/raid1/www/Hosts/bankrupt/TCRAP_Public/090828.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, August 28, 2009, Vol. 12, No. 170

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRA: Agrees to B&B Ltd Separation Terms
BABCOCK & BROWN INFRA: Incurs AU$977.1 Million Net Loss in FY2009
CENTRO PROPERTIES: Posts AU$3.54BB Net Loss in Year Ended June 30
STORM FINANCIAL: ANZ Assures Storm Clients Not to Lose Homes
SWISH GROUP: Placed in Voluntary Administration


C H I N A

CHINA EVERBRIGHT: Completes Planned US$1.7 Bil. Private Share Sale
COUNTRY GARDEN: S&P Puts 'BB+' Rating on CreditWatch Negative
EAST STAR: Goes Bankrupt After Court Rejected Restructuring Plan


H O N G  K O N G

DUNHUANG (CHINA): To Hold Annual Meetings on September 1 & 2
EVERGREEN RESTAURANT: To Hold Annual Meetings on September 1 & 2
LIGHTEN ENTERPRISE: Appoints Wai and Fun as Liquidators
MAGNATE HOLDINGS: Appoints Wai and Fun as Liquidators
SHATIN TREASURE: To Hold Annual Meetings on September 1 & 2

STEPWISE ALUMINUM: Appoints Wai and Fun as Liquidators
TAI PO: To Hold Annual Meetings on September 1 & 2
TREASURE FOOD: To Hold Annual Meetings on September 1 & 2
TREASURE MANAGEMENT: To Hold Annual Meetings on September 1 & 2
UNIVERSAL GIFTSTOCK: Appoints Wai and Fun as Liquidators

VISION ON: Appoints Wai and Fun as Liquidators


I N D I A

INDIAN DESIGNS: ICRA Rates INR65 Million Term Loan at 'LBB'
KUMARAGIRI ELECTRONICS: ICRA Rates INR89.2MM Term Loans at 'LB'
KUMARAGIRI TEXTILES: ICRA Assigns 'LB' Rating on INR110.5MM Loan
MALHOTRA RUBBERS: ICRA Assigns 'LBB+' Rating on INR200 FB Limits
PARKSONS GRAPHICS: ICRA Places 'LBB' Rating on INR74.4MM Term Loan


I N D O N E S I A

BANK TABUNGAN: Could Sell Stakes to the Public Before October
PAL INDONESIA: To Receive US$44-Mln Fund Injection from Government


J A P A N

AOZORA BANK: Reaches Tie-Up Deal with Hokkaido Bank
HOKURIKU BANK: Fitch Affirms Individual Rating at 'C/D'
NOVA CORP: Ex-President Sentenced to 3-1/2 Years for Embezzlement
SOJITZ CORP: Suspends Auto Plant Operations in Venezuela
* S&P Downgrades Ratings on 48 Tranches From 36 Japanese CDO Deals


K U W A I T

BURGAN BANK: Moody's Cuts Bank Financial Strength Rating to 'D+'
GULF BANK: Moody's Cuts Bank Financial Strength Rating to 'D+'


M A L A Y S I A

HARVEST COURT: June 30 Balance Sheet Upside-Down by MYR24.67 Mln
NIKKO ELECTRONICS: MITI Okays Proposed Restructuring Scheme
WWE HOLDINGS: Earns MYR1.80 Million in Three Months Ended June 30


N E W  Z E A L A N D

AIR NEW ZEALAND: Annual Profit Tumbles 90% As Travel Demand Slump
* NEW ZEALAND: Value of Imports and Exports Falls in July


P H I L I P P I N E S

* PHILIPPINES: Economy Grew 1.5% in Q2 from a Year Earlier


S I N G A P O R E

ELDA INSTINCT: Court to Hear Wind-Up Petition on September 4
GETECH INDUSTRIES: Creditors' Meeting Set for September 3
GIFTKING PTE: Creditors' Proofs of Debt Due on September 25
GIMWAH PTE: Pays Dividend to Preferential and Unsecured Creditors
PACIFIC INTERNATIONAL: S&P Cut Corporate Credit Rating to 'BB-'

SWINDON PTE: Pays First and Final Dividend


X X X X X X X X

CITIGROUP INC: Former Asia-Pacific Co-Head Dan McNamara Steps Down
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


BABCOCK & BROWN INFRA: Agrees to B&B Ltd Separation Terms
---------------------------------------------------------
Babcock & Brown Infrastructure Group said it has agreed the terms
of separation from Babcock & Brown Ltd and the internalization of
its management.

The agreement reached between the parties is subject only to
approval by BBI's corporate lenders.  BBI has worked extensively
with its corporate lenders and is in an advanced stage of the
process to secure their approval.

Under the terms of the Separation Agreements, upon the agreements
becoming unconditional:

   * The Management Agreements between BBI and BNB will be
     terminated.

   * The Exclusive Financial Advisory Agreement between BBI
     and BNB will be terminated.

   * BBI will settle all outstanding management fees and
     associated costs as part of the final payments to BNB.

   * All employees dedicated to the management of BBI will be
     offered re-employment in an internalized management
     structure within BBI.

   * BNB will continue to provide the services of Babcock & Brown
     Investor Services Limited (BBIS) as responsible entity of
     the Babcock & Brown Infrastructure Trust (BBIT) until 2012
     (at the latest) for a fee of AU$2 million per annum, however
     the sole right to appoint and remove BBIS directors will
     vest in BBIT unitholders.

   * BBI will convene a securityholder meeting, as soon as
     practicable after the Separation Agreements become
     unconditional, to consider a change of name to Prime
     Infrastructure Holdings Limited, as well as certain
     associated amendments to the constitution.

   * Upon approval of the change of name of Babcock & Brown
     Infrastructure Limited, BBIS will also change its name
     and BBIT will be re-named Prime Infrastructure Trust.

   * There will be a separation transition period, during which
     time BNB will provide all reasonable assistance to BBI with
     respect to the transfer of assets and systems.

BBI's Managing Director, Jeff Kendrew said "This is a positive
outcome for BBI's securityholders and stakeholders, and will
represent the start of a new chapter in BBI's history as an
independent, listed essential infrastructure group with an
internalised management structure."

"We expect to retain the full team of employees who have been
managing BBI's assets," Mr. Kendrew said.

                About Babcock & Brown Infrastructure

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

                           *     *     *

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


BABCOCK & BROWN INFRA: Incurs AU$977.1 Million Net Loss in FY2009
-----------------------------------------------------------------
Babcock & Brown Infrastructure Group disclosed its financial
results for the year ended June 30, 2009.

The Group reported a net loss of AU$977.1 million for the year
ended June 30, 2009, compared with a loss of AU$44.4 million in
the prior year.  The primary contributor to the loss recorded in
the current year is an impairment charge (pre tax) of AU$895.1
million and a AU$227.0 million (pre tax) unfavorable mark to
market (MTM) movement associated with interest rate and
foreign exchange hedges that have been recorded in the income
statement.  These two material (non-cash) charges have been offset
by a gain on the disposal of 58% of Powerco amounting to AU$123.7
million (pre tax).

The statutory reported revenue and other income from continuing
operations for the year ended June 30, 2009, was AU$1.41 billion,
which represents an increase of AU$202 million (16.8%) from the
prior year.

The statutory reported EBITDA from continuing operations for the
year ended June 30, 2009, is AU$468.9 million compared to EBITDA
of AU$443.7 million in the prior year.  The current year EBITDA
includes a one off AU$36.5 million provision for doubtful debts
relating to a long term receivable within the Australian Energy &
Transmission Distribution portfolio of assets and the prior year
result for PD Ports included a one off statutory adjustment (which
increased the prior year EBITDA) of AU$30.8 million (GBP14.9
million) which increased the market value of the land where the
Tesco distribution warehouse has been built.  Therefore, on a like
for like basis after adjusting for these two items the statutory
EBITDA from continuing operations has increased by AU$92.5 million
or 22.4% from the prior year.

"Operationally the business performed solidly, particularly given
the very difficult market conditions," BBI's Managing Director
Jeff Kendrew said in the statement.

                About Babcock & Brown Infrastructure

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

                           *     *     *

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


CENTRO PROPERTIES: Posts AU$3.54BB Net Loss in Year Ended June 30
-----------------------------------------------------------------
Centro Properties Group reported a net loss of AU$3.54 billion for
the year ended June 30, 2009.  The loss was primarily attributable
to a number of non-cash items including property devaluations, the
effect of foreign exchange movements and derivative mark-to-market
adjustments.

Centro CEO Glenn Rufrano said, "Economic fear has subsided as a
result of government stabilization efforts around the world.  In
Australia and the US, governments have provided financial
insurance and capital which have helped return confidence to the
financial sector.  We now expect major financial institutions in
both countries to be around for a while providing foundations for
long-term market liquidity."

Centro's balance sheet has been significantly impacted during the
year by the same items that impacted net profit.  Net tangible
assets per security (NTA) on a diluted basis reduced from AU$0.69
to -AU$2.23 from June 2008 to June 2009.

Centro Australia CEO Tony Clarke said "Sources and applications of
cash at the headstock level are the most relevant way of
understanding the issues that have impacted Centro's liquidity.
We expect to see further savings in interest expense and minimal
derivative or restructure costs in the next six months which will
further enhance Centro's net cash flow."

For FY09, Centro's net cash inflow including facility drawdowns of
AU$77.5 million was AU$4.5 million with the predominant cash flow
contributors being distributions received from investments in
managed funds and services business fees.

A number of one-off items associated with finalising the debt
stabilization agreement occurred in January.  Excluding these
items, which totalled approximately AU$38 million, Centro would
have achieved positive cash flow for the last six months of the
year without any reliance on facility drawdowns. Over the six
months to December 2009, we expect net cash flow before pay down
of debt to be up to AU$25 million.

At June 30, 2009, Centro was in compliance with its only financial
covenant, being headstock interest cover.

The majority of financing requirements during the next 12 months
relate to Centro's managed funds, predominantly CER.  Mr. Clarke
said, "We are progressing toward securing extensions or
refinancings, and we expect that some syndicate properties will be
sold to repay syndicate CMBS facilities."

            Key Managed Property Portfolio Information

Centro's Australasian portfolio metrics continue to hold up well
due to the nondiscretionary nature of the properties supported by
the government stimulus plan and the continued better than
expected performance of retailers.

Centro General Manager of Property Operations for Australia Mark
Wilson said, "Despite the tough operating environment, the
performance of our Australian portfolio has been sustained. During
the year, significant focus was placed on rebuilding our national
leasing team.

"We anticipate that the next 12 months will remain challenging,
and our aim is to maintain occupancy levels and sustain NOI growth
at 1% to 2% by working with our retailers and controlling our
costs at both a corporate and centre level."

Centro US CEO Michael Carroll said, "Our performance in the US
reflects the flowthrough effects of retailer bankruptcies coupled
with the continued difficult economic environment.  Even so, our
leasing productivity was healthy with more than 11.6 million
square feet of space leased in FY09.

"We expect our stabilized portfolio occupancy to be slightly below
current levels and average 88.5% during the year.  We expect
comparable NOI for 2010 to be -3% to -5%."

Centro's managed property portfolio experienced an AU$4.2 billion
valuation decline in FY09.

