TCRAP_Public/090902.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

           Wednesday, September 2, 2009, Vol. 12, No. 173

                            Headlines

A U S T R A L I A

BABYCO GROUP: Placed in Voluntary Administration
CYPRESS LAKES: Seeks to Delist from ASX to Cut Costs
FITZROY ISLAND: Receivers Put Resort's Assets In the Market
FMG RESOURCES: S&P Downgrades Senior Secured Ratings to 'B'
KLEENMAID GROUP: Liquidator Says Kleenmaid Brand Hasn't Been Sold

PAPERLINX LIMITED: Posts AU$798.2 Million Net Loss for FY2009
ROAMFREE LTD: Calls in Ferrier Hodgson as Voluntary Administrator
RUBICON ASSET: Managed Schemes Insolvent; Likely to be Wound Up


C H I N A

BANK OF SHANGHAI: Fitch Affirms Issuer Default Rating at 'BB-'
CHINA DIGITAL: To Change Name to "New Energy Systems Group"
CHINA EVERBRIGHT: Fitch Affirms Individual Rating at 'D/E'
CHINA NETWORKS: To be Delisted From NYSE/Amex, to Trade on OTCBB


H O N G  K O N G

CHINA KIOSK: Members' Final Meeting Set for September 29
DOLLYCRAFT LIMITED: Members' Final Meeting Set for September 30
FANGDA GLOBAL: Members' Final Meeting Set for September 29
GEA INDUSTRIES: Members' Final Meeting Set for September 29
GENERAL BRAVE: Members' Final Meeting Set for September 30

GREATING E & E: Members' Final Meeting Set for September 30
HARBOUR JADE: Members' Final Meeting Set for September 30
HONG KONG NEW: Members and Creditors to Holf Meeting on Sept. 30
LEVEN LIMITED: Members' Final Meeting Set for September 30
RISE CHINA: Members and Creditors to Hold Meeting on September 30

UNISON PACIFIC: Creditors' Proofs of Debt Due on September 28
WAH BAN: Members' Final Meeting Set for September 30
WORLD SHINE: Tseng Yih Sun Steps Down as Liquidator


I N D I A

BANK OF BARODA: Fitch Affirms Individual Rating at 'C/D'
CANARA BANK: Fitch Affirms Individual Rating at 'C/D'
DHANUKA LABORATORIES: ICRA Puts 'LBB+' Rating on INR196 Mln Loan
EMAS ENGINEERS: ICRA Places 'LBB-' Rating on INR650.1MM Facilities
HARI INFRASTRUCTURE: ICRA Rates INR270 Million LT Loan at 'LB+'

TATA MOTORS: To Raise GBP100 Mil. of Working Capital for JLR Unit
TATA STEEL: Weak Performance Won't Affect S&P's 'BB-' Rating


I N D O N E S I A

BANK CENTRAL: Fitch Affirms Issuer Default Rating at 'BB'
BANK DANAMON: Court Rejects Bankruptcy Lawsuit Against EKN
BANK MANDIRI: Fitch Affirms Support Rating Floor at 'BB-'
TELEKOMUNIKASI INDONESIA: To Restructure US$400-Mln Gov't. Debt


J A P A N

ELPIDA MEMORY: Completes JPY30-Bln Preferred Shares Sale to DBJ


K O R E A

GENERAL MOTORS: KDB Won't Provide Daewoo Aid Absent Long-Term Plan
GENERAL MOTORS: GM Daewoo Offers Early Retirement to Office Staff


M A L A Y S I A

IDAMAN UNGGUL: Posts MYR1.39 Million Net Loss in Qtr Ended June 30


N E W  Z E A L A N D

HANOVER FINANCE: Goes to Court Over NZ$697 Owed to Teenager
SOUTH CANTERBURY: Swings to NZ$69MM Loss in Year Ended June 30
STRATEGIC FINANCE: Posts NZ$174.7MM Annual Net Operating Loss


S I N G A P O R E

ASIA SUNRISE: Creditors' Proofs of Debt Due on September 28
MOBIF PTE: Creditors' Proofs of Debt Due on September 28
ORTON-GILLINGHAM: Creditors' Proofs of Debt Due on September 28
PETROPROD LTD: Court Enters Wind-Up Order
SEMBAWANG KIMTRANS: Creditors' Proofs of Debt Due on September 28


T A I W A N

POWERCHIP SEMICONDUCTOR: First Half Loss Widens to NT$18.02 Bln.


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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A U S T R A L I A
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BABYCO GROUP: Placed in Voluntary Administration
------------------------------------------------
Deloitte partners Tim Norman, Sal Algeri and Simon Cathro have
been appointed as voluntary administrators of baby nursery
furniture and Manchester products retailer, Swallow Baby Carriages
Pty Ltd and Baby Holdings Pty Ltd, both trading as BabyCo.

The appointment has been brought about by slowing sales and the
competitive nature of the retail industry, Mr. Norman said in a
statement.

Mr. Norman said that the aim of the voluntary administrators will
be to evaluate the financial position of the Group and to
investigate options to restructure the business, with a view to
selling the business as a going concern.

Following the briefing of employees on August 30, one of the first
priorities of the voluntary administrators will be to make
enquiries about sourcing products to be able to meet order
requirements.

"There are currently approximately 1,000 customers who have put
deposits down on Babyco products around the country," Mr. Norman
said.

"Obviously we are very aware that this appointment puts
‘expecting’ families in a difficult position.  As it is early in
the appointment, we cannot make comment as to whether our
enquiries will be successful, however, we will let customers know
of the outcome of our enquiries shortly," he said.

The appointment will include some store closures.  Stores that
will remain open for trading include:

   * Rowville (VIC)
   * Wetherill Park (NSW)
   * Underwood (QLD)
   * St Mary’s (SA)

Established in November 1970, The BabyCo Group --
http://www.babyco.com.au/is a nursery furniture and Manchester
retailer based in Australia.  It has 22 stores located in
Victoria, New South Wales, Queensland and South Australia and
employs approximately 70 full time staff.


CYPRESS LAKES: Seeks to Delist from ASX to Cut Costs
----------------------------------------------------
Katherine Jimenez and Bridget Carter at The Australian report that
Cypress Lakes Group Limited is seeking to end its long and painful
relationship with the investing public.  The report says the
company last week said it lost AU$5.38 million in 2008-09.

The Australian relates the company had put in a request to the
Australian Securities Exchange to delist its shares by December 31
as part of a cost-cutting strategy.

"The board considers that the costs to shareholders of a continued
listing are greater than the benefits of that listing," The
Australian cited Cypress Lakes in a statement.  "The volume and
value of trading in the company's shares is very low and the
company has not been able to generate interest in its capital
raising attempts from a material number of shareholders or the
market in general."

The Australian notes Cypress said a delisting would generate
"material cost savings".  According to the report, management
warned that if negative cashflows continued, the company may
require further capital in the short term.

Cypress, as cited by The Australian, said its bank had agreed to
restructure its debt and "to work out sustainable funding
arrangements with the bank for the company to continue as a going
concern".   It said the bank had forgiven prior financial covenant
breaches.

Despite a AU$6 million drop in total revenue, Cypress was able to
cut its losses over the previous year, when it plunged AU$16.06
million.

Cypress Lakes Group Limited (ASX:CLK) --
http://www.cypresslakes.com.au/-- is an Australia-based company.
The principal activities of the company, along with its
subsidiaries, are operator of Cypress Lakes Resort and The Golden
Door Health Retreats and Spas, as well as that of property owner
and developer.  It operates in two business segments: Tourism &
Leisure, and Health Retreat & Spas. Tourism & Leisure segment
comprises two businesses: Cypress Lakes Resort Villa Hotel and
Cypress Lakes Golf and Country Club.  The Hotel comprises some 160
leased villas and central facilities.  The Club has been
established for 16 years and boasts a championship golf course.
Health Retreat & Spas segment comprises two health retreats: the
Golden Door at Willow Vale in Queensland and the Golden Door
Health Retreat Elysia in Hunter Valley in New South Wales.  The
Willow Vale property provides for a program for up to 55 guests
per week.  The Elysia retreat also offers a weekly program for
guests.


FITZROY ISLAND: Receivers Put Resort's Assets In the Market
-----------------------------------------------------------
Ferrier Hodgson partner Greg Moloney, receiver of the Fitzroy
Island Resort, has announced that the assets of the resort will be
offered for sale with vacant possession.

The receivers said the exact timing and process of the sales
campaign is currently being assessed and they expect to make a
further announcement in the near future.  In the interim the
resort will remain closed to guests.

Mr. Moloney described it as "a unique opportunity for an
experienced hospitality or tourism operator to take advantage of
the significant resources that have been invested in the Resort
facilities and essential infrastructure."

The resort, located 30 kilometres off Cairns in Far North
Queensland, has been closed to guests since entities associated
with the developer, the Hunt Group, went into receivership.
in April.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2009, Fitzroy Island Resort has been placed in receivership with
debts of over AU$50 million.

The resort, owned by property developer Joshua Hunt, has been
undergoing a AU$100 million redevelopment since Mr. Hunt bought
the island from Cairns tourism operator Raging Thunder for AU$18
million in November 2006.

Raging Thunder claims Mr. Hunt still owes them AU$13 million after
interest and penalties and subsequently called in administrators
Jonathon McLeod & Partners.  Mr. Hunt's main lender, Bankwest, has
also appointed Ferrier Hodgson as receivers.

Fitzroy Island Resort has received its fair share of publicity
since opening, hosting the contestants of reality TV series "The
Biggest Loser" and offering 500 victims of the Victorian bushfires
a week's free holiday.


