TCRAP_Public/090901.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

           Tuesday, September 1, 2009, Vol. 12, No. 172

                            Headlines

A U S T R A L I A

ABC LEARNING: Receivers to Formally Start Sale Process This Week
BEARINGPOINT INC: Terminates Hunter as Chief Operating Officer
BABCOCK & BROWN POWER: Annual Loss Narrows to AU$148.98 Million
FIRSTMAC BOND: Fitch Affirms Rating on Five 1C-2006 Notes
HIH INSURANCE: Former Director's Disqualificatin Overturned

SEIZA AUGUSTUS: S&P Downgrades Rating on Class F Notes to 'D'
TIMBERCORP LIMITED: Former Directors Face Class Action Suit


C H I N A

CITIC BANK: H1 Earnings Fall 16%; To Reduce Lending Growth in H2
CHINA GLASS: S&P Raises Long-Term Corporate Credit Rating to 'B'
CHINA MERCHANTS: First Half Net Profit Falls 37.62%


H O N G  K O N G

BARUDAN COMPUTERIZED: Members' Final Meeting Set for October 2
BORIAN INVESTMENTS: Members' Final Meeting Set for October 2
CHAIN CROWN: Members' Final Meeting Set for September 30
CONCORD (HONG KONG): Members' Final Meeting Set for September 29
DRAGON HUNTER: Members' Final Meeting Set for September 30

ELEPHANT TALK: June 30 Balance Sheet Upside-Down by US$5.3 Million
LOYAL FAVOUR: Members' Final Meeting Set for October 2
MARKVIEW LIMITED: Members' Final Meeting Set for October 2
MUSTANG COMPANY: Members' Final Meeting Set for September 29
PERFECT CHARTER: Members' Final Meeting Set for September 29

PO SHING: Members' Final Meeting Set for October 2
SILVER RIVER: Members' Final Meeting Set for October 2
VINCENT IDEA: Members' Final Meeting Set for October 2
WANG ON: Members' Final Meeting Set for October 2
WEALTHFAIR CONSULTANTS: Members' Final Meeting Set for October 2

YIELD LAND: Members' Final Meeting Set for October 2


I N D I A

AKJ MINERALS: CRISIL Assigns 'BB+' Rating on INR250MM Cash Credit
APARNA INFRAHOUSING: CRISIL Cuts Rating on INR500MM Loan to 'BB-'
CITY BEAUTIFUL: CRISIL Assigns 'B-' Rating on INR135.6MM Term Loan
IHSEDU SPECIALTY: CRISIL Rates INR460MM Long Term Loan at 'BB-'
MOTORSALES LIMITED: Negative Net Worth Cues CRISIL 'B-' Ratings

NANDAN PETROCHEM: CRISIL Rates INR17.3 Million Term Loans at 'BB'
RAJLAXMI CONSTRUCTIONS: Loan Payment Delay Cues CRISIL 'C' Rating
SHAKAMBHARI OVERSEAS: Low Profitability Prompts CRISIL 'B' Ratings
TATA STEEL: Swings to US$461 Million Loss in Qtr Ended June 30
TATA STEEL: First Quarter Results Won't Move Moody's 'Ba3' Rating

VALLABH METAL: CRISIL Puts 'P4' Rating on INR80MM Packing Credit


I N D O N E S I A

BANK CENTURY: BPK to Begin Audit Before Idul Fitri Holiday
GARUDA INDONESIA: Debt-Equity Swap Deal with Bank Mandiri Approved


J A P A N

JAPAN AIRLINES: To Slash 1,400 Back-Office Jobs
JAPAN AIRLINES: To Include Impact on Boeing Delivery Delay in Plan
JAPAN AIRLINES: Unveils New Corporate Organization Structure
MAZDA MOTOR: To Resume Weekend Operations at Ujina Plant
SILVER OX: To File for Bankruptcy Protection


K O R E A

SSANGYONG MOTOR: Sells Bupyeong Factory for KRW28 Billion


S I N G A P O R E

BEZ-TECH ENGINEERING: Court to Hear Wind-Up Petition on Sept. 11
G A CAPITAL: Creditors' Proofs of Debt Due on September 29
GLORY WEALTH: Court to Hear Wind-Up Petition on Sept. 11
GOLDEN ORIENTAL: Court Enters Wind-Up Order
GRANDFLEUR PTE: Creditors' Proofs of Debt Due on October 9


T A I W A N

EVA AIRWAYS: First Half Loss Narrows to NT$1.68 Billion


X X X X X X X X

* BOND PRICING: For the Week August 24 to August 28, 2009


                         - - - - -


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A U S T R A L I A
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ABC LEARNING: Receivers to Formally Start Sale Process This Week
----------------------------------------------------------------
The Sydney Morning Herald reports that the receivers for ABC
Learning, acting on behalf of banks owed AU$1 billion following
the childcare operator's collapse last year, are expected to
formally begin the sale of the 715 viable centers as early as this
week.

The receivers -- lead by Chris Honey of McGrathNicol -- have until
March 31 to sell the remaining 715 childcare centers or face
eviction, the report discloses.

The Herald says a barrister for the receiver, Fabian Gleeson, told
the court Mr. Honey had undertaken a "market testing process
designed to solicit expressions of interest from potential
bidders".  Mr. Gleeson, according to the Herald, noted that UBS
had been "assisting" in the initial sales process but had yet to
be formally engaged.

According to the report, the information related to the
expressions of interest received by the receivers has been given
to the Federal Court, but it has been suppressed.  However, the
Herald notes, the centers are expected to sell for less than
AU$1 billion, and even the banks are not expected to get their
money back.

Citing Mr. Honey in his evidence to the court, the Herald states
that Mr. Honey said the return to creditors will "substantially be
determined by the sale price of the business."

According to the Herald, the present timetable said final bids are
expected by December 5 and contracts should be exchanged later
that month.   Completion of the sales contracts is expected by
February, with the administrators expected to hold a second
creditors' meeting before the end of March, the report adds.

                         About ABC Learning

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

                           *     *     *

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

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


BEARINGPOINT INC: Terminates Hunter as Chief Operating Officer
--------------------------------------------------------------
BearingPoint, Inc., BearingPoint Australia Pty Limited, a wholly
owned subsidiary of the Company, and David R. Hunter, the
Company's Chief Operating Officer, on August 21, 2009, entered
into a Release Agreement whereby Mr. Hunter was terminated as the
Chief Operating Officer of the Company and as an employee of
BearingPoint Australia, effective as of that day.

Pursuant to the Release Agreement, BearingPoint Australia will pay
Mr. Hunter regular wages through August 31, 2009, and an amount
equal to AU$300,000 on or before August 31, 2009, in exchange for
the release of potential claims against the Company and its
affiliates.  The Company believes that this termination is
consistent with the Company's plans regarding the liquidation of
its business in connection with its bankruptcy proceedings.

                           Asset Sales

On March 23, 2009, BearingPoint and certain of its subsidiaries
entered into an Asset Purchase Agreement to sell a significant
portion of their assets related to BearingPoint's North American
Public Services business to Deloitte LLP.  On April 17, the
Bankruptcy Court approved this sale.  The closing of this
transaction occurred on May 8.  In connection with the closing,
BearingPoint received net proceeds of roughly $329.3 million.

On April 2, BearingPoint International Bermuda Holdings Limited,
BearingPoint's indirect subsidiary, entered into a Share Sale
Agreement with PwC Advisory Co., Ltd., the Japanese member firm of
the PricewaterhouseCoopers global network of firms, for the sale
of BearingPoint's consulting business in Japan to PwC Japan for
roughly $45 million.  In addition, PwC Japan assumed the
intercompany debt owed by certain non-debtor subsidiaries of
BearingPoint to BearingPoint Co., Ltd. (Chiyoda-ku).  The closing
of the PwC Japan Transaction occurred on May 11.

On April 17, BearingPoint and certain of its subsidiaries entered
into an Asset Purchase Agreement with PricewaterhouseCoopers LLP
pursuant to which BearingPoint agreed to sell a substantial
portion of its assets related to its North American Commercial
Services business unit, including Financial Services, to PwC and
PwC agreed to assume certain liabilities associated with the
assets.  In addition, affiliates of PwC also entered into
definitive agreements to purchase the equity interests of
BearingPoint Information Technologies (Shanghai) Limited, a
subsidiary of BearingPoint that operates a global development
center in China, and certain assets of a separate global
development center in India.

On April 27, the Bankruptcy Court approved bidding procedures in
connection with an auction of all or substantially all of the
assets of the CS Business and BearingPoint China GDC.  The Auction
was held on May 27 and concluded on May 28.  At a hearing May 28,
the Bankruptcy Court approved PwC as the winning bidder at the
Auction.  The aggregate purchase price for the PwC Commercial
Services Transaction was $44 million (subject to certain
contractual adjustments).  The closing of the PwC U.S. Transaction
occurred on June 15, and, as a result, PwC acquired the CS
Business.  The purchase price for the PwC U.S. Transaction was
$39 million.  BearingPoint anticipates that the PwC China
Transaction and the PwC India Transaction will close within the
next several months; however, there can be no assurance that the
transactions will be completed.