Centro and its managed funds sold a total of AU$876.2 million of
assets over the year at an average 5.9% discount to book value as
shown below.  Since July 1, 2009, Centro's managed funds have sold
a further six US properties for US$92 million.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centers.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centers
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings on
Centro Properties Group to 'CCC+' with negative implications
reflecting the potential of the group's assets to be sold in
softening market conditions, particularly in the U.S.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


STORM FINANCIAL: ANZ Assures Storm Clients Not to Lose Homes
------------------------------------------------------------
Richard Gluyas at The Australian reports that the Australia and
New Zealand Banking Group has publicly pledged that none of its
customers will lose their homes as a result of the bank's
entanglement with Storm Financial Limited.

The Australian says the bank's deputy chief executive Graham
Hodges made the commitment at a hearing in Melbourne of the joint
committee on corporations and financial services.

"Our intent is to ensure that no one loses their home over this,"
the report quoted Mr. Hodges as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 20, 2009, The Sydney Morning Herald said ANZ Bank joined the
Commonwealth Bank of Australia in admitting that its lending to
clients of Storm Financial Ltd breached its own policies.

In a submission to a government inquiry, ANZ had identified about
160 customers who had borrowed from the bank through Storm.

"We have determined that the lending decisions for a small number
of customers did not comply with ANZ's credit policies and we are
undertaking further review to assess whether others could also be
in that group," the Herald cited ANZ's submission to the Joint
Committee on Corporations and Financial Services.

The Herald noted that the bank, however, said it did not have a
formal business relationship with Storm.  According to the Herald,
ANZ rejected overtures from Storm in November 2007 for closer
links, on the basis that the financial adviser's approach to
lending did not match the bank's.

The submission, as cited by the Herald, said ANZ has set up a
hardship team to work with Storm customers and was offering
interest-free loans and deferred payments to some.

                      About Storm Financial

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

                           *     *     *

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

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

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

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


SWISH GROUP: Placed in Voluntary Administration
-----------------------------------------------
The Swish Group Limited has appointed Richard Cauchi and David
Lofthouse of CJL Partners as administrators for the Company and
its subsidiaries.

"The appointment of the voluntary administrators follows recent
commercial difficulties experienced by the Company late last week
and early this week and the inability of the Company, in those
circumstances, to obtain the necessary financial support, in the
time available, to resolve those issues," Swish Group said in a
statement Thursday.

The Company said it has been actively engaged in the process of
restructuring its digital media businesses to reduce the losses
incurred in those businesses in the current difficult economic
climate for media, technology and advertising companies.  The
Company has also been endeavoring to further develop its sales and
marketing businesses, which have been impacted by a number of
issues outside its direct control.

"The difficult economic environment for raising capital and
obtaining appropriate debt facilities for the continued operation
of the business has further contributed to the Company's recent
difficulties," the Company added.

                         About Swish Group

Based in Australia, The Swish Group Limited (ASX:SWG) --
http://www.swishgroup.com.au-- is engaged in the business of
digital signage, digital music, film and television production and
distribution, and telecommunications marketing and sales services
businesses.  Its divisions include Digital Signage, Digital Music,
Digital Production and Digital Distribution.  Swish Digital
Signage produces entertainment, information and advertising
programs for retail outlets, medical centers, hospitals and
pharmacies.  Swish Group owns and operates the Good Health
Television and Pharmacy TV digital signage networks.  It operates
online digital music and video content business combining online
retail, wholesale rights management and label publishing.  It
produces all forms of digital audio and video content, including
the Company’s digital signage programs and provides digital
production services to the film, television and advertising
industries.  It provides marketing and sales services for
telecommunications companies Vodafone and Primus Telecoms.


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


CHINA EVERBRIGHT: Completes Planned US$1.7 Bil. Private Share Sale
------------------------------------------------------------------
Bloomberg News reports that China Everbright Bank Co., the Chinese
lender preparing for an initial public offering, said it has
completed a planned CNY11.5 billion (US$1.7 billion) private share
placement with eight corporate investors.

Citing an e-mailed statement, Bloomberg says Everbright Bank sold
shares to investors including:

   -- Shanghai Baosteel Group Corp.;
   -- China Reinsurance (Group) Corp.;
   -- Shenergy Group Co.; and
   -- Guangdong Provincial Expressway Development Co.

Everbright Bank said the China Banking Regulatory Commission has
approved the sale, Bloomberg states.

According to Bloomberg, proceeds from the sale allow Everbright
Bank to boost its capital adequacy ratio above the 10% regulatory
minimum.  The report recalls the lender, whose public offering in
Shanghai has been delayed for more than a year, said in June its
capital ratio may have dropped below 9% after paying its first
dividend in six years.

Everbright Bank had a profit of CNY3.43 billion in the first half
and bad loan ratio of 1.42% as of June 30, Bloomberg relates
citing Everbright Bank's statement.

                     About China Everbright Bank

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.  Everbright Bank is 21%-owned by Hong Kong-listed
China Everbright Ltd, an Everbright Group unit.  The Asian
Development Bank is the only foreign stakeholder, with 2%.

                          *     *     *

China Everbright Bank continues to carry Moody's "Ba1" Foreign LT
Bank Deposit rating and "D-" bank Financial Strength rating.

The Troubled Company Reporter-Asia Pacific reported on Aug. 9,
2007, that China approved China Everbright Bank's plan for
financial restructuring, paving the way for a capital injection
and eventual listing.


COUNTRY GARDEN: S&P Puts 'BB+' Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on Chinese real estate developer Country
Garden Holdings Co. Ltd. and the 'BB' rating on the company's
US$600 million 2.5% convertible bond due 2013 on CreditWatch with
negative implications.

"We placed the ratings on CreditWatch because S&P believes Country
Garden's financial risk profile could further weaken.  Significant
margin compression, a slower pick-up in sales than its peers, and
rising leverage have put downward pressure on the ratings," said
Standard & Poor's credit analyst Bei Fu.

For the first six months of 2009, Country Garden's EBITDA margin
declined to 26% from 43%, and its ratio of debt to annualized
EBITDA rose to 2.9x from 1.7x in the same period a year earlier.

"In S&P's view, the company's financial metrics are likely to
remain weak for the current rating level in the second half of
2009 unless market conditions turn more positive for its
projects," said Ms. Fu.

The company achieved contracted sales of Chinese renminbi (RMB)
8.79 billion in the first half of this year, against a full-year
target of RMB19 billion.  Many peers achieved well above 50% of
their full-year targets within the same period.  Country Garden
plans to accelerate sales by launching more than 10 new projects
in the second half of 2009, compared with one new project launched
in the first six months.

Standard & Poor's aims to resolve the CreditWatch within the next
three months.  S&P is likely to lower the rating or affirm the
rating with a negative outlook if there are no signs of a material
improvement in Country Garden's sales and margins.  Any further
debt-funded growth would be a negative rating factor.  S&P may
lower the rating by at least one notch if Country Garden's ratio
of debt to EBITDA stays above 3x for a prolonged period.


EAST STAR: Goes Bankrupt After Court Rejected Restructuring Plan
----------------------------------------------------------------
Xinhua News Agency reports that East Star Airlines officially went
bankrupt after its restructuring application was rejected
Thursday.

The news agency relates the Intermediate People's Court in Wuhan
City said the plan submitted by the East Star Group and
ChinaEquity was unfeasible and failed to meet the conditions for a
legal restructuring.

According to Xinhua, ChinaEquity had promised to invest CNY200
million to CNY300 million (US$29 million to US$44 million for the
restructuring plan but the court found it did not specify the
source of the funding and failed to provide certificates and
documents, and lacked measures to protect creditors.

The report notes the court said East Star Airlines had no
operating income in 2008, while ChinaEquity recorded 470,000 yuan
in main business income and a 187,477-yuan deficit last year.

As reported in the Troubled Company Reporter-Asia Pacific on
March 30, 2009, East Star Airlines's creditors sent bankruptcy
applications for the company to the Intermediate People's Court in
Wuhan City, capital of Hubei Province.

East Star Airlines announced last month that its total debt
surpassed CNY752 million, according to Xinhua.

The TCR-AP reported on March 17, 2009, that the General
Administration of Civil Aviation of China (CAAC) ordered
private carrier East Star Airlines to suspend its operations on
March 15 due to unpaid debts and for "poor internal management".

                          About East Star

Headquartered in Wuhan, Hubei Province, East Star Airlines is
China's fourth registered private airline.  East Star flew its
first flight on May 19, 2006.  The airline has 10 rented planes,
seven A320 and three A319, and operated more than 20 domestic
passenger routes between key cities including Shanghai, Guangzhou,
Hong Kong, Macao.


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


DUNHUANG (CHINA): To Hold Annual Meetings on September 1 & 2
------------------------------------------------------------
The creditors and contributories of Donhuang (China) Company
Limited will hold their annual meetings on September 1 and 2, at
12:00 noon and 11:20 a.m., respectively.

The meetings will be held at the Conference Room, Room 1302 of
Wing On Centre, 13th Floor, No. 111 Connaught Road, in Central,
Hong Kong.


EVERGREEN RESTAURANT: To Hold Annual Meetings on September 1 & 2
----------------------------------------------------------------
The creditors and contributories of Evergreen Restaurant Limited
will hold their annual meetings on September 1 and 2, at
12:20 p.m. and 11:40 a.m., respectively.

The meetings will be held at the Conference Room, Room 1302 of
Wing On Centre, 13th Floor, No. 111 Connaught Road, in Central,
Hong Kong.


LIGHTEN ENTERPRISE: Appoints Wai and Fun as Liquidators
-------------------------------------------------------
On August 12, 2009, the members of Lighten Enterprise Limited
appointed Li Man Wai and Tsang Lai Fun as the company's
liquidators.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889-8833
          Facsimile: (852) 2889-8433


MAGNATE HOLDINGS: Appoints Wai and Fun as Liquidators
-----------------------------------------------------
On August 13, 2009, the members of Magnate Holdings Limited
appointed Li Man Wai and Tsang Lai Fun as the company's
liquidators.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889-8833
          Facsimile: (852) 2889-8433


SHATIN TREASURE: To Hold Annual Meetings on September 1 & 2
-----------------------------------------------------------
The creditors and contributories of Shatin Treasure Restaurant
Company Limited will hold their annual meetings on September 1 and
2, at 11:20 a.m. and 10:40 a.m., respectively.

The meetings will be held at the Conference Room, Room 1302 of
Wing On Centre, 13th Floor, No. 111 Connaught Road, in Central,
Hong Kong.


STEPWISE ALUMINUM: Appoints Wai and Fun as Liquidators
------------------------------------------------------
On July 31, 2009, the members of Stepwise Aluminum Cladding
Limited appointed Li Man Wai and Tsang Lai Fun as the company's
liquidators.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889-8833
          Facsimile: (852) 2889-8433


TAI PO: To Hold Annual Meetings on September 1 & 2
--------------------------------------------------
The creditors and contributories of Tai Po Treasure Restaurant
Company Limited will hold their annual meetings on September 1 and
2, at 11:40 a.m. and 11:00 a.m., respectively.

The meetings will be held at the Conference Room, Room 1302 of
Wing On Centre, 13th Floor, No. 111 Connaught Road, in Central,
Hong Kong.


TREASURE FOOD: To Hold Annual Meetings on September 1 & 2
---------------------------------------------------------
The creditors and contributories of Treasure Food Limited will
hold their annual meetings on September 1 and 2, at 11:00 a.m. and
10:20 a.m., respectively.

