TCRAP_Public/090831.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, August 31, 2009, Vol. 12, No. 171

                            Headlines

A U S T R A L I A

CITY PACIFIC: Court Orders Company Wind Up on AU$3,060 Unpaid Debt
FAIRFAX MEDIA: Open to Discussing Charge for Online News


C H I N A

CHINA SOUTHERN: First Half Net Profit Down 95.3%
COUNTRY GARDEN: First-Half Results Won't Move Moody's 'Ba2' Rating
HAINAN AIRLINES: First-Half Profit Declines to CNY175 Million


H O N G  K O N G

FORTIS AGENCY: Placed Under Voluntary Wind-Up
FORTIS ASIA: Placed Under Voluntary Wind-Up
FORTIS CHINA: Placed Under Voluntary Wind-Up
FORTIS FAR EAST: Placed Under Voluntary Wind-Up
FORTIS FUTURES: Placed Under Voluntary Wind-Up

FORTIS GREATER: Placed Under Voluntary Wind-Up
FORTIS GROUP: Placed Under Voluntary Wind-Up
FORTIS INSURANCE: Placed Under Voluntary Wind-Up
FORTIS INTERNATIONAL: Placed Under Voluntary Wind-Up
FORTIS LIMITED: Placed Under Voluntary Wind-Up

FORTIS MANAGEMENT: Placed Under Voluntary Wind-Up
FORTIS SERVICES: Placed Under Voluntary Wind-Up
KANGBAO ELECTRICAL: Creditors' Proofs of Debt Due on September 30
KEYZ PRODUCTION: Placed Under Voluntary Wind-Up
SUN RISE: Creditors to Hold Meeting on September 8


I N D I A

DTL ANCILLARIES: CRISIL Places 'BB+' Rating on INR75MM Cash Credit
GAGAN FERROTECH: Default in Loan Repayment Cues CRISIL 'D' Ratings
GALAXY CONCAB: Term Loan Default Prompts CRISIL 'D' Ratings
GOLF CERAMICS: Delay in Term Loan Payment Cues CRISIL 'D' Ratings
JET AIRWAYS: CCI Questions Monopolistic Deal with Kingfisher

KINGFISHER AIRLINES: CCI Questions Monopolistic Deal with Jet Air
MAYTAS INFRA: Incurs INR489.79cr Loss for the Year Ended March 31
PVR SPINNING: CARE Assigns 'CARE BB' Rating on INR36.79cr Loan
RENNY STRIPS: CRISIL Assigns 'B+' Rating on INR25.3 Mln Term Loan
SATYAM COMPUTER: Wilbur Ross Acquires 1.8 Million Satyam ADRs


J A P A N

J FRONT: To Close Matsuzakaya Store Due to Poor Sales
NISSAN MOTOR: To Temporarily Cut 2,000 Jobs in Spain
ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
RENESAS TECHNOLOGY: May Get JPY200 Bil. Cash Infusion from Parent
SANYO ELECTRIC: To End Part of its Air-Conditioner Business


N E W  Z E A L A N D

PGG WRIGHTSON: Posts NZ$66.44 Mln Annual Loss; May Raise Equity
SOUTHERN CROSS: S&P Assigns 'BB' Rating; Outlook is Stable


S I N G A P O R E

G A LAND: Creditors' Proofs of Debt Due on September 28
SIF UNIVERSAL: Creditors' Proofs of Debt Due on September 11


T A I W A N

AMERICAN INT'L: Primus Offers Up to US$2 Billion for Taiwan Unit
QISDA CORP: Former BenQ Chief Cleared of Insider Trading Charges


                         - - - - -


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


CITY PACIFIC: Court Orders Company Wind Up on AU$3,060 Unpaid Debt
------------------------------------------------------------------
City Pacific Ltd has been put into liquidation after a federal
court judge ordered liquidator Andrew Wily and David Hurst of
Sydney insolvency firm Armstrong Wily to wind up the company,
Vanda Carson at The Sydney Morning Herald reports.

The Herald says the application to have Armstrong Wily appointed
was made by creditor Hlbc Commercial on a debt of AU$3,060.
According to the report, Hlbc made the application on August 7,
just four days after the Commonwealth Bank appointed receivers to
the company.

The report relates that Commonwealth Bank is owed AU$100 million
and has a charge over the City Pacific head office in Broadbeach
Waters on the Gold Coast, as well as charges over other assets.

"It is early days at the moment and we still need to work with
ASIC (the Australian Securities and Investments Commission) and
the receiver to start the investigation," the report quoted
Mr. Wily as saying.

City Pacific directors John Ellis, Phillip Downie and Thomas Swan
all consented to the wind up by filing documents with the court
that gave the green light to the move, the Herald states.

                        About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.

City Pacific's banker, the Commonwealth Bank, called in Ian Carson
and Daniel Bryant from PPB to act as receivers and managers
because the company is unable to pay debts of more than AU$100
million.  PPB partner Ian Carson said City Pacific's loss of the
fund had had a "significant impact upon (its) ability to service
its debts and remain viable".


FAIRFAX MEDIA: Open to Discussing Charge for Online News
--------------------------------------------------------
Fairfax Media Ltd is open to forming an agreement with rival News
Ltd in an effort to get readers to pay for online content, The
Sydney Morning Herald reports citing Fairfax chief Brian McCarthy.

According to the report, Mr. McCarthy's comments come as Fairfax
posted a net loss of AU$380 million in the year to the end of
June, with earnings hurt by impairment charges and lower revenue.
The report relates the company said it is confronting an
"unprecedented" slowdown in ad revenues while addressing the
structural shifts to the media industry.

Noting media-magnate Rupert Murdoch's plans to begin charging
online readers of News' newspapers within the current business
year, Mr. McCarthy said "We're looking at all of our options at
the moment," the Herald relates.

The report quoted Mr. McCarthy as saying that "It's certainly
something we would be open-minded to at this stage."
However, the Herald states, Mr. McCarthy warned that because
Fairfax and News are competitors any agreement would have to be
subject to the Australian Competition and Consumer Commission.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 25, 2009, Bloomberg News said Fairfax Media Ltd. posted a
second-half loss after a decline in advertising revenue forced it
to write down the value of its mastheads.