On July 9, BearingPoint and certain of its subsidiaries entered
into a Stock Purchase Agreement with CSC Brazil Holdings LLC and
Computer Sciences Corporation for the sale of BearingPoint's
consulting business in Brazil.  Pursuant to the Brazil Stock
Purchase Agreement, CSC agreed to purchase BearingPoint, S.A., a
wholly owned subsidiary of BearingPoint, through the purchase of
all issued and outstanding shares of common stock of BearingPoint
Brazil, for a purchase price of US$7.9 million.  The Bankruptcy
Court approved the Brazil Transaction on July 23.  The
consummation of the Brazil Transaction is expected to occur on or
prior to August 7 and is subject to customary closing conditions.
There can be no assurance that the Brazil Transaction will be
completed.

As reported by the Troubled Company Reporter on August 14, 2009,
Tiffany Kary at Bloomberg News said Judge Robert Gerber authorized
BearingPoint to sell its European division and intellectual
property for $69 million to BE Partners B.V., a newly formed
company established by a significant majority of the managing
directors of BearingPoint's EMEA practice.

                        About BearingPoint

BearingPoint, Inc. -- http://www.BearingPoint.com/-- was one of
the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.  Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP -
- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
The Company's service offerings are designed to help clients
generate revenue, increase cost-effectiveness, manage regulatory
compliance, integrate information and transition to "next-
generation" technology.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D.N.Y., Case No. 09-10691).  Alfredo R. Perez, Esq., at
Weil Gotshal & Manges LLP, in Houston; Marcia J. Goldstein, Esq.,
Ronit J. Berkovich, Esq., and Jose R. Alcantar, Esq., at Weil
Gotshal & Manges LLP, in New York, represent the Debtors as
restructuring counsel.  AlixPartners, LLP, is the Debtors'
restructuring advisors.  Greenhill & Co., LLC, is the Debtor's
financial advisor & investment banker.  Jeffrey S. Sabin, Esq., at
Bingham McCutchen LLP represents the Creditors' Committee as
counsel.

BearingPoint disclosed total assets of US$1,762,689,000, and debts
of US$2,231,839,000 as of September 30, 2008.


BABCOCK & BROWN POWER: Annual Loss Narrows to AU$148.98 Million
---------------------------------------------------------------
Babcock & Brown Power disclosed its full year results for the year
ended June 30, 2009.

The company posted a net loss of AU$148.98 million for the year
ended June 30, 2009, compared with a net loss of AU$426.51 million
from a year ago.

Total revenue for the FY09 year was AU$1.53 billion, an increase
of 0.4% on the prior year while normalized earnings before
interest, tax, depreciation and amortization (EBITDA) decreased
23% to AU$262 million.  The normalized EBITDA result is consistent
with the recent guidance provided to the market of between AU$260
and AU$270 million.  EBITDA in FY09 was materially impacted by
weak wholesale energy prices across all regions of Australia where
BBP operates as well as by a number of unplanned outages which led
to a fall in the contribution from merchant generation.

BBP has provided both Statutory and Normalized EBITDA figures for
the FY09 year.  The principal adjustments to Statutory EBITDA
include an increase to provisions for onerous contracts of c.$120
million, the release of provisions resulting from the disposal of
Alinta EATM and the Flinders Osborne Trading contracts, a combined
release of AU$167 million, and a number of other smaller one off
adjustments totalling AU$17 million.

BBP also said that it has taken a total non cash impairment charge
for FY09 of AU$56.7 million.  The impairment charge has been
recognised against the value of Alinta goodwill (AU$50.0 million)
as well as software development assets held in BBP's service
company (AU$6.7 million).

In addition, BBP reduced debt (including Project Debt and
corporate facilities) by close to 30% from AU$4.6 billion to
AU$3.2 billion.  This was achieved primarily through the sale of
power station assets including Ecogen, Uranquinty, Kwinana,
Neerabup and Tamar Valley.

Mr. Ross Rolfe, AO, Managing Director said, "2009 has been a very
challenging year for BBP.  We have endeavoured to focus on the key
issues that have faced the business throughout the year: our
capital structure, operational challenges, and our historic
relationship with the Babcock & Brown Group.  Earnings were
disappointing in 2009 due to a combination of operational issues
coupled with milder than expected weather and weak economic
conditions leading to lower demand.  Despite the disappointing
earnings performance, we believe that we are making good progress
in addressing the key issues faced by the business."

            Capital Structure & Management Agreement

BBP said it continues to progress its discussions with its
financiers, including the B&B Banking Syndicate, around broadly
acceptable principles and parameters with a view to restructuring
BBP's debt facilities.

While the management agreement with Babcock & Brown has not yet
been terminated, Babcock & Brown has had no board representation
since December 2008.  All staff working for BBP have been
employed by BBP since January 2009.

At this stage, BBP said it expects to be able to provide further
clarity around the longer term capital structure of the business,
and the terms of the finalization of the relationship with the
Babcock & Brown Group, at, or before, the Annual General Meeting
which is scheduled to be held in Sydney on November 30, 2009.

The Chairman, Mr. Len Gill, said "Looking forward to 2010, BBP
will continue to focus on improving the stability of earnings from
its operating assets as well as finalizing establishment of an
acceptable debt structure.

"We appreciate the ongoing support of all of our stakeholders, and
in particular our securityholders and staff, as we continue to
address the challenging tasks facing BBP," Mr. Gill said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, The National Business Review said that BBP's share
price has been further buffeted by news that its AU$2.7 billion
debt will have to be renegotiated, in light of the company being
unable to attract an investment grade credit rating.  Babcock &
Brown Power, the Business Review related, is already in breach of
its interest cover covenant and is in talks with its banking
syndicates.

Babcock & Brown Power lost 96% of its market value last year and
was the worst performer in Australia's benchmark stock index in
2008, the Business Review noted.

                    About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/--   is a power generation business.  The
company develops, operates and acquires generation portfolio.  As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the Company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd.  In March 2009, the
company sold its remaining interest in the Kwinana Power Station
to ERM Power Pty Limited.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


FIRSTMAC BOND: Fitch Affirms Rating on Five 1C-2006 Notes
---------------------------------------------------------
Fitch Ratings has affirmed five classes of notes from FirstMac
Bond Series 1C-2006 Trust as detailed below.  This transaction is
backed by a pool of Australian construction loans and conforming
residential mortgages originated by third-party originators in the
name of FirstMac Assets Pty Ltd and other nominee originator
subsidiaries, and sold to the trust by FirstMac Debt Securities
Pty Ltd and a warehouse trust.

  -- AUD353.6 million Class A (ISIN AU0000FMNHA3) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at 'LS-
     1';

  -- AUD40.8 million Class B (ISIN AU3FN0001004) affirmed at 'A+';
     Outlook Negative; Loss Severity Rating assigned at 'LS-2';

  -- AUD3.0 million Class C (ISIN AU3FN0001012) affirmed at 'BBB';
     Outlook Stable; Loss Severity Rating assigned at 'LS-4';

  -- AUD0.84 million Class D (ISIN AU3FN0001020) affirmed at 'BB';
     Outlook Stable; Loss Severity Rating assigned at 'LS-5'; and

  -- AUD0.76 million Class E (ISIN AU3FN0001038) affirmed at 'B';
     Outlook Stable; Loss Severity Rating assigned at 'LS-5'.

The rating affirmations and Stable Outlooks on classes A, C, D and
E reflect Fitch's view that the credit quality and performance of
the loans contained in the collateral pools remain in line with
the agency's expectations.  All loans in the underlying portfolios
have lenders' mortgage insurance in place, with policies provided
by QBE Lenders Mortgage Insurance Ltd (Insurer Financial Strength
rating: 'AA-'/Stable Outlook) and Genworth Financial Mortgage
Insurance Pty Ltd.  Claims against mortgage insurance have
remained low, at less than 0.1% of the closing collateral pool.

As of August 2009, the 30+ day delinquencies of this collateral
pool were 0.73%.  "Arrears are currently decreasing from the end-
2008 level of 1.74%, due to the effects of interest rate cuts,"
notes April Chen, Associate Director in Fitch's Structured Finance
team.  "As local economic conditions stabilize, Fitch does not
expect significant credit deterioration in the portfolio in the
short- to medium-term," adds Ms Chen.

The transaction's substitution period ends in November 2009, and
therefore no principal payments have been made since closing -
meaning that credit enhancement levels for all notes remain at
closing levels.  The rating of class A is independent of the
ratings of the mortgage insurers, as its credit enhancement level
is sufficient to support its rating at 'AAA' rating without
lenders' mortgage insurance.

Low doc loans comprise 25.8% of the current portfolio and
construction loans account for 7.47%, compared to 31.3% and 18.0%
respectively at closing in November 2006.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


HIH INSURANCE: Former Director's Disqualificatin Overturned
-----------------------------------------------------------
The Administrative Appeals Tribunal has overturned the
disqualification of Robert Stitt QC, former director of HIH
Insurance Limited, from not performing his duties adequately as a
public company director, Andrew Main at The Australian reports.

The Australian Prudential Regulation Authority on Thursday
released the AAT's findings, which overturned an APRA decision
made in 2007 to disqualify him, The Australian said.

The report discloses that the AAT, under deputy president Brian
Tamberlin, produced a 22-page judgment last week upholding
Mr. Stitt's challenge to the disqualification, noting that
Mr. Stitt's approach to his duties as a director had been "to do
his best, given the information that was available."