The meetings will be held at the Conference Room, Room 1302 of
Wing On Centre, 13th Floor, No. 111 Connaught Road, in Central,
Hong Kong.


TREASURE MANAGEMENT: To Hold Annual Meetings on September 1 & 2
---------------------------------------------------------------
The creditors and contributories of Treasure Management Company
Limited will hold their annual meetings on September 1 and 2, at
10:20 a.m. and 10:00 a.m., respectively.

The meetings will be held at the Conference Room, Room 1302 of
Wing On Centre, 13th Floor, No. 111 Connaught Road, in Central,
Hong Kong.


UNIVERSAL GIFTSTOCK: Appoints Wai and Fun as Liquidators
--------------------------------------------------------
On August 3, 2009, the members of Universal Giftstock (HK) Limited
appointed Li Man Wai and Tsang Lai Fun as the company's
liquidators.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889-8833
          Facsimile: (852) 2889-8433


VISION ON: Appoints Wai and Fun as Liquidators
----------------------------------------------
On August 12, 2009, the members of Vision On Net Technology
Limited appointed Li Man Wai and Tsang Lai Fun as the company's
liquidators.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889-8833
          Facsimile: (852) 2889-8433


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


INDIAN DESIGNS: ICRA Rates INR65 Million Term Loan at 'LBB'
-----------------------------------------------------------
ICRA has assigned an LBB rating, indicating inadequate-credit-
quality in the long term, to the INR65.0 million term loan program
of M/s Indian Designs.  ICRA has also assigned an A4 rating,
indicating risk-prone-credit-quality in the short term to the
INR100 million fund based limits and the INR40 million non-fund
based limits of ID.

The rating takes into account the longstanding presence of the
partners in the business of exporting readymade garments, the
firm's established track record in manufacturing and export of
garments to reputed international apparel brands and its preferred
vendor status with key customers.  However, the ratings are
tempered by the low scale of operations, weak global demand
outlook for the apparel industry over the medium term and high
customer concentration with the top five customers accounting for
87% of sales in 2008-09.  The ratings are also constrained by the
weak financial profile of the company characterized by low net
profitability high working capital intensity and high gearing.

                       About Indian Designs

Indian Designs is a partnership firm formed in 1993 with three
partners –- Naseer Humayun, Javed Haroon and Syed Kaleen Ur
Rehman. The firm is involved in the manufacture and sale of ready-
made garments in export markets.  The principal markets are Europe
and USA.  The firm started with a turnover of INR4 million and has
achieved good growth over the years by tapping into export
markets.

The partners have also promoted three more companies in the RMG
business, viz., NJK Enterprises (NJK), New Age Apparels Private
Limited (NAAPL) and Global Clothing Private Limited (GCPL).While
NJK is also into manufacture and export of readymade garments,
NAAPL focuses on jobwork for ID and NJK. GCPL caters to the
domestic readymade garments market.  The manufacturing facilities
of these entities are also located in Bangalore.

ID reported a standalone net profit of INR3.2 million on an
operating income of INR485.5 million in 2007-08 as against a PAT
of INR18 million on an operating income of INR332.7 million in
2006-07.


KUMARAGIRI ELECTRONICS: ICRA Rates INR89.2MM Term Loans at 'LB'
---------------------------------------------------------------
ICRA has assigned an LB rating indicating risk-prone-credit
quality to the INR89.2 million term loans and INR35.0 million
fund-based bank limits of Kumaragiri Electronics Limited.  ICRA
has also assigned an A4 rating to INR40.0 million non-fund based
bank limits of KEL, the rating indicates risk-prone credit quality
in the short term.

The ratings factor in the Company's small scale of operations
restricting economies of scale and financial flexibility.  KTL's
operating margins remain susceptible to high volatility in cotton
costs and sluggish demand for cotton yarn prevailing over the
short term.  Cotton spinning industry is highly fragmented and is
characterized by high competitive intensity. The ratings are also
constrained by the weak financial profile characterized by
stretched net margins, high gearing and low debt service
indicators.  The ratings however take note of the significant
experience of promoters in textile industry.  ICRA notes that the
Company had overdrawn on its working capital limits during the
period August 2008- November 2008.  KEL has recently restructured
its term loans with its bankers.

The ratings factor in the Company's small scale of operations
restricting economies of scale and financial flexibility.  KTL's
operating margins remain susceptible to high volatility in cotton
costs and sluggish demand for cotton yarn prevailing over the
short term.  Cotton spinning industry is highly fragmented and is
characterized by high competitive intensity. The ratings are also
constrained by the weak financial profile characterized by
stretched net margins, high gearing and low debt service
indicators.  The ratings however take note of the significant
experience of promoters in textile industry.  ICRA notes that the
Company had overdrawn on its working capital limits during the
period August 2008- November 2008.  KEL has recently restructured
its term loans with its bankers.

                   About Kumaragiri Electronics

Kumaragiri Electronics Limited was incorporated in the year 1986
to manufacture aluminium metalized di-electric polypropylene film
which was imported by India till then.  KEL was one of the seven
firms that got license to manufacture that product in India at
that time.  But in the year 1995 the Company decided to diversify
in to textiles as the aluminium di-electric polypropylene film
became redundant due to technological changes.  Now KEL is
primarily engaged in the production of cotton yarn with an
installed capacity of 28,000 spindles and 12 TFO Machines.  The
Company's manufacturing facility is located in Dharmapuri, near
Salem, Tamilnadu.  The promoters and their relatives and friends
hold 100 per cent stake in the Company.

KEL produces combed warp yarn and most of the sales are to agents
located in Bombay who in turn sell it to small weavers located in
Maharashtra.  The Company is primarily present in higher count
ranges of yarn, with its yarn count ranging from 60s to 80s.  KEL
sells mainly in domestic market through agents and is not present
in merchant yarn export market.

KEL installed a 600 KW windmill near Panagudi in Tamil Nadu for
in-house power consumption in the year 2004-05.  The windmill
achieved a plant load factor of 20.8% in the year 2007-08 and
29.6% in the year 2008-09.  The power generated at the wind mill
meets around 15% of the annual power requirements of KEL.

The Company reported a net loss before tax of INR5.6 million on
operating income of INR212.5 million for the year ending March 31,
2009, against net loss before tax of INR8.0 million on operating
income of INR313.9 million for the year ended March 31, 2008.


KUMARAGIRI TEXTILES: ICRA Assigns 'LB' Rating on INR110.5MM Loan
----------------------------------------------------------------
ICRA has assigned an LB rating indicating risk-prone-credit
quality to the INR110.5 million term loans and INR40.0 million
fund-based bank limits of Kumaragiri Textiles Limited.  ICRA has
also assigned an A4 rating to INR42.6 million non-fund based bank
limits of KTL, the rating indicates risk-prone credit quality in
the short term.

The ratings factor in the Company's small scale of operations
restricting economies of scale and financial flexibility.  KTL's
operating margins remain susceptible to high volatility in cotton
costs and sluggish demand for cotton yarn prevailing over the
short term. Cotton spinning industry is highly fragmented and is
characterized by high competitive intensity.  The ratings are also
constrained by the weak financial profile characterized by
stretched net margins, high gearing and low debt service
indicators.  The ratings however take note of the significant
experience of promoters in the textile industry.  ICRA notes that
the Company had overdrawn its working capital limits by as much as
70% during August 2008- December 2008.  KTL has recently
restructured its term loans with its bankers.

                     About Kumaragiri Textiles

Kumaragiri Textiles Limited is primarily engaged in the production
of cotton yarn with an installed capacity of 27606 spindles and
600 rotors.  Incorporated in 1980, the Company's manufacturing
facility is located in Dharmapuri, near Salem, Tamilnadu.  The
promoters and their relatives and friends hold 100 per cent stake
in the Company.  KTL produces combed warp yarn and is primarily
present in higher count ranges of yarn, with its yarn count
ranging from 66s to 82s.  KTL sells mainly in domestic market
through agents and is not present in merchant yarn export market.

KTL installed an 800 KW windmill near Chinna Puthur in Tamil Nadu
for in-house power consumption in the year 2006-07.  The windmill
achieved a plant load factor of 20.4% in the year 2007-08 and 18%
in the year 2008-09.  The power generated at the wind mill meets
around 20% of the annual power requirements of KTL.

The Company reported a net loss before tax of Rs.1.8 million on
operating income of Rs.250.0 million for the year ending March 31,
2009, against net loss before tax of INR8.8 million on operating
income of INR277.1 million for the year ended March 31, 2008.


MALHOTRA RUBBERS: ICRA Assigns 'LBB+' Rating on INR200 FB Limits
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR200 million fund based
limits of Malhotra Rubbers Limited.  The rating indicates
inadequate-credit-quality in the long term.  ICRA has also
assigned an A4+ rating to the INR100 million nonfund
based limits of MRL indicating risk-prone-credit-quality in the
short term.

ICRA's ratings of MRL take into consideration the intensely
competitive and fragmented nature of the tyre industry, MRL's
moderate scale of operations (which leads to limited bargaining
power vis-a-vis both suppliers as well as customers and modest
economies of scale), its susceptibility to adverse movements in
raw material prices and its exposure to foreign exchange risk as a
significant part of the turnover of the company (70% in FY2009) is
derived from exports.  These factors have led to moderate
operating margins and return indicators, which along with its
relatively high gearing (1.14 times as on 31st March 2009) have
led to modest debt coverage metrics.  However, the ratings are
supported by MRL's experienced promoters, its long track record in
the tyre industry, its low client concentration risk
and relatively low working capital intensity.

                      About Malhotra Rubbers

MRL was promoted in 1954 by Mr. C. L. Malhotra and was initially
involved in the manufacturing of tyre retreading material.  In
1978, MRL started manufacturing tyres, which now account for more
than 90% of the company's revenue.  The company is owned and
managed by Mr. G.K. Malhotra (son of Mr. C.L. Malhotra) and his
sons Mr. Monit Malhotra and Mr. Raghav Malhotra.  The company has
its manufacturing unit in Surajpur Industrial Area, Noida with
installed capacity of 5000 ton per year of tyres and related
material.  For the financial year ending March 31, 2009, MRL
reported profit after tax of INR7.0 million on turnover of
INR577.9 million (provisional).


PARKSONS GRAPHICS: ICRA Places 'LBB' Rating on INR74.4MM Term Loan
------------------------------------------------------------------
ICRA has assigned LBB rating to the INR74.4 million term loan and
INR30.0 million fund based (Cash Credit) limits and INR5.0 million
Non-Fund based limits of Parksons Graphics, Prop.: Abhi-Ani
Manufacturing Company Private Limited, indicating inadequate-
credit-quality.  ICRA has also assigned A4 rating to the INR5.0
million Non-Fund based limits of AMCP indicating risk-prone-
credit-quality.

The ratings are constrained by modest size of operations of the
company, fragmented nature of the industry owing to large number
of organized as well as unorganized players and high client
concentration risk arising out of significant dependence on few
key clients.  ICRA also notes that the business volumes and
profitability of AMCP have been impacted by ongoing economic
slowdown as reflected by dip in revenues in FY 2009-08.  The
rating however, favorably factors in the promoters established
position and experience in the printing industry, reputed
clientele, gradual diversification in the revenue stream through
foray in books printing which is likely to strengthen the export
sales for the company and the extended debt repayment terms. ICRA
expects that the key challenge for the company going forward would
be to scale up its operations and establish itself in the book
printing business.

