or elect these directors who retire in accordance
      with the company's Articles of Association and being
      eligible offer themselves for re-election or election:

     * Gong Wooi Teik; and
     * Yuji Hattorin;

   -- re-appoint Wong Liu & Partners as the auditors of the
      company and to authorize the directors to fix their
      renumeration;

   -- transact any other business of which due notice shall
      have been given.

                      About Nikko Electronics

Nikko Electronics Berhad manufactures and sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                          *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


PECD BERHAD: Court Grants Wind Up Order for Setiakon Holding
------------------------------------------------------------
The Kuala Lumpur High Court granted an order to wind up Setiakon
Holding Sdn. Bhd. under the provision of the Companies Act, 1965.

Under the winding up order, the Official Receiver, Malaysia has
been appointed as the liquidator.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2009, PECD Berhad disclosed that a winding up petition has
been served against Setiakon Holding Sdn. Bhd. by Pintaras
Geotechnics Sdn. Bhd.

Setiakon Holding Sdn. Bhd. is a 70% subsidiary of PECD
Construction Sdn Bhd ("PCSB") which is a wholly owned subsidiary
of the Company.  The remaining 30% are held by Setiakon Builders
Sdn. Bhd.  Both the authorized and paid up Share Capital of
Setiakon Holding is MYR1,000,000.

On January 22, 2009, PECD Berhad recalled, Setiakon Holding
received a notice from Pintaras Geotechnics's solicitors, Messrs
Shui Tai, Advocates & Solicitors, demanding payment of
MYR154,152.45 being monies allegedly due and owing pursuant a
contract for the Proposed Design and Build Flood Mitigation
project for Kuala Lumpur Gombak Diversion-Bridge 2 and Parcel 2.

The Company does not expect the Order to have any material effect
on the financial and operational matters of the Company as most
debts accumulated by SHSB are largely owed by SHSB's parent
company, PCSB.  PCSB is currently undertaking a debt restructuring
exercise together with the Company.

                         About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million as
at December 31, 2007.


PECD BHD: Wind-Up Petition Hearing Against Unit Set for Oct. 6
--------------------------------------------------------------
The High Court of Shah Alam will hear on October 6, 2009, the
wind-up petition served by Kosi Engineering Sdn. Bhd against PECD
Construction Sdn Bhd, a subsidiary of PECD Berhad.

The winding up petition was presented on June 4, 2009.  Kosi
Engineering asserted a MYR230,551.31 claim as at February 11,
2009, against PECD Construction under the Kuala Lumpur Flood
Mitigation project.

PECD Berhad's the costs of investment in the Subsidiary are
MYR77,063,291.00.

The winding up petition is not expected to have any major impact
on the financial position and operations of the Company.

                         About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million as
at December 31, 2007.


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


AIR NEW ZEALAND: July 2009 Passenger Load Down 8.4%
---------------------------------------------------
Air New Zealand Ltd, in a regulatory filing with the New Zealand
Stock Exchange, has updated its investors of market conditions for
the month of July.

Air New Zealand said it carried 1.1 million passengers in July
2009, down 8.4% on the same month last year.  Capacity was lower
across both the short haul and long haul airlines to match the
lower passenger demand.  The airline's capacity was reduced by
9.6% on the same month last year and the Group's passenger load
factor decreased by 3.2 percentage points.  Last year July
benefited from the World Youth Day which took place in Sydney
increasing passenger demand.

Short haul passenger numbers were down 6.9% compared to July last
year.  The Tasman / Pacific load factor increased by 2.0
percentage points and the Domestic airline's load factor decreased
by 1.8 percentage points on similar domestic capacity to last
year.

In the long haul airline passenger numbers decreased by 16.9% and
capacity was reduced by 9.7% on the same month last year.
Influenza A (H1N1) continued to soften demand out of Japan with
passenger numbers on Asia / Japan / UK routes down 24.2% on last
July.  Capacity was reduced by 16.2%, this was achieved by
combining flights from Osaka and Tokyo and the down gauging to a
Boeing 777-200 on the Hong Kong / London service.