According to The Australian, there was a large amount of evidence
provided that HIH's board of directors and, indeed its auditors,
Andersen, had not been presented with all relevant information by
HIH management before the board made its decisions.

Meanwhile, The Australian reports that the liquidator of HIH, Tony
McGrath, is in the final stages of settling, on confidential
terms, a $450 million claim against a number of parties alleging
misleading conduct in relation to the accounts of FAI for the year
to June 30, 1998.

                        About HIH Insurance

HIH Insurance Limited was a publicly listed company in Australia.
Prior to its collapse in 2001, the HIH Group was the second
largest general insurer in Australia and had operations in many
other countries.

On March 15, 2001, HIH Insurance Limited and a number of its
subsidiaries were placed into provisional liquidation.
Subsequently, on Aug. 27, 2001, the companies that were in
provisional liquidation were placed into liquidation.

Schemes of Arrangement are in place for eight of those companies.
The eight licensed insurance companies within the group were
placed into Schemes of Arrangement in Australia  on May 30, 2006.
Four of these companies were also placed into Schemes of
Arrangement in the UK on June 13, 2006.

The Scheme Administrators have made initial payments to certain
creditors and will make further payments over the coming years,
HIH said on its Web site.


SEIZA AUGUSTUS: S&P Downgrades Rating on Class F Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
F notes issued by Seiza Augustus 2007-1 Trust to 'D' from 'CC'.
The ratings on all other classes of notes remain unchanged.

S&P lowered the rating on the class F notes to 'D' because no
interest payment was made to the class F noteholders--a monthly
payment date.  As per the terms and conditions of the notes, once
the stated amount of the notes has been written down to zero no
interest accrues on the notes.  Consistent with these terms and
conditions, unpaid interest payment will not be made up in future
periods and is essentially foregone.

S&P expects that as recoveries come through from foreclosure of
security properties, there will be periods where charge-offs will
be reinstated and the stated amount of class F notes may be
written up above zero.  Consequently, this will trigger the
obligation to make interest payments to class F noteholders for
those periods.  However, given the interest payment that has been
missed will not be paid in future, the rating will remain at 'D'.

                         Ratings Lowered

       Transaction Class                       To      From
       -----------------                       --      ----
       Seiza Augustus Series 2007-1 Trust F    D       CC


TIMBERCORP LIMITED: Former Directors Face Class Action Suit
-----------------------------------------------------------
Lawyers acting for 1,600 investors in Timbercorp Limited will
launch a class action against three former Timbercorp directors,
The Age reports.

Gary Lidell, Robert Hance and Sol Rabinowicz will be named as
defendants in the legal action, which involves Timbercorp
investors who borrowed to buy into the company's investment
schemes in 2007 and 2008, the report said.

According to the Age, the investors, who now face ongoing
repayments on their jeopardized investments, said the true state
of the company's finances was not fully disclosed in those years,
and if it had been, they would not have borrowed to invest.

The Age discloses that the class action, the work of Dandenong law
firm Macpherson Kelley, includes several big Timbercorp investors
who are being pursued by the company's liquidator, KordaMentha,
for failing to repay debts to a Timbercorp subsidiary.

The report notes Macpherson Kelley lawyer Ron Williamson said
Messrs. Lidell, Hance and Rabinowicz would have known since 2007
that the company was struggling.

The Age further relates that Mr. Williamson said investors who put
money into the company after 2007 could sue for:

   * non-disclosure of material information about the financial
     viability of Timbercorp Group of companies; and

   * and misleading or deceptive conduct by maintaining silence
     about the company being on the verge of collapse.

"And all of this was happening while Timbercorp was still
collecting money from investors.  They should have informed
investors that the future of the company looked most uncertain,
instead of taking money from investors," the report quoted
Mr. Williamson as saying.

                          About Timbercorp

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

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

On June 29, 2009, the creditors voted unanimously to wind up the
41 companies in the Timbercorp Group and put them into
liquidation.


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CITIC BANK: H1 Earnings Fall 16%; To Reduce Lending Growth in H2
----------------------------------------------------------------
CITIC Bank Corp., the banking unit of the nation's largest
investment firm, would scale back lending growth in the second
half of this year and adjust its credit composition, China Daily
reports citing a senior official from the bank.

The Daily quoted Wang Kang, general manager of the bank's budget
and accounting department as saying that "The bank expects to
transform some CNY80 billion to CNY100 billion bill discount
credit it extended so far this year into normal loans in the
second half, which will help direct more capital to the real
economy."

The report says the Beijing-based bank saw its net profit drop 16%
to CNY7.05 billion in the first half mainly on narrowing interest
margins.

At the end of June, Citic Bank's bad loan ratio drop to 0.99%,
compared with 1.36% at the end of last year, while capital
adequacy ratio dropped to 12.04% from 14.32% over the same period,
the Daily relates.

"We expect the bank's profitability will keep improving in the
second half, as we assume the interest spread may have touched a
trough in May and the massive lending in the first half will put
the bank in a better position in terms of profit growth," the
report quoted Mr. Wang as saying.

                         About CITIC Bank

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

                           *     *     *

As of August 31, 2009, China CITIC Bank continues to carry Moody's
'D' bank financial strength rating.


CHINA GLASS: S&P Raises Long-Term Corporate Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on China Glass Holdings Ltd. to
'B' from 'SD'.  The outlook is negative.  At the same time, S&P
raised the issue rating on the company's US$100 million 9.625%
senior unsecured notes due 2012 to 'B-' from 'D'.

S&P raised the ratings after China Glass completed its exchange
offer to buy back US$39.11 million of its senior unsecured notes
from bondholders at a substantial discount to par, funded through
internal cash.  Following S&P's criteria, after an exchange offer
is completed, and the entity is no longer in default, S&P change
S&P's issuer credit rating to take into account whatever benefits
were realized from the restructuring (in this case, an issue
buyback) as well as any other interim developments.

"The rating on China Glass reflects the company's high leverage
and weak cash flow protection.  It also takes into consideration
the cyclical and volatile nature of the global flat-glass industry
and S&P's expectation that the company will continue to face weak
demand, pricing pressure, and volatile raw material prices.  These
factors are tempered by China Glass' diverse customer base, and
support from its strategic and financial investors," said Standard
& Poor's credit analyst Lawrence Lu.

S&P lowered the issue rating by one notch from the corporate
credit rating because China Glass' ratio of priority debt to total
assets of about 20% exceeded S&P's 15% threshold after the
completion of the buyback offer, and the ratio is likely to remain
above 15% over the next 12 months.

In S&P's view, China Glass' highly leveraged capital structure and
very weak cash flow protection are unlikely to improve materially
over the next 12 months.  While the company's cash interest
expenses should decline following the debt buyback, its total
borrowings are likely to remain the same as that in 2008 due to
increased capital spending.  S&P expects its adjusted ratio of
total debt to total capital to remain at about 55% in 2009.  In
S&P's view, the company is likely to tap onshore borrowings to
fund its capital expenditure and working capital.  It has already
borrowed Chinese renminbi (RMB) 150 million (about US$22 million)
for a new plant in Dongtai.

China Glass' financial performance is likely to remain weak in
2009, in S&P's opinion, due to negative free operating cash flow,
weak demand and margins, and capital spending.  Although domestic
demand for glass products is improving, the export market is still
weak.  Reduced volatility in fuel and other raw material costs
could provide some relief to margins.

The negative outlook reflects S&P's view that China Glass'
financial performance will remain under pressure, its credit
ratios are weak for the current rating, and its liquidity and
financial flexibility are weak," said Mr. Lu.


CHINA MERCHANTS: First Half Net Profit Falls 37.62%
---------------------------------------------------
Xinhua News Agency reports that China Merchants Bank had a net
profit of CNY8.26 billion (US$120.9 million) in the first half of
this year.  The profit represents a drop of CNY4.98 billion, or
37.62% from the same period last year, according to the bank's
half-year report on Saturday.

By the end of June, its non-performing loan ratio was 0.86%, down
0.25 percentage point from the beginning of the year.

Total assets topped CNY1.97 trillion by the end of June this year,
representing an increase of CNY400 billion, or 25.51% from the
beginning of the year.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

The company continues to carry Moody's Investors Service's
Baa3/P-3 long-term/short-term foreign currency deposit ratings and
D+ bank financial strength rating.  The ratings' outlook remains
stable.


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


BARUDAN COMPUTERIZED: Members' Final Meeting Set for October 2
--------------------------------------------------------------
The members of Barudan Computerized Machinery (China) Company
Limited will hold their final meeting on October 2, 2009, at
10:30 a.m., at Room 1005 of Allied Kajima Building, 138 Gloucester
Road, in Wanchai, Hong Kong.

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


BORIAN INVESTMENTS: Members' Final Meeting Set for October 2
------------------------------------------------------------
The members of Borian Investments & Trading Company Limited will
hold their final meeting on October 2, 2009, at 10:00 a.m., at
Room 1005 of Allied Kajima Building, 138 Gloucester Road, in
Wanchai, Hong Kong.

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


CHAIN CROWN: Members' Final Meeting Set for September 30
--------------------------------------------------------
The members of Chain Crown Limited will hold their final meeting
on September 30, 2009, at 2:00 p.m., at Room 1901-2 of Park-In
Commercial Centre, 56 Dundas Street, in Mongkok, Kowloon.