The company posted a net loss after impairments, significant items
and tax of AU$14.7 million (US$12.3 million) in the six months
ended in June, compared with a profit of AU$190.9 million a year
earlier.  For the full year, the publisher of the Sydney Morning
Herald and the Australian Financial Review reported a loss of
AU$380 million on AU$2.6 billion sales.

                      Credit Ratings Downgrade

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

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

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

                       About Fairfax Media

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


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


CHINA SOUTHERN: First Half Net Profit Down 95.3%
------------------------------------------------
Xinhua News Agency reports that China Southern Airlines reported a
95.3% decline in first half's net profit despite the increased
passenger traffic.

The news agency relates that although the passenger number rose by
10.7% in the first six months from a year ago, the company failed
to repeat a CNY2.64 billion of foreign- exchange gains of last
year as yuan kept little changed in the first half of this year.

Xinhua says the company carried 31 million passengers in the first
half.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 18, 2009, Fitch Ratings affirmed China Southern Airlines Co.
Ltd's 'B+' Long-term foreign and local currency Issuer Default
Ratings, and simultaneously withdrawn the ratings.   Outlook on
the ratings remains Stable.  Fitch will no longer provide ratings
or analytical coverage on this issuer.


COUNTRY GARDEN: First-Half Results Won't Move Moody's 'Ba2' Rating
------------------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's first-half results for the period to June 30,
2009, were generally in line with Moody's expectations and have no
impact on the company's Ba2 corporate family rating and Ba3 senior
unsecured debt rating.  The ratings outlook remains negative.

Country Garden's contracted property sales grew by 30% y-o-y to
1.92 million square meters during 1H2009, but its average selling
price declined from RMB 8,012 per sqm to RMB 4,973 sqm.

"In its rating downgrade of Country Garden in April 2009, Moody's
had anticipated the decline in the selling price as the company
has fewer villas to sell and has also experienced downward
pressure on sales prices in its projects outside Guangdong
Province", says Peter Choy, a Moody's Vice President and Senior
Credit Officer, adding, "as a result, its gross profit margin and
EBITDA margin declined to 31.9% and 28.9% respectively."

"At the same time, Country Garden has addressed this pressure on
its profit margins by focusing more on developments in Guangdong
Province, where selling prices are more favorable," says Choy.

Currently, it aims to generate at least 70% of its sales from
Guangdong Province in the next two years.  Additionally, it has
implemented tight controls over costs, as evidenced by the fact
that its selling and marketing costs in 1H 2009 declined by 51.2%
(y-o-y) to RMB 106 million and its administration expenses fell by
29.3% to RMB 393.7 million.

"Moody's expects Country Garden to achieve its FY2009 contracted
sales target, but any material variance could exert downward
pressure on its ratings," says Choy.

"At the same time, its liquidity position remains adequate for the
next 12 months, and it has a target of maintaining an average
unrestricted cash balance of RMB 3.0 billion," says Choy.

Furthermore, Moody's expects Country Garden to plan for new
funding to manage the payment of its US$600 million in convertible
bonds, and which may become due in February 2011 if investors
exercise their put options.

"Moody's also notes that Country Garden's debt leverage has risen
as its profit margin has declined.  Its credit metrics -- as
measured by Debt/Capitalization of 45.1%, Debt/EBITDA of 3.2x and
EBITDA/interest of 5.5x -- are within Moody's expectations, but
such a profile positions the company at the weaker end of the
current rating," says Choy.

The negative rating outlook reflects Moody's expectation that it
will remain challenged by property projects outside Guangdong
Province, an increase in borrowings in an environment of low
profit margins, and its need to arrange refinancing for its
US$600 million in convertible bonds.

Upward rating pressure is unlikely in the near term, given the
negative outlook.

However, the outlook could return to stable if the company can (1)
improve its property sales without sacrificing its EBITDA margin,
such that its credit metrics can be sustained with EBITDA/Interest
of 4.5x -- 5x and Adjusted Debt/EBITDA below 3.0 - 3.5x; (2)
improve its profit margins, such that the EBITDA margin is at 25%
- 30% on a sustained basis; and (3) maintain sufficient balance
sheet cash, operating cash flow and committed liquidity lines to
meet land payments, dividends and debt repayments on a rolling 12-
month basis.

Meanwhile, downward rating pressure could emerge if (1) Country
Garden experiences difficulty in implementing its current business
plan; (2) its profit margins erode further; (3), it cannot produce
a solid plan to refinance its convertible bonds by 1H2010; or (4)
there is a further weakening in the Chinese property market, such
that operating cash flow is less than anticipated.

In such a situation, a downgrade could be considered if its EBITDA
margin falls below 20%; Debt/EBITDA is or above 4.5x;
EBITDA/Interest declines below 3.5x -- 4.0x on a sustained basis;
and/or the company reports continuous negative operating cash flow
(before land payments), which further weakens its liquidity.

The last rating action on Country Garden was taken on 22 April
2009, when its corporate family rating was downgraded to Ba2 from
Ba1 and its senior unsecured debt rating was downgraded to Ba3
from Ba1 with a negative outlook.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is one of the leading
integrated property developers in China.


HAINAN AIRLINES: First-Half Profit Declines to CNY175 Million
-------------------------------------------------------------
Bloomberg News reports that Hainan Airlines Co. said first-half
net income fell 40% from a year earlier to CNY175 million.

Citing a Shanghai stock exchange filing, Bloomberg says the
carrier's sales fell to CNY6.79 billion from CNY6.88 billion.

Based in Haikou, Hainan Province, the People's Republic of China,
Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- founded in
1993, is the fourth-largest carrier in China and the largest non-
government-owned airline in China.  Hainan Airlines is known for
its award-winning customer service, impeccable safety record and
on-time performance.  Hainan Airlines carries more than 14 million
passengers annually.  Hainan Airlines currently flies to more than
60 domestic and international cities, including the capitals of
every Chinese province.  Hainan Airlines' international flights
include Budapest, Brussels, Osaka and St. Petersburg.

                         *      *      *

Hainan Air continues to carry Xinhua Far East China Rating's "CC"
issuer credit rating placed on October 31, 2005 with a negative
outlook.