FMG RESOURCES: S&P Downgrades Senior Secured Ratings to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
senior secured issue ratings on notes issued by FMG Resources
(August 2006) Pty Ltd. (previously FMG Finance Pty Ltd.), a 100%
subsidiary company of Australian iron ore miner Fortescue Metals
Group Ltd. (not rated), to 'B' from 'B+'.  The outlook on the
ratings is negative.  The notes have been assigned an underlying
recovery rating of '4', implying recovery of principal of 30%–50%
in the event of a payment default.

The downgrade reflects S&P's view of the combined effects of:
weaker operating cash flow from lower-than-forecast ore production
at FMG's iron ore project; higher capital expenditure required to
achieve plant design; increased financial reliance on the
liquidity support from the parent company; and FMG's aggressive
growth aspirations.

"The project's ramp-up performance and cash flow generation have
been lower than expected," Standard & Poor's credit analyst Peter
Stephens said.  "In addition, higher ore moisture has limited the
production capacity of the plant to below design levels of
45 million tonnes per annum, which has added to the project's cost
profile.  The project will be required to fund and construct
additional ore processing facilities to achieve the original
design throughput.  S&P expects these capital expenditures to be
significant and funded from project cash flow and parent company
liquidity."

Historically, FMG has demonstrated a willingness to introduce
additional funding sources from operating leasing, subordinated
loans, and preference shares, which has added financial risks to
the project.  In addition, S&P views the growth aspirations of the
parent company as aggressive.  These factors are offset to some
degree by ramp up in ore production, operating cost improvements,
and positive cash flow generation.  Also, although liquidity at
the project is limited to reserve accounts and production cash
flow, the parent company has demonstrated a willingness to provide
cash support on a needs basis for capital expenditure and
corporate needs.

Mr. Stephens added: "In S&P's view, the factors that could
materially weaken the project's credit profile in the near term
include: the terms and conditions of expansion funding; the
ability of the parent company to continue to provide a
satisfactory level of liquidity support to the project through
ramp up; delay or failure to meet production design of 45 mtpa
(and subsequent increase to 55 mtpa) following completion of the
new wet plant; an increased operating cost profile; and weakening
iron ore prices."


KLEENMAID GROUP: Liquidator Says Kleenmaid Brand Hasn't Been Sold
-----------------------------------------------------------------
The liquidator of Kleenmaid Group has confirmed that neither the
Kleenmaid brand nor any customer data has been sold by the
liquidators, or in fact transferred at all.

However, the liquidator Richard Hughes of Deloitte Partner,
confirmed that the fixed and floating charge that was previously
held by GE Commercial Corporation Australia over Orchard KM Pty
Limited (Orchard) had been assigned to DGH Holdings Pty Ltd (DGH)
on August 7.

"A charge is a security over certain assets, in the same way that
a house is often used as the security for a residential mortgage.
A bank holding a mortgage does not own the subject property, and
similarly, DGH’s charges over Orchard do not equate to ownership
of Orchard’s assets which include the Kleenmaid brand," Mr. Hughes
said in a statement Monday.

Mr. Hughes confirmed that "The assets that are covered by the
fixed and floating charge include the intellectual property of
Kleenmaid Group such as the Kleenmaid brand name. I want to be
absolutely clear on this -- the assets remain the property of
Orchard irrespective of who owns the charge."

GE was not required to and did not request the consent of the
Liquidators to the assignment of the charge.

"In order to obtain ownership and/or control of these assets, DGH
would need to appoint a controller or receiver or foreclose on
Orchard.  There are important legal steps that a person holding a
charge is required to take to acquire or control charged property,
and are legislated to protect the other secured and unsecured
creditors of Orchard.  As far as we are aware, these steps have
not been taken," Mr. Hughes said.

"I also know a number of Kleenmaid customers have been contacted
by a company claiming to be the new Kleenmaid offering discounts
on replacement products."

"DGH and/or Compass Capital Partners have stated to these
customers that they own the customer database.  We have sought
legal advice on this issue.  It is clear that the customer
database is owned by other entities in the Kleenmaid group.
Accordingly, we have today written to both DGH and Compass
demanding that they discontinue use of the database, deliver it to
the Liquidators and destroy all copies."

"I want to reiterate that we have not sold the Kleenmaid brand
name or the customer database, nor allowed their use. We are
currently investigating how the database has been acquired."

"The Australian Securities & Investment Commission (ASIC) has been
kept fully informed of these latest developments."

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard Hughes
and David Lombe as voluntary administrators.  A TCR-AP report on
May 26, 2009, said the creditors of Kleenmaid Group voted to wind
up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are now
owed AU$102 million, which included AU$3 million owed to Kleenmaid
employees.

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.


PAPERLINX LIMITED: Posts AU$798.2 Million Net Loss for FY2009
-------------------------------------------------------------
PaperlinX disclosed financial results for the year ended June 30,
2009.

The company's total loss after tax for the year was AU$798.2
million, including AU$727.9 million in significant items.  The
reported after tax loss of AU$798.2 million for the year has been
significantly impacted by impairment charges, loss on sale of
Australian Paper and related restructuring costs totalling
AU$727.9 million after tax.  Results were additionally impacted
by the weak operating environment, foreign exchange losses
primarily in the first half, one-off restructuring costs and
increased finance costs and charges.

A reported after tax loss (before significant items) of AU$70.3
million for the year compared with a profit of AU$72.2 million in
the prior year.  Reported EBIT before significant items was
AU$16.4 million, while divisional EBIT (reported EBIT before
corporate and related costs) of AU$110.1 million was down 42% on
the prior year.

A breach of banking covenants resulted in significant fees charged
by lenders and their advisors, along with increased margins and
fees related to the granting of waivers for those breaches.  Total
costs in 2009 were AU$68.9 million, including a AU$25 million make
whole fee incurred on the paydown of the US Private Placement
notes.

The average working capital sales ratio was impacted during the
middle of the year due to the sharp decline in volume resulting in
an average working capital / sales ratio of 19.4% versus 17.9% for
fiscal 2008, although inventory reductions resulting from
improved processes in the second half helped year end working
capital reduce by AU$184 million, with the June 30, 2009, working
capital / sales ratio reduced to 13.6% (versus 15.4% at 30 June
2008).  At constant currency, year end Merchanting working capital
reduced by AU$127 million during this period.

PaperlinX CEO Mr Tom Park said, "This has been an
extremely difficult year, with paper demand in all markets
severely depressed by the global recession."

PaperlinX said it has undertaken a series of actions to mitigate
earnings pressure, to strengthen the balance sheet, and to
position the Company for the future:

   * Substantial debt repayment through the sale of Australian
     Paper and European properties and an equity raising.  Net
     debt of AU$217 million at June 30, 2009, compares with
     AU$1.06 billion at December 31, 2008, and AU$776 million
     at June 30, 2008.

   * Net working capital at June 30, 2009, reduced by AU$184
     million versus the prior year end.  This includes the
     impact of the sale of Australian Paper offset by
     unfavorable currency movements. The year end working
     capital/sales ratio for the Company is the lowest it has
     ever been at 13.6%, led by structural reductions in
     inventory.

   * Major expense reductions including a 13% reduction in North
     America and a 9% reduction in Europe versus the prior year,
     underpinned by a worldwide headcount reduction of 632 (8%)
     in the financial year (excluding the sale of Australian
     Paper).  Expense reductions accelerated in the second half
     of the year.

   * Additional head office restructuring activities resulting
     from the sale of Australian Paper will benefit 2010 with a
     lower cost base and a more efficient structure.

   * A freeze on management salaries and Board fees, along with
     senior management not receiving cash bonuses in 2009 are
     also a part of the Company's cost reductions.

"The difficult conditions that began to impact in the first half
of the 2009 financial year accelerated throughout the second half,
with volume declines overwhelming the many positive actions that
were completed to support the Company results," Mr. Park said.

"The depressed results, compounded by foreign exchange losses in
the first half and expected property sales not completed by
December 31, 2008 (subsequently completed in the second half of
the 2009 fiscal year) caused the Company to breach banking
covenants which in turn led to significant lender fees and advisor
charges that would otherwise not have been incurred," Mr. Park
added.

"While the first half of 2010 will remain tough coming off a weak
second half of 2009, it will see the net benefits from cost
reductions already made.  The improving consumer and economic
sentiment seen in our major markets has yet to be reflected in a
lift in demand in these markets," he said.

                         Financial Position

At June 30, 2009, PaperlinX had a gearing ratio of net debt to net
debt plus equity of 15%.

Having resolved issues surrounding breaches of covenants in the
2009 financial year, PaperlinX and its banks and noteholders have
agreed to commit to terms that will secure bank borrowings out to
February 2011 and noteholder debt to 2013/15.  The covenants for
fiscal 2010 will be based on the company meeting earnings targets
after an allowance for contingencies for this financial year.
After that period covenants will revert to a combination of gross
interest cover, gross leverage ratio and a total debt to total
capitalisation ratio.  PaperlinX will be committing to a set
repayment schedule for its current debt facilities through to the
maturity of its bank lending facility in February 2011.  Remaining
US Private Placement Notes will mature variously between 2013 and
2015.

Earnings before interest, tax, depreciation, amortization and
significant items (EBITDA) was AU$93.6 million.  Net cash flow
from operating activities was an outflow of AU$56 million, as
compared with a net inflow of AU$117 million in the prior year
with depressed earnings and one-off restructuring costs more than
offsetting improvements in working capital and asset sales.

Net debt decreased to AU$217 million compared to AU$776 million at
the same period last year, and AU$1,062 million at December 31,
2008. The decrease since December was driven by the cash received
for the sale of Australian Paper, property sales in Europe and a
strong reduction in working capital.  Gross debt for the Group at
June 30, 2009, was AU$586 million, down from AU$1,410 million at
December 31, 2008, and AU$1,017 million at June 30, 2008.