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


CONCORD (HONG KONG): Members' Final Meeting Set for September 29
----------------------------------------------------------------
The members of Concord (Hong Kong) Limited will hold their final
meeting on September 29, 2009, at 11:00 a.m.,  at Unit 1201, 12th
Floor of Ka Wah Bank Centre, 232 Des Voeux Road, in Central, Hong
Kong.

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


DRAGON HUNTER: Members' Final Meeting Set for September 30
----------------------------------------------------------
The members of Dragon Hunter Investment Limited will hold their
final meeting on September 30, 2009, at 2:30 p.m., at Room 1901-2
of Park-In Commercial Centre, 56 Dundas Street, in Mongkok,
Kowloon.

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


ELEPHANT TALK: June 30 Balance Sheet Upside-Down by US$5.3 Million
------------------------------------------------------------------
Elephant Talk Communications Inc.'s balance sheet showed total
assets of US$21.29 million and total liabilities of US$26.59
million, resulting in a stockholders' deficit of US$5.30 million.

For three months ended June 30, 2009, the Company posted a net
loss of US$2.68 million compared with a net loss of US$2.65
million for the same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of of US$4.83 million compared with a net loss of US$5.22 million
for the same period in 2008.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?4360

Based in Orange, California, Elephant Talk Communications Inc.
(OTC BB: ETLK) -- http://www.elephanttalk.com/-- until recently
was engaged in the long distance telephone business in China and
the Special Administrative Region Hong Kong.  The company
currently operates a switch-based telecom network with national
licenses and direct fixed line interconnects with the
Incumbents/National Telecom Operators in eight (8) European
countries, one (1) in the Middle East (Bahrain), licenses in
Hong Kong and the U.S.A. and partnerships with telecom operators
in Scandinavia, Poland, Germany and Hong Kong.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 5, 2008,
Kabani & Company, Inc., raised substantial doubt on the ability of
Elephant Talk Communications, Inc., to continue as a going concern
after it audited the company's financial statements for the year
ended Dec. 31, 2007.  The auditor pointed to the company's net
loss of US$12.05 million, working capital deficit of US$24.42
million, accumulated deficit of US$29.01 million and cash used in
operations of US$3.44 million.


LOYAL FAVOUR: Members' Final Meeting Set for October 2
------------------------------------------------------
The members of Loyal Favour Limited will hold their final meeting
on October 2, 2009, at 12:00 p.m., at Room 1005 of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

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


MARKVIEW LIMITED: Members' Final Meeting Set for October 2
----------------------------------------------------------
The members of Markview Limited will hold their final meeting on
October 2, 2009, at 11:30 a.m., at Room 1005 of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

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


MUSTANG COMPANY: Members' Final Meeting Set for September 29
------------------------------------------------------------
The members of Mustang Company Limited will hold their final
meeting on September 29, 2009, at 10:00 a.m., at the 7th Floor of
Alexandra House, 18 Chater Road, in Central, Hong Kong.

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


PERFECT CHARTER: Members' Final Meeting Set for September 29
------------------------------------------------------------
The members of Perfect Charter Properties Limited will hold their
final meeting on September 29, 2009, at 10:00 a.m.,  at Unit 1201,
12th Floor of Ka Wah Bank Centre, 232 Des Voeux Road, in Central,
Hong Kong.

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


PO SHING: Members' Final Meeting Set for October 2
--------------------------------------------------
The members of Po Shing Design & Contracting Company Limited will
hold their final meeting on October 2, 2009, at 3:30 p.m., at
Room 1005 of Allied Kajima Building, 138 Gloucester Road, in
Wanchai, Hong Kong.

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


SILVER RIVER: Members' Final Meeting Set for October 2
------------------------------------------------------
The members of Silver River Limited will hold their final meeting
on October 2, 2009, at 12:30 p.m., at Room 1005 of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

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


VINCENT IDEA: Members' Final Meeting Set for October 2
------------------------------------------------------
The members of Vincent Idea Limited will hold their final meeting
on October 2, 2009, at 3:00 p.m., at Room 1005 of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

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


WANG ON: Members' Final Meeting Set for October 2
-------------------------------------------------
The members of Wang On (HK) Limited will hold their final meeting
on October 2, 2009, at 2:30 p.m., at Room 1005 of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

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


WEALTHFAIR CONSULTANTS: Members' Final Meeting Set for October 2
----------------------------------------------------------------
The members of Wealthfair Consultants Limited will hold their
final meeting on October 2, 2009, at 11:00 a.m., at Room 1005 of
Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong
Kong.

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


YIELD LAND: Members' Final Meeting Set for October 2
----------------------------------------------------
The members of Yield Land Limited will hold their final meeting on
October 2, 2009, at 2:00 p.m., at Room 1005 of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

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


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


AKJ MINERALS: CRISIL Assigns 'BB+' Rating on INR250MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of AKJ Minerals Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR250 Million Cash Credit*     BB+/Stable (Assigned)

   *Includes Proposed of INR90 million

The ratings reflect AKJ's dependence on fiscal benefits, unrelated
diversification in to cement manufacturing, and exposure to
cyclicality in the steel industry.  These weaknesses are, however,
partially offset by AKJ's substantial presence in the low ash
metallurgical (LAM) coke industry, improved market position, and
healthy financial flexibility.

For arriving at the ratings, CRISIL has combined the financials of
AKJ and the following group entities: SKJ Coke Industries Ltd,
Jagati Cokes Pvt Ltd, Lords Chemicals Ltd, Sri Balaji Coke
Industries, Jupiter Coke Industries, Jai Coke Industries, Kamrup
Coke Industries, Sethi Coke Industries, Raj Coke Industries,
Parasnath Coke Industries, Ganesh Metcoke Industries, Shiva Coke
Industries, and Sheo Shakti Coke Industries. This is because these
entities are under a common management team, and have complete
cash flow fungibility among them.

Outlook: Stable

CRISIL expects AKJ Group's credit risk profile to remain stable
over the medium term on the back of strong group support, and
reduced leverage.  The outlook may be revised to 'Positive' if the
transport subsidy receipt is significantly higher than in the
past, and leads to improved liquidity, and if the debt taken to
fund the group's cement project is significantly lower than
expected.  Conversely, the outlook may be revised to 'Negative' if
the debt taken to fund the cement project is large, or if the
group's LAM coke capacity remains unutilised for long durations,
resulting in deterioration in its operating margins.

                        About AKJ Minerals

AKJ (formerly, Saraswati Fiscal Services Pvt Ltd) was set up in
August 1989.  It changed its name to Lords Securities Pvt Ltd in
March 1996.  It became a public limited company, and changed its
name to Lords Securities Ltd in March 1996.  It got its present
name in 2006, when it began exporting chrome concentrates.  The
company belongs to the Kolkata-based Mahabir Coke Industries
group.  AKJ reported a profit after tax (PAT) of INR41.7 million
on net sales of INR761 million for the year ended March 31, 2009,
as against a PAT of INR18.2 million on net sales of INR129 million
for 2007-08.


APARNA INFRAHOUSING: CRISIL Cuts Rating on INR500MM Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Aparna
Infrahousing Pvt Ltd, which is part of the Aparna group, to
'BB-/Negative' from 'BBB-/Negative'.

   Facilities                    Ratings
   ----------                    -------
   INR500 Million Cash Credit    BB-/Negative (Downgraded from
                  Limits                      'BBB-/Negative')
   INR500 Million Term Loan      BB-/Negative (Downgraded from
                                              'BBB-/Negative')

The downgrade is driven by AIPL's stretched liquidity, as a result
of limited customer advances and bookings for flats.  The
downgrade also reflects time and cost overruns in the
implementation of the company's Aparna Sarovar project.  The
rating continues to reflect the benefits that AIPL derives from
the strong brand image of the Aparna group in the real estate
development market.

Outlook: Negative

CRISIL believes that AIPL's liquidity will remain constrained
owing to impact of adverse market conditions in the real estate
sector on the saleability of its project, Aparna Sarovar.  The
rating may be downgraded if there is further delay in the project,
or if AIPL takes on additional debt to complete the project.
Conversely, significant increase in saleability of the project,
may lead to a revision in outlook to 'Stable'.

                     About Aparna Infrahousing

Set up in 2004 by Mr. S S Reddy and Mr. C Venkateswara Reddy, AIPL
is a 50:50 JV between Aparna Constructions and Morgan Stanley Real
Estate Fund (MSREF).  The group has brought in MSREF as an equity
partner, and raised foreign direct investment (FDI).  The JV has
been formed for the development of the Aparna group's project,
Lake Town, spread over 92 acres in Hyderabad. Aparna Sarovar is
the first phase of Aparna's Lake Town.


CITY BEAUTIFUL: CRISIL Assigns 'B-' Rating on INR135.6MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the bank
facilities of City Beautiful Hotels & Resorts Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR3.5 Million Cash Credit Limit   B-/Negative (Assigned)
   INR135.6 Million Term Loan         B-/Negative (Assigned)

The rating reflects CBHRPL's high funding and implementation risk
(around 33% of total project funding is yet to be tied up) and
vulnerability to cyclicality in the hotel industry once it
commences its operations.  The effect of the rating weaknesses are
mitigated by the benefits it derives from healthy demand prospects
in Zirakpur (Punjab) and its promoters' experience in the
hospitality industry.