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


FORTIS AGENCY: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Agency Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS ASIA: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Asia Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS CHINA: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis China Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS FAR EAST: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Far East Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS FUTURES: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Futures Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS GREATER: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Greater China Limited passed a resolution
that voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS GROUP: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Group Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS INSURANCE: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Insurance Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis International Limited passed a resolution
that voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS MANAGEMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Management Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


FORTIS SERVICES: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
shareholders of Fortis Services Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


KANGBAO ELECTRICAL: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------------
The creditors of Kangbao Electrical (H.K.) Limited are required to
file their proofs of debt by September 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 26, 2009.

The company's liquidator is:

          Lam Ying Sui
          Allied Kajima Building, 10th Floor
          138 Gloucester Road
          Wanchai, Hong Kong


KEYZ PRODUCTION: Placed Under Voluntary Wind-Up
-----------------------------------------------
On August 26, 2009, the sole member of KeyZ Production Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Lau Wai Kit
          CRE Building, Room 2302
          303 Hennessy Road
          Wanchai, Hong Kong


SUN RISE: Creditors to Hold Meeting on September 8
--------------------------------------------------
The creditors of Sun Rise Plastic Materials Company Limited will
hold their meeting on September 8, 2009, at 10:30 a.m., to
ascertain the creditors' wishes relating to changes of
liquidators.

The meeting will be held at Room 203 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


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


DTL ANCILLARIES: CRISIL Places 'BB+' Rating on INR75MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4' ratings to the bank
facilities of DTL Ancillaries Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR75.00 Million Cash Credit *     BB+/Stable (Assigned)
   INR45.00 Million Term Loan         BB+/Stable (Assigned)
   INR60.00 Million Letter of Credit  P4 (Assigned)
   INR10.00 Million Bank Guarantee    P4 (Assigned)

   *Includes a standby line of credit of INR5.00 million.

The ratings reflect DTL's small scale of operations, customer
concentration, weak capital structure, and vulnerability to
volatility in raw material prices.  The impact of these weaknesses
is mitigated by the company's moderate debt protection measures,
the benefit it derives from the industry experience of its
promoters, and the healthy growth prospects of the railway wagons
and coaches manufacturing industry.

Outlook: Stable

CRISIL believes that DTL's capital structure will remain weak over
the medium term because of its large working capital requirements,
notwithstanding the expected improvement in its cash accruals. The
company's scale of operations is also expected to remain small
over the near term.  The outlook may be revised to 'Positive' if
DTL's scale of operations and capital structure improve
substantially on a sustainable basis.  Conversely, the outlook may
be revised to 'Negative' if the company's capital structure
deteriorates or if there is significant pressure on its
profitability.

                          About DTL Ancillaries

Incorporated in 1996 by Mr. Vijay Mohan Jain, DTL (formerly DTL
Ancillaries Pune Works Ltd) began as a load body manufacturer for
Tata Motors Ltd.  DTL has two manufacturing facilities, one for
fabricating, assembling, and painting load body of mild steel and
manufacturing railway wagons and coach aggregates in stainless
steel, and the other for manufacturing cold-roll formed (CRF)
components fitted in the load bodies. In 2004, the company started
supplying CRF components for railway coaches to Integral Coach
Factory (ICF).  DTL also supplies sidewalls, roofs, and end walls
for coaches to ICF. DTL has received the approval for supplying
CRF components for stainless steel high capacity freight wagons.

DTL is estimated to have posted a profit after tax (PAT) of
INR14.8 million on net sales of INR547 million for the year ended
March 31, 2009, against a reported PAT of INR11.2 million on net
sales of INR527 million for the year ended March 31, 2008.


GAGAN FERROTECH: Default in Loan Repayment Cues CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Gagan Ferrotech Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR560.0 Million Long Term Loan  D (Assigned)
   INR135.0 Million Cash Credit     D (Assigned)
   INR5.0 Million Bank Guarantee    P5 (Assigned)

The ratings reflect default by Gagan on its term loan; the default
was caused by weak liquidity.

                       About Gagan Ferrotech

Set up in 1993 as Gagan Commodities Pvt Ltd by Mr. Deepak Agarwal
and Mr. Vinay Agarwal, Gagan is part of the Shakhambari group.
Gagan was engaged in the coal trading business from 1993 to 2005.
In 2006, the company entered the sponge iron manufacturing
business; currently, the company has a 60,000-tonne per annum-
capacity sponge iron unit in Durgapur in West Bengal.  The company
is doubling its sponge iron capacity.


GALAXY CONCAB: Term Loan Default Prompts CRISIL 'D' Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Galaxy Concab (India) Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit Limit  D (Assigned)
   INR25.0 Million Term Loan          D (Assigned)
   INR10.0 Million Working Capital    D (Assigned)
                    Demand Loan
   INR110.0 Million Proposed Long     D (Assigned)
           Term Bank Loan Facility
   INR25.0 Million Bank Guarantee     P5 (Assigned)

The ratings reflect default by Galaxy Concab in meeting its term
loan obligations, owing to weak liquidity

                        About Galaxy Concab

Galaxy Concab was incorporated as a private limited company in
March, 2006 in Jaipur (Rajasthan).  The company initially traded
in wires and cables, and commenced manufacturing operations in
June 2007.  The company manufactures cables and conductors.
Galaxy Concab reported a profit after tax (PAT) of INR4.7 million
on net sales of INR335.7 million for the year ended March 31,
2009, as against a PAT of INR7.3 million on net sales of INR182.3
million for the year ended March 31, 2008.


GOLF CERAMICS: Delay in Term Loan Payment Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Golf Ceramics Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR22.5 Million Cash Credit Limit  D (Assigned)
   INR95.8 Million Term Loan          D (Assigned)
   INR8.2 Million Bank Guarantee      P5 (Assigned)

The ratings reflect the delay by GCL on its term loan obligations
due to weak liquidity.

                        About Golf Ceramics

Set up in 2006, GCL manufactures and sells vitreous sanitaryware
such as basins, and closets.  The company commenced commercial
production in April 2008, after the completion of the construction
of its 15000 tonnes per annum (tpa) capacity plant.  Before the
plant began manufacturing operations, GCL used to trade in tiles
and sanitaryware.

