TCRAP_Public/090904.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, September 4, 2009, Vol. 12, No. 175

                            Headlines

A U S T R A L I A

ALPHA TECHNOLOGIES: Placed in Voluntary Administration
AUSTRALIAN EXECUTOR: Fitch Downgrades Ratings on Various Classes
CHIMAERA FINANCIAL: Sues ANZ for AU$100MM on Primebroker Collapse
BABCOCK & BROWN INFRA: In Talks with Potential Investor
FMG RESOURCES: Moody's Downgrades Senior Secured Rating to 'B2'

GREAT SOUTHERN: Gunns Eyes Acquisition of Forestry Assets
ING REAL: Warns of Possible Covenant Breach as Pub Values Drop
MARINER FINANCIAL: Reports AU$61.6 Million Annual Loss
OPES PRIME: DPP Mulls Laying Criminal Charges Against 3 Directors
STORM FINANCIAL: Founder Blames CBA on Firm's Collapse

TIMBERCORP LTD: Gunns Eyes Acquisition of Forestry Assets


C H I N A

FERROCHINA LIMITED: Creditors Agree on Restructuring Plan


H O N G  K O N G

AMA CONSULTANTS: Creditors' Proofs of Debt Due on September 28
AT ASSET: Creditors' Proofs of Debt Due on September 18
COUNTRY GARDEN: Moody's Assigns 'Ba3' Senior Unsecured Rating
COUNTRY GARDEN: S&P Assigns 'BB' Rating on Senior Unsec. Notes
DATAREAL AUTOMATION: Members' Final Meeting Set for September 29

EASTMAN GLORY: Members' Final Meeting Set for September 29
ELEVENTH WORLD: Members' Final Meeting Set for September 29
FALCON COMPANIES: Members' Final Meeting Set for October 5
GLOBAL FUTURE: Members' Final Meeting Set for September 29
MAIN JOY: Members' Final Meeting Set for September 29

MCKENNA SERVICES: Members' Final Meeting Set for September 29
NEXUS BONDS: S&P Downgrades Ratings on Series 2004-15 Bonds
PROTESTANT PEOPLES': Members' Final Meeting Set for September 30
SONNY COMPANY: Members' Final Meeting Set for September 29
SUNNY PROFIT: Shareholders' Final Meeting Set for September 30

TEXNOLOGY NANO: Inability to Pay Debts Prompts Wind-Up
VICTORY STAR: Members' Final Meeting Set for September 29
YIN SHES: Members' Final Meeting Set for September 30


I N D I A

AADI INDUSTRIES: CRISIL Places 'BB-' Rating on INR60MM Cash Credit
ACCORD COMMUNICATION: CRISIL Puts 'BB+' Rating on INR3.5MM Loan
ACE PIPELINE: Low Net Worth Prompts CRISIL to Assign 'BB+' Ratings
AKJ MINERALS: CRISIL Assigns 'BB+' Rating on INR250MM Cash Credit
AMBAY INDUSTRIES: CRISIL Rates INR75 Million Cash Credit at 'B-'

ANKUR BARTER: Stretched Liquidity Cues CRISIL 'B' Ratings
APARNA INFRAHOUSING: CRISIL Cuts Rating on INR500MM Loan to 'BB-'
ARUNODAY CONSTRUCTION: Loan Default Spurs CRISIL 'D' Ratings
BIRENDRA CHANDRA: Low Net Worth Prompts CRISIL 'B' Ratings
CITY BEAUTIFUL: CRISIL Places 'B-' Rating on INR135.6MM Term Loan

COTWALL COMMERCE: CRISIL Assigns 'BB+' Rating on INR50MM LT Loan
DSA ELECTRO: CRISIL Places 'BB+' Ratings on Various Bank Loans
GPI TEXTILES: Delay in Loan Repayment Cues CRISIL 'C' Ratings
HEALTHAID FOODS: CRISIL Rates INR12.90 Million Term Loan at 'BB-'
IHSEDU SPECIALTY: CRISIL Rates Proposed INR15.5MM LT Loan at 'BB-'