Outlook: Negative

CRISIL believes that CBHRPL has a weak credit risk profile because
of pending financial closure for its existing four-star hotel
project.  The rating may be downgraded if there are further delays
in the implementation of the company's ongoing project resulting
in delays in cash accruals, which would ultimately lead to
pressure on timely term debt repayments.  The outlook may be
revised to 'Stable' if CBHRPL commissions its project without any
significant time and cost overruns.

                       About City Beautiful

Set up in 2007, CBHRPL is currently commissioning a 66-room, four-
star hotel, with a restro-bar and banquet hall, on the Zirakpur–
Chandigarh (Punjab) highway, at a total project cost of around
INR213 million.  The hotel is expected to commence operations in
January 2010.


IHSEDU SPECIALTY: CRISIL Rates INR460MM Long Term Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Ihsedu Specialty Chemicals Pvt Ltd.

   Facilities                          Ratings
   ----------                           -------
   INR15.5 Million Proposed Long Term   BB-/Stable (Assigned)
                   Bank Loan Facility
   INR84.5 Million Packing Credit       P4 (Assigned)
   INR35.0 Million Letter of Credit     P4 (Assigned)
   INR25.0 Million Proposed Short Term  P4 (Assigned)
                    Bank Loan Facility
   INR460.0 Million Long Term Loan      BB-/Stable
       (Enhanced from INR350.0 Million)

The ratings reflect ISCPL's exposure to implementation risks of
the sebacic acid project and the risks associated with off-take
and pricing of the product.  These weaknesses are, however,
partially offset by ISCPL's strong linkages with parent, Jayant
Agro Organics Ltd (Jayant Agro) and limited funding risks.

Outlook: Stable
CRISIL believes that ISCPL's credit risk profile will remain
constrained until production commences at its sebacic acid plant,
and the company begins to generate cash accruals.  The outlook may
be revised to 'Positive' if the company generates sustainable cash
accruals, resulting in improvement in its financial risk profile.
Conversely, the rating may be revised downwards if there are
significant delays in commissioning of project impacting the cash
accruals.

                      About Ihsedu Specialty

Incorporated in September 2006, ISCPL is a 76:24 joint venture
between Jayant Agro and Mitsui, Japan.  ISCPL is setting up a
facility to manufacture sebacic acid, a high value-added
derivative product made by processing castor oil.  The plant, near
Vadodara (Gujarat) will have capacity to manufacture 8000 tonnes
per annum of sebacic acid.  The project is estimated to cost
INR710 million.  The project has had time overrun, and is the
commercial production is expected to commence by October 2009; the
company had approached its bankers for reschedulement of its term
debts, which has been approved.


MOTORSALES LIMITED: Negative Net Worth Cues CRISIL 'B-' Ratings
---------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the bank
facilities of Motorsales Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR41.7 Million Cash Credit    B-/Negative (Assigned)
   INR71.5 Million Term Loan      B-/Negative (Assigned)

The rating reflects Motorsales's stretched financial risk profile,
driven by losses, and negative net worth, and exposure to risks
relating to the small scale, and working-capital-intensive nature
of its operations in the automobile dealership industry, and to
geographic concentration in its revenue profile.  These weaknesses
are, however, partially offset by the benefits that the company
derives from its promoter's experience in the automobile
dealership business, and from the revenues it receives from the
property rental business.

Outlook: Negative

CRISIL expects Motorsales' liquidity to remain stretched over the
medium term due to operational losses in its showroom which has
led to complete erosion of the company's net worth.  The rating
maybe downgraded if the company's cash accruals are insufficient
to meet its maturing debt obligations.  The outlook may be revised
to 'Stable' if there is more than expected improvement in the
firm's profitability or if infusion of equity leads to an
improvement in its financial risk profile.

                       About Motorsales Ltd

Set up in 1973 by Mr. Ajay Gupta, Motorsales is an authorised
dealer to Tata Motors Ltd (TML).  The company's showroom is at
Lucknow (Uttar Pradesh).  The company's showroom at Allahabad was
closed down in 2008-09 (refers to financial year, April 1 to March
31) due to operating losses in the unit.  Motorsales also operates
a cinema hall and a commercial complex in Lucknow.  Motorsales
reported a net loss of INR25.6 million on net sales of INR971
million for 2007-08, as against a PAT of INR6.6 million on net
sales of INR943 million for 2007-08.  The net sales for 2008-09 is
expected to be INR452 million as a result of closure of its
showroom in Allahabad.


NANDAN PETROCHEM: CRISIL Rates INR17.3 Million Term Loans at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Nandan Petrochem Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR180.0 Million Cash Credit Facility     BB/Stable (Assigned)
   INR17.3 Million Term Loans                BB/Stable (Assigned)
   INR1.2 Million Proposed Long Term Bank    BB/Stable (Assigned)
                            Loan Facility
   INR2.5 Million Bank Guarantee             P4 (Assigned)

The ratings reflect NPL's weak financial risk profile marked by
low net worth and moderate debt protection measures, and small
scale of operations in the automotive lubricants industry.  These
weaknesses are however partially offset by the benefits that NPL
derives from its established customer base, and flexible business
model marked by diverse arrangements with customers.

Outlook: Stable

CRISIL believes that NPL's sustain its credit risk profile, backed
by strong relationships with customers, and the long-term nature
of its contracts.  The outlook may be revised to 'Positive' if the
company scales up its operations significantly, while maintaining
its capital structure led by equity infusion or sustained
improvement in profitability.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large, debt-funded
capital expenditure, or loses key business contracts.

                      About Nandan Petrochem

Set up in 1992 as a private limited company, by Mr. Shreenarayan,
NPL manufactures and sells industrial and automotive lubricants.
It also undertakes toll-blending activities for oil and lubricant
companies.  The company was reconstituted as a closely held public
limited company in 1995.  It has two units at Taloja (Maharashtra)
and one unit at Silvassa (Dadra and Nagar Haveli), with a combined
production capacity of 76,000 tonnes per annum.  NPL reported a
profit after tax (PAT) of INR11.9 million on net sales of INR551
million for the year ended March 31, 2008, as against a PAT of
INR6.6 million on net sales of INR388 million for 2006-07.


RAJLAXMI CONSTRUCTIONS: Loan Payment Delay Cues CRISIL 'C' Rating
-----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Rajlaxmi Constructions Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR110.0 Million Cash Credit             C (Assigned)
   INR30.0 Million Corporate Loan           C (Assigned)
   INR16.5 Million Standby Line of Credit   C (Assigned)
   INR220.0 Million Bank Guarantee          P4 (Assigned)

The ratings reflect delay in equipment loan servicing by
Rajalaxmi, due to weak liquidity.  The ratings also factor in
Rajlaxmi's small scale of operations, geographic and customer
concentration in revenue profile, and working capital-intensive
operations.  The impact of these rating weaknesses is mitigated by
the company's well established presence in the construction
business, healthy order book position, and low gearing and strong
debt protection measures.

                   About Rajlaxmi Constructions

Incorporated in 1982 by Mr. S. N. Sahoo, Rajlaxmi undertakes road,
bridge, irrigation and other civil and infrastructure construction
projects.  The company's operations are limited to Orissa.
Rajlaxmi reported a profit after tax (PAT) of INR43 million on net
sales of INR568 million for the year ended March 31, 2008, against
a PAT of INR18 million on net sales of INR354 million for 2006-07.


SHAKAMBHARI OVERSEAS: Low Profitability Prompts CRISIL 'B' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Shakambhari Overseas Trades Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR60.0 Million Cash Credit         B/Negative (Assigned)
   INR8.0 Million Proposed Long Term   B/Negative (Assigned)
                  Bank Loan Facility
   INR12.0 Million Letter of Credit    P4 (Assigned)

The rating reflects Shakambhari's exposure to risks relating to
low profitability from core operations, likelihood of possible
financial support to group entities, slowdown in end-user
industries, and vulnerability of earnings to volatility in
commodity prices.  These weaknesses are, however, partially offset
by the benefits that Shakambhari derives from the experience of
its promoters in the coking coal business.

Outlook: Negative

CRISIL expects Shakambhari's financial risk profile to remain
constrained over the medium term, mainly on account of, modest
size of net worth and weak profitability from core operations.
The outlook may be revised to Stable, if Shakambhari's operating
margins and revenues improve backed by significant improvement in
credit profile of the group entities.  The rating may be
downgraded in case of significant deterioration in Debt protection
measures and extension of support to the group entities, such as
invocation of the corporate guarantee.

                          About the Group

The Shakambhari group comprises of two companies, Gagan Ferrotech
Ltd and Shakambhari Overseas Trades Pvt Ltd, which are promoted
and managed by Mr. Vinay Kumar Agarwal and Mr. Deepak Kumar
Agarwal.  The companies are based at Durgapur (West Bengal).
Shakambhari, incorporated in 1992, initially traded in coking
coal.  In 2002, it began manufacturing ingots, and has an
installed capacity of 48,000 tonnes per annum.  Shakambhari
reported a profit after tax (PAT) of INR4 million on net sales
of INR444.2 million for the year ended March 31, 2008, as against
a PAT of INR4.5 million on net sales of INR522.4 million for
2006-07.