GCL is expected to report a net loss of INR2.1 million on net
sales of INR124 million for the year ended March 31, 2009, as
against a net loss of INR2.5 million on net sales of INR4.9
million for the year ended March 31, 2008.


JET AIRWAYS: CCI Questions Monopolistic Deal with Kingfisher
------------------------------------------------------------
The Times of India reports that the Competition Commission of
India has issued notices to Jet Airways (India) Ltd and Kingfisher
India Ltd over the allegedly monopolistic alliance the two entered
into last year.

Asserting that "prima facie a case exists", CCI has sought details
of Vijay Mallya and Naresh Goyal’s operational tie-up that could
prevent a level playing field for other carriers, the report said.

"It has been alleged that the alliance may result in
cartelization, which may have an appreciable adverse affect on
competition . . .  It has further been alleged that the two
airlines have a bulk market share as well as airport slots,
undermining the ability of other players to compete on a level
playing field and are abusing their dominant positions by
coordinating increase in passengers fares, increase in fuel
surcharge, charging fuel surcharge at a fixed rate irrespective of
distance," the Times quoted the CCI as saying in its notice.

According to the report, the airlines have been asked to submit
details of the agreement reached last year along with minutes of
the meetings held between Goyal and Mallya, failing which the
airlines could be fined.

The Times says the Monopolies and Restrictive Trade Practices
Commission is also looking into a similar complaint about the Jet-
Kingfisher alliance and the next hearing is slated soon.

Jet, JetLite and Kingfisher have nearly 50% market share of
domestic air traffic, the report notes citing latest DGCA figures.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


KINGFISHER AIRLINES: CCI Questions Monopolistic Deal with Jet Air
-----------------------------------------------------------------
The Times of India reports that the Competition Commission of
India has issued notices to Jet Airways (India) Ltd and Kingfisher
India Ltd over the allegedly monopolistic alliance the two entered
into last year.

Asserting that "prima facie a case exists", CCI has sought details
of Vijay Mallya and Naresh Goyal’s operational tie-up that could
prevent a level playing field for other carriers, the report said.

"It has been alleged that the alliance may result in
cartelization, which may have an appreciable adverse affect on
competition . . .  It has further been alleged that the two
airlines have a bulk market share as well as airport slots,
undermining the ability of other players to compete on a level
playing field and are abusing their dominant positions by
coordinating increase in passengers fares, increase in fuel
surcharge, charging fuel surcharge at a fixed rate irrespective of
distance," the Times quoted the CCI as saying in its notice.

According to the report, the airlines have been asked to submit
details of the agreement reached last year along with minutes of
the meetings held between Goyal and Mallya, failing which the
airlines could be fined.

The Times says the Monopolies and Restrictive Trade Practices
Commission is also looking into a similar complaint about the Jet-
Kingfisher alliance and the next hearing is slated soon.

Jet, JetLite and Kingfisher have nearly 50% market share of
domestic air traffic, the report notes citing latest DGCA figures.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.

Kingfisher Airlines reported a net loss of INR16.09 billion for
the yearended March 31, 2009, compared with a net loss of INR1.89
billion in the financial year ended March 31, 2008.


MAYTAS INFRA: Incurs INR489.79cr Loss for the Year Ended March 31
-----------------------------------------------------------------
Maytas Infra Ltd on Saturday reported a net loss of INR489.79
crore for the year ended March 31, 2009, compared with a net
profit of INR99.64 crore in the same period a year ago, The Times
of India reports.  The company attributed poor results to what it
called "unprecedented events" linked to Satyam Computer Services
Limited, the report says.

According to the Times, the company released the results days
after corporate affairs minister Salman Khurshid said that the
government was awaiting reports from the enforcement directorate
and the US' Internal Revenue Service to see if the accounts needed
restating.

The report relates that Maytas, which lost the Hyderabad Metro
rail project after an accounting scam came to light in Raju-
founded Satyam in January, said in a statement that its top line
fell 19% to INR1,335 crore during the year.

For the April-June quarter, the report notes the company said it
had incurred a net loss of INR16.28 crore as against a net profit
of INR20.05 crore in the year-ago period.

As reported in the TCR-AP on Feb. 20, 2009, the Financial Express
said the government called on the Company Law Board to supercede
the present boards of Maytas Infra Ltd and Maytas Properties Ltd.
"In order to prevent further acts of fraud against the said
companies (two Maytas companies) and to safeguard operations of
these companies in public interest, the government has moved the
CLB to remove the existing directors of these companies," the
Financial Express quoted Corporate Affairs Minister Prem Chand
Gupta as saying.

The Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office, which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  According to the Hindu
Business Line, the board of Maytas Infra comprises Dr. R. P. Raju
(Independent director), Mr. B. Teja Raju (Vice- Chairman and son
of Mr B. Ramalinga Raju), and Mr. B. Narasimha Rao (who was
inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court rejected an application made
by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.
According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.  Infoline said
Maytas's financial health and its ability to complete the ongoing
projects is crucial for the banks.  On February 9, Infoline said a
High Court judge refused to grant ad-interim relief sought by the
two banks.

                         About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/-- is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


PVR SPINNING: CARE Assigns 'CARE BB' Rating on INR36.79cr Loan
--------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the INR36.79 crore long-
term bank facilities of PVR Spinning & Weaving Ltd.  This rating
is applicable to facilities having tenure of more than one year.
Instruments with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such instruments
carry high credit risk.

Rating Rationale

The rating factors in the limited track record of operations, the
lack of experience of promoters in the textile business, limited
production capacity and losses incurred since inception.  The
rating is further constrained by the inadequate power supply which
disrupts production, unfavourable industry scenario and the
commodity nature of the product.  The rating also takes into
account the support received by the company from its parent group
and the modern manufacturing setup with latest machinery.

                        About PVR Spinning

PVR Spinning & Weaving Ltd was promoted by the PVR Group which has
been in the construction and civil engineering field for more than
four decades.  The main promoter of the group is Mr. Penumatcha
Prithviraj.  The company is engaged in manufacturing of cotton
yarn, with an installed capacity of 14,400 spindles.  It has set
up its manufacturing unit in West Godavari District of Andhra
Pradesh and started commercial production in July 2007.  The
manufacturing unit was predominantly financed by loans under the
TUF Scheme. The project involved a total cost of INR45.69 crore of
which INR30.5 crore was financed by bank loan and rest by the way
of equity infusion and unsecured loans from the promoters and
associates.