                       About Parksons Graphics

Parksons Graphics, Prop: Abhi-Ani Manufacturing Co. Pvt. Ltd.,
incorporated in 1996, is engaged in commercial offset printing.
The company was founded by Mr. Radhakrishan Kejriwal, having an
experience of over five decades in the printing industry, and is
now managed by Mr. Sunil Kejriwal, a second generation
entrepreneur having over twenty five years of industry experience.
The company is known by the trade name of Parksons Graphics,
however has been registered under the name Abhi-Ani Manufacturing
Co. Pvt. Ltd.  The company is engaged in the printing of
brochures, leaflets, tags / product inlays, display material,
posters, magazines, calendars and annual reports. AMCP has its
head office in Lower Parel, Mumbai and the printing press at
Andheri, Mumbai.  For the year ending March 2009, AMCP reported an
operating income of INR153.2 million and a profit after tax of
INR0.5 million.


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


BANK TABUNGAN: Could Sell Stakes to the Public Before October
-------------------------------------------------------------
The Jakarta Post reports that the State Enterprises Ministry said
PT Bank Tabungan Negara and state housing construction firm PT
Pembangunan Perumahan would be able to go public before October.

The report says State Enterprises Minister Sofyan Djalil told
reporters that "PP and BTN are in our (IPO) program.  We do not
need waiting until the new elected government is inaugurated."
According to the Post, Indonesia's newly elected president, Susilo
Bambang Yudhoyono and his vice president Boediono will be
inaugurated in October.

The Post notes that the two companies will divest their stakes
through an initial public offering (IPO) which has been approved
by The House of Representatives.

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

                           *     *     *

As reported by the Troubled Company Reporter–Asia Pacific on
May 15, 2009, Fitch Ratings affirmed PT Bank Tabungan Negara's
Individual Rating at 'D' and Support Rating at '3'.  The Outlook
is Stable.

On May 22, 2009, the TCR-AP reported that Moody's Investors
Service placed Bank Tabungan Negara's Baa2 GLC deposit on review
for possible downgrade.  All other ratings are unaffected and
carry stable outlooks: foreign currency long-term/short-term
deposit of B1/Not Prime and BFSR of D-.


PAL INDONESIA: To Receive US$44-Mln Fund Injection from Government
------------------------------------------------------------------
State-owned ship builder PT PAL announced Wednesday it would
receive US$44 million (IDR440 billion) from Indonesian government,
The Jakarta Post reports.

"The finance minister has issued an approval letter and the money
will be disbursed in September after we complete some important
documents," the report quoted PAL President Director Harsusanto as
saying.

The report relates Mr. Harsusanto said the company had asked state
asset management company PT PPA to help work on the required
documents, which must be finished next week.

Mr. Harsusanto, as cited by the Post, said the government's new
investment will be used to finance two divisions of PAL – the
payment and repair division and the engineering division – as well
as to build new ships.

                           About PT PAL

PT PAL Indonesia -- http://www.pal.co.id/v5/index.php-- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the Company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

PAL Indonesia's factory is located at Ujung, Surabaya.  The
Company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.

                           *     *     *

The Jakarta Post said Indonesia's largest shipping company has
been in dire financial straits since 2008.  PT PAL decided in May
to give one day-off every week to up to 800 of its 2,400
employees, as part of efforts to cut costs.  PT PAL posted IDR443
billion (US$44 million) in losses in 2007 and IDR46 billion in
2008.


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


AOZORA BANK: Reaches Tie-Up Deal with Hokkaido Bank
---------------------------------------------------
Kydo News reports that Aozora Bank Ltd said it intends to form an
alliance with Hokkaido Bank, a unit of Hokuhoku Financial Group
Inc., to expand lending to farmers and agriculture businesses in
Hokkaido.

The report notes Aozora said the banks' joint services will
include a new lending scheme that will accept farm produce as
collateral, and syndicated loans for Hokkaido Bank clients.

Aozora will tap its nationwide clients, including food processors
and supermarket operators, to bring them closer to farmers so they
can promote the marketing of produce and the development of new
agricultural products, the report says.

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.


HOKURIKU BANK: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed ratings of Hokuriku Bank and Hokkaido
Bank.  A full list of ratings is provided below.  The rating
actions follow the announcement by the banks' parent, Hokuhoku
Financial Group, that on August 27, 2009, it will buy back and
immediately cancel about JPY20 billion (at issued price) of its
preferred stocks issued to the government.  As such, public funds
of JPY120 billion originally injected to Hokuriku and Hokkaido in
the fiscal year to end March 2000 (FYE00) will be fully repaid.
The repurchase amount paid to the government totaled about
JPY140 billion.

The quality of Hokuhoku FG's capital has improved, thanks to four
repurchase payments since FYE08 (including two in FYE10).
However, its capital position remains relatively modest, partly
due to a significant drop in the value of its investment
securities.  After the full repurchase, Hokuhoku FG's Tier 1 ratio
would be around 6.5%, versus 7.24% at end-March 2009 (based on
conventional calculations).

In late 2008 the capital adequacy rule for Japanese banks subject
to the domestic standard was relaxed, and unrealized loss was
taken from Tier 1 capital.  On this basis, Hokuhoku FG's disclosed
Tier 1 ratio was 7.58% at end-March 2009.  Considering some
recovery in stock prices recently, Hokuhoku FG's unrealised loss
is estimated to have fallen significantly to date, and Fitch
estimates that Hokuhoku FG's Tier 1 ratio, without the
concessionary measure, could be also around a 6.5%.

Also, Hokuhoku FG plans to transfer preferred stocks of about
JPY14.5 billion to Hokuriku and JPY8.2 billion to Hokkaido on
August 27, 2009,.  According to Hokuhoku FG, its Tier 1 ratio
would be around.  6.0% at Hokuriku and 6.4% at Hokkaido (on an
unconsolidated basis).

Fitch expects that the impact to Hokuhoku FG's profit from the
fall in value of investment securities in FYE10 is limited.
However, the agency will continue to pay close attention to
potential developments in the regional economy and will take
action should such developments be considered likely to impact the
banks' financial profiles.

Hokuriku:

  -- Long-term foreign and local currency IDRs affirmed at 'BBB';
     Outlook Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '2' and

  -- Support Rating Floor affirmed at 'BBB-'.

Hokkaido:

  -- Long-term foreign and local currency IDRs affirmed at 'BBB';
     Outlook Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '2' and

  -- Support Rating Floor affirmed at 'BBB-'.


NOVA CORP: Ex-President Sentenced to 3-1/2 Years for Embezzlement
-----------------------------------------------------------------
The founder and former president of Nova Corp., Nozomu Sahashi,
was sentenced to three years and six months in prison without
suspension for embezzling JPY320 million in Nova’s employment
benefit funds, according to Kyodo News.

According to Kyodo News, the Osaka District Court rejected
Mr. Sahashi's claim that he is not guilty or should receive a
suspended sentence as he had no intention to gain profits
unlawfully.

The report notes the ruling said Mr. Sahashi embezzled, the
accumulated employment benefit fund by transferring it to a bank
account of a Nova subsidiary on July 20, 2007.

Mr. Sahashi admitted during trial proceedings that he used the
money to reimburse language lesson fees people paid before
terminating their contracts, Kyodo News relates.

Osaka-based Nova Corporation-- http://www.nova.ne.jp/-- is
primarily engaged in the operation of language schools.  The
Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation Law
with JPY43.9 billion in debt.


SOJITZ CORP: Suspends Auto Plant Operations in Venezuela
--------------------------------------------------------
Sojitz Corp has halted operation at its auto production subsidiary
in Venezuela due to a prolonged dispute with unionized workers,
Kyodo News reports citing company officials.

The news agency relates the officials said the company has no
immediate prospects of resuming operation at the Caracas-based MMC
Automotriz S.A., raising concerns that it would negatively affect
vehicle supplies to customers—mainly Japan's Mitsubishi Motors
Corp and Hyundai Motor Co of South Korea.

According to the report, Sojitz officials said factory operation
has been halted since Monday "in order to maintain safety" as
workers were intensifying a boycott.  Kyodo News recalls the
factory has been troubled with disputes over employment conditions
that have sometimes developed into physical confrontation.

Meanwhile, Reuters reports that Venezuela's labor ministry
declared on Wednesday a lockout of unionized workers at Sojitz
plant illegal and ordered the factory to resume operations.

                            Stake Sale

Bloomberg News reported on August 21 that Sojitz Corp., sold its
5.7% stake in Australia's Coal & Allied Industries Ltd. for AU$374
million ($310 million), a 28% discount to August 20  closing
price.  Bloomberg said Sojitz sold 4.93 million shares in Coal &
Allied, which is controlled by Rio Tinto Group.

Bloomber recalled Sojitz last month posted a loss in the three
months to June 30 of JPY1.56 billion (US$16.6 million), compared
with a profit of JPY16.3 billion the year before, as revenue
plunged 36%.

                     About Sojitz Corporation

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                           *     *     *

Sojitz Corporation continues to carry Makuni Credit Ratings' "B"
Mortage Debt Rating and "B" Senior Debt Rating.


* S&P Downgrades Ratings on 48 Tranches From 36 Japanese CDO Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 48
tranches relating to 36 Japanese synthetic CDO transactions.  At
the same time, Standard & Poor's removed its ratings on 35 of the
48 tranches from CreditWatch, while keeping the ratings on the
other 13 on CreditWatch with negative implications.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications.

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

                           Ratings List

                            Andante Ltd.
               Credit-linked secured notes series 2

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

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

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

      Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

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

           Floating-rate credit-linked notes series 56

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

             Fixed rate credit-linked loan series 58

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

             Fixed rate credit-linked notes series 64

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

                          Eirles Two Ltd.
               L1 credit linked secured loan 2004-4

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

  Series 197 floating rate portfolio credit linked secured notes

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

         Portfolio credit linked secured notes series 310

            Class   To     From            Issue Amount
            -----   --     ----            ------------
            A       CCC+   B/Watch Neg     JPY5.0 bil.
            B       CCC-   CCC/Watch Neg   JPY1.0 bil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

                 To     From          Issue Amount
                 --     ----          ------------
                 CCC-   B/Watch Neg   $40.0 mil.

Asset backed securities and collateralized debt obligation limited
                   credit linked notes series 51

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

         Series 79 limited recourse secured floating rate
                       credit-linked notes

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

                  Hummingbird Securitisation Ltd.
                          Series 1 loan

     Class     To              From            Issue Amount
     -----     --              ----            ------------
     #1 Loan   AA+/Watch Neg   AAA/Watch Neg   JPY4.0 bil.

                          Series 2 loan

     Class     To              From            Issue Amount
     -----     --              ----            ------------
     #2 Loan   CCC+/Watch Neg   B-/Watch Neg   JPY3.0 bil.

                        J-Bear Funding Ltd.
         Limited recourse secured floating rate portfolio
                  credit-linked notes (Series 31)

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

         Limited recourse secured floating rate portfolio
                   credit-linked notes series 36

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

                     Momentum CDO (Europe) Ltd.
     Secured credit-linked notes Louvre II CDO series 2005-2

           Class   To     From            Issue Amount
           -----   --     ----            ------------
           AX      CCC+   BB+/Watch Neg   JPY700.0 mil.
           BF      CCC-   B/Watch Neg     JPY1.5 bil.
           BX      CCC-   B/Watch Neg     JPY2.2 bil.