TATA STEEL: Swings to US$461 Million Loss in Qtr Ended June 30
--------------------------------------------------------------
Tata Steel Group disclosed unaudited consolidated financial
results for the quarter ended June 30, 2009.

Sales volume of Indian operations was higher by 22% during Q1
FY'10 over Q1FY'09.  Total steel deliveries for the Group for the
quarter dropped 37% to 5.443 million tonnes from 8.603 million
tonnes in Q1 FY'09 mainly due to fall in volume in Tata Steel
Europe (TSE) affected by the demand contraction especially in
Europe on account of the global economic downturn.

Group consolidated turnover was INR23,292 crores (US$4.86 billion)
as compared to INR43,496 crores (US$9.08 billion) registered
during the first quarter of 2008-09 (Q1 FY'09) caused primarily by
the drop in sales volume in TSE as well as drop in prices in India
and South-East Asia.

The cost savings benefits achieved in the first quarter from the
'Weathering the Storm' and 'Fit for the Future' programs was
around INR2,200 crores (US$460 million).

EBITDA during Q1 FY'10 was INR204 crores (US$43 million) against
INR7,375 crores (US$1.54 billion) in Q1 FY'09.  The drop in EBITDA
was attributable mainly to the challenging economic environment
caused by the global recession especially in UK & Europe.

Consequently, loss after tax (after minority interest and share of
profit of associates) was INR2,209 crores (US$461 million) as
compared to a profit of INR3,901 crores (US$814 million) in Q1
FY'09.

In July 2009, the Company has issued 65,410,589 Global Depository
Receipts worth US$500 million each GDR representing one ordinary
share.

The Group continues to have robust liquidity position (including
undrawn credit lines) of over INR16,750 crores (US$3.50 billion)
as on date on account of external capital raising and tight
working capital management across all geographies.  The net debt
for the Group as at end June 2009 was INR49,170 crores (US$10.26
billin).

Tata Steel Managing Director, B. Muthuraman, said: "The results of
Tata Steel Group for the quarter ended June reflects the impact of
the global economic downturn, particularly in the developed
markets.  The Group is currently undertaking several restructuring
initiatives internally to not only weather the current storm but
to emerge much stronger in the near future.  The global recovery
is expected to be slow and the company will continue to focus on
operating performance and liquidity management.  Overall, the Tata
Steel Group is in a relatively good position because of our wide
geographic reach and our strong position in the growing Indian
market."

Tata Steel Europe, CEO Kirby Adams said: "We anticipated that the
first two quarters of the current year would be a difficult one
for European steelmakers, which is why we started taking action
early this calendar year to align our output and costs to the
lower demand levels in Europe. The unexpected termination of the
Teeside off-take agreement in April 2009 by the four off-takers
cost Tata Steel Europe INR244crores (US$51 million) in EBIT and
INR742 crores (US$155 million) in operating cash flows during the
first quarter.  Despite the reported losses, Tata Steel Europe has
generated substantial operating cash flows in the quarter through
tight working capital and spend management. We will continue to do
what is required to ensure that the financial performance of Tata
Steel Europe recovers to positive territory in the second half."

Tata Steel Executive Director (India & South-East Asia), Hemant
Nerurkar, said: "The performance of the Indian operations of Tata
Steel Group continues to demonstrate its preeminent competitive
position in the global steel industry as demonstrated in its
financial performance for the quarter.  The company is currently
focused on increasing its market share through enhanced volume in
the forthcoming quarters leveraging its newly expanded capacity.
The Jamshedpur 10 million tonnes expansion program continues to be
the top priority of the company and is progressing on schedule.
We also hope that we are able to begin the work at our Orissa
Project site soon.  The South-East Asian business of Tata Steel
including NatSteel and Tata Steel Thailand has initiated several
cost saving measures to offset the current downturn and is
expected to increase its volumes and profitability in the near
future."

                      About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


TATA STEEL: First Quarter Results Won't Move Moody's 'Ba3' Rating
-----------------------------------------------------------------
Moody's Investors Service said that Tata Steel Ltd's consolidated
results for its first quarter (April-June 2009) were broadly
within expectations and have no rating implications.  Tata Steel
is rated Ba3 with a stable outlook.

"The rating anticipated the weakened performance, which was
impacted by the sharp drops in steel volumes and prices as
compared to the same quarter last year," says Ivan Palacios, a
Moody's AVP/Analyst.

Tata Steel's consolidated EBITDA was marginally break-even for the
April-June quarter, with reported EBITDA of US$43 million compared
to US$1,540 million in April-June 2008.

The consolidated result was dragged down by the weak performance
of Tata Steel Europe, which reported negative EBITDA of US$387
million due to a 48% decline in sales volumes, and the combination
of low steel prices and high raw material costs.  On the other
hand, Tata Steel India reported 22% volume growth from April-June
2008 as high capacity utilization rates led to a sequential
improvement in EBITDA.

While underlying demand remains weak in the European markets, and
a sustainable improvement in demand, pricing and capacity
utilization is not expected until 2010, the situation in the
Indian steel market shows signs of stabilization.

Substantial infrastructure spending from stimulus plans and
recoveries in the automotive, consumer durables and construction
sectors are helping drive steel demand in India.  In addition,
global steel prices have recently improved from around
US$400/tonne in May to the current US$500/tonne.

"Although consolidated results for April-June 2009 were weak,
Moody's notes operating conditions may have bottomed, and Moody's
expect to see a slow, but progressive improvement in performance
in these quarters, as the company benefits from lower raw material
costs, the recent pick-up in steel prices, gradually improving
capacity utilization rates, and the impact of its cost reduction
plans," says Palacios, also Moody's lead analyst for the company.

In this context, the company's management expects the financial
performance of Tata Steel Europe to move back into positive
territory in 2H2009.

It is Moody's expectation that Tata Steel's consolidated leverage
ratios -- such as Adjusted Debt/EBITDA -- will peak at levels
above 5.0x-6.0x in March 2010 (the end of its current fiscal
year).  Moody's Ba3 rating anticipates some progressive recovery
in the metrics to levels more commensurate with the current rating
once the company's restructuring measures in Europe and expected
volume growth in India start to show results in 2010.

Negative rating pressure could develop in the event of a
deterioration in the operating environment beyond Moody's current
expectations.  The financial indicators Moody's would consider for
a downgrade include Adjusted Debt/EBITDA exceeding 5.0x and EBIT
margin below 5% on a sustained basis.

Conversely, upward rating pressure would require (1) a
stabilization in the steel markets, both in terms of prices and
volumes, leading to improved cash flow generation and a meaningful
reduction in leverage, (2) the maintenance of a strong liquidity
profile with comfortable headroom under its financial covenants,
both at Tata Steel UK and Tata Steel India, and (3) a recovery in
the group's credit metrics, such that Adjusted debt/EBITDA
improves towards 4.0x and EBIT margin improves above 8% on a
sustained basis.

Moody's last rating action on Tata Steel was taken on June 8,
2009, when it downgraded the company's corporate family rating to
Ba3 from Ba2 with a stable outlook.

Tata Steel Ltd is an integrated steel company headquartered in
Mumbai.  After the acquisition of Corus, Tata Steel became the
world's sixth largest steelmaker with an annual production
capacity of around 29.9 million tons of crude steel.


VALLABH METAL: CRISIL Puts 'P4' Rating on INR80MM Packing Credit
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Vallabh Metal Inc.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Packing Credit     P4 (Assigned)
   INR20.0 Million Bill Discounting   P4 (Assigned)

The ratings reflect the firm's weak financial risk profile, and
exposure to risks relating to the ongoing slowdown in the economy,
increasing raw material prices, and the small scale of its
operations.  These weaknesses are, however, mitigated by the
benefits that Vallabh Metals derives from its established customer
base.

                        About Vallabh Metal

Set up in 2000, Vallabh Metal manufactures and exports Christmas
decorative items.  Around 80 per cent of the company's sales are
to USA, and the remainder to Europe and Australia. The firm's
plant at Moradabad (Uttar Pradesh) manufactures around 1000 new
varieties of decorative items every year.  Vallabh Metals reported
a profit after tax (PAT) of INR7.9 million against net sales of
INR261 million for  the year ended March 31, 2008, as against a
PAT of INR8.4 million against net sales of INR276 million for
2006-07.


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


BANK CENTURY: BPK to Begin Audit Before Idul Fitri Holiday
----------------------------------------------------------
The Jakarta Post reports that Indonesia's Supreme Audit Agency has
begun a preliminary audit into PT Bank Century Tbk.

"We have started a preliminary audit, [which is expected] to be
finished before the Idul Fitri holiday.  After the holiday, we
will carry out a more thorough audit," the report quoted BPK main
auditor II Syafri Adnan Baharuddin as saying.

Mr. Baharuddin said BPK would scrutinize Bank Century's balance of
payments, which turned negative in November last year and caused
the government to intervene via the LPS.

As reported in the Troubled Company Reporter-Asia Pacific on
November 25, 2008, the government-sanctioned Deposit Insurance
Corporation (LPS) injected INR1 trillion (US$90 million) into PT
Bank Century Tbk to keep it afloat.  According to Reuters, the
bank was hit by liquidity problems related to about US$56 million
of payments on bonds maturing in the last few months of 2008.