The company started its operations in July 2007 and registered
sales turnover of INR13.93 crore in FY08. In FY09 (provisional),
which is the first full year operation of the company, it had
achieved sales turnover of INR23.95 crore, exhibiting an
annualised growth of 28% YOY. The increase in sales for FY09 was
on account of increase in quantity and sales price realisation.
The company has reported export sales of INR0.35 crore in FY08 and
INR2.81 crore inFY09.

The gearing ratios were on the higher side as on March 31, 2009
with debt-equity ratio at 4.08x and the overall gearing ratio at
4.88x. Part of the debt includes preference shares of INR3 crore
in the form of share application money. PVRSWL has given an
undertaking that the preference shares would not be paid without
the prior approval of the banks. Even considering the preference
shares of the promoters as equity, the debt-equity ratio and total
gearing ratio would remain high at 3x and 3.33x, respectively, as
on March 31, 2009.  The interest coverage ratio was 0.17x for FY08
and at 0.62x for FY09 due to poor margin and high interest
obligation.


RENNY STRIPS: CRISIL Assigns 'B+' Rating on INR25.3 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Renny Strips Pvt Ltd.


   Facilities                           Ratings
   ----------                            -------
   INR100.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR25.3 Million Term Loan            B+/Stable (Assigned)
   INR40.0 Million Letter of Credit     P4 (Assigned)
   INR20.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect RSPL's weak financial risk profile and
exposure to competitive pressures in the steel products industry
owing to small scale, and non-integrated nature of its operations.
These weaknesses are, however, partially offset by RSPL's strong
growth in revenues (at a compound annual growth rate of 68 per
cent over the past three years).

Outlook: Stable

CRISIL expects RSPL to maintain a stable credit risk profile on
the back of its strong regional presence in the steel products
industry.  The outlook may be revised to 'Positive' if improved
demand form the end user industry leads to increasing sales and
growing profit margins.  Conversely, the outlook may be revised to
'Negative' if the company undertakes significant debt-funded
capital expenditure, leading to deterioration in debt protection
measures.

                        About Renny Strips

Incorporated in 1996, RSPL was engaged in trading activities till
it commenced commercial production in June, 2005; it converts
steel billets to wires ranging from 6 mm to 100 mm. RSPL's
operations are IS: 7887:1992 certified. During 2008-09, the
company was also appointed as conversion agent for Steel Authority
of India Ltd for conversion of steel re-rollables to wire rod in
coil.

For the year ended March 31, 2008, RSPL reported a profit after
tax (PAT) of INR3.8 million on net sales of INR713.2 million, as
against a PAT of INR2.8 million on net sales of INR461.2 million
for 2006-07.


SATYAM COMPUTER: Wilbur Ross Acquires 1.8 Million Satyam ADRs
-------------------------------------------------------------
Pooja Thakur at Bloomberg News reports that billionaire investor
Wilbur Ross has acquired the second-largest stake in Satyam
Computer Services Ltd.’s U.S. securities, after missing out in an
April auction for control of the Indian software developer.

According to filings to the Securities & Exchange Commission,
Invesco Private Capital Inc., controlled by Mr. Ross, bought 1.8
million American depositary receipts, Bloomberg relates.  The
securities, equivalent to two of Satyam’s Indian shares, were
worth USS$3.11 apiece at the end of June, Bloomberg notes.

The investment makes Invesco the second-largest shareholder in
Satyam’s depository receipts, behind Security Investors LLC,
according to data compiled by Bloomberg.

                         Fraud Revelation

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

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

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

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

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

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

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

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

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

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

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

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

                       About Satyam Computer

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


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


J FRONT: To Close Matsuzakaya Store Due to Poor Sales
-----------------------------------------------------
J Front Retailing Co said it will shut down a Matsuzakaya store in
Okazaki, Aichi Prefecture, at the end of January, Kyodo News
reports.

Kyodo News notes the company said the decision comes as the
store's earnings have deteriorated due to poor sales in the
current recession as well as fierce competition from nearby
supermarkets.

The company plans to book some JPY1 billion in relevant losses for
the first half of its current fiscal year that started in
March 2009, the report says.

Kyodo discloses that the Matsuzakaya Okazaki store opened in 1971
and posted some JPY5 billion in sales in the previous fiscal year
that ended in February.

J. Front Retailing Co. Ltd. is a Japan-based holding company
primarily engaged in the operation of department stores.  The
Company is also engaged in the operation of supermarkets, the
wholesale business, the mail-order business, the leasing of real
estate , the operation and leasing of parking lots, the contract
construction works for building decorations, the manufacture and
sale of furniture and the provision of credit services, among
others.  It holds 100% of the stock in the department-store chains
Daimaru and Matsuzakaya Holdings.


NISSAN MOTOR: To Temporarily Cut 2,000 Jobs in Spain
----------------------------------------------------
Nissan Motor Co. is planning to temporarily cut 2,025 jobs at its
factories in Barcelona and Montcada, north-eastern Spain, The
China Post reports citing trade union sources.

According to the Post, the suspension of labor relations, which
would last up to 78 days, would follow the sacking of 698 people
in July within a Nissan restructuration plan in Spain.

The report relates that according to company sources, Nissan is
expecting to produce only 50,000 cars in the Barcelona area this
year, down from 135,000 units in 2008.

The trade union Sigen-USOC, however, described the job cuts as
"unjustified" and pledged to ask the regional authorities not to
authorize them, the Post states.

The Troubled Company Reporter-Asia Pacific reported on May 14,
2009, that Nissan Motor Co. booked its first annual loss in fiscal
year 2008 due to shrinking global demand for cars amid the sharp
recession and stronger yen.  For the year that ended in March,
Nissan reported a group net loss of JPY233.71 billion, compared
with a JPY482.26 billion profit in 2007.  The company is
projecting a group net loss of JPY170 billion for this business
year, which ends March 2010.

Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd.
(NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in
providing automotive products and services.  The company, through
its subsidiaries, is primarily engaged in the manufacture and
sales of products in the automobile segment and in providing
various financial services to users of the company's products in
the sales financing segment.  These products, which are sold in
Japan and overseas, principally in North America and Europe,
include passenger cars, buses and trucks, as well as the related
components.  Financial services include primarily leases and
credits principally in Japan and North America.  The company has
two segments: automobile and sales financing.  The company
provides lithium-ion batteries for automobiles, and has
established a joint-venture company with NEC to develop,
manufacture and market these batteries.


ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class D to G trust certificates issued under the ORIX-NRL Trust 16
transaction and removed the ratings from CreditWatch with negative
implications.  At the same time, Standard & Poor's affirmed its
ratings on the class B and C trust certificates and removed them
from CreditWatch with negative implications.  The ratings on
classes F and G had been placed on CreditWatch with negative
implications on April 24, 2009, while those on classes B to E had
been placed on CreditWatch negative on July 6, 2009.  Meanwhile,
Standard & Poor's also affirmed its ratings on classes A and X
issued under the same transaction.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes B to E of ORIX-NRL Trust 16, on CreditWatch with
negative implications.

One of the transaction's underlying loans (representing about
62.2% of the initial issuance amount of the trust certificates)
and an underlying specified bond (representing approximately 16.8%
of the initial issuance amount of the trust certificates) are
"loans considered to be in default," as stated in the
aforementioned report, and both are due to mature by the end of
August 2010.  In addition, a remaining underlying loan
(representing about 21.1% of the initial issuance amount of the
trust certificates) had defaulted in March 2009.  Accordingly,
Standard & Poor's has reviewed the property management report for
the properties backing the loans and the specified bond, and met
with the asset manager.

S&P is downgrading classes D to G because: (1) S&P has lowered its
assumptions with respect to the recovery amounts from the
collateral properties relating to the aforementioned "loans
considered to be in default" (one loan and one specified bond) in
light of their location, type, and specifications, based on the
possibility that the loans may not be redeemed by the maturity
date and the properties may need to be liquidated; and (2) S&P
hold the view that there appears to be uncertainty over the
recovery prospects of the properties that back the aforementioned
defaulted loan.

Standard & Poor's intends to continue to monitor progress in the
repayment of the "loans considered to be in default", as well as
the performance and recovery prospects of the related collateral
properties backing those loans and the underlying specified bond.

S&P is considering amending the rating methodology for interest-
only certificates, which include class X of this transaction.  If
the proposal is adopted, it could affect the rating on class X.
At this point, however, Standard & Poor's has affirmed its rating
on class X.

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by two loans and one specified bond
(tokutei shasai) extended to three obligors, which were originally
backed by 22 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

            Ratings Lowered, Off Creditwatch Negative

                         ORIX-NRL Trust 16
       JPY19.0 billion trust certificates due September 2013

       Class   To     From             Initial Issue Amount
       -----   --     ----             --------------------
       D       BBB-   BBB/Watch Neg    JPY1.7 bil.
       E       BB     BBB-/Watch Neg   JPY0.6 bil.
       F       B+     BB+/Watch Neg    JPY0.6 bil.
       G       B-     BB/Watch Neg     JPY0.3 bil.

            Ratings Affirmed, Off Creditwatch Negative

       Class   To     From             Initial Issue Amount
       -----   --     ----             --------------------
       B       AA     AA/Watch Neg   JPY1.9 bil.
       C       A      A/Watch Neg    JPY1.9 bil.

                         Ratings Affirmed

    Class   Rating   Initial Issue Amount
    -----   ------   --------------------
    A       AAA      JPY12.0 bil.
    X*      AAA      JPY19.0 bil.  (Initial notional principal)

                         * Interest only


RENESAS TECHNOLOGY: May Get JPY200 Bil. Cash Infusion from Parent
-----------------------------------------------------------------
Renesas Technology Corp. could get a cash infusion from its two
parent companies to keep it moving toward a merger with NEC
Electronics Corp., Dow Jones Newswires reports citing sources
close to the matter.

Dow Jones says Hitachi Ltd. and Mitsubishi Electric Corp., the
joint owners of Renesas Technology, are in discussions to give
financial assistance to the unlisted money-losing chip maker, as
they seek to close a deal to sell the unit to NEC Corp. by the end
of September.

The sources, according to Dow Jones, would not comment on how much
Renesas could get from its two parent companies, but they expect
the possible cash infusion would help NEC Electronics to integrate
its operations with Renesas Technology.

Citing Nikkei business daily, Dow Jones Newswires, meanwhile
reports that Hitachi, Mitsubishi Electric and NEC are in talks to
infuse a total of about JPY200 billion into Renesas and NEC
Electronics to help smooth the way toward a merger.

NEC Electronics and Renesas said on Aug. 26 that their merger
agreement would be delayed by one month until the end of
September, Dow Jone states.

On April 17, 2009, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported Renesas's president, Yasushi Akao,
said the company aims to return to profit next fiscal year by
cutting labor, research and productions costs.  The company is
consolidating production lines, cutting wages and reducing
research spending to slash costs by about JPY80 billion or
US$813 million in the 12 months started April 1, Mr. Akao told
Bloomberg News in an interview in Tokyo.  Renesas already trimmed
its expenditure by as much as JPY40 billion last year, he said.
Bloomberg News said that according to Mr. Akao, after selling
JPY54 billion of its shares last month to Hitachi Ltd. and
Mitsubishi Electric Corp., Renesas may ask the firms for
additional funding.  The company may also consider accepting
financial support from Japanese government if available, Mr. Akao
said as cited by Bloomberg News.

                     About Renesas Technology

Japan-based Renesas Technology Corp --- http://www.renesas.com/
--- a Hitachi Ltd and Mitsubishi Electric Corp joint venture, is a
microchip manufacturer.  The company makes many kinds of
semiconductors, including discrete devices, application-specific
integrated circuits (ASICs), microprocessors, memories, and analog
chips; it is also the world's top maker of microcontroller chips.


SANYO ELECTRIC: To End Part of its Air-Conditioner Business
-----------------------------------------------------------
Mariko Yasu at Bloomberg News reports that Sanyo Electric Co. said
it will overhaul its air-conditioner and administrative operations
as part of a broadened reorganization of the company.