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

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

          Prelude III floating rate notes series 2005-4

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

                  Omega Capital Investments PLC
                   Floating rate note series 7

       Class   To              From            Issue Amount
       -----   --              ----            ------------
       A       AA/Watch Neg    AA+/Watch Neg   JPY3.0 bil.
       B       AA-/Watch Neg   AA+/Watch Neg   JPY2.0 bil.
       C1      A-/Watch Neg    AA/Watch Neg    JPY1.0 bil.
       C2      A-/Watch Neg    AA/Watch Neg    JPY2.0 bil.
       C3      A-/Watch Neg    AA/Watch Neg    A$20.0 mil.

              Class A-1 series 11 secured 1.5% notes

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

                Secured multi rate notes series 21

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

                     Series 48 secured notes

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

                          Orpheus II Ltd.
                     Secured credit link notes

           Class   To     From             Issue Amount
           -----   --     ----             ------------
           AF      CCC-   B/Watch Neg      JPY1.1 bil.
           AX      CCC-   B/Watch Neg      JPY1.2 bil.
           BF      CCC-   CCC+/Watch Neg   JPY2.3 bil.
           BX      CCC-   CCC+/Watch Neg   JPY400.0 mil.

                       Signum Vanguard Ltd.
  Cass A secured floating rate credit-linked notes series 2004-09

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

       Class A secured fixed rate credit-linked loan 2005-3

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

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

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

Class A secured floating rate credit-linked notes series 2005-06

             To       From               Issue Amount
             --       ----               ------------
             B+pNRi   BBpNRi/Watch Neg   JPY3.0 bil.

     Secured floating rate credit-linked notes series 2005-07

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

     Secured floating rate credit-linked notes series 2006-03

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

     Series 2006-05 secured floating rate credit-linked notes

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

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

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

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

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

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

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

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

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

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

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


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


BURGAN BANK: Moody's Cuts Bank Financial Strength Rating to 'D+'
----------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Burgan Bank (Kuwait) to D+ from C-.  The D+
rating now maps to a Baseline Credit Assessment of Baa3.
Consequently, Burgan's long-term global local currency and long-
term foreign currency deposit ratings were also downgraded to A2
from A1, respectively.  The bank's short-term GLC and short-term
foreign currency deposit ratings were affirmed at Prime-1.  All
ratings carry a negative outlook.

Moody's rating action reflects weakening credit conditions in
Kuwait over the past 12 months, the poor performance of the
Kuwaiti stock exchange (despite a moderate recovery in Q2 2009),
coupled with Burgan's elevated single-party and industry
concentrations to sectors that have experienced pressure over the
past year.  Such sectors include: (i) real estate and construction
(predominantly commercial real estate and construction); (ii) the
embattled Kuwait investment company sector; and (iii) lending for
purchasing securities.  At the same time, there are some concerns
over the corporate sector's links to both real estate and
construction as well as to investment companies as, particularly,
the latter are frequently subsidiaries of larger corporates.
Burgan's exposure to recent regional high profile corporate
defaults is -- as yet -- unclear, potentially adding to upward
pressure on non-performing loan levels.  In addition, Burgan's
related-party exposures (predominantly in the form of 'due from
banks and other financial institutions') have risen materially
since 2008.  Although these exposures are partly explained by the
fact that Burgan's parent is among the largest corporate groups in
Kuwait, current levels of related-party exposures are ratings
negative.

Moody's currently regards as ratings neutral the Burgan's
acquisition of Jordan Kuwait Bank in July 2009, Algeria Gulf Bank
in April 2009 and the pending acquisitions of Tunis International
Bank and Bank of Baghdad -- all of which are subsidiaries of
United Gulf Bank.  UGB and the acquired banks are subsidiaries of
KIPCO, and the aforementioned transaction constitutes a
restructuring which brings KIPCO's commercial banking activities
under the umbrella of Burgan Bank.  Burgan was to fund these
acquisitions though KWD200 million (US$725 million -- i.e. the
purchase price) of new capital issuance to which UGB was to fully
subscribe (giving UGB a 20% stake in Burgan).  However, the new
share issue has been delayed (as it encountered regulatory
obstacles in Kuwait) and instead UBG extended a KWD97 million
US$345 million) subordinated loan to Burgan (at preferential
rates) to partly finance the acquisition of the four banks.
Realisation of synergies leading to significant geographic
diversification could exert positive pressure on the bank's
ratings over the medium term but there is some way to go before
integration is completed.

Elevated loan loss provision and securities impairment charges
represent a more immediate relevance to Burgan's ratings,
reflecting the weakening credit conditions and the poor
performance of global stock markets over the past 12 months.  In
addition, Moody's notes that Burgan's domestic income-generating
capacity is weak (having in the past been supported by market-
related gains), although there is initial evidence that recent
acquisitions (particularly JKB) are compensating for the drop of
market-related gains thereby supporting the group's operating
income.

Burgan Bank's ratings carry a negative outlook: (i) in view of the
fact that over the short-to-medium term, NPL levels and credit
charges may remain elevated or rise even further (given the time
lag observed between credit-negative events -- e.g.  weakening
market conditions -- and observable evidence of rising
delinquencies), (ii) given long delays in concluding the announced
capital increase, and (iii) until such time as the level of the
bank's exposures (if any) to recent regional high profile
corporate defaults becomes apparent.  The above notwithstanding,
the Burgan Bank's financial fundaments remain good, thus
supporting its current ratings.

The last rating action on Burgan Bank was on 27 November 2008,
when Moody's extended its review of the bank's A1/Prime-1/C-
ratings, but changed the direction of the review to "on review for
possible downgrade", from "on review with direction uncertain".

Headquartered in Kuwait City, Kuwait, Burgan Bank had total assets
of KWD4.1 billion (US$14.7 billion) as at the end of June 2009.


GULF BANK: Moody's Cuts Bank Financial Strength Rating to 'D+'
--------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Gulf Bank in Kuwait to D+ from C-.  The D+
rating now maps to a Baseline Credit Assessment of Ba1.
Consequently, Gulf Bank's long-term global local currency and
long-term foreign currency deposit ratings were also downgraded to
A3/Prime-2 from A1/Prime-1, respectively.  All ratings remain on
review for further possible downgrade.

Moody's rating action reflects that, the bank still faces
challenges despite its progress in overcoming the distress caused
by large losses arising from transactions in complex derivative
instruments during the year.

On the positive side, Moody's notes that, following the successful
conclusion of a rights issue in January 2009 to raise KWD376
million (circa the level of losses suffered from the bank's
derivatives dealings as well as credit charges and securities
impairment charges), the bank was able to reinstate capitalization
to levels where it no longer constitutes a constraint on the
rating.  Moody's also view as positive the participation of the
Kuwaiti sovereign wealth fund (KIA) to January's capital increase,
giving KIA a 16% stake in the bank.  At the same time, Moody's
also views positively the overhaul in the composition of the
supervisory board (including a new highly respected Chairman Mr.
Ali Al-Rashaid Al-Bader) in March 2009, and the recruitment of a
seasoned Chief General Manager and CEO (Mr. Michel Accad) in
August 2009.

Nevertheless, Moody's notes that the events of October 2009
brought to light weakness in the bank's controls, risk management
as well as in corporate governance (as the defaulting party which
triggered the chain of events leading to the large losses, was a
related party).  Although the bank had conducted its derivative
dealings on a back-to-back basis (ostensibly hedging its
position), it failed to identify the level of credit risk it
assumed.  Furthermore, in addition to the credit risk related to
the aforementioned customer, the quality of the bank's loan book
(having been scrutinized by the central bank) deteriorated
significantly in 2008.  In particular, the ratio of non-performing
loans to gross loans shot up from under 2% in 2007 to over 12% at
YE2008, with derivative-related credit risk accounting for around
half of new NPLs.  Moreover, Gulf Bank (similar to its domestic
rated peers) exhibits high single-party and industry
concentrations to sectors that experienced pressure over the past
12 months.  Such sectors include: (i) real estate and construction
(predominantly commercial real estate and construction); and (ii)
the embattled Kuwait investment company sector.

Gulf Bank's ratings remain under review for a possible downgrade.
This reflects the elevated credit charges that are maintaining
pressure on bottom-line results as at 1H 2009, which are partly
related to the default of some of its larger customers.  Gulf Bank
is understood to have had material exposures to high-profile
regional corporate defaults, thus raising questions about its
credit-vetting processes.  June 2009 bank data suggest that NPLs
increased significantly during the period, and credit charges are
likely to remain high in the foreseeable future.  Further to the
asset quality problems already identified, Moody's cautions that
upward pressure on NPLs in the system could also persist over the
medium term given the time lag observed between credit-negative
events (weakening market conditions) and observable evidence of
rising delinquencies.  Moody's ratings review will: (i) revisit
the bank's risk management practices for evidence of decisive
action in addressing any lingering shortcomings; (ii) monitor for
any signs of a lasting impact on the bank's franchise arising from
the bad publicity of recent months; and (iii) the extent of the
potential impact on the bank's capitalization arising from still
high credit charges.

The last rating action on Gulf Bank was on 19 March 2009, when
Moody's maintained the bank's ratings on review for possible
downgrade; unaffected by the sovereign action taken on Kuwait's
foreign currency deposit ceiling.

Headquartered in Kuwait City, Kuwait, Gulf Bank had total assets
of KWD4.7 billion (US$16.3 billion) as at the end of June 2009.


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


HARVEST COURT: June 30 Balance Sheet Upside-Down by MYR24.67 Mln
----------------------------------------------------------------
Harvest Court Industries Bhd's balance sheet at June 30, 2009,
showed total assets of MYR38.63 million and total liabilities of
MYR63.31 million, resulting in a stockholders' deficit of MYR24.67
million.

For three months ended June 30, 2009, the Company posted a net
loss of MYR888,166 on MYR3.58 million in revenues, compared with a
net loss of MYR1.05 million on MYR1.71 million for the same period
in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of MYR2.16 million on MYR5.14 million in revenues, compared with a
net loss of MYR2.07 million on MYR3.93 million in revenues for the
same period in 2008.

                    About Harvest Court Industries

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

                           *     *     *

Harvest Court Industries Berhad has defaulted on several loan
facilities because of a reduction in sales from 2002 onwards due
to a weak global market as a result of the Iraqi and the severe
acute respiratory syndrome, or SARS, as well as its inability to
raise funds via the equity market due to weak market sentiment.
Due to its financial position, Harvest Court had embarked on an
exercise to restructure the Company, including a debt
restructuring and capital reduction.  The Company's proposed
corporate exercise was rejected by the Securities Commission in
November 2005, on grounds that the proposals are not comprehensive
and are not capable of resolving all financial problems of the
Company.  Its appeal to reconsider the rejection was also junked
by the Commission on February 24, 2006.

Currently, the Company is classified under the Amended PN17
category of the Bursa Malaysia Securities Bhd's official list
and is therefore required to implement a plan to regularize its
finances.


NIKKO ELECTRONICS: MITI Okays Proposed Restructuring Scheme
-----------------------------------------------------------
Nikko Electronics Bhd. disclosed in a regulatory filing that the
Ministry of International Trade and Industry has not objected to
the Company's proposed restructuring scheme, subject to it
obtaining the approval from the Securities Commission.

Nikko also said it is required to liaise with the Malaysian
Industrial Development Authority for the return of its
manufacturing license.

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.