Capital expenditure in the year was AU$180.1 million (including
AU$118.9 million on the pulp mill upgrade and on ancillary catch-
up capital, with normal sustenance capital below depreciation).

Average funds employed were down only AU$71 million primarily due
to the late in the year (June 1, 2009) impact of the sale of
Australian Paper and reductions in working capital, partially
countered by currency movements.

During Oct/Nov 2008 a net AU$177 million was raised through a
share rights issue.

Property and other asset sales realized net cash of AU$153.2
million during the year.

                    Dividend and Distributions

There will be no final dividend on the Ordinary shares of
PaperlinX Limited for the 2009 financial year.

As the Company was not able to secure approval from its lenders
for the June 30 distribution on the PaperlinX Step-up Preference
Securities (SPS), a dividend block on the Ordinary shares is
now in place until such time as PaperlinX has paid two consecutive
distributions on the SPS.

While SPS distributions are non-cumulative, the Company has the
option of making up missed payments, subject to lender approval.
The Company remains in discussion with lenders over SPS
distributions, but there is no certainty that this approval will
either be given, or withheld.

Lenders retain the right of approval until such time as they
choose to waive the right, or lending facilities mature.

                          About PaperlinX

Australia-based PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.


ROAMFREE LTD: Calls in Ferrier Hodgson as Voluntary Administrator
-----------------------------------------------------------------
Ferrier Hodgson partners Tim Michael and Will Colwell have been
appointed voluntary administrators of Roamfree Ltd.

"The Roamfree board had been endeavoring to reach agreement with
noteholders on a suitable debt-servicing plan but was unable to do
so, leaving the parent company unable to meet its debt commitments
to Convertible Noteholders," Ferrier Hodgson said in a statement.

The administration relates solely to the non-trading parent
company Roamfree Ltd.  The Group's subsidiary trading companies,
BookEasy Pty. Ltd, Roamfree Pacific and majority owned Tourism
Technology, will continue to trade as normal.

"From my initial review of the company's affairs, it appears that
funding provided by noteholders and investors has been exhausted
by business investments and acquisitions and the costs of
developing its online offering.  The current economic climate,
resulting in reduced travel and accommodation bookings, has also
negatively affected the performance of the Group," Mr Michael
said.

"My initial focus will be to maximize the recoverable value of
the company's investments in and loans to the Group's subsidiary
companies."

Mr. Michael said he would be in contact with creditors shortly to
confirm details of the first creditors meeting scheduled for
September 3, 2009.

Headquartered in Queensland, Australia, Roamfree Ltd --
http://www.roamfree.com.au/about-- provides online accommodation
and travel booking systems.  Roamfree Ltd is the parent company of
the Roamfree Group.


RUBICON ASSET: Managed Schemes Insolvent; Likely to be Wound Up
---------------------------------------------------------------
Rubicon Asset Management Ltd, which was part of now collapsed
Allco Finance Group Ltd, and managed three listed property funds,
is probably insolvent and is likely to be wound up, The Age
reports citing its administrator.

According to the Age, administrators Michael Owen and Paul
Billingham of Grant Thornton said in a statement on Thursday that
the schemes managed by Rubicon were also insolvent, or likely to
become insolvent in the near future.

The report relates the administrators said they would approach the
NSW Supreme Court to apply for orders that the schemes be wound
up, and that they be appointed to take responsibility for the
process.  If the orders were granted, they would make applications
in the various countries to liquidate the assets.

The administrators, according to the Age, said they did not know
whether there would be anything left at the end of the liquidation
to return to creditors.

Rubicon Asset Management Ltd -- http://www.rubiconasset.com.au/--
is engaged in the creation, syndication and management of
specialist funds.  The listed entities managed by Rubicon are
Rubicon America Trust, Rubicon Europe Trust and Rubicon Japan
Trust.

On June 19, 2009, Rubicon Asset Management Ltd appointed Paul
Billingham and Michael Owen of Grant Thornton voluntary
administrators to the company.


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C H I N A
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BANK OF SHANGHAI: Fitch Affirms Issuer Default Rating at 'BB-'
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Shanghai and
China Everbright Bank:

* BoS: Long-term Issuer Default Rating affirmed at 'BB-' with a
  Stable Outlook, Short-term IDR at 'B', Support rating at '3',
  Support Rating Floor at 'BB-' and Individual rating at 'D'.

* CEB: Individual rating affirmed at 'D/E' and Support rating at
  '2'.

BoS's ratings reflect its strong local franchise and comparatively
good management, albeit constrained by ongoing issues relating to
asset quality, as well as high geographic, customer, and sectoral
concentration.  Loan growth was robust in 2007 and 2008 amid a
benign economic backdrop, but accelerated to 31% un-annualized in
H109 driven by lending for local government-backed infrastructure
projects and real estate/construction.  Around 50% of new credit
comprised discounted bills, in which counterparty banks hold the
credit risk of the corporate borrower rather than BoS.  Due
largely to the denominator effect of strong loan growth, BoS's
ratios of NPLs and special mention loans improved to 1.8% and 2.9%
at end-H109, respectively.  However, the NPL balance adjusted for
charge-offs increased by 22% in 2008, which is at the higher end
among Chinese banks.  Loan loss reserve coverage improved to 141%
in H109, but drops notably when SM loans are included.  After
declining slightly in 2008, BoS's profitability has come under
escalating pressure in 2009, with ROAA falling to 0.81% in H109
(2008: 0.91%) as surging loan growth and heightened competition
weigh on loan yields across the sector.  Profitability will likely
remain under pressure as long as loose liquidity conditions and
narrow margins persist in the banking system.  BoS's ratio of
equity/assets steadily improved from 2005-08 owing to healthy
internal capital generation and fair-value gains on investments,
but capital erosion is increasingly a concern given rapid growth
and declining earnings.  Issuance of subordinated bonds and an IPO
are under consideration, but no timing has been set.

CEB's credit profile continues to improve post-restructuring, but
asset quality remains a major concern given the recent
acceleration in credit and ongoing thin core capital.  Outstanding
loans rose 32% un-annualized in H109 while off balance sheet
acceptances rose 226%.  About half of the increase in loans
comprised discounted bills, in which counterparty banks hold the
credit risk of the corporate borrower rather than CEB.  The bank
expects its lending to slow significantly in H209 owing to capital
constraints.  CEB's NPL ratio fell to 2% at end-2008 while loan
loss reserve coverage rose to 150%.  Of the 16 largest commercial
banks in China, CEB is the only entity that continues to not
report data on special mention loans.  However, figures on overdue
loans showed a noticeable 32% rise in loans overdue 1 day to 1
year in 2008, which could indicate future asset quality pressure.
Core profitability strengthened in the immediate aftermath of
restructuring, but held steady in 2008.  Earnings have been under
pressure in 2009 due to falling loan yields across the industry,
as well as the removal of one-off restructuring tax breaks.
Capitalization has been a long-standing issue at CEB.  To ease
strains from the recent surge in growth, the bank just completed a
CNY11.5 billion equity private placement, and is preparing for a
possible IPO in 2010.


CHINA DIGITAL: To Change Name to "New Energy Systems Group"
-----------------------------------------------------------
China Digital Communication Group informed its shareholders that
the Company's Board of Directors and a majority shareholder of
approximately 88.39% of the Company's capital stock with voting
power as of the Record Date have given written consent as of
August 20, 2009, to amend the Company's Articles of Incorporation
to change the Company's name to "New Energy Systems Group."

The Company anticipates an effective date of September 28, 2009,
or as soon thereafter as practicable in accordance with applicable
law, including the Nevada General Corporation Law.

A full-text copy of the Company's information statement is
available at no charge at http://ResearchArchives.com/t/s?439b

China Digital also announced the availability of the transcript
for its second quarter 2009 earnings conference call, held on
August 6.  China Digital's CEO, Fushun Li, and other members of
the management team conducted a wide ranging conference call
discussing recent contract wins, production capacity, financial
results for the second quarter, as well as growth for 2009 and
beyond.  Also on the call was Junfeng Chen, China Digital's
Interim CFO, who provided financial insight into the company and
its growth projections during the in-depth question and answer
session.

During the conference call, Fushun Li, stated, "China Digital had
revenue of $5.4 million, net income of $1.3 million, and EPS of
$0.22 in the second quarter, handsomely exceeding last year's
results and putting us on track to achieve our 2009 projections.
China Digital's goal is to become listed on AMEX or NASDAQ as soon
as we meet all listing requirements and we look forward to keeping
investors informed of our exciting new developments going
forward."

A full-text copy of Transcript of China Digital Second Quarter
2009 Earnings Conference Call, dated August 6, 2009, is available
at no charge at http://ResearchArchives.com/t/s?439c

             About China Digital Communication Group

China Digital Communication Group (OTC: CHID) --
http://www.chinadigitalgroup.com/-- changed its name and
business in 2004, when it bought Billion Electronics and its
wholly owned principal operating subsidiary, Shenzhen E'Jinie
Technology Development, one of China's largest battery shell
manufacturers.  China Digital Communication Group now makes
aluminum shells and battery caps for lithium ion batteries that
are used in digital mobile devices, such as digital still cameras,
cell phones, MP3 players, laptop computers, and PDAs.  In 2006 the
company acquired Galaxy View International for nearly US$7 million
in cash and stock; the following year, it sold Galaxy View for
US$3 million.  The Company is headquartered in Shenzhen,
Guangdong, Republic of China.

As of June 30, 2009, the Company's balance sheet showed total
assets of US$16,829,967, total liabilities of US$4,335,194 and
stockholders' equity of US$12,494,773.