Citing Sanyo in a statement on Aug. 26, Bloomberg discloses that
the company will discontinue parts of its air-conditioner and
light-emitting-diode businesses.  Sanyo also plans to scale back
administrative positions, Bloomberg adds.

According to the report, Sanyo said the cost of the reorganization
will be reflected in this fiscal year's earnings.  Bloomberg
relates that employees displaced by the reorganization will be
redeployed and those seeking voluntary retirement will be offered
career and financial support.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


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


PGG WRIGHTSON: Posts NZ$66.44 Mln Annual Loss; May Raise Equity
---------------------------------------------------------------
PGG Wrightson Limited disclosed its financial results for the year
ended June 30, 2009.

The Group reported a net loss of NZ$66.44 milion for the year
ended June 30, 2009, compared with a net income of NZ$73.2 million
in the previous year.  Its net operating earnings after tax was
NZ$30 million for the year ending June 30, 2009.

The operating performance was affected by a range of non-trading
items which meant the company reported an accounting loss.  Of
these, the most directly comparable result on which to assess
performance is the net operating profit after tax (excluding the
one-off and non-trading items) figure of NZ$30 million, down
NZ$2.9 million or 8.8% from last year.

The group NPAT was significantly reduced by one-off items, largely
non-cash totalling NZ$96.4 million – the impact of fair value
adjustments and a provision for expenses incurred in the
settlement with Silver Fern Farms (SFF).  The two major parts of
this were NZ$39.2 million related to the revaluation to market
price at June 30, 2009, of the group's shareholding in NZ Farming
Systems Uruguay (NZS) and NZ$49.6 million related to the
settlement of the SFF transaction.

The SFF settlement was an important resolution and PGW was pleased
that both companies were able to put the disappointment of last
year's events behind them.  The settlement provided certainty for
the Company over the financial exposure resulting from its
inability to complete the transaction. The terms of the settlement
were approved by PGW's banking syndicate.

The decline in operating earnings reflected a much tougher trading
environment in the autumn period with earnings before interest and
tax (EBIT) for the year reducing from NZ$77.8 million to NZ$74.5
million.  The Group also experienced increased financing costs
following the renewal of facilities during the financial year.

Revenue for the year at NZ$1.3 billion remained relatively strong
and in line with last year.  Margins were under pressure during
the last quarter as competition increased in a number of business
areas.

Operating cashflow of NZ$52 million compared with NZ$26 million
the previous year, a significant increase reflecting positively
the initiatives on working capital in the Company.

Total assets of NZ$1.5 billion were in line with last year.

Investments include additional equity in PGG Wrightson Finance,
expansion of our rural services businesses in South America,
acquisition of Stephen Pasture Seeds in Australia and investment
in new IT systems.

                      Capital Management Plan

In June 2009, the Company notified its banking syndicate of a
potential breach of its financial covenants as at June 30 due to
adverse trading conditions expected from the last four months of
the financial year.  A waiver of financial covenants was received
from both the banking syndicate and South Canterbury Finance,
before the finalization of the Company's results for the 2009
financial year.

As the waiver was not received prior to June 30, 2009,
notwithstanding the banking syndicate waived its financial
covenant requirements prior to the relevant test date, under IFRS
the Company is required to record all term debt as current as at
June 30, 2009.  Following completion of the renegotiated banking
package, debt maturing more than 12 months from June 30, 2009,
(now approximately NZ$197.9 million) would be reclassified as term
debt.

Upon receiving the bank waiver, the Company also commenced
negotiations with its banking syndicate of various amendments to
its existing banking facilities.  The Company has subsequently
renegotiated a revised banking package with its banking syndicate
with the following terms:

   * A term debt facility of NZ$197.9 million that matures on
     August 31, 2012 (previously NZ$275 million expiring
     on September 30, 2011)

   * An amortizing debt facility of NZ$200 million due to be
     fully repaid by March 31, 2010 (previously NZ$125 million
     expiring on December 31, 2010)

   * A working capital facility of NZ$75 million that matures
     on August 31, 2011, with the limit and term reviewed
     annually (previously NZ$75 million expiring April 30, 2010)

   * Overdraft and guarantee facilities of approximately
     NZ$40 million.

In addition, South Canterbury Finance has agreed to extend its
debt until February 28, 2013.

In conjunction with the renegotiation of the terms of the
Company's bank facilities, the Company has been reviewing its
capital structure and evaluating its options for meeting the new
bank debt amortization schedule.  The terms of the new facility
set milestones for progress on the capital management plan, to
enable the banking syndicate to monitor its implementation.

As part of this review, the Company said it is continuing to
progress its previously announced debt reduction program and is
also considering the sale of selected assets and a potential
equity raising.  Any equity raising is likely to involve both
existing shareholders and new investors, and may also include the
introduction of a new cornerstone shareholder.  The Company has
engaged First NZ Capital and UBS to assist with this review and
expects to provide a further update on its plans for meeting the
new bank debt amortization schedule when the review is completed.

                           Distribution

The Board decided that there would be no further dividend declared
in relation to the 2008/09 year.

                       Operating Performance

Managing Director Tim Miles said the Company performed very well
in the first six months of trading and despite the serious
downturn in the market in the April to June quarter it is clear
that there is underlying strength in the business.

"Livestock, Rural Supplies, Seeds, Animal nutrition, Fruitfed
Supplies and the Finance businesses are all performing well.
Clearly, dairy prices are a significant concern while sheep meat
prices are at their best levels in recent years," said Mr Miles.

"While the challenges of the operating environment remain, we
believe the company is well-placed to take advantage of the upturn
in trading conditions when it occurs."

"We are maintaining a diligent control on costs and working hard
on a number of fronts to grow benefits for our customers."

"We continue to work with clients to bring about positive
structural change to the wider agribusiness industry. Through two
joint venture operations New Zealand Merino and Wool Partners
International, we assist growers and supply chain partners in all
aspects of wool production, sales and marketing. Both NZM
and WPI aim to generate greater returns for New Zealand growers
and are making solid progress," said Mr Miles.

The Company has played a key role in bringing about a recently
announced consolidation in deer velvet marketing with partners
Velexco Cooperative Group, NZ Velvet Cooperative and Tasman Velvet
Processors the purpose of which is to produce consistently better
returns for the industry, he added.