WWE HOLDINGS: Earns MYR1.80 Million in Three Months Ended June 30
-----------------------------------------------------------------
WWE Holdings Bhd disclosed in a filing with the Bursa Malaysia
Securities Berhad its financial results for the quarter ended
June 30, 2009.

For the three months ended June 30, 2009, WWE posted a net income
of MYR1.80 million, compared with a net loss of MYR1.08 million
for the same period in 2008.

For the current year quarter, the Group registered revenue of
MYR5.26 million as compared to MYR1.25 million in the preceding
year quarter.  The revenue for the current year quarter is derived
solely from the Operation and Maintenance (O&M) works on the
Jelutong Sewage Treatment Plant (JSTP).

As of June 30, 2009, the Group's balance sheet showed total assets
of MYR234.64 million and total liabilities of MYR237.81 million,
resulting in a MYR3.18 million stockholders' deficit.

The Group's balance sheet as of June 30, 2009, also showed
strained liquidity with MYR208.02 million in total current assets
available to pay MYR215.25 million in total current liabilities.

                        About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


AIR NEW ZEALAND: Annual Profit Tumbles 90% As Travel Demand Slump
-----------------------------------------------------------------
Tracy Withers at Bloomberg News reports that Air New Zealand Ltd.,
said full-year profit plunged 90% as a global recession curbed
international travel.

Citing Air New Zealand in a statement, Bloomberg discloses income
fell to NZ$21 million ($14 million) in the 12 months ended June 30
from NZ$218 million a year earlier.  That's the biggest drop in
earnings since the company posted a loss in 2002, Bloomberg says.

Bloomberg notes the airline's full-year sales also fell 1% to
NZ$4.61 billion.  According to Bloomberg, profit before unusual
items and tax, the airline's preferred measure, fell 26 percent to
NZ$145 million from NZ$197 million a year earlier.  Bloomberg
states Air New Zealand said reduced passenger demand trimmed full-
year revenue by NZ$280 million.

"Although there are some early indicators that the slump in travel
demand may be showing signs of having bottomed out, it would be
naive to think that there won't be bumps on the road to economic
recovery," Bloomberg quoted Air New Zealand Chief Executive
Officer Rob Fyfe as saying in a conference call.

                       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.


* NEW ZEALAND: Value of Imports and Exports Falls in July
---------------------------------------------------------
The value of merchandise imports and exports in New Zealand both
fell in July 2009 compared with July 2008, down 20.9% and 7.3%
respectively, the country's statistics agency said Thursday.  In
percentage terms, the decrease in imports is the second largest
monthly fall since February 1993 and closely follows the 21.8 %
fall in May 2009.  The July 2009 fall in imports is from a high
level in July 2008.

According to Statistics New Zealand, most import categories showed
decreases in July 2009, with significant contributions coming from
imports of petroleum and products, down NZ$294 million (35.1%),
and vehicles, parts, and accessories, down NZ$220 million (46.2%).

The NZ$252 million decrease in export values in July 2009 was led
by a price-driven decrease in crude oil exports, down NZ$119
million (37.8%).  Meat and edible offal exports were down NZ$50
million (11.5%), due to lower quantities.  The value of
New Zealand’s largest export category, milk powder, butter and
cheese, was almost the same as July 2008, despite quantities being
over 50% higher.

The trends for merchandise import and export values both peaked in
the latter half of 2008 and have been declining since then, with
imports showing the largest decline.  The trend for the value of
merchandise imports has been declining since August 2008, and is
down 22.5% since then.  In comparison, the trend for the value of
merchandise exports has been declining since October 2008, and is
down 7.4 % since then.

The trade balance for July 2009 was a deficit of NZ$163 million,
or 5.1% of the value of exports.  This compares with an average
July deficit of 23.6% of exports for the previous five years.


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


* PHILIPPINES: Economy Grew 1.5% in Q2 from a Year Earlier
----------------------------------------------------------
Bloomberg News reports that Philippine economic growth accelerated
in the second quarter from the slowest pace in a decade,
supporting the central bank's decision last week to end interest-
rate cuts.

Citing the National Statistical Coordination Board in a statement,
Bloomberg discloses that the country's gross domestic product
increased 1.5% from a year earlier.  That compares with the 0.5%
median forecast of 17 economists surveyed by Bloomberg News.
Bloomberg recalls the government said in May, the economy expanded
0.4% in the first quarter, the weakest pace since a recession
ended in 1998.

Bloomberg notes President Gloria Arroyo has increased spending on
roads and schools and widened the 2009 budget deficit target to a
record to shield the economy from the worst global slump since the
Great Depression.  According to the report, the central bank,
which kept its benchmark interest rate unchanged at a record low
of 4% last week, slashed borrowing costs by 2 percentage points
from mid-December to July.

The government's "stimulus programs have been successful in
preventing a slowdown," Bloomberg quoted Jonathan Ravelas, a
market strategist at Banco de Oro Unibank Inc. in Manila, as
saying.  "They should continue to pump prime to create the
necessary conditions for sustainable economic growth."

Bloomberg says the Philippine government predicts expansion in the
US$167 billion economy will improve in the second half of the year
as the global slowdown eases and state spending kicks in, helping
the nation avoid a recession this year.


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


ELDA INSTINCT: Court to Hear Wind-Up Petition on September 4
------------------------------------------------------------
A petition to wind up the operations of Elda Instinct Garments
Pte. Ltd will be heard before the High Court of Singapore on
September 4, 2009, at 10:00 a.m.

Max Sun Trading Limited filed the petition against the company on
August 11, 2009.

The Petitioner's solicitor is:

          M/s Aequitas Law LLP
          24 Raffles Place
          #25-04A Clifford Centre
          Singapore 048621


GETECH INDUSTRIES: Creditors' Meeting Set for September 3
---------------------------------------------------------
The creditors of Getech Industries Pte Ltd will hold their meeting
on September 3, 2009, at 10:00 a.m.

At the meeting, the creditors will be asked to:

   -- receive an update on the status of the liquidation of the
      company;

   -- discuss and approve the course of action to be taken in
      respect of the company's subsidiary in China;

   -- approve the liquidators' remuneration; and

   -- discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


GIFTKING PTE: Creditors' Proofs of Debt Due on September 25
-----------------------------------------------------------
Giftking Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 25,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


GIMWAH PTE: Pays Dividend to Preferential and Unsecured Creditors
-----------------------------------------------------------------
Gimwah Pte Ltd, which is in creditors' voluntary liquidation, paid
dividend to its preferential and unsecured creditors.

The company paid 100% to all admitted proofs of preferential
creditors, while 3.00% to of all admitted proofs of unsecured
creditors.

The company's liquidator is:

          Bob Yap Cheng Ghee
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


PACIFIC INTERNATIONAL: S&P Cut Corporate Credit Rating to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Singapore-based container shipping company
Pacific International Lines (Pte.) Ltd. to 'BB-' from 'BB' and
removed it from CreditWatch with negative implications.  The
outlook is negative.  Standard & Poor's currently doesn't rate any
specific debt facility of PIL and its subsidiaries.

The downgrade is driven by S&P's expectations that pressure on the
company's profitability from depressed freight rates and
aggressive debt-funded expansion will weaken its cash flow
measures further.  The rating on PIL also reflects the company's
industry risks.  These are partially offset by revenue diversity,
flexibility in fleet management, and adequate liquidity.

"In S&P's view, container shipping is likely the worst-hit segment
in the shipping industry in the current global economic downturn,
given the material decrease in international trade volume," said
Standard & Poor's credit analyst Anita Yadav.

In addition, due to the significant global order book for new
container vessels, S&P believes that capacity supply will continue
to increase over the next few years and that the downturn in the
container markets could be deeper and longer than the economic
downturn itself.  Although PIL continues to have high capacity
utilization and has no laid-up vessel, the continuation of
depressed freight rates is likely to weaken its profitability and
credit protection measures further.

Given higher debt and significant decline in EBITDA, S&P expects
PIL's cash flow measures to deteriorate significantly, with its
debt to EBITDA to cross double digits in the current financial
year, compared with 4.1x in December 2008, while its funds from
operations to debt weakens further from about 22% in 2008 and 34%
in 2007.

"Although PIL is exposed to volatility in charter prices, 27% of
the fleet is chartered-in, offering the company flexibility in
adjusting capacity to suit market conditions," Ms. Yadav said.

The negative outlook on the rating factors in continued uncertain
operating environment, which could hamper material improvement in
PIL's cash flow measures in 2010.  This is partially offset by the
group's competitive position in key routes and its relatively
diverse market coverage.  The outlook also captures the
possibility that PIL's current adequate liquidity position may
come under pressure if profitability is weaker than expected.


SWINDON PTE: Pays First and Final Dividend
------------------------------------------
Swindon Pte Ltd, which is in creditors' voluntary liquidation,
paid the first and final dividend to its creditors on August 26,
2009.

The company paid 1.22920% to all received claims.

The company's liquidator is:

          Aw Eng Hai
          Foo Kon Tan Grant Thornton
          331 North Bridge Road
          #04-04/05 Odeon Towers
          Singapore 188720


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


CITIGROUP INC: Former Asia-Pacific Co-Head Dan McNamara Steps Down
------------------------------------------------------------------
Dan McNamara, former co-head of Citigroup Inc.'s Asia-Pacific
investment banking team, has resigned from the firm and will join
Nomura Holdings, Rick Carew at The Wall Street Journal reports
citing people familiar with the situation.

WSJ says Mr. McNamara's departure comes on the heels of a decision
by Ajay Banga, former Citi chief executive for Asia-Pacific, to
leave the bank in June to take the No. 2 post at MasterCard Inc.

Mr. McNamara, according to WSJ, had most recently headed Citi's
coverage of financial institutions and real estate in Asia-Pacific
after a reorganization that made Farhan Faruqui, a long-time
corporate banker, the head of global banking for Asia-Pacific.

At Nomura, Mr. McNamara will become co-head of corporate finance
for Asia and oversee the Japanese bank's coverage of financial
institutions, WSJ states.