JET AIRWAYS: Conciliation Proceedings to Resume on September 14
KAMDAR & ASSOCIATES: Low Net Worth Prompts CRISIL 'B' Rating
KRR INFRA: CRISIL Rates INR180 Million Cash Credit at 'BB'
MAYTAS INFRA: India Government Names IL&FS as New Promoter
NAGREEKA EXPORTS: CARE Rates INR195.59cr LT Bank Loan at 'CARE BB'

ORBIT RESORTS: CRISIL Puts 'BB' Ratings on Various Bank Facilities
SAGAR LAXMI: Low Net Worth Cues CRISIL to Assign 'B' Rating
SRINIVASA GAYITHRI: CRISIL Rates INR387.50 Million LT Loan at 'B+'
SUPREME INDIA: Weak Financial Risk Profile Cues CRISIL 'B+' Rating
TATA MOTORS: First Quarter Results Won't Affect Moody's Ratings

TATA MOTORS: Posts INR329cr Consolidated Loss in Qtr Ended June 30
TATA MOTORS: Total Vehicle Sales in August 2009 Up 14% YoY
TATA MOTORS: Willing to Return Nano Car Site in Singur
VULCAN INDUSTRIAL: CARE Places 'CARE BB' Rating on INR61.46cr Loan


I N D O N E S I A

BANK RAKYAT: H1 Net Profit Up 23% to IDR3.49 Trillion
BANK CENTURY: BPK to Probe Officials Involved in Bailout
BANK CENTURY: ICW Urges Anti-Corruption Body to Resume Bribe Case
GARUDA INDONESIA: Faces Price Fixing Lawsuit in Australia
TELEKOMUNIKASI INDONESIA: Injects IDR650 Billion Into Metra


J A P A N

ELPIDA MEMORY: Plans to Raise Up to JPY78.5 Billion in Share Sale
LEHMAN BROTHERS: Shinsei Bank Balks at Stay, Contempt Request


K O R E A

HYUNDAI MOTOR: Global Auto Sales Soar 25.1% in August
LG TELECOM: S&P Raises Corporate Credit Rating From 'BB+'
NORTEL NETWORKS: Multiple Parties Interested in LG Venture
SSANGYONG MOTOR: Korean Fund May Acquire 51% Ssangyong Stake


N E W  Z E A L A N D

IMP DIVERSIFIED: Investors May Not Recoup All their Investment


P H I L I P P I N E S

LEGACY GROUP: SEC Lifts CDO Against Two Former Legacy Officials


S I N G A P O R E

DAWN AIRFREIGHT: Pays First and Final Dividend
SME CREDITASSIST: Fitch Upgrades Ratings on Class D Notes
HO AIR: Pays First and Final Dividend
SUPER WEB: Creditors' Proofs of Debt Due on September 15
SYMBIOSIS ENGINEERING: Creditors' Proofs of Debt Due on Sept. 11


T A I W A N

BNP PARIBAS: Moody's Assigns Ratings on Beneficiary Certificates
TAISHIN INTERNATIONAL: Moody's Assigns Currency Issuer Ratings


X X X X X X X X

ASAT HOLDINGS: Forbearance Period Further Extended Until Sept. 29
* Frost & Sullivan Says RFID Technology to Help Aviation Industry
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


ALPHA TECHNOLOGIES: Placed in Voluntary Administration
------------------------------------------------------
Alpha Technologies Corporation Limited has been placed in
voluntary administration.  Ken Sellers and Mathew Muldoon at BRI
Ferrier have been appointed voluntary administrators.

The company, which had a market capitalization of AU$4.3 million
before it collapsed, has been desperately trying to fend off
claims from lenders in recent weeks, according to a report posted
at smartcompany.com.au.

Alpha Technologies also said that Kevin Hollingsworth and Chris
Morris have resigned as directors.

Australian-based Alpha Technologies Corporation Ltd. (ASX:ASU)
engages in the design, manufacture and distribution of a range of
temperature and other sensors, and anti-bacterial hand sanitizers.