The Company said that there is substantial doubt about the
Company's ability to continue as a going concern.  The Company
said that it has sufficient cash to continue its current business
through June 30, 2010, due to expected increased sales revenue and
net income from operations.  However, the Company has suffered
recurring losses in the past and have a large accumulated deficit.
The Company took certain restructuring steps to provide the
necessary capital to continue its operations.  These steps
included: (1) acquisition of profitable operations through
issuance of equity instruments; and (2) seeking of additional
funding and restructuring the acquired subsidiaries to increase
profits and minimize the liabilities.


CHINA EVERBRIGHT: Fitch Affirms Individual Rating at 'D/E'
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Shanghai and
China Everbright Bank:

* BoS: Long-term Issuer Default Rating affirmed at 'BB-' with a
  Stable Outlook, Short-term IDR at 'B', Support rating at '3',
  Support Rating Floor at 'BB-' and Individual rating at 'D'.

* CEB: Individual rating affirmed at 'D/E' and Support rating at
  '2'.

BoS's ratings reflect its strong local franchise and comparatively
good management, albeit constrained by ongoing issues relating to
asset quality, as well as high geographic, customer, and sectoral
concentration.  Loan growth was robust in 2007 and 2008 amid a
benign economic backdrop, but accelerated to 31% un-annualized in
H109 driven by lending for local government-backed infrastructure
projects and real estate/construction.  Around 50% of new credit
comprised discounted bills, in which counterparty banks hold the
credit risk of the corporate borrower rather than BoS.  Due
largely to the denominator effect of strong loan growth, BoS's
ratios of NPLs and special mention loans improved to 1.8% and 2.9%
at end-H109, respectively.  However, the NPL balance adjusted for
charge-offs increased by 22% in 2008, which is at the higher end
among Chinese banks.  Loan loss reserve coverage improved to 141%
in H109, but drops notably when SM loans are included.  After
declining slightly in 2008, BoS's profitability has come under
escalating pressure in 2009, with ROAA falling to 0.81% in H109
(2008: 0.91%) as surging loan growth and heightened competition
weigh on loan yields across the sector.  Profitability will likely
remain under pressure as long as loose liquidity conditions and
narrow margins persist in the banking system.  BoS's ratio of
equity/assets steadily improved from 2005-08 owing to healthy
internal capital generation and fair-value gains on investments,
but capital erosion is increasingly a concern given rapid growth
and declining earnings.  Issuance of subordinated bonds and an IPO
are under consideration, but no timing has been set.

CEB's credit profile continues to improve post-restructuring, but
asset quality remains a major concern given the recent
acceleration in credit and ongoing thin core capital.  Outstanding
loans rose 32% un-annualized in H109 while off balance sheet
acceptances rose 226%.  About half of the increase in loans
comprised discounted bills, in which counterparty banks hold the
credit risk of the corporate borrower rather than CEB.  The bank
expects its lending to slow significantly in H209 owing to capital
constraints.  CEB's NPL ratio fell to 2% at end-2008 while loan
loss reserve coverage rose to 150%.  Of the 16 largest commercial
banks in China, CEB is the only entity that continues to not
report data on special mention loans.  However, figures on overdue
loans showed a noticeable 32% rise in loans overdue 1 day to 1
year in 2008, which could indicate future asset quality pressure.
Core profitability strengthened in the immediate aftermath of
restructuring, but held steady in 2008.  Earnings have been under
pressure in 2009 due to falling loan yields across the industry,
as well as the removal of one-off restructuring tax breaks.
Capitalization has been a long-standing issue at CEB.  To ease
strains from the recent surge in growth, the bank just completed a
CNY11.5 billion equity private placement, and is preparing for a
possible IPO in 2010.


CHINA NETWORKS: To be Delisted From NYSE/Amex, to Trade on OTCBB
----------------------------------------------------------------
China Networks International Holdings Ltd. on Friday, August 28,
2009, received notice from the NYSE/Amex that the Exchange's
Appeals Panel has affirmed the Staff's determination to delist the
Company's securities.

The Panel agreed with the Staff that the Company does not
currently meet the Exchange's initial listing requirements
following the business combination between Alyst Acquisition Corp.
and China Networks Media, Ltd. in June 2009, resulting in the
recommendation to complete the delisting without prejudice to the
Company going through the initial listing once it has
satisfactorily addressed all eligibility requirements.

The Company continues to review its options, including a formal
Committee on Securities review of the decision, and is proceeding
with its efforts to meet the eligibility requirements for listing
on a national stock exchange, with respect to which there can be
no assurance as to whether or when such a listing will occur.  In
the interim, its securities will continue to trade on the OTCBB.

                            About CNIH

China Networks International Holdings Ltd. provides broadcast
television advertising in the People's Republic of China through
joint venture arrangements with state-owned television stations.
The Company's principal executive offices are in Beijing, PRC.
CNIH is the result of a merger between Alyst Acquisition Corp., a
SPAC, and China Networks Media, Ltd., which was consummated on or
about June 30, 2009.  CNIH is incorporated in the British Virgin
Islands.


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


CHINA KIOSK: Members' Final Meeting Set for September 29
--------------------------------------------------------
The members of China Kiosk Development 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.


DOLLYCRAFT LIMITED: Members' Final Meeting Set for September 30
---------------------------------------------------------------
The members of Dollycraft Limited will hold their final meeting on
September 30, 2009, at 5:00 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.


FANGDA GLOBAL: Members' Final Meeting Set for September 29
----------------------------------------------------------
The members of Fangda Global (HK) Limited will hold their final
meeting on September 29, 2009, at 10:00 a.m., at the 21st Floor of
Fee Tat Commercial Centre, No. 613 Nathan Road, in Kowloon,
Hong Kong.

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


GEA INDUSTRIES: Members' Final Meeting Set for September 29
-----------------------------------------------------------
The members of Gea Industries Limited will hold their final
meeting on September 29, 2009, at 11:00 a.m., at Unit 1617 of The
Metropolis Tower, 10 Metropolis Drive, Hunghom, in Kowloon,
Hong Kong.

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


GENERAL BRAVE: Members' Final Meeting Set for September 30
----------------------------------------------------------
The members of General Brave Limited will hold their final meeting
on September 30, 2009, at 3:00 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.


GREATING E & E: Members' Final Meeting Set for September 30
-----------------------------------------------------------
The members of Greating E & E Transport International Company
Limited will hold their final meeting on September 30, 2009, at
10:00 a.m., at Room 1101 of Bonham Trade Centre, 50 Bonham Strand
East, in Sheung Wan, Hong Kong.

At the meeting, Chan Shu Kin and Chow Chi Tong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HARBOUR JADE: Members' Final Meeting Set for September 30
---------------------------------------------------------
The members of Harbour Jade Limited will hold their final meeting
on September 30, 2009, at 3:30 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.


HONG KONG NEW: Members and Creditors to Holf Meeting on Sept. 30
----------------------------------------------------------------
The members and creditors of Hong Kong New Concept Company Limited
will hold their final meeting on September 30, 2009, at 2:30 p.m.
and 2:45 p.m., at the 2nd Floor of Wing Yee Commercial Building, 5
Wing Kut Street, in Central, Hong Kong.

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


LEVEN LIMITED: Members' Final Meeting Set for September 30
----------------------------------------------------------
The members of Leven Limited will hold their final meeting on
September 30, 2009, at 4:00 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.


RISE CHINA: Members and Creditors to Hold Meeting on September 30
-----------------------------------------------------------------
The members and creditors of Rise China Properties Limited will
hold their final meetings on September 30, 2009, at 10:00 a.m. and
10:30 a.m., respectively, at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


UNISON PACIFIC: Creditors' Proofs of Debt Due on September 28
-------------------------------------------------------------
The creditors of Unison Pacific (Asia) Limited are required to
file their proofs of debt by September 28, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 14, 2009.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark, 15 Queen's Road Central
          Hong Kong


WAH BAN: Members' Final Meeting Set for September 30
----------------------------------------------------
The members of Wah Ban Limited will hold their final meeting on
September 30, 2009, at 4:30 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.


WORLD SHINE: Tseng Yih Sun Steps Down as Liquidator
---------------------------------------------------
On August 18, 2009, Tseng Yih Sun stepped down as liquidator of
World Shine Enterprises Limited.


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


BANK OF BARODA: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------------
Fitch Ratings has affirmed Bank of Baroda's ratings.  At the same
time, the agency has assigned a 'BBB-' Long-term foreign currency
Issuer Default Rating to Baroda (New Zealand) Limited, BOB's
subsidiary in New Zealand.  The Outlook is Stable.

BOB's ratings reflect its well-established domestic franchise,
diversity of its operations and improved financials which should
help it manage asset quality deterioration.  As with other large
government banks in India, BOB's corporate loans comprise the
largest sectoral exposure.  As Indian corporates' debt repayment
capacities have been affected in this economic slowdown, BOB's
asset quality would remain under pressure in FY10.  While Fitch
expects higher loan impairment charges to impact the bank's
profitability measured in terms of return on assets, the Stable
Outlook is based on its expectation that BOB's capitalisation
ratios are unlikely to be impaired due to rising delinquencies.

Nevertheless, Fitch believes that the current financial crisis has
shown that the risk of the hybrid capital coupon deferral can be
high.  The coupon on the bank's upper Tier 2 notes cannot be paid
if the bank's capital adequacy ratio falls below the regulatory
minimum of 9%; further, the coupon cannot be paid without the
Reserve Bank of India's prior approval in the event such payment
results in an annual net loss or an increase in the annual net
loss.  Fitch could widen the notching of the bank's hybrid debt
instruments if such risks increase in the current adverse credit
cycle.