                       About Citigroup Inc.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  At June 30, 2009, Citigroup had
total assets of $1.84 trillion and total liabilities of
$1.69 trillion.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
roughly $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup issued preferred shares to the Treasury and
FDIC.  The Federal Reserve agreed to backstop residual risk in the
asset pool through a non-recourse loan.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


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


                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker              (US$)            (US$)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW       AHGN          16933460.19      -8226075.95
ADVANCE HEALTHCA       AHG           16933460.19      -8226075.95
ALLOMAK LTD            AMA           40685785.47      -5913422.67
ALLSTATE EXPL-PP       ALXCC         16169603.20     -50619940.96
ALLSTATE EXPLORA       ALX           16169603.20     -50619940.96
ARC EXPLORATION        ARX           58544299.40     -15958771.93
AUSMELT LTD            AET           10421943.80      -1558622.35
AUSTAR UNITED          AUN          508844538.84    -310055789.75
AUSTRAILIAN Z-PP       AZCCA         77741918.88      -2566335.24
AUSTRALIAN ZIRC        AZC           77741918.88      -2566335.24
BIRON APPAREL LT       BIC           19706736.59      -2220069.65
BISALLOY STEEL G       BIS           54556820.43      -7472108.44
CHEMEQ LIMITED         CMQ           25194855.59     -24254413.72
CITY PACIFIC LTD       CIY          171501648.08      -6383353.75
EIRCOM HOLDINGS        ERC         7606555987.32    -533212434.19
ELLECT HOLDINGS        EHG           18245003.37     -15487781.92
ETW CORP LTD           ETW           83708786.34     -58673955.65
HYRO LTD               HYO           19685101.98     -15769362.01
MAC COMM INFR-CD       MCGCD       8104415200.76    -103343256.49
RESIDUAL ASSC-EE       RAGXF        597329874.01    -126963316.48
RUBICON AMERICA        RAT          649532285.57    -100605696.94
RUBICON EUROPE T       REU          553099503.30    -252490904.13
TOOTH & CO LTD         TTH          108860665.87     -69404500.26
VERTICON GROUP         VGP           14221690.08     -24604525.15
VOYAGER RESOURCE       VOR          105239382.56    -190859513.39


CHINA

ALONG TIBET CO-A       600773        10645458.33      -1260472.65
AMOI ELECTRONI-A       600057       205714958.88    -171265179.25
ANHUI KOYO GROUP       000979        60010204.49     -52445757.65
BAO LONG ORIENTA       600988        16279600.58      -1854369.56
CHANG LING GROUP       000561        42473545.73     -10486849.69
CHENGDU UNION-A        000693        53505027.19      -5241722.53
CHINA EAST AIR-A       600115     10663617937.55    -669018244.31
CHINA EAST AIR-H       000670     10663617937.55    -669018244.31
CHINA KEJIAN-A         00035         80524769.63    -182184709.66
CHINESE.COM LOGI       000805        12869661.54     -10094949.57
CITIC GUOAN VI-A       600084       348889601.71    -125227142.41
DANDONG CHEM F-A       000498       102526072.10    -107860839.27
DONGXIN ELECTR-A       600691        20608187.18      -5028635.72
GAOXIN ZHANGTO-A       2075         124776592.95     -19821585.47
GUANGDONG HUAL-A       600242        19373034.05      -2325690.04
GUANGDONG KEL-A        921          540254350.35    -125797076.10
GUANGMING GRP -A       587           45859984.22     -44684252.23
GUANGXI BEISHE-A       600556       126091499.15    -153594444.24
GUANGXIA YINCH-A       557           19526916.97     -37073597.54
HEBEI BAOSHUO -A       600155       131548104.09    -354980505.73
HEBEI JINNIU C-A       600722       227141182.32    -223794072.17
HISENSE ELEC-H         921          540254350.35    -125797076.10
HUATONG TIANXI-A       600225        70268587.22     -35844635.44
HUDA TECHNOLOG-A       600892        20055498.84      -2392277.80
HUNAN ANPLAS CO        000156        53136755.69     -81141655.20
HUNAN AVA HOLDIN       000918       219048363.26     -78476613.98
JIAOZUO XIN'AN-A       000719        16263330.39      -3681456.28
NINGBO YIDONG-H        8249          55690342.44     -22047522.03
QINGHAI SUNSHI-A       600381        53430938.15     -26418232.17
SHANG HONGSHENG        600817        18084539.68    -396285379.92
SHANG LIANHUA-A        600617        16629332.66      -2816699.77
SHANG LIANHUA-B        900913        16629332.66      -2816699.77
SHANGHAI WORLDBE       600757       221563153.24    -116684849.78
SHENZ CHINA BI-A       17            27968310.96    -264106065.10
SHENZ CHINA BI-B       200017        27968310.96    -264106065.10
SHENZ SEG DASH-A       0007          75454296.33      -6832811.09
SHENZHEN DAWNC-A       863           28956539.07    -151601215.51
SHENZHEN KONDA-A       00048        198370122.93     -14709825.62
SHENZHEN SHENXIN       00034         25649329.38    -166918478.37
SICHUAN DIRECT-A       000757       130066883.28    -118258912.10
SUNTEK TECHNOL-A       600728        36252073.49     -23232714.83
TAIYUAN TIANLO-A       600234        12265615.62     -60715447.57
TIANJIN MARINE         600751        82399198.24     -30394356.74
TIANJIN MARINE-B       900938        82399198.24     -30394356.74
TIBET SUMMIT I-A       600338        72677899.02     -13527522.12
TOPSUN SCIENCE-A       600771       183535542.89    -132134649.22
WINOWNER GROUP C       600681        15621614.17     -72193630.51
WUHAN BOILER-B         200770       413277147.43     -44507992.86
WUHAN GUOYAO-A         600421        11224148.10     -38404923.54
XIAMEN OVERSEA-A       600870       316697544.56    -153952891.08
YUEYANG HENGLI-A       622           37450378.86     -15337096.06
YUNNAN MALONG-A        600792       157520417.89      -3274324.93
ZHANGJIAJIE TO-A       430           47476905.56      -6608204.52


HONG KONG

ASIA TELEMEDIA L       376           16618871.08      -5369335.42
BEAUFORTE INV          21            12327016.69      -2955593.70
CHINA GOLDEN DEV       162          249858442.34      -1458174.64
CROSBY CAPITAL         8088          25806000.00      -6935000.00
EGANAGOLDPFEIL         48           557892423.39    -132858951.98
FULBOND HLDGS          1041          66063004.00     -11679000.00
HUTCHISON TELE H       215         2400098040.83    -366059762.21
JIAN EPAYMENT          8165          12943183.73      -1516828.52
NEW CITY CHINA         456          113178595.41      -9932226.54
PALADIN LTD            495          160927722.22      -1629398.23
PALADIN LTD -PRE       642          160927722.22      -1629398.23
PCCW LTD               8           5990928703.57    -394965167.61
SANYUAN GROUP LT       140           15148448.77      -1587205.23


INDONESIA

BANK CENTURY TBK       BCIC         493235338.87    -135578273.49
BUKAKA TEKNIK UT       BUKK          73759284.09     -88378100.23
DAYA SAKTI UNGGU       DSUC          18968940.39     -16565907.15
ERATEX DJAJA           ERTX          16355782.65     -13909830.79
JAKARTA KYOEI ST       JKSW          30395173.44     -38677864.58
KARWELL INDONESI       KARW          10703306.59      -7637325.25
MULIA INDUSTRIND       MLIA         329626279.29    -438147831.29
PANCA WIRATAMA         PWSI          24440350.75     -28494642.10
POLYSINDO EKA PE       POLY         413587722.04    -843849953.26
PRIMARINDO ASIA        BIMA          11142638.56     -19773137.59
SEKAR BUMI TBK         SKBM          18209576.70      -1625327.43
STEADY SAFE TBK        SAFE          10838828.11      -4030148.54
SURABAYA AGUNG         SAIP         236584686.90     -99589026.90
TEIJIN INDONESIA       TFCO         199177024.00     -55412900.00
UNITEX TBK             UNTX          15358972.53     -13809629.56


INDIA

ALCOBEX METALS         AML           35670319.03     -22443296.68
APPLE FINANCE          APL           70832103.73     -29253849.19
ASHIMA LTD             ASHM          59922403.11     -47153581.06
BAKELITE HYLAM         BKLT          13911138.88     -12867352.60
BALAJI DISTILLER       BLD           59974008.41     -50890026.26
BELLARY STEELS         BSAL         512415670.40    -101442229.54
BHAGHEERATHA ENG       BGEL          22646453.72     -28195273.09
CFL CAPITAL FIN        CEATF         20637497.85     -48884440.84
COMPUTERSKILL          CPS           14896780.89      -7560054.57
CORE HEALTHCARE        CPAR         185364966.99    -241912027.81
DCM FINANCIAL SE       DCMFS         16540889.84     -10988851.47
DIGJAM LTD             DGJM          98769193.78     -14623833.58
DISH TV IND-PP         DITVPP       422081403.33    -127614551.41
DISH TV INDIA          DITV         422081403.33    -127614551.41
DUNCANS INDUS          DAI          164653351.85    -220922929.88
EMTEX INDS INDIA       EMTX          11807105.53     -44405235.51
GALADA POWER & T       GCC           10899606.76     -27849464.86
GANESH BENZOPLST       GBP           77840261.61     -41865917.86
GLOBAL BOARDS          GLB           25154303.78       -793024.17
GSL INDIA LTD          GSL           37040429.61     -42340564.58
GUJARAT SIDHEE         GSCL          59440728.18       -660003.43
GUJARAT STATE FI       GSF           30159595.18    -234918081.46
HANJER FIBRES          HJF           10720699.56       -310044.87
HARYANA STEEL          HYSA          10831176.59      -5909008.81
HFCL INFOTEL LTD       HFCL         233136050.86     -59728545.83
HIMACHAL FUTURIS       HMFC         633329926.05    -104792044.71
HINDUSTAN PHOTO        HPHT          93725753.93   -1229352757.43
HMT LTD                HMT          206932743.85    -263572925.12
ICDS                   ICDS          13300348.69      -6171079.46
INDIA FOILS LTD        IF            48457142.32     -38013960.39
INTEGRAT FINANCE       IFC           57729537.53     -52297155.04
JCT ELECTRONICS        JCTE         122542558.60     -49996834.55
JD ORGOCHEM LTD        JDO           14537402.78     -69753846.55
JENSON & NIC LTD       JN            15734678.26     -92089109.12
JIK INDUS LTD          KFS           20633171.50      -5623616.49
JK SYNTHETICS          JKS           20208078.76      -2171303.89
JOG ENGINEERING        VMJ           50080964.36     -10076436.07
KALYANPUR CEMENT       KCEM          37538318.01     -41771703.35
LLOYDS FINANCE         LYDF          36822038.19     -10290725.19
LLOYDS STEEL IND       LYDS         358940191.85     -83135016.16
MILLENNIUM BEER        MLB           39726352.09       -732186.48
MILTON PLASTICS        MILT          26114050.07     -42391324.19
NATH PULP & PAP        NPPM          13588844.93     -39126079.65
NICCO UCO ALLIAN       NICU          38788084.34     -61659313.00
ORIENT PRESS LTD       OP            16699814.52        -94789.33
PANCHMAHAL STEEL       PMS           51024827.03       -325116.26
PANYAM CEMENTS         PYC           38841457.46       -641194.41
PARASRAMPUR SYN        PPS          111971290.89    -317111727.95
PAREKH PLATINUM        PKPL          61081050.43     -88849040.15
PEACOCK INDS LTD       PCOK          14682895.47     -18138660.88
PIRAMAL LIFE SC        PLSL          32054795.68      -3725239.05
POLAR INDS LTD         PLI           17540987.69     -24687678.21
PRECISION CONTAI       PCLL          10013065.56      -3669728.21
RAMA PHOSPHATES        RMPH          34066789.55      -1192495.62
RATHI ISPAT LTD        RTIS          44555929.56      -3933592.50
REMI METALS GUJA       RMM           82273746.28      -1650461.11
ROLLATAINERS LTD       RLT           22965755.05     -22244556.92
ROYAL CUSHION          RCVP          29192373.45     -73115309.68
RPG CABLES LTD         RPG           51431409.37     -20192930.18
SEN PET INDIA LT       SPEN          13283611.52     -25431862.10
SHALIMAR WIRES         SWRI          30588221.25     -63772177.80
SHAMKEN COTSYN         SHC           23127927.75      -6172791.93
SHAMKEN MULTIFAB       SHM           60546590.60     -13260108.95
SHAMKEN SPINNERS       SSP           42180451.29     -16764934.64
SHARDA ISPAT LTD       SHIL          16179943.38      -5040578.35
SHREE RAMA MULTI       SRMT          81405835.45     -64134056.23
SIDDHARTHA TUBES       SDT           92929926.47     -10719543.54
SIL BUSINESS ENT       SILB          12461159.02     -19961202.41
SPICE COMMUNICAT       SPCM         263692459.52     -19679192.67
STI INDIA LTD          STIB          44107456.00       -300149.59
TAMILNADU TELE         TNT           11680819.22      -3373123.87
TATA TELESERVICE       TTLS         793627684.28     -74636840.33
TRIVENI GLASS          TRSG          34542881.89      -6209872.78
UNIWORTH LTD           WW           178225972.59    -131624807.91
USHA INDIA LTD         USHA          12064900.61     -54512967.31
WINDSOR MACHINES       WML           14500894.45     -28144999.02
WIRE AND WIRELES       WNW          102422193.22     -37057061.49