Group-wide yields for July were down 11.3% on the same month last
year.  Short-haul and long-haul yields were down by 13.1% and
11.9% respectively.  Removing the impact of foreign exchange,
Group-wide yields were down 15.1%.  Yields were higher last year
partially due to fuel price related increases, which have reduced
as fuel price has decreased.

                     Air New Zealand Welcomes
                   Government trans-Tasman Plan

The New Zealand Government's plan for streamlining trans-Tasman
border processes is welcome news for travellers and will further
assist tourism growth between New Zealand and Australia.  Air New
Zealand said it is already working closely with border agencies to
help make plans a reality.

Trans-Tasman Services from Rotorua

Air New Zealand will launch a twice weekly service from Rotorua to
Sydney from the December 12.  The service will operate twice
weekly, utilizing a 152 seat Airbus A320-200 aircraft.

                        2009 Annual Results

Air New Zealand will announce its Annual Results for the 2009
financial year prior to the market opening on Thursday, August 27,
2009.  A webcast will be available to view at
http://www.airnewzealand.co.nz/aboutus/investorcentre/ at 11:00
a.m.

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

As of August 21, 2009, Air New Zealand Ltd continues to carry
Moody's Investors Service "Ba1" Senior Unsecured Issuer rating
with stable outlook.


BLUE CHIP: Founder Pleads Guilty to Three Charges
-------------------------------------------------
Blue Chip founder Mark Bryers has admitted to three charges
relating to the collapse of his empire, The New Zealand Herald
reports.

According to the report, Mr. Bryers pleaded guilty in Auckland
District Court on Friday to charges of failing to keep adequate
records and failure to attend a watershed meeting for the
Swordfish Lodge resort on the Whangaparaoa Peninsula, north of
Auckland.

Mr. Byers also pleaded guilty to a charge failing to attend a
meeting for creditors for the Bribanc property group, the Herald
says.

The report notes that possible sentences for the charges include
imprisonment.

Four other related charges were withdrawn by the Ministry of
Economic Development following the guilty pleas.

Mr. Bryers, meanwhile, pleaded not guilty to 69 criminal charges
on other matters, the report notes.  Sixty of the charges were
laid under the Companies Act while the other nine were laid under
the Financial Reporting Act, the report says.

Mr. Bryers, according to the Herald, was remanded on bail to
reappear in court on October 23.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip owes its creditors NZ$84.3 million.


PROVENCOCADMUS LTD: Receivers Sell Retail Automation Unit
---------------------------------------------------------
The receivers of ProvencoCadmus Ltd have sold the company's retail
automation unit.

ProvencoCadmus receiver Michael Stiassny of KordaMentha said the
receivers have unconditionally sold the retail automation business
to Fusion Retail Oil Limited for an undisclosed sum.

The receivers have retained the accounts receivables from this
business and will look to realize this together with other
remaining sundry assets.

The receivers have earlier sold the company's payments division to
SmartPay Ltd.

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.


=============
N I G E R I A
=============


INTERCONTINENTAL BANK: Fitch Downgrades Individual Ratings to 'F'
-----------------------------------------------------------------
Fitch Ratings has downgraded the Individual ratings of Nigeria-
based Intercontinental Bank Plc, Oceanic Bank International Plc
and Union Bank of Nigeria Plc to 'F' from 'D/E'.

The downgrades follow the recent address by the Governor of the
Central Bank of Nigeria, in which he stated that five banks
(including the aforementioned rated entities) were unable to meet
their maturing obligations as they fell due without resorting to
the CBN or the inter-bank market.  During the course of the CBN's
special examination of these five banks, it also discovered
excessively high levels of non-performing loans ranging from 19%
to 48% of total loans as a result of disproportionately large
exposures to the high-risk, capital market and oil and gas
sectors.  This would lead to significantly higher provisioning
requirements resulting in capital impairment.  Therefore, the
Governor considered the banks to be under-capitalized for their
current levels of operations.