Reuters said Bank Century had failed to receive funds from around
US$56 million worth of bonds maturing in late October and early
November, which was a major cause behind liquidity problems.

                         About Bank Century

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


GARUDA INDONESIA: Debt-Equity Swap Deal with Bank Mandiri Approved
------------------------------------------------------------------
PT Bank Mandiri will take an 11% stake in PT Garuda Indonesia
under a debt-to-equity conversion agreed to by all parties
involved, including the central bank, The Jakarta Globe reports
citing the State Enterprises Ministry.

The Globe relates that the ministry said Bank Mandiri will convert
US$100 million of the state-owned carrier's bond debt into equity.

"All parties have in principle agreed to convert Garuda's bonds
held by Mandiri into equity in the company.  Only the details and
technical matters need to be worked out now," State Enterprises
Minister Sofyan Djalil was quoted by the Globe as saying.

Mr. Sofyan said the deal could be concluded before Garuda's
planned initial public offering, scheduled for the middle of next
year.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2009, Garuda Indonesia expects to raise as much as US$400
million from its much-awaited Initial Public Offering in June,
next year.  The expected launch, however, is based on a positive
outlook of the market condition, vis-a-vis investor sentiment.

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

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

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


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


JAPAN AIRLINES: To Slash 1,400 Back-Office Jobs
-----------------------------------------------
Kyodo News reports that Japan Airlines Corp said Friday it will
cut 1,400 jobs from its back-office sections at its headquarters
in Tokyo as part of its restructuring efforts.

According to the news agency, the downsizing of the headquarters
workforce to 4,400 will be made in line with JAL's plan to reduce
the number of back-office units to 64 from the current 84 from
October.

The company will consolidate back-office functions by abolishing
separate divisions in charge of budgets and personnel while
transferring the 1,400 workers to airports or business offices to
strengthen its front line, Kyodo News relates.

                       About Japan Airlines

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

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

                          *     *     *

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

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


JAPAN AIRLINES: To Include Impact on Boeing Delivery Delay in Plan
------------------------------------------------------------------
Japan Airlines Corp. said it is considering including the impact
of a delay in the delivery of Boeing Co.'s 787 Dreamliner in its
mid-term business plan, Dow Jones Newswires reports.

Dow Jones relates Boeing Co. said Thursday the much-delayed
aircraft, originally slated for delivery to launch customer ANA in
May 2008, will now arrive in the final quarter of 2010.

Dow Jones cited JAL as saying that "we have yet to receive the
detailed schedule of delivery from Boeing and therefore cannot
determine the effect on our corporate planning."

But JAL said it is considering including the impact in its mid-
term business plan, which the airline aims to provide by the end
of September, Dow Jones notes.

                       About Japan Airlines

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

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

                          *     *     *

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

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


JAPAN AIRLINES: Unveils New Corporate Organization Structure
------------------------------------------------------------
The Japan Airlines Group said Friday its new corporate
organization structure will take effect from October 1, 2009.  The
new structure aims to improve passenger experience, consolidate
intermediary functions to improve productivity of the Group's
business practices, and to increase efficiency and
competitiveness.

A brand new Customer Experience Division has been established to
centralize the planning-functions involving the hardware, software
and human-relation aspects of customer satisfaction.  This
division will lead the coordination between Passenger Marketing,
Airport, and Cabin Attendants divisions, managing the analysis,
planning, implementation and feedback stages in the process of
maintaining and improving all aspects of customer service.  It
will set the basic policies and strategies in maximizing JAL's
value to customers, and coordinate closely with the Corporate
Safety Division to forge a strong foundation for safe operations
and customer satisfaction - the highest priorities of the JAL
Group.

JAL said the restructure has also streamlined numerous
intermediary functions within the organization in order to speed
up decision-making processes that will strengthen the Group's
overall efficiency, as well as to minimize the backend and
overhead costs which is a measure in line with JAL's cost-
reduction plans.  Reorganizations were made to the Corporate
Planning, Passenger Marketing, Cargo & Mail, Flight Operations,
Engineering, Airports and Human Resource divisions, as well as the
general administrative departments within each division.
Subsequently, the number of function groups within the Company
will be reduced by almost 25%.

In the continuous pursuit of higher efficiency and improvement in
operational skills through shared-knowledge, the reorganization
includes a merger of three of the Group's 100%-owned subsidiaries
that provide airport-related services - JAL Sky Services Co., Ltd,
JALSky Tokyo Co., Ltd and JALWave Co., Ltd, forming the new
company, JAL Sky Co., Ltd.  This is in addition to the announced
merger of JAL's 4 aircraft-maintenance companies that will result
in the new JAL Engineering Co., Ltd slated to start operations
from October 2009.  Another amalgamation of the 100% JAL-owned
travel-related subsidiaries JALPAK Co., Ltd, JAL Sales Co., Ltd,
JAL Sales Western Japan Co., Ltd, JAL Sales Kyushu Co., Ltd, and
JAL Sales Hokkaido Co., Ltd. is aimed at strengthening the Group's
overall travel sales and planning capabilities.

With the clear objective of improving profitability and securing
sustainable growth in the future, the JAL Group will continue
reviewing its business model and implement necessary changes that
will strengthen and rebuild its business foundations.

                       About Japan Airlines

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

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

                          *     *     *

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

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


MAZDA MOTOR: To Resume Weekend Operations at Ujina Plant
--------------------------------------------------------
Mazda Motor Corp will resume weekend operations at its main plant
in Hiroshima for the first time since last September to meet
recovering automobile demand, Kyodo News reports citing company
officials.

According to the news agency, the officials from Mazda said the
company will resume operations at the Ujina plant on Aug. 29, and
Sept. 5 and 12, all Saturdays, in view of the recovery in auto
demand thanks to the government's tax breaks and subsidies for
eco-friendly cars.

Kyodo relates the officials said Mazda will also operate the Hofu
plant in Yamaguchi Prefecture on the same weekends as the Ujina
plant in August and September.

                         About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'BB' long-term corporate
credit rating on Mazda Motor Corp., reflecting increased pressure
on the company's profitability and cash flow amid ongoing
turbulence in global auto markets.  At the same time, Standard &
Poor's affirmed its long-term corporate credit and 'BB+' senior
unsecured debt ratings on Mazda.


SILVER OX: To File for Bankruptcy Protection
--------------------------------------------
Bloomberg News reports that Silver Ox Inc. plans to file for
bankruptcy protection today, Sept. 1, with the Osaka District
Court after accumulating JPY5.7 billion (US$61 million) in
liabilities.

Silver Ox Inc. is a Japan-based company mainly engaged in the
manufacture, processing and sale of textile products and related
materials.


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


SSANGYONG MOTOR: Sells Bupyeong Factory for KRW28 Billion
---------------------------------------------------------
Ssangyong Motor Co. signed an agreement with a local company to
sell its factory in Bupyeong for KRW28 billion (US$22.5 million),
Bloomberg News reports citing the Maeil Business Newspaper.

The Korean-language newspaper, citing an unidentified official at
the carmaker, said Ssangyong will meet a Sept. 15 court deadline
to submit a turnaround plan because it has already started to
arrange financing, Bloomberg relates.

                       About Ssangyong Motor

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

                           *     *     *

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

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


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


BEZ-TECH ENGINEERING: Court to Hear Wind-Up Petition on Sept. 11
----------------------------------------------------------------
A petition to wind up the operations of Bez-Tech Engineering &
Construction Pte Ltd will be heard before the High Court of
Singapore on September 11, 2009, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
August 18, 2009.

The Petitioner's solicitors are:

          Messrs Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


G A CAPITAL: Creditors' Proofs of Debt Due on September 29
----------------------------------------------------------
G A Capital Pte. Ltd., which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 29,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on August 28, 2009.

The company's liquidator is:

          MDM Chia Lay Beng
          1 Scotts Road
          #21-08 Shaw Centre
          Singapore 228208


GLORY WEALTH: Court to Hear Wind-Up Petition on Sept. 11
--------------------------------------------------------
A petition to wind up the operations of Glory Wealth Shipping Pte
Ltd will be heard before the High Court of Singapore on Sept. 11,
2009, at 10:00 a.m.

D'Amato di Navigazione SPA filed the petition against the company
on August 14, 2009.

The Petitioner's solicitors are:

          Messrs. Ang & Partners
          79 Robinson Road #22-00
          CPF Building
          Singapore 068897


GOLDEN ORIENTAL: Court Enters Wind-Up Order
-------------------------------------------
On August 14, 2009, the High Court of Singapore entered an order
to have Golden Oriental Pte Ltd's operations wound up.

Rainbow Offshore Supplies Pte Ltd filed the petition against the
company.

The company's liquidators are:

          Seshadri Rajagopalan
          Aaron Loh Cheng Lee
          Ee Meng Yen, Angela
          c/o Ernst & Young Solutions LLP
          Level 18 North Tower
          One Raffles Quay
          Singapore 048583


GRANDFLEUR PTE: Creditors' Proofs of Debt Due on October 9
----------------------------------------------------------
Grandfleur Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by October 9, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Heng Lee Seng
          15 Hoe Chiang Road
          #12-02 Tower Fifteen
          Singapore 089316


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


EVA AIRWAYS: First Half Loss Narrows to NT$1.68 Billion
-------------------------------------------------------
Bloomberg News reports that EVA Airways Corp. posted a narrower
loss in the second quarter as gains from fuel-hedging contracts
offset slumping travel demand.