JAPAN

AVIX INC               7836          19009420.72      -2125138.36
COSMOS INITIA CO       8844        2333430615.87    -454804416.82
DDS INC                3782          10683845.35      -5696657.23
FDK CORP               6955         465071545.70     -85901797.18
G-TRADING              3348          53439073.69     -19823380.51
GREEN FOODS CO         3367          87003396.49     -48040344.74
L CREATE CO LTD        3247          42344509.56      -9146496.90
MORISHITA CO LTD       3594         168223801.88      -2415401.06
NESTAGE CO LTD         7633          15752022.32      -7045459.62
OPEN INTERFACE I       4302          10824431.23     -25566252.98
PLACO CO LTD           6347          19727184.96      -1662140.28
PLACO CO LTD-WI        63471         19727184.96      -1662140.28
PRIME NETWORK          2684          15052085.28      -8379329.03
PROPERST CO LTD        3236         854806960.92     -17847055.11
RADIA HD               4723        1145701822.41    -213538214.60
REMIXPOINT CO LT       3825          13032512.99      -1159815.17
SPC ELECTRONICS        6818         124705573.68     -13095644.59
TERRANETZ CO LTD       2140          11633353.37      -4293462.63
ZENTEC TECHNOLOG       4296          61693138.35     -30725846.21


MALAYSIA

BSA INTERNATIONA       BSAI          60415146.27     -45433037.17
HARVEST COURT          HAR           10626827.67      -6604210.03
LITYAN HLDGS BHD       LIT           15777258.11     -28374431.50
NEPLINE BHD            NL            20464406.20     -25108761.81
NIKKO ELECTRONIC       NIKKO         10890137.48      -8147304.11
PECD BHD               PECD         247769002.01    -363970343.69
WONDERFUL WIRE         WW            11189410.52     -13834863.57


NEW  ZEALAND

DOMINION FINANCE       DFH NZ Equ   258902749.12     -55312405.88


PHILIPPINES

APEX MINING 'B'        APXB          51256351.82      -8972145.85
APEX MINING-A          APX           51256351.82      -8972145.85
BENGUET CORP 'B'       BCB           75331140.18     -35697080.01
BENGUET CORP-A         BC            75331140.18     -35697080.01
CENTRAL AZUC TAR       CAT           37806902.52      -2588843.76
CYBER BAY CORP         CYBR          12926776.59     -79228223.36
EAST ASIA POWER        PWR           50796443.41    -139420756.07
FIL ESTATE CORP        FC            37286935.14     -11355841.65
FILSYN CORP A          FYN           22000423.40     -10278638.86
FILSYN CORP. B         FYNB          22000423.40     -10278638.86
GOTESCO LAND-A         GO            18684576.24     -10863822.41
GOTESCO LAND-B         GOB           18684576.24     -10863822.41
MRC ALLIED             MRC           13040098.81      -3682026.54
PICOP RESOURCES        PCP          105659068.50     -23332404.14
STENIEL MFG            STN           28673457.47      -1478015.89
UNIVERSAL RIGHTF       UP            45118524.67     -13478675.99
UNIWIDE HOLDINGS       UW            52802040.71     -56176026.28
VICTORIAS MILL         VMC          178060236.02     -36659989.09


SINGAPORE

ADV SYSTEMS AUTO       ASA           11992958.61     -11223940.95
ADVANCE SCT LTD        ASCT          69486218.18     -11959064.78
CHUAN SOON HUAT        CSH           33386752.42     -11485337.08
FALMAC LTD             FAL           10288220.94      -6460596.18
HL GLOBAL ENTERP       HLGE          93947954.45     -12514151.49
INFORMATICS EDU        INFO          23073311.96       -831837.63
LINDETEVES-JACOB       LJ           155633719.48     -88389478.73
OCEAN INTERNATIO       OCEAN         61659790.45     -13720371.73
PACIFIC CENTURY        PAC           21863868.37      -2767499.46
SUNMOON FOOD COM       SMOON         18725666.00     -10079386.91
TT INTERNATIONAL       TTI          274506594.33     -42323078.96
WESTECH ELECTRON       WTE           28290170.94     -12855750.98


SOUTH KOREA

CL LCD CO LTD          35710         55585277.13     -14793655.63
DAHUI CO LTD           55250        186003859.24      -1504246.54
DAISHIN INFO           20180        740500919.30    -158453978.78
ELIM EDU CO LTD        46240         34029159.88      -3747735.09
FIRST FIRE & MAR       610         2044031310.36      -1780221.91
KYSYS CO LTD           15390         10671544.09      -6267111.24
MOBILINK TELECOM       41310         52665694.67     -11474605.44
MOBO CO LTD            51810        196643340.38     -11979182.85
ORICOM INC             10470         82645454.13     -40039161.33
PRIME ENTMT            17170         31473002.90     -19371600.20
ROCKET ELEC-PFD        425           68584186.91      -2140474.00
ROCKET ELECTRIC        420           68584186.91      -2140474.00
SAMT CO LTD            31330        303858255.56     -77572655.65
SIMM TECH CO LTD       36710        314177541.38     -34486443.29
SOLAR & TECH CO        30390         11466591.81       -588035.38
STARMAX CO LTD         17050         50131660.74     -25436154.88
SUNNY TRENDS CO        35500         32757713.75      -7323573.46
TAESAN LCD CO          36210        187935112.10    -546263614.46
TONG YANG MAGIC        23020        355147750.92     -25767007.75
YOUILENSYS CORP        38720        166697877.68     -12337148.33


TAIWAN

CHIEN TAI CEMENT       1107         202446919.23     -22407739.40
HELIX TECH-EC          2479T         23385923.43     -24115022.26
HELIX TECH-EC IS       2479U         23385923.43     -24115022.26
HELIX TECHNOL-EC       2479S         23385923.43     -24115022.26
TAIWAN KOL-E CRT       1606U        507206787.88    -147139297.70
TAIWAN KOLIN-EN        1606V        507206787.88    -147139297.70
TAIWAN KOLIN-ENT       1606W        507206787.88    -147139297.70
VERTEX PREC-ENTL       5318T         43037265.55      -2305484.43
VERTEX PRECISION       5318          43037265.55      -2305484.43
YEU TYAN MACHINE       8702          39574168.04    -271070409.72


THAILAND

ABICO HLDGS-F          ABICO/F       12066621.69      -9544714.91
ABICO HOLD-NVDR        ABICO-R       12066621.69      -9544714.91
ABICO HOLDINGS         ABICO         12066621.69      -9544714.91
BANGKOK RUB-NVDR       BRC-R         81029895.85     -63623979.94
BANGKOK RUBBER         BRC           81029895.85     -63623979.94
BANGKOK RUBBER-F       BRC/F         81029895.85     -63623979.94
BLISS-TEL PCL          BLISS         12552268.65      -1546013.01
BLISS-TEL PCL-F        BLISS/F       12552268.65      -1546013.01
BLISS-TEL PCL-NV       BLISS-R       12552268.65      -1546013.01
CENTRAL PAPER IN       CPICO         10220356.04    -216074904.26
CENTRAL PAPER-F        CPICO/F       10220356.04    -216074904.26
CENTRAL PAPER-NV       CPICO-R       10220356.04    -216074904.26
CIRCUIT ELE-NVDR       CIRKIT-R      61295807.28     -25886476.66
CIRCUIT ELEC PCL       CIRKIT        61295807.28     -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F      61295807.28     -25886476.66
DATAMAT PCL            DTM           12690638.93      -6132014.29
DATAMAT PCL-NVDR       DTM-R         12690638.93      -6132014.29
DATAMAT PLC-F          DTM/F         12690638.93      -6132014.29
ITV PCL                ITV           31557425.41     -76616907.26
ITV PCL-FOREIGN        ITV/F         31557425.41     -76616907.26
ITV PCL-NVDR           ITV-R         31557425.41     -76616907.26
K-TECH CONSTRUCT       KTECH         83204235.85      -5693045.29
K-TECH CONSTRUCT       KTECH/F       83204235.85      -5693045.29
K-TECH CONTRU-R        KTECH-R       83204235.85      -5693045.29
KUANG PEI SAN          POMPUI        17146363.89     -12117287.24
KUANG PEI SAN-F        POMPUI/F      17146363.89     -12117287.24
KUANG PEI-NVDR         POMPUI-R      17146363.89     -12117287.24
MALEE SAMPR-NVDR       MALEE-R       52662866.04      -6699070.37
MALEE SAMPRAN          MALEE         52662866.04      -6699070.37
MALEE SAMPRAN-F        MALEE/F       52662866.04      -6699070.37
NFC FERTILI-NVDR       NFC-R         41394761.31       -328937.74
NFC FERTILIZER P       NFC           41394761.31       -328937.74
NFC FERTILIZER-F       NFC/F         41394761.31       -328937.74
PATKOL PCL             PATKL         56238621.35     -21509387.22
PATKOL PCL-FORGN       PATKL/F       56238621.35     -21509387.22
PATKOL PCL-NVDR        PATKL-R       56238621.35     -21509387.22
PONGSAAP PCL           PSAAP/F       26782248.02      -2033209.65
PONGSAAP PCL           PSAAP         26782248.02      -2033209.65
PONGSAAP PCL-NVD       PSAAP-R       26782248.02      -2033209.65
SAFARI WORL-NVDR       SAFARI-R      98372248.17     -18046379.39
SAFARI WORLD PUB       SAFARI        98372248.17     -18046379.39
SAFARI WORLD-FOR       SAFARI/F      98372248.17     -18046379.39
SAHAMITR PR-NVDR       SMPC-R        31177710.43     -14940579.60
SAHAMITR PRESS-F       SMPC/F        31177710.43     -14940579.60
SAHAMITR PRESSUR       SMPC          31177710.43     -14940579.60
SUNWOOD INDS PCL       SUN           19863687.56     -13033623.14
SUNWOOD INDS-F         SUN/F         19863687.56     -13033623.14
SUNWOOD INDS-NVD       SUN-R         19863687.56     -13033623.14
THAI-DENMARK PCL       DMARK         15715462.27     -10102519.69
THAI-DENMARK-F         DMARK/F       15715462.27     -10102519.69
THAI-DENMARK-NVD       DMARK-R       15715462.27     -10102519.69
UNIVERSAL S-NVDR       USC-R         77602986.98     -55435027.30
UNIVERSAL STAR-F       USC/F         77602986.98     -55435027.30
UNIVERSAL STARCH       USC           77602986.98     -55435027.30


                         *********

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

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

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


                            *********


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

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

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

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

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





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