While BOB's asset quality has, to date, held up, Fitch remains
concerned about the credit quality of restructured corporate
loans.  At end-June 2009 BOB's gross NPL ratio was 1.4% (FY08:
1.8%) and its net NPL ratio improved to 0.3% (FY08: 0.5%).
Restructured loans (classified as 'performing') comprised 2.9% of
total loans at end-June 2009.  At Q110 BOB's ROA improved to 1.2%
despite narrower net interest margin due to trading gains.  The
bank intends to focus on improving its fee income in addition to
maintaining net interest margin and healthy credit growth in FY10.
BOB's Tier 1 ratio improved (Q110: 8.81%; FY08: 7.6%) due to a
reduction in regulatory risk weights of unrated corporate loans
and also due to internal accrual and INR3bn perpetual debt
issuance.  Fitch notes that while Tier 1 capital largely comprises
core equity.  BOB's liquidity position remains satisfactory and is
supported by its government-ownership.

BOB NZ's rating is linked to that of its parent and is based on
Fitch's assessment of strong parent-subsidiary linkages given
shared corporate identity, the subsidiary's ownership structure
(wholly-owned subsidiary of BOB) and likely managerial and
operational integration.  The rating takes into account BOB's
unconditional and irrevocable guarantee to discharge financial
obligations of BOB NZ, if required.

BOB is the fourth-largest bank in India (by total assets), with a
large pan-India branch network of 2,927 branches.  The GoI owns a
53.8% stake in the bank.  The bank's international operations --
it has a presence in 25 countries -- contribute close to 25% of
total advances and 23.2% to total profits.

Bank of Baroda's ratings have been affirmed:

  -- Long-term foreign currency Issuer Default Rating at 'BBB-
     '/Stable Outlook;

  -- Short-term foreign currency IDR at 'F3';

  -- Individual rating at 'C/D';

  -- Support rating at '2';

  -- Support rating floor at 'BBB-';

  -- National Long-term rating at 'AAA(ind)';

  -- National Short-term rating at 'F1+(ind)';

  -- INR35 billion subordinated debt programme at 'AAA(ind)'; and

  -- US$300 million unsecured subordinated Upper Tier 2 notes at
     'BB'.


CANARA BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has affirmed India-based Canara Bank's Long-term
foreign currency Issuer Default Rating at 'BBB-', Individual
Rating at 'C/D', Support Rating at '2', Support Rating Floor at
'BBB-'.  The Short-term foreign currency IDR is affirmed at 'F3'
and the National Long-term rating is affirmed at 'AAA(ind)'.  The
agency has simultaneously affirmed the bank's US$1 billion MTN
programme at 'BBB-', and its US$1 billion Upper Tier 2 and US$250
million Hybrid Tier 1 subordinated bonds at 'BB'.  The rating
Outlook on the Long-term ratings is Stable.

CB's ratings reflect its dominant market position which supports
funding stability.  While CB's equity to assets ratio (FY09: 5.6%)
is lower than peers, its ability to raise common equity is better
than most other majority-government-owned banks, as the
government's holding in CB is high at 73.2%.  This, in Fitch's
opinion, should help CB to negotiate the current cyclical
downturn.

The coupon on the hybrid capital instruments has to be deferred if
capital adequacy is less than the regulatory minimum (9%) In the
event of an annual loss, the coupon on these instruments can be
paid by obtaining regulatory approval.  While this risk is
captured in the current two notch difference between the ratings
of the senior foreign currency IDR and hybrid capital instruments,
recent global events show that risk of coupon deferral on such
instruments can be high.  Fitch may review its ratings on such
instruments, including those issued by Indian banks.

CB's restructured loans (Q110: 3.7%) are in line with the system,
but the proportion of small corporates and consumer loans is
somewhat higher than its peers.  As business conditions remain
challenging, Fitch expects CB's gross NPL ratio (FY09: 1.56%) to
increase in FY10, and remain slightly higher than peers.

The Indian banking system has been flushed with liquidity due to a
combination of slowing credit off-take and monetary easing since
October 2008.  As a result, deposit rates have fallen, and bulk
deposits have became cheaper for banks since January 2009 and may
continue to remain so until credit growth picks up which is
expected to occur around the third and fourth quarters of the
financial year (end-March).  Until such time, CB's net interest
margin is expected to continue to improve, and more so than its
peers, due to a higher proportion of funding from bulk deposits.
While Fitch notes this temporary benefit, it considers such
funding as a structural weakness of CB because it causes income
volatility.  Fitch expects that the increase in credit costs in
FY10 will offset revenue growth, and therefore Fitch expects CB's
ROA to decline slightly in FY10 and remain somewhat lower than
peers.

CB has a pan-Indian presence with a network of 2,739 branches and
2,019 ATM's.  Through JVs and nine subsidiaries, CB also engages
in asset management, factoring, venture capital, primary
dealerships, and life and non-life insurance.  These activities
contribution to profit remains limited.


DHANUKA LABORATORIES: ICRA Puts 'LBB+' Rating on INR196 Mln Loan
----------------------------------------------------------------
ICRA has assigned LBB+ rating to the INR196 million fund based
facilities of Dhanuka Laboratories Limited.  ICRA has also
assigned A4+ rating to the INR157 million fund based and INR254
million non-fund based limits of DLL.  LBB is the inadequate
credit-quality rating assigned by ICRA to long term debt
instruments.  A4 is the risk-prone-credit-quality rating assigned
by ICRA to short term debt instruments.

The ratings factor in DLL's moderate scale of operations, weak
profitability vis-a-vis other API manufacturers, and high working
capital intensity of operations resulting in weak cash generation
from operations.  The ratings are also constrained by the high
debt levels of the company and moderate net worth resulting in
adverse capital structure and weak coverage indicators.  A
substantial part of the total debt (INR212.8 million as on March
2009) is however from promoters.  The ratings take into account
the rising volumes and operating margin of the company in 2008-09
and stability in the revenue streams by virtue of its strong
association with various pharmaceutical companies.  ICRA also
recognizes DLL's efficient utilization of manufacturing facility,
high fixed asset turnover, flexible manufacturing infrastructure
and management experience in the pharmaceutical industry.

As per the provisional numbers for 2008-09, DLL's net sales at
INR1.13 billion reported a growth of 21% over the previous year.
The company's profit before tax (PBT) at INR6.4 million reported a
decline of 98% in 2008-09 over the previous year on account of
derivative losses and high interest charges.

                     About Dhanuka Laboratories

Dhanuka Laboratories Limited, having started commercial operations
in 1998, is engaged in the manufacture and marketing of Active
Pharmaceutical Ingredients (API's) and Advanced Intermediates in
the field of Cephalosporin antibiotics.  The company supplies to
various pharmaceutical companies in India and abroad through its
manufacturing facility located in Gurgaon.


EMAS ENGINEERS: ICRA Places 'LBB-' Rating on INR650.1MM Facilities
------------------------------------------------------------------
ICRA has assigned an LBB- rating to the INR650.1 million fund-
based/non fund-based facilities of EMAS Engineers & Contractors
Pvt. Ltd.  The rating indicates inadequate-credit-quality in the
long term.  ICRA has also assigned an A4 rating to the INR270
million fund-based/non fund-based facilities of EMAS, the rating
indicates risk-prone-credit-quality in the short term.

The ratings take into account intensely competitive nature of the
construction industry, EMAS's modest profitability, and its modest
net worth which limits the bid capacity. Furthermore, significant
debt funded capital expenditure in the last two years has resulted
in a high gearing and an overall weak credit profile for the
company. This, coupled with economic slowdown, has translated into
a delay in completion of its few ongoing projects, thereby causing
a strain on its cash flows and impacting the company's ability to
service its debt obligations. The ratings are however supported by
established overseas track record of the company's management, its
reputed client base and robust growth in its revenues since its
inception.

                       About EMAS Engineers

EMAS is a closely held company engaged in construction activities
in Chennai, Hyderabad and Bangalore.  EMAS began operations in
2001 and is promoted by Mr. S. Srinivasan, who has an overseas
experience in the construction industry of Middle East and Far
East.  The company is involved construction business focusing on
construction of industrial buildings, commercial offices, schools,
residential buildings etc.  The company has completed many
projects for multinational clients such as World Bank, Oracle,
Accenture, Hyundai, Capgemini, and Standard Chartered etc. in the
past and has secured repeat orders from most of these clients.  In
the past, EMAS has worked with Project Management Consultants such
as Jones Lang Lasalle, Cushman & Wakefield, Eskay Design, Bovis
Lend Lease, Tamasek Engineering, CB Richard Ellis etc. and has
supervised Mechanical and electrical (M&E) subcontractors.  In
FY2009, EMAS had a turnover of INR2.0 billion and a Profit after
Tax of INR32.6 million.


HARI INFRASTRUCTURE: ICRA Rates INR270 Million LT Loan at 'LB+'
---------------------------------------------------------------
ICRA has assigned LB+ rating to INR270 million long-term loan of
Hari Infrastructure Private Limited.  The assigned rating
indicates risk-prone-credit- quality in the long term.

The ratings are constrained by overall high indebtedness of HIPL &
other group companies.  ICRA notes that the short term liquidity
would be a major concern as HIPL may require additional funds for
completion of second phase of the road project and to meet
relatively high maintenance expense given the poor condition of
the first phase of the road project that was completed in 2008.
ICRA notes that while there has been an increase in the overall
project cost as compared to the cost stated in the tender, there
is no provision for any extension in the concession period to
compensate for such an escalation arising from the increase in the
raw material cost.  Further, the ratings take into account a
certain provision in the concession agreement which allows for the
downward revision in toll rates by 10% by Government of
Maharashtra (GoM) once during the concession period.
Nevertheless, the rating positively takes into account the current
operational status of the first phase of the project; the
importance of the project route as it connects various religious
places and also acts as a part of the shortest route connecting
Northern and Southern states of the country.  Limited traffic
leakage risk through alternate routes and predetermined applicable
toll rates throughout the concession period with provision of
increase in the same every three years are additional comfort
factor from credit perspective.