Consequently, the Governor exercised his powers as contained in
Sections 33 and 35 of the Banks and Other Financial Institutions
Act 1991, as amended, and replaced the Managing Directors and
Executive Directors of the said banks.  In an effort to further
resolve and stabilize these institutions, the Governor indicated
that the CBN would be injecting fresh tier 2 capital into the
above-mentioned banks, to be repaid from proceeds of capital-
raising plans in the near future.

In light of the statements made by the Governor of the CBN, Fitch
considers that Intercontinental, Oceanic and Union would have
defaulted if they had not received support from CBN and,
accordingly, Individual ratings of 'F' have been assigned to these
institutions.

However, the support provided by CBN is, in Fitch's opinion,
further confirmation of its explicit commitment to support these
banks given their systemic importance.  Consequently, the agency
has affirmed the Long- and Short-term Issuer Default Ratings,
Support Ratings, Support Rating Floors and National Long- and
Short-term Ratings for the three banks.  While Fitch believes
there is a strong willingness from the authorities to support in
case of need, the ability is constrained by Nigeria's foreign
currency IDR of 'BB-'.

From a sovereign perspective, the unexpectedly large size of NPLs
uncovered in the five banks is a concern.  Their total lending
amounted to almost 40% of all system lending and the NGN400bn cost
of the recapitalization is relatively small at just over 1.5% of
GDP (equivalent to US$2.6 billion).  The CBN special examination
is covering all Nigerian banks.  The audit of 10 banks has been
completed to date.  The audit of the remaining banks could result
in additional provisions being required at these institutions.  It
is important in the meantime that the recapitalization has the
desired effect of boosting confidence in the system as a whole.

Fitch will release a more detailed rationale, covering the
respective rating actions for each bank shortly.

The rating actions are:

Intercontinental Bank Plc

  -- Long-term Issuer Default Rating: affirmed at 'B'; Outlook
     Stable

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating: downgraded to 'F' from 'D/E'

  -- Support Rating Floor: affirmed at 'B'

  -- National Long-term Rating: affirmed at 'A-(nga)'

  -- National Short-term Rating: affirmed at 'F2(nga)'

Oceanic Bank International Plc

  -- Long-term IDR: affirmed at 'B'; Outlook Stable
  -- Short-term IDR: affirmed at 'B'
  -- Support Rating: affirmed at '4'
  -- Individual Rating: downgraded to 'F' from 'D/E'
  -- Support Rating Floor: affirmed at 'B'
  -- National Long-term Rating: affirmed at 'BBB+(nga)'
  -- National Short-term Rating: affirmed at 'F2(nga)'

Union Bank of Nigeria Plc

  -- Long-term IDR: affirmed at 'B+'; Outlook Stable
  -- Short-term IDR: affirmed at 'B'
  -- Support Rating: affirmed at '4'
  -- Individual Rating: downgraded to 'F' from 'D/E'
  -- Support Rating Floor: affirmed at 'B+'
  -- National Long-term Rating: affirmed at 'A+(nga)'
  -- National Short-term Rating: affirmed at 'F1(nga)'


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


PRIVATE COMMERCIAL: Moody's Affirms Ratings on Various Notes
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of the Notes
issued by Private Commercial Mortgages (Proprietary) Limited -
Series 1 (amounts reflect initial outstandings):

  -- ZAR 658,000,000 Class A1 Repayment Notes due April 20, 2024,
     rated Aa2/Aaa.za; previously on July 20, 2009 downgraded the
     Global Local Currency rating to Aa2,

  -- ZAR 277,000,000 Class A2 Notes due April 20, 2024 rated
     Aa2/Aaa.za; previously on July 20, 2009 downgraded the Global
     Local Currency rating to Aa2,

  -- ZAR 240,000,000 Class A3 Notes due April 20, 2024 rated
     Aa2/Aaa.za; previously on July 20, 2009 downgraded the Global
     Local Currency rating to Aa2,

  -- ZAR 88,000,000 Class B1 Notes due April 20, 2024 rated
     A1/Aa1.za; previously on August 3, 2007 assigned Global Local
     Currency A1 rating and upgraded the National Scale Rating to
     Aa1.za from Aa3.za,