"We continue to address cost structures and purchasing terms to
improve our operating performance.  During the year we introduced
a number of initiatives including a full replacement of the
accounting and billing systems for the parent company, a review of
the procurement and outsourcing activities group-wide and active
management of the PGW vehicle fleet that will reduce both costs
and environmental impacts," he said.

                       About PGG Wrightson

Based in New Zealand, PGG Wrightson Limited (NZE:PGW) --
http://www.pggwrightson.co.nz-- is engaged in the provision of
rural services.  The Company's segments comprise: rural services,
including rural merchandise, irrigation and pumping services, wool
procurement, warehousing, marketing and export, and livestock
marketing and supply; technology services including farm
consultancy and supply of seeds, grains and feed supplements;
financial services including farm finance, fund management, real
estate and insurance services, and corporate services including
other unallocated items.  PGG Wrightson Limited operates
predominantly in New Zealand with some operations in Australia and
Uruguay.


SOUTHERN CROSS: S&P Assigns 'BB' Rating; Outlook is Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term and 'B' short-term ratings to Southern Cross
Building Society, New Zealand's third-largest building society.
The rating outlook is stable.  SCBS, operating since 1923, is the
first building society in New Zealand to be rated by Standard &
Poor's.

The ratings on SCBS partly reflect S&P's opinion of the
concentration of SCBS's customers in the higher-risk sectors of
rural and commercial lending.  Furthermore, in the current
economic environment, there has been an increase in SCBS's
nonperforming assets.  These risks are mitigated by SCBS's
sizeable portfolio of residential loans, manageable loan-to-value
ratios, and proactive management of the portfolio in the weakening
environment.

Given SCBS is undergoing a cultural and strategic change and faces
an uncertain operating environment, the building society is
exposed to a degree of risk.  However, unlike some non-bank
deposit-taker peers in New Zealand, SCBS is free of related-party
concerns.  What's more, its governance framework, which has been
revamped under the new board and management, compares favorably to
many other entities in the sector.

"Importantly, the ratings on SCBS benefit from the building
society's solid retail funding base and sound capital ratios,"
Standard & Poor's credit analyst Gavin Gunning said.  "We note,
however, the absolute size of SCBS's capital is small by
international standards, affording moderate protection against
major operational or other negative risk events, should they
arise."

"A weakening of SCBS's financial profile—most likely due to the
negative effects of a weaker-than-expected economic outlook on
asset quality and earnings—could lead to a lowering of the 'BB'
rating," added Mr Gunning.  "Conversely, an increase to 'BB+' may
be possible in the medium-to-long term if economic conditions
improve, industry volatility moderates, and SCBS strengthens its
business and financial profiles."


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


G A LAND: Creditors' Proofs of Debt Due on September 28
-------------------------------------------------------
G A Land Pte. Ltd., which is in member's voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 28,
2009, to be included in the company's dividend distribution.

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

The company's liquidator is:

          Mdm. Chia Lay Beng
          1 Scotts Road, #21-08 Shaw Centre
          Singapore 228208


SIF UNIVERSAL: Creditors' Proofs of Debt Due on September 11
------------------------------------------------------------
SIF Universal Private Limited, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by Sept. 11, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kon Yin Tong,
          Wong Kian Kok and
          Aw Eng Hai
          Foo Kon Tan Grant Thornton
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


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


AMERICAN INT'L: Primus Offers Up to US$2 Billion for Taiwan Unit
----------------------------------------------------------------
Primus Financial Holdings Ltd. offered between US$1.8 and US$2
billion to pay for American International Group Inc.'s Taiwan
unit, Nan Shan Life Insurance Co., as the highest bidder,
MarketWatch reports citing the Commercial Times.

MarketWatch relates that the Chinese-language newspaper, citing
the unnamed sources, discloses that Cathay Financial Holding Co.
offered between US$1.5 billion and US$1.6 billion for Nan Shan,
Chinatrust Financial Holding Co. offered about US$1.4 billion, and
Fubon Financial Holding Co. offered about US$1.3 billion,

MarketWatch notes the paper said AIG will announce winner of the
bid on Sept. 4, 2009.

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.  AIG has sold a number of
its subsidiaries and other assets to pay down loans received, and
continues to seek buyers of its assets.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group.  AIG's subordinated debt rating has been downgraded to Ba2
from Baa1.  The rating outlook for AIG is negative.  This rating
action follows AIG's announcement of net losses of $62 billion for
the fourth quarter and $99 billion for the full year of 2008,
along with a revised restructuring plan supported by the U.S.
Treasury and the Federal Reserve.  This concludes a review for
possible downgrade that was initiated on September 15, 2008.


QISDA CORP: Former BenQ Chief Cleared of Insider Trading Charges
----------------------------------------------------------------
Chinmei Sung at Bloomberg News reports that K.Y. Lee, chairman of
AU Optronics Corp. and Qisda Corp., was acquitted in Taiwan on six
charges including insider trading, stock manipulation and
embezzlement after a two-year trial.  Mr. Lee was also acquitted
on charges of breach of trust, money laundering and forgery.

Taoyuan District Court Judge Wei Yu-chieh cleared Mr. Lee of using
insider information to trade stock before the public disclosure of
financial statements, the report said.

Bloomberg relates Mr. Lee was indicted two years ago for alleged
crimes during his tenure as chairman of Benq, which was Taiwan's
biggest maker of mobile phones.  The company lost a total of
NT$32.84 billion (US$997 million) in 2005 and 2006 after buying
Siemens AG's unprofitable handset unit, the report recalls.

Former Benq president Sheaffer Lee, ex-chief financial officer
Eric Yu, Alex Liu, who was associate vice president in the finance
department, and Liu Da Wen, then an accounting manager, were also
all acquitted by the court, Bloomberg adds.

Headquartered in Taiwan, Republic of China, Qisda Corp., fka
BenQ Corp., Inc. -- http://www.benq.com/-- is principally
engaged in manufacturing developing and selling of computer
peripherals and telecommunication products.  It is also a major
provider of 3G handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 3, 2008, that Taiwan Ratings Corp. affirmed its twBB+ long-
term corporate credit rating and twB short-term rating on Qisda
Corp.


                         *********

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.





                 *** End of Transmission ***