                     About Hari Infrastructure

Hari Infrastructure Private Limited is an SPV promoted by Ram
Infrastructure Private Limited (RIL) and its promoters.
Presently, RIL holds 81.47% share in HIPL and the remaining stake
is held by family members/associates/relatives of Mr. Umakant
Nehete who is the promoter of the Group.  The project include
widening and strengthening of the 47.2 km long two lane road
stretch of Chandwad-Manmad–Nadgaon on State Highway -24 (SH-24) in
Maharashtra.

The project has been operational since April 2, 2007.  In
September 2008, HIPL raised a fresh loan of Rs.270 million from
Federal Bank for investment in group companies namely RIL and PIPL
and to refinance the earlier outstanding loan borrowed from
Sahakar Mitra Shri Chandrakant Hari Badhe Co-Op Society.  The debt
is to be repaid through equal monthly installments in 72 months
starting from October 2008.  Further, the company would be
executing Phase-II of the project in near term for which it
requires a fund of approximately INR102 million and the
arrangements of the same remains to be done.


TATA MOTORS: To Raise GBP100 Mil. of Working Capital for JLR Unit
-----------------------------------------------------------------
James Fontanella-Khan and John Reed at The Financial Times report
that Tata Motors Ltd. said it planned to raise at least GBP100
million (US$163 million) of working capital for Jaguar and Land
Rover.

According to the FT, Tata said the two brands lost Rs8.73 billion
before tax in the quarter to end-June due to "continued adverse
automotive market conditions" during the quarter.  JLR's wholesale
sales in the quarter were 52% lower than a year ago, the FT
states.

The FT relates Ravi Kant, Tata's vice-president, said the Indian
carmaker was finalizing the GBP100 million of loans from
commercial banks including Standard Chartered, Bank of Baroda,
ING, GE Capital, and Bank of Ireland subsidiary Burdale.
Mr. Kant, as cited by the FT, said only a revival of the market
for luxury cars could help JLR turn around its business.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on Tata Motors Ltd.
to 'B' from 'B+'.  The outlook is negative.  At the same time,
Standard & Poor's lowered the issue rating on the company's senior
unsecured notes to 'B' from 'B+'.  Both ratings were removed from
CreditWatch, where they were placed with negative implications on
December 18, 2009, and refreshed in March 2009.


TATA STEEL: Weak Performance Won't Affect S&P's 'BB-' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that there is no impact on
its ratings on Tata Steel Ltd. (BB-/Negative/--) and Tata Steel
U.K. Ltd. (B+/Negative/B) from their weak operating performance.

Tata Steel reported EBITDA of US$43 million (consolidated),
including a loss of US$387 million at TSUK, for the three months
ended June 30, 2009.

The weak operating performance and its impact on the company's
financial metrics have already been factored into the current
ratings and outlook.  The recent operating performance is broadly
in line with S&P's expectations and is expected to gradually
improve with some improvement in market environment, especially in
Europe.  However, there is still uncertainty on the pace and
sustainability of improvement.

The rating on Tata Steel continues to be supported by the
favorable business position of its India operations, significant
cost-cutting measures, especially at TSUK, the recent
US$500 million equity issuance and good liquidity and financial
flexibility.  The rating on TSUK continues to be supported by its
strategic importance to parent Tata Steel.


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


BANK CENTRAL: Fitch Affirms Issuer Default Rating at 'BB'
---------------------------------------------------------
Fitch Ratings has upgraded PT Bank Central Asia Tbk's National
Long-term rating to 'AAA(idn) ' from 'AA+(idn)'.  At the same
time, the agency has affirmed the bank's Long-term foreign
currency Issuer Default Rating at 'BB', Short-term foreign
currency IDR at 'B', Individual 'C/D', Support '3' and Support
Rating Floor at 'BB-'.  The Outlook on both the National Long-term
rating and Long-term foreign currency IDR is Stable.

The upgrade in BCA's National rating reflects the bank's track
record of consistent strong financial performance, despite the
more challenging economic environment.  Fitch notes that BCA's
capitalization remained strong and above peer-average, while its
profitability is underpinned by an established franchise in
transaction banking and deposit-taking in the Indonesian banking
market.  Although non performing loans are higher due to the
weaker macroeconomic conditions, they remained well reserved.  A
stress test by Fitch further indicates that capital impairment
risk from higher credit costs should be minimal, with a strong
cushion from its sound underlying profitability.

Fitch observes that the bank's NPLs have increased but from a low
base at 1.8% of total loans at end-H109, well below the industry
average at 4.7%.  This was due to the downgrades of a few
corporate accounts and higher commercial NPLs.  Yet, provision
cover remained strong at 206% of total NPLs at end-H109 due to an
emphasis on cash provision.  Specific reserves covered around 95%
of total NPLs at end-June 2009, while general reserves accounted
for 2.1% of total loans in current category, above the regulatory
requirement of 1%.  This reflects BCA's generally prudent
provisioning policy.  Total restructured loan remained small at
1.7% of total loans and foreign currency loans at 8.9%.

BCA's profitability remained strong with pre-provision ROA at 4.6%
at end-H109 underpinned by a higher NIM and strong fee-based
income.  The NIM increased to 6.3% in H109 (2008: 5.5%), following
higher lending yields and lower cost of funds with low cost demand
and savings deposits accounting for 75% of total deposits - the
highest in the industry.  Capital ratios remained healthy with
total CAR at 16.5% (Tier 1: 15.6%) in H109 but should gradually
decline over time with loan expansion.

Established in 1957, BCA is the second largest bank in Indonesia,
accounting for 10.5% of total system asset in March 2009.  It
remains majority-owned by the Hartono family through FarIndo
Investment (Mauritius) Ltd q.q.  (47.15% stake at end-July 2009).
Despite being majority-owned by the Hartono family, BCA has been
professionally run with minimal changes in the board of directors
since 2002.


BANK DANAMON: Court Rejects Bankruptcy Lawsuit Against EKN
----------------------------------------------------------
The Central Jakarta Commercial Court has rejected the request of
Bank Danamon to instigate bankruptcy proceedings against PT Esa
Kertas Nusantara, The Jakarta Post reports.

The Post relates that the court denied Danamon's appeal to declare
the company bankrupt arguing that EKN's financial performance was
still strong and supported by robust sales figures, despite the
loan burden being shouldered by the company.

"We know (from the data) that the company (EKN) keeps on running
its operation, showed by its realized sales figures from January
to May 2009 recorded at IDR481.2 billion (US$48 million) in
total," presiding judge Reno Listowo was quoted by the report as
saying.

The report says the court considered those figures were enough
evidence to prove that EKN is not in the brink of bankruptcy,
despite there being billions of rupiah in outstanding loans which
the company owes to several lenders.

The court recorded that EKN is still in debt with banks, including
Bank Mandiri (IDR97.5 billion), CIMB-Niaga (IDR100 billion) and
Danamon (IDR61.28 billion and US$8.925 million), the Post notes.

The report says the bankruptcy lawsuit filed by Danamon is part of
the bank's effort to get its money back and is actually the bank's
response toward lawsuits filed by EKN in March in the South
Jakarta District Court.

According to the Post, EKN accused Danamon of selling "misleading
derivative products" to the company, causing the company to suffer
losses of more than IDR1 trillion.  Under this lawsuit, the Post
relates, EKN seeks IDR1 trillion in damages.

Danamon's legal representative Shofianti Ifada said Danamon would
now consider an appeal to the Supreme Court, the report notes.

Based in Jakarta and Karawang, West Java, PT Esa Kertas Nusantara
(EKN) produces and exports coated and uncoated paper.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                           *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


BANK MANDIRI: Fitch Affirms Support Rating Floor at 'BB-'
---------------------------------------------------------
Fitch Ratings has affirmed PT Bank Mandiri (Persero) Tbk's Long-
term foreign and local currency Issuer Default Ratings at 'BB'
with a Stable Outlook, Short-term rating at 'B', National Long-
term rating at 'AA+(idn)', Individual at 'C/D', Support rating at
'3' and Support Rating Floor at 'BB-'.

"The Stable Outlook on Mandiri's International ratings reflects
the resilience of its underlying profitability, despite the
challenging operating conditions and its well-reserved NPLs.
These should help cushion the bank against the impact of higher
credit costs," says Tan Lai Peng, Director with the agency's
Financial Institutions Group.  The ratings also reflect the bank's
position as the largest majority state-owned bank in Indonesia.
However, should there be a sharp deterioration in the bank's asset
quality such that impairment risk on capital increases, the bank's
ratings may come under pressure.

NPLs increased in Q408 and Q109 but dipped in Q209 as the currency
and liquidity conditions stabilized and as the global downturn
eased.  Gross NPLs were therefore just slightly higher at 4.8% at
end-June 2009 (end-2008: 4.7%).  Provision charges were raised to
190bp-200bp of average loans in 2008 and H109 (2007: 170bp), but
were well-absorbed by the bank's stronger earnings.

Pre-provision profitability improved to 3.5% of average assets in
H109 from 3.1% in 2008 on higher net interest margin (NIM),
increased fee income contribution and lower increase in operating
expenses.  Customer deposits continued to fund close to 80% of
total assets; foreign currency lending was reduced and deposit
funding improved in response to the tight US$ funding conditions
in H208.  The bank's exposure to restructured loans, which may be
prone to a relapse if economic conditions worsen, has also
declined to 10% of total loans from 16% at end-2007.  Special
mention loans remained high at 9.7% of total loans at end-June
2009 due mainly to restructured loans (more than half the special
mention loans are restructured loans); this reflects the bank's
expansion into retail loan segments and recent downgrades from
commercial loans.