Citing a stock exchange filing, Bloomberg discloses that EVA
posted a loss of NT$1.68 billion in the first half of the year, or
NT$0.43 a share, compared with a loss of NT$5.97 billion a year
earlier, or NT$1.53.

EVA Airways posted NT$723 million of unrealized fuel-hedging gains
in the first half, joining China Eastern Airlines Corp and Cathay
Pacific Airways Ltd in benefiting from rebounding oil prices.

For the April-June period, Bloomberg says the Taoyuan-based
company reported a net loss of NT$1.88 billion, compared with
NT$3.68 billion a year earlier.  According to Bloomberg, the loss
was wider than the median estimate for a NT$575 million loss in a
survey of six analysts.

Bloomberg notes that EVA's second-quarter sales fell 29% from a
year earlier to NT$15.9 billion, following a 30% decline in the
preceding three months,  base on monthly exchange filings.

Taiwan-based Eva Airways Corporation -- http://www.evaair.com/--
is principally engaged in the provision of passenger and cargo
transportation services throughout Asia, Europe, the Americas and
Oceania.  The company's passenger air transportation services
include regular flights and regular and irregular charter flights.
It also provides air cargo, mail and package transportation
services.  In addition, the company sells duty-free items on
airplanes.

                          *     *     *

Eva Airways reported three consecutive annual net losses of
NT$16.88 billion, NT$1.87 billion and NT$1.69 billion for the
years ended December 31, 2008, 2007 and 2006, respectively.


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


* BOND PRICING: For the Week August 24 to August 28, 2009
---------------------------------------------------------


   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.65
AMP Group Financ              9.803%   04/01/19   NZD       0.89
Antares Energy               10.000%   10/31/13   AUD       1.82
Babcock & Brown Pty           8.500%   11/17/09   NZD      47.78
Becton Property Group         9.500%   06/30/10   AUD       0.42
Bemax Resources               9.375%   07/15/14   USD      67.50
Bemax Resources               9.375%   07/15/14   USD      67.50
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      19.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.09
China Century                12.000%   09/30/10   AUD       0.65
China Tietong                 4.600%   08/18/15   CNY      72.20
CIT Group Au Ltd              6.000%   03/03/11   AUD      72.86
Djerriwarrh Inv               6.500%   09/30/09   AUD       4.04
First Australian             15.000%   01/31/12   AUD       0.70
Griffin Coal Min              9.500%   12/01/16   USD      51.25
Griffin Coal Min              9.500%   12/01/16   USD      51.25
Heemskirk Consol              8.000%   04/29/11   AUD       2.25
Insurance Austra              5.625%   12/21/26   GBP      66.00
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       2.68
Jpm Au Enf Nom 2              7.000%   06/30/11   AUD      30.28
Macquarie Bank                6.500%   05/31/17   AUD      50.64
Minerals Corp                10.500%   09/30/09   AUD       0.63
Metal Storm                  10.000%   09/01/09   AUD       0.09
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.60
Sun Resources NL             12.000%   06/30/11   AUD       0.35
Suncorp-Metway                6.500%   06/22/16   AUD      67.63
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Chinatrust Comm               5.625%   03/29/49   CNY      72.50
Jiangxi Copper                1.000%   09/22/16   CNY      70.72
Sichuan Changhon              0.800%   07/31/15   CNY      72.00


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      61.50
AKSH Optifibre                1.000%   01/29/10   USD      58.00
Gemini Commnica               6.000%   07/18/12   EUR      52.50
ICICI Bank Ltd                7.250%   08/29/49   USD      72.12
Kei Industries                1.000%   11/30/11   USD      66.50
Sterling Biotech              0.500%   09/30/10   USD      63.64
Subex Azure                   2.000%   03/09/12   USD      32.25
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   JAPAN
   -----
Aiful Corp                    4.450%   02/16/10   USD      68.50
Aiful Corp                    4.450%   02/16/10   USD      68.50
Aiful Corp                    2.930%   06/28/10   JPY      71.98
Aiful Corp                    5.000%   08/10/10   USD      48.62
Aiful Corp                    5.000%   08/10/10   USD      48.62
Aiful Corp                    1.580%   05/26/11   USD      73.29
Aiful Corp                    1.500%   10/20/11   JPY      56.14
Aiful Corp                    6.000%   12/12/11   USD      38.50
Aiful Corp                    6.000%   12/12/11   USD      38.50
Aiful Corp                    1.990%   03/23/12   JPY      51.25
Aiful Corp                    1.220%   04/20/12   JPY      63.88
Aiful Corp                    1.630%   11/22/12   JPY      60.27
CSK Corporation               0.250%   09/30/13   JPY      41.60
Daikyo Inc.                   1.880%   03/12/12   JPY      70.06
Japan Airlines                3.100%   01/22/18   JPY      74.37
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      57.28
Nippon Residentl              0.840%   09/24/10   JPY      74.93
Nippon Residentl              1.900%   09/13/12   JPY      73.07
Nis Group                     8.060%   06/20/12   USD      34.12
Orix Corp                     2.190%   04/18/17   JPY      74.50
Promise Co Ltd                1.370%   06/04/13   JPY      74.28
Promise Co Ltd                2.060%   03/20/14   JPY      73.25
Promise Co Ltd                2.100%   04/21/14   JPY      73.52
Shinsei Bank                  3.750%   02/23/16   JPY      69.00
Shinsei Bank                  5.625%   12/29/49   GBP      55.00
Takefuji Corp                 9.200%   04/15/11   JPY      50.46
Takefuji Corp                 9.200%   04/15/11   USD      48.12
Takefuji Corp                 8.000%   11/01/17   USD      12.75
Takefuji Corp                 4.000%   06/05/22   JPY      64.65
Takefuji Corp                 4.500%   10/22/32   JPY      58.33


   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.02
AMBB Capital                  6.770%   01/29/49   USD      73.87
Berjaya Land Bhd              5.000%   12/30/09   MYR       3.48
Crescendo Corp B              3.750%   01/11/16   MYR       0.77
Dutaland Bhd                  4.000%   04/11/13   MYR       0.40
Dutaland Bhd                  4.000%   04/11/13   MYR       0.77
Eastern & Orient              8.000%   07/25/11   MYR       1.17
EG Industries                 5.000%   06/06/10   MYR       0.38
Huat Lai Resources            5.000%   03/28/10   MYR       0.21
Kamdar Group Bhd              3.000%   11/09/09   MYR       0.25
Kretam Holdings               1.000%   08/10/10   MYR       1.08
Kumpulan Jetson               5.000%   11/27/12   MYR       1.09
LBS Bina Group                4.000%   12/31/09   MYR       0.40
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.55
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.21
Olympia Industri              2.800%   04/11/13   MYR       0.21
Olympia Industri              4.000%   04/11/13   MYR       0.23
Plus SPV Bhd                  2.000%   06/27/18   MYR      74.55
Plus SPV Bhd                  2.000%   03/11/19   MYR      72.94
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.70
Rubberex Corp                 4.000%   08/14/12   MYR       0.97
Talam Corp Bhd                2.000%   06/28/19   MYR      23.39
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.10
Wah Seong Corp                3.000%   05/21/12   MYR       2.30
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.36
YTL Cement Bhd                4.000%   11/10/15   MYR       1.83


   NEW ZEALAND
   -----------
Allied Nationwid             11.520%   12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.43
Blue Star Print               9.100%   09/15/12   NZD      52.51
Capital Prop NZ               8.000%   04/15/10   NZD      14.00
Contact Energy                8.000%   05/15/14   NZD       1.02
Fidelity Capital              9.250%   07/15/13   NZD      73.99
Fletcher Buildin              7.550%   03/15/11   NZD       8.15
Fletch Build Fin              8.850%   03/15/10   NZD       8.70
Fletcher Bui                  8.500%   03/15/15   NZD       9.25
Fonterra                      8.740%   11/29/49   NZD      71.00
Infrastr & Util               8.500%   09/15/13   NZD       9.70
Infratil Ltd                  8.500%   11/15/15   NZD      10.10
Infratil Ltd                 10.180%   12/29/49   NZD      66.00
Marac Finance                10.500%   07/15/13   NZD       0.64
Provencocadmus                2.000%   04/15/10   NZD       0.69
South Canterbury             10.500%   06/15/11   NZD       0.73
South Canterbury             10.430%   12/15/12   NZD       0.59
St Laurence Prop              9.250%   07/15/10   NZD      73.15
St Laurence Prop              9.250%   05/15/11   NZD      64.76
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       8.00
Trustpower Ltd                8.500%   03/15/14   NZD       8.00
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.65


   SINGAPORE
   ---------
Sengkang Mall                 8.000%   11/20/12   SGD       1.49
WBL Corporation               2.500%   06/10/14   SGD       1.80


   SOUTH KOREA
   -----------
United Eng                    1.000%   03/03/14   SGD       1.21
Woori Bank                    6.208%   05/02/37   USD      73.90


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%   08/15/18   LKR      71.46
Sri Lanka Govt                7.000%   10/01/23   LKR      62.10


                         *********

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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