  -- ZAR 81,000,000 Class C1 Notes due April 20, 2024 rated
     Baa1/A1.za; previously on August 3, 2007 assigned Global
     Local Currency Baa1 rating and upgraded the National Scale
     Rating to A1.za from A3.za,

  -- ZAR 70,000,000 Class D1 Notes due April 20, 2024 rated
     Ba1/Baa1.za; previously on August 3, 2007 assigned Global
     Local Currency Ba1 rating and upgraded the National Scale
     Rating to Baa1.za from Baa3.za,

  -- ZAR 55,000,000 Class E1 Notes due April 20, 2024 rated
     B1/Ba1.za; previously on August 3, 2007 assigned Global Local
     Currency B1 rating and upgraded the National Scale Rating to
     Ba1.za from Ba3.za.

The rating affirmation follows changes to the portfolio covenants
as well as a change to the re-advance and further advance
criteria.  As from the inception of the transaction, the
transaction structure provides Investec as servicer and seller a
considerable amount of flexibility in terms of re-advances and
further advances ("Portfolio Adjustments") without seeking
affirmation of the ratings on the Notes which could lead to a
change in the loan portfolio's characteristics.  The portfolio
covenants and the re-advance and further advance criteria serve to
limit the impact these potential changes could have on the pool's
quality.

The Herfindahl Index covenant, which serves to limit the extent to
which the portfolio may become over-concentrated following
Portfolio Adjustments, has been lowered from 12 to 9.  However, at
the same time the covenant which precludes the portfolio from
having a high percentage of loans with a high loan-to-value ratio
as a result of Portfolio Adjustments has been tightened.
Previously, loan agreements with an LTV ratio of greater than 95%
could not exceed 10% of the loan portfolio.  This has been changed
such that loan agreements with an LTV ratio greater than 80%
cannot exceed 10% of the loan portfolio.  Furthermore, one of the
re-advance and further advance criteria have been amended such
that no re-advances and further advances will be provided to a
borrower whose loans exceeded 5% of the portfolio balance as of
the transaction's cut-off date.  In Moody's opinion, the combined
effect of the changes has a neutral effect on the credit risk of
the transaction, resulting in the affirmation.

The Herfindahl Index requirement under the pro-rata condition has
been kept at 12, i.e. the conditions which must be met before the
transaction could switch over to pro-rata payment allocation from
the currently sequential payment allocation have not been amended.


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


TAISHIN INTERNATIONAL: Moody's Assigns 'D+' Bank Strength Rating
----------------------------------------------------------------
Moody's Investors Service has assigned these ratings with a stable
outlook to Taishin International Bank:

* D+ for Bank Financial Strength Rating
* Baa2/P-2 for long- and short-term local currency deposits
* Baa2/P-2 for long- and short-term foreign currency deposits

"Taishin Bank's D+ BFSR reflects its diversified franchise,
adequate liquidity position and satisfactory asset quality.  These
strengths, however, are offset by its weak profitability and
declining capital adequacy, in addition to a very competitive
operating environment in Taiwan," says Christine Kuo, a Moody's
Vice President and Senior Analyst.

"The BFSR of D+ translates into a baseline credit assessment of
Ba1, and Moody's believes that the probability of systemic support
is high; accordingly, the incorporation of such support results in
a two-notch uplift to Taishin Bank's deposit rating to Baa2," adds
Kuo.

Taishin Bank has grown rapidly since its establishment in 1992.
Its absolute size is still relatively small with market shares of
system loans and deposits at 2.7% as of June 2009.  Nevertheless,
by focusing on the retail banking sector, Taishin Bank has become
the leading provider of non-mortgage consumer loans and is among
Taiwan's leading credit card issuers.  The bank is also active in
wealth management, corporate syndicated lending and the treasury
business.

The bank suffered from the local credit card crisis in 2006.  As a
result, its earnings in recent years were hit by significant
credit costs.  However, it has since improved its risk management
and credit underwriting to raise asset quality and earnings.
Nevertheless, the current economic downturn will test the
resilience of its portfolio.