An expansion in loan assets reduced Tier 1 CAR ratio to 12.6% at
end-Q209 (Total CAR: 14%) from 17% at end-2007.  A lower dividend
payout should help conserve capital in 2009, and a sub-debt issue
is being planned (in either 2009 or 2010).  A simulation of a
stress scenario for earnings on selected Indonesian banks rated by
Fitch suggest that Mandiri's earnings buffer is quite strong
against the impact of higher credit costs (as well as for a few of
the larger Indonesian banks).  Against the agency's expectations
for system NPLs to rise by around 2pp-2.5pp of loans, the risk of
impairment to Mandiri's capital should be low.

Mandiri was formed in late 1998 from the merger of four bankrupted
state-owned banks in the wake of the Asia financial crisis in
1997-98.  It was publicly listed in 2003 and remains majority-
owned by the Indonesian government (66.8% as at end-June 2009).


TELEKOMUNIKASI INDONESIA: To Restructure US$400-Mln Gov't. Debt
---------------------------------------------------------------
Jakarta Globe reports that PT Telekomunikasi Indonesia is planning
to restructure US$400 million in government debt in the form of
subsidiary loan agreements into commercial loans with state banks.

The Globe quoted Telkom's President Director, Rinaldi Firmansyah,
as saying that "We have already discussed the matter with PT Bank
Negara Indonesia to help us finance as much as IDR2 trillion
[US$200 million].  We're also holding discussions with several
state-owned banks to help us settle the remaining debt."

The Globe notes Mr. Rinaldi, however, said the plan is still
awaiting approval from the Finance Ministry.

According to the report, the weakened rupiah, currently 13% down
from last year's high of 9,050 to the dollar, has raised the cost
of Telkom's overseas debt, which accounted for 29% of its
outstanding loans in 2008, and has hurt the company's financial
position.

The report says the debt and the rupiah's decline contributed to a
drop in Telkom's 2008 net profit to IDR10.6 trillion from IDR12.86
trillion in 2007, leading the company to seek to reduce its
exposure to the dollar.

Subsidiary loan agreements are generally soft loans from foreign
lenders reached between central governments or between governments
and international organizations, the Globe notes.

                  About Telekomunikasi Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

P.T. Telekomunikasi Indonesia Tbk continues to carry 'BB' Long-
term foreign and local currency Issuer Default ratings from Fitch
Ratings with stable outlook.  The ratings were affirmed by Fitch
in November 2008.


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


ELPIDA MEMORY: Completes JPY30-Bln Preferred Shares Sale to DBJ
---------------------------------------------------------------
Elpida Memory, Inc. said Monday that it has completed the offering
of preferred shares and received full payment of the share
proceeds.

Elpida Memory said it got approval from its shareholders in a
meeting held Saturday to issue preferred shares worth JPY30
billion to the Development Bank of Japan, Dow Jones Newswires
reported on August 29.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, Elpida Memory said it will sell JPY30 billion (US$314
million) in shares to the state-run Development Bank of Japan.

In a filing to the finance ministry on Aug. 7, Elpida said the
Company will issue the preferred stock, convertible into 23.7
million common shares from 2011, on Aug. 31.

According to Bloomberg News, the sale is a part of Elpida's plan
to raise JPY160 billion from the government, banks and a Taiwanese
partner, after falling chip prices led to a record loss last year.
The company said in June it will use the funds to develop smaller
chips to cut costs and better compete with the industry's leader
Samsung Electronics Co, Bloomberg said.

Bloomberg related that converting all the preferred shares into
new common stock may make the state-run bank Elpida's largest
shareholder with a 14.3% stake.  According to company shareholding
data compiled by Bloomberg, Japan Trustee Services is currently
the chipmaker's largest investor with a 13.7% holding.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.


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


GENERAL MOTORS: KDB Won't Provide Daewoo Aid Absent Long-Term Plan
------------------------------------------------------------------
Korea Development Bank reiterated in mid-August that it won't
provide financial support to GM Daewoo Auto & Technology Co.
unless General Motors presents a long-term development plan for
the South Korean unit, the Wall Street Journal reports.

GM has engaged in "constructive" negotiations with the KDP on new
financing aid for Daewoo, which GM Chief Financial Officer Ray
Young confirmed over Reuters Television.  South Korean officials
have said that they are waiting see resolution of New GM's
restructuring before completing talks on new financing support for
GM Daewoo, Reuters noted.

"There is no change in our [existing] stance that no additional
funding or refinancing will be made to GM Daewoo if GM plans to
operate the Korean unit as just a manufacturing base of small
cars," KDB spokesman Sung Ju-young said in a telephone interview
with the Journal.

Mr. Young has said that GM Daewoo is "a critical element of
the new General Motors," offering strategic importance to the
Company.

                           Spark Revived

GM Daewoo Auto & Technology Co., General Motors Co.'s South Korean
unit, introduced the "Spark" minicar, as the automaker seeks to
regain market presence by paying more attention to small cars and
Asian operations, Seonjin Cha of Bloomberg News reported
August 19, 2009.

GM Daewoo reportedly spent an equivalent of $236 million in a span
of more than 27 months to develop the Spark, the report related.
In South Korea, the Spark will cost around 9.06 million won, or
US$7,200, to 10.09 million won, with three sub models, Bloomberg
said.

The Spark, fitted with a 1-liter gasoline engine and four-speed
automatic transmission, can travel 17 kilometers per liter,
Bloomberg quoted sources as saying.  GM Daewoo will market the car
domestically starting September 1 under the name Matiz Creative,
Bloomberg added.

"The Spark can trigger a sales recovery for GM and help cement GM
Daewoo's role within GM," said Sohn Myung Woo, a Seoul-based
analyst at Woori Investment & Securities Co. "It has a symbolic
importance for both GM Daewoo and its parent."

Bloomberg, citing sources close to the company, said GM Daewoo
will start export production of the Spark late this year.  Sales
outside of Korea will start early 2010 in Europe.  The Spark will
be introduced to the U.S. market by 2011.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors (NYSE: GM) --
http://www.gm.com/-- was founded in 1908.  GM manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.  The U.S. Government entity is known as
General Motors Company.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: GM Daewoo Offers Early Retirement to Office Staff
-----------------------------------------------------------------
GM Daewoo Auto & Technology Co., General Motors Co.'s South Korean
unit, said it will cut white-collar jobs through an early
retirement program as it feels the pinch of falling sales, Yonhap
News Agency reports.

According to the report, GM Daewoo plans to provide severance
payments, including a bonus worth up to 18 months of basic monthly
salary, to office workers who agree to be let go.  The report,
citing GM Daewoo officials, relates that no target has been set on
how many employees will have to leave the company under the
program.

Meanwhile, Xinhua reports that GM Daewoo's vehicle sales fell
22.9% percent in August from a year ago, hit by sluggish overseas
demand.

GM Daewoo said it sold 38,192 units in August, with exports
declining 27.6% to 31,075 units while domestic sales rose 8.1% to
7,117 units.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors (NYSE: GM) --
http://www.gm.com/-- was founded in 1908.  GM manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.  The U.S. Government entity is known as
General Motors Company.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


IDAMAN UNGGUL: Posts MYR1.39 Million Net Loss in Qtr Ended June 30
------------------------------------------------------------------
Idaman Unggul Bhd posted net loss of MYR1.39 million in the
quarter ended June 30, 2009, compared with a net loss of MYR4.0
million for the same quarter in 2008.

For the six months ended June 30, 2009, the Company posted a net
loss of MYR8.81 million compared with a net loss of MYR16.49
million for the same period in 2008.

As of June 30, 2009, the Company's balance sheet showed total
assets of MYR296.99 million, total liabilities of MYR286.58
million and total shareholders' equity of  MYR10.41 million.

A full-text copy of the Company's quarterly result is available
for free at http://ResearchArchives.com/t/s?43b6

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


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


HANOVER FINANCE: Goes to Court Over NZ$697 Owed to Teenager
-----------------------------------------------------------
Hanover Finance Ltd and its part-owner Mark Hotchin are taking a
small investor to the High Court over NZ$697.96 owed to the man's
teenage daughter, according to The New Zealand Herald.

Michael Fallows, of Te Puke, lodged a claim with the Disputes
Tribunal in Tauranga, saying the company misled his family by
lying in its prospectus, the report said.  The Herald relates Mr.
Fallows put NZ$500 on term deposit with Hanover in 2007 for his
14-year-old daughter Katie.

The report says the investment was due to mature in January 2012.
Mr. Fallows, according to the Herald, is claiming the principal
plus interest at 8.35%.

However, the Herald notes, Hanover has filed actions in the High
Court against Mr. Fallows and the tribunal, saying the latter does
not have jurisdiction to decide the matter.

The company also said it cannot pay the money because of a
moratorium agreed with investors.

The High Court at Auckland is to look at Hanover's application
over Mr. Fallows' case on September 2 while the Disputes Tribunal
is to hear Mr. Fallows' claim in Tauranga on September 14, the
Herald says.

                            About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/--is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

                          *     *     *

The Troubled Company Reporter-Asia Pacific on Dec. 10, 2008,
reported that Hanover Finance's investors have voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.


SOUTH CANTERBURY: Swings to NZ$69MM Loss in Year Ended June 30
--------------------------------------------------------------
South Canterbury Finance Group said it has welcomed the
Government's decision to extend the Crown deposit guarantee as it
announced unaudited net loss of NZ$69 million for the year ended
June 30, 2009.  The group reported a net profit after tax of
NZ$68.9 million in 2008.