AUSTRALIAN EXECUTOR: Fitch Downgrades Ratings on Various Classes
----------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed three classes of
notes issued by Australian Executor Trustees Limited as trustee of
the Seiza Augustus Series 2007-1 Trust:

Seiza Augustus Series 2007-1:

  -- AU$65.81 million Class A (ISIN AU3FN0002440) affirmed at
     'AAA', Outlook Stable; Loss Severity rating assigned at 'LS-
     2';

  -- AU$20.22 million Class B (ISIN AU3FN0002457) affirmed at
     'AA', Outlook Stable; Loss Severity rating assigned at 'LS-
     3';

  -- AU$21.85 million Class C (ISIN AU3FN0002465) affirmed at 'A',
     Outlook Negative; Loss Severity rating assigned at 'LS-3';
     and

  -- AU$19.02 million Class D (ISIN AU3FN0002463) downgraded to
     'B' from 'BB+', Outlook Negative Loss Severity rating
     assigned at 'LS-3'.

Seiza Augustus Series 2007-1 Trust was originally issued in April
2007 and is collateralized by a pool of small balance commercial
and residential mortgages originated by Seiza Mortgage Company Pty
Limited.  The transaction has paid down from initial liabilities
of AU$404.7 million to invested liabilities of approximately
AU$149.4 million as of August 20, 2009.  To date, principal
receipts have paid down the class A notes to approximately 20% of
their initial amount.  The stated balances of all outstanding
notes total AU$136 million as a result of charge-offs of notes not
rated by Fitch.

A unique feature of this transaction is the full charge-off of
loans that are greater than 300 days in arrears.  A combination of
rising realised losses and many properties within the arrears
management process taking longer than 300 days to sell and realize
the proceeds, has seen charge-offs escalate significantly during
recent months, resulting in notes not rated by Fitch being
charged-off, thereby reducing credit support within the
transaction.  As the loans progress through the foreclosure
process, Fitch expects recoveries will flow back to the
transaction resulting in partial or full reinstatement of notes
not rated by Fitch, depending on recovery levels, although timing
is uncertain at this stage,.

Negative rating Outlooks remain on classes C and D notes due to
continued economic uncertainty, as well as the additional loans
that are expected to be fully charged-off as they pass 300 days in
arrears, and uncertainty around the timing of loan recoveries.  In
its forward looking analysis, Fitch incorporated a base loss given
default rate of 35%.

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


CHIMAERA FINANCIAL: Sues ANZ for AU$100MM on Primebroker Collapse
-----------------------------------------------------------------
The ANZ Bank is facing a AU$100 million lawsuit over its role in
the collapse of Primebroker Securities Ltd, including allegations
the bank improperly called in the receivers, The Sydney Morning
Herald reports.

The Herald relates that in a court battle between the receivers of
Primebroker and the principals of Chimaera Capital, Sal Catalano
and Ian Pattison, the Supreme Court of Victoria has found that ANZ
wrongly called in the receivers to the margin lending company.

According to the report, the decision has opened the door for
potential legal action against ANZ by Chimaera, who had instructed
lawyers to pursue action against ANZ to claim for up to AU$100
million damages based on the value of assets and securities that
Primebroker owned.

The Herald, citing court documents, says Chimaera's case will
allege that ANZ failed:

   -- to perform an agreement to provide funding to Primebroker;
   -- engaged in misleading or deceptive conduct;
   -- breached a co-operation deed with the margin lender; and
   -- failed to settle trades.

The report notes several litigation funders have offered to
bankroll a related class action on behalf of Primebroker's
clients.

                          About Chimaera

Headquartered in Melbourne, Australia, The Chimaera Financial
Group -- http://www.chimaeracapital.com/ccl/contact.aspx/ -- is
a private merchant bank, which is licensed to conduct business
in the areas of investments, securities financing and trading as
well as providing custodian and Responsible Entity services for
direct investors and managed investment schemes.

                           *     *     *

As reported in the Troubled Company Reporter–Asia Pacific on
July 31, 2008, the directors of Primebroker Securities Limited,
Chimaera