As of the end of June 2009, Taishin Bank reported a non-performing
loan (NPL) ratio of 1.08%, which is good and better than the
system average.  Its loan loss reserves covered 163% of NPLs on
the same date.  Moody's believes this level of coverage is
prudent, particularly considering that the Taiwan economy has been
in recession since 2H 2008.

The bank has a liquid balance sheet, with an adjusted loan-to-
deposit ratio of below 90% as of the end of March 2009.
Nonetheless, its capital adequacy ratio (6.9% Tier 1 capital ratio
at the end of 2008) is moderate.  Its parent financial holding
company plans to inject equity to boost its capital ratios in the
coming months.  Before that, capital ratios will remain pressured
due to weak earnings.

In common with some of its peers, Taishin Bank is expected to
report poor profits this year based on an industry-wide squeeze in
net interest margin and high credit costs (if unemployment
continues to rise).  Moreover, significant, though one-off,
charges could be incurred later in the year because banks need to
provide compensation to their clients for Lehman-related
investment losses.  In addition, adjustments to deferred tax
assets as a result of a tax rate change would reduce earnings.

The last rating action on Taishin Bank was on 4 August 2009 when
all its ratings were withdrawn for business reasons.  The ratings
withdrawn were bank financial strength rating of D+; global local
currency and foreign currency long-term/short-term deposit ratings
of Baa2/P-2; foreign currency long-term issuer ratings of Baa2;
national-scale long-term/short-term deposit ratings of A1.tw/TW-1.
The outlook for all ratings was stable.

Taishin Bank is headquartered in Taipei, Taiwan.  It reported
assets of NT$839 billion (approximately US$25 billion) at end
March 2009.


=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================


AJMAN SEWERAGE: S&P Retains 'BB' Rating on $100 Mil. Senior Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' underlying
rating on the US$100 million senior secured bank loan issued by
Emirate of Ajman-based Ajman Sewerage (Private) Co. Ltd. remained
on CreditWatch, where it was placed with negative implications on
Sept. 22, 2009.  The recovery rating on the loan is unchanged at
'3'.

"The CreditWatch placement reflects uncertainty surrounding the
date of the actual completion of construction works as well as the
level of drawdown under the government of Ajman construction bank
guarantee," said Standard & Poor's credit analyst Karim Nassif.

The loan has an unconditional and irrevocable guarantee of
scheduled interest and principal on the debt provided by Ambac
Assurance U.K. Ltd. (CC/Negative/--).  Under Standard & Poor's
Ratings Services' criteria, a rating on a monoline-insured debt
issue reflects the higher of the rating on the monoline and
Standard & Poor's underlying rating (SPUR).  Therefore, the debt
rating on the loan reflects that on the) the SPUR.

Ajman Sewerage is using the proceeds of the loan to fund the
construction of a sewerage collection system in the Ajman Emirate
of the United Arab Emirates under a 25-year concession agreement
which expires in 2034.

"We expect to resolve the CreditWatch within the next three months
once the likely date of actual completion of the works is resolved
and S&P has confirmation of the level of drawdown under the
construction guarantee," said Mr. Nassif.

S&P may lower the rating if S&P considers that drawdowns under the
guarantee are deferred further or reduced materially relative to
the AED80 million anticipated at the end of October 2009.
Furthermore, S&P could lower the rating if the necessary waivers
to actual completion are not resolved in the coming two to three
months.  In addition, any weakening of the project's liquidity
position could also lead to a negative rating action.  This could
arise, for example, through the commitment of additional capex in
2010, or a material deterioration in fee collection rates compared
to the cure plan.

However, S&P could affirm the rating and revise the outlook to
stable should the construction guarantee be drawn to the required
amount, collection rates continue to exceed cure plan assumptions
on a sustainable basis, and agreement be reached regarding the
timing and consequences of actual completion.  In addition,
predictability regarding the future funding of reserves and the
projected financial profile beyond 2010 could be positive for
the rating.


                         *********

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
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Information contained herein is obtained from sources believed
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