South Canterbury Finance Group Chairman Allan Hubbard said, "The
business and rural sectors need a strong finance industry to
provide the resources for growth and we are positioning, as one of
the leading players, to fulfill that role."

Mr. Hubbard, which has executed a $25 million underwrite of
specific non-performing loans at book value, said that as the
economy transitions from recession, there will inevitably be
additional stress in some sectors.

The group said it has acted conservatively and increased the
provision for non-performing assets in the financial year to
June 30, 2009 and created a general collective provision.

The loss for the year to June 30, 2009, caused the group to be in
technical breach of the interest coverage covenants on its unused
banking facilities.

"These facilities have never been utilized over the last three
years," Mr. Hubbard said.

The group said talks are also underway with the five subscribers
to the US$100 million private placement facility who are entitled
to seek repayment within three months following the resetting of
the group's credit rating by Standard & Poor's at BB+.

Mr. Hubbard also announced changes to the board of directors
following the retirement of Bob White and Stuart Nattrass.

"On behalf of the Company and my fellow directors, we thank Bob
and Stuart for their contributions and wish them all the best with
their plans for the future."  Mr. Nattrass is retiring after six
years as a director to pursue other business interests.  After 19
years as a director, Mr. White, a former partner of accounting
firm Hubbard & Churcher, is taking the opportunity to retire prior
to the restructuring of the group.

The board is in the process of finalizing the appointment of new
independent directors.

                     Credit Ratings Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2009, Standard & Poor's Ratings Services said that it had
lowered its long-term rating on South Canterbury Finance Ltd. to
'BB+' from 'BBB-'.  The rating outlook is negative.  At the same
time, the short-term rating was also lowered to 'B' from 'A-3'.
The ratings were also removed from CreditWatch with negative
implications, where they were placed on July 7, 2009.  The
negative outlook implies a one-in-three likelihood of a rating
downgrade within the next 12 months.

"The downgrade reflects S&P's view that SCF's credit profile has
weakened because of asset quality pressures within the New Zealand
property development sector," Standard & Poor's credit analyst
Derryl D'silva said.  In S&P's view, this deterioration is outside
its tolerances of the 'BBB-' rating and has occurred amid a weak
industry environment, where the potential for lending losses is
exacerbated by the softening trends in the New Zealand economy.
The property development sector is currently experiencing very low
business confidence and faces reduced investor demand and limited
refinancing options.  With this downgrade, a rating trigger on
SCF's US$100 million private-placement facility may be invoked.
Private placement investors have an option to review their funding
support for SCF after the downgrade, which if it resulted in a
requirement to repay the facility, has the potential to
exacerbate SCF's already modest liquidity position.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Fianace Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.


STRATEGIC FINANCE: Posts NZ$174.7MM Annual Net Operating Loss
-------------------------------------------------------------
Strategic Finance Limited disclosed its audited full year
financial results through June 30, 2009.

On the July 14, 2009, SFL announced provisional trading results
for this period subject to full audit sign off of the financial
statements for this period.

The audited financial statements for the period are finalized,
approved by the Board and signed off by its auditors' KPMG.

With the back drop of a deteriorating property market and
disconnect between property valuations and the market value of
assets as well as concern over how senior debt providers might act
under enforcement/ recovery activity, the Directors have assessed
that a further significant increase in provisioning is prudent.
The Company's auditors KPMG concur that these provisions are
appropriate.

The current assessment is that a credit impairment adjustment of
NZ$107 million (being a provision for loss on the loan book) is
required.  In addition a further provision of NZ$39 million is
also required being an allowance for the discounting of the
present value of future cash flows (as determined under the new
International Financial Reporting Standards).  This level of
provisioning and impairment results in SFL making a net operating
loss after tax for the financial year ended June 30, 2009, of
NZ$174.7 million.  The company reported a net loss after tax of
NZ$32.7 million for the half year ended December 31, 2008.

In accordance with International accounting standards, the
discounting of the present values of future cash flows, which is
used in the calculation of the provisions for bad and doubtful
debts will be released over time.

"In light of this and the increase in provisioning, the Board has
revised its previous estimates as to the likely repayment of
monies to investors," the company said in a statement.

The board currently expects that SFL will not resume payment of
dividends to Perpetual Preference Shareholders as it is now not
expected that the interest nor the principal on the "subordinated
notes" will be repaid to this class of investor during the
moratorium period.  The amount of principal owing to depositors is
approximately NZ$1.5 million.  The current position is such that
the "debenture holders" are now forecast over the 5 year term of
the moratorium to receive between 85 and 93 cents in the dollar of
principal invested and no further interest payments.

"The purpose of the moratorium was to provide time to realize
assets at fair value to avoid the need to sell assets at any
price.  SFL's management continues to be fully focused on
maximizing recoveries from the orderly realisation of its loan
book and provide recovery against such provisioning," Strategic
Finance said.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services.  Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.  The company owed NZ$325 million to 15,000 investors,
according to various reports.

On Dec. 22, 2008, the TCR-AP reported that Strategic Finance
gained the approval from debenture stockholders, depositors and
noteholders of its moratorium proposal.

Under the moratorium plan, the company will, subject to the
availability of funds as the assets of Strategic Finance
are realized, make quarterly repayments of principal and interest
through to December 2013, to its stockholders, deposit holders and
subordinated note holders, in accordance with existing priority
arrangements, as the assets of Strategic Finance are realized.

Under the moratorium proposal, interest on investments was re-set
at August 7, 2008, to 8.0% across the board for all
securityholders, including BOSIAL for its main bank facility
(interest that accrues on the prior ranking BOSIAL facilities of
NZ$25 million will continue to accrue at the existing ordinary
rate).


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


ASIA SUNRISE: Creditors' Proofs of Debt Due on September 28
-----------------------------------------------------------
The creditors of Asia Sunrise Co., Pte Ltd are required to file
their proofs of debt by September 28, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


MOBIF PTE: Creditors' Proofs of Debt Due on September 28
--------------------------------------------------------
The creditors of Mobif Pte Ltd are required to file their proofs
of debt by September 28, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          19 Kim Keat Road
          #01-03 Fu Tsu Building
          Singapore 328804


ORTON-GILLINGHAM: Creditors' Proofs of Debt Due on September 28
---------------------------------------------------------------
The creditors of Orton-Gillingham Centre Pte Ltd are required to
file their proofs of debt by September 28, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


PETROPROD LTD: Court Enters Wind-Up Order
-----------------------------------------
On August 3, 2009, the High Court of Singapore entered an order to
have Petroprod Ltd's operations wound up.

The company's liquidators are:

          Messrs. Peter Chay Fook Yuen,
          Bob Yap Cheng Ghee,
          Tay Puay Cheng
          KPMG LLP
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


SEMBAWANG KIMTRANS: Creditors' Proofs of Debt Due on September 28
-----------------------------------------------------------------
The creditors of Sembawang Kimtrans Shipping Pte Ltd are required
to file their proofs of debt by September 28, 2009, to be included
in the company's dividend distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          19 Kim Keat Road
          #01-03 Fu Tsu Building
          Singapore 328804


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


POWERCHIP SEMICONDUCTOR: First Half Loss Widens to NT$18.02 Bln.
----------------------------------------------------------------
Lisa Wang at the Taipei Times reports that Powerchip Semiconductor
Corp.'s losses widened to NT$18.02 billion in the first six months
of the year, compared with NT$17.02 billion net loss in the same
period last year.

Revenues shrank 67% to NT$10.73 billion in the first half this
year, from NT$32.66 billion a year ago, the report says citing
company's financial statement filed to the Taiwan Stock Exchange.

Meanwhile, the Taipei Times reports that Powerchip Semiconductor
said it planned to sell an additional 12%, or 350 million shares,
of PC memory chipmaker Rexchip Electronics Inc to Elpida Memory
Inc to repay debts to the Japanese firm.

Rexchip Electronics is a joint venture between Powerchip and
Elpida established in Taichung in 2006.

Based in Hsinchu, Taiwan, Powerchip Semiconductor Corp. is
principally engaged in the research, development, manufacture and
sale of integrated circuits (ICs).  The Company offers dynamic
random access memory (DRAM) products, including synchronous
dynamic random access memory (SDRAM) products, double-data rate
(DDR) DRAM products, DDR2 DRAM products, Data Flash products, as
well as wafer foundry services.  The Company's products are
applied in work stations, personal computers, notebook computers,
printers, televisions, personal digital assistants (PDAs), mobile
phones, digital cameras and digital televisions.  During the year
ended December 31, 2008, the Company obtained approximately 84%
and 16% of its total revenue from its packaging components and
wafers, respectively.  The Company primarily distributes its
products mainly in Asia.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
   Complex Financial Restructuring Program
      Hyatt Regency Lake Tahoe, Incline Village, Nevada
         Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
   17th Annual Southwest Bankruptcy Conference
      Hyatt Regency Lake Tahoe, Incline Village, Nevada
         Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
   ABI/GULC "Views from the Bench"
      Georgetown University Law Center, Washington, D.C.
         Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Annual Convention
      JW Marriott Desert Ridge, Phoenix, Arizona
         Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Paris Las Vegas, Las Vegas, Nev.
         Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
   21st Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, California
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 21-23, 2010
INSOL
   International Annual Regional Conference
      Madinat Jumeirah, Dubai, UAE
         Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center, Maryland
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Michigan
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Ocean Edge Resort, Brewster, Massachusetts
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Conference
      The Ritz-Carlton Amelia Island, Amelia, Fla.
         Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Maryland
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Annual Convention
      JW Marriott Grande Lakes, Orlando, Florida
         Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
   22nd Annual Winter Leadership Conference
      Camelback Inn, Scottsdale, Arizona
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center, Maryland
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa
         Traverse City, Michigan
            Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   23rd Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, California
         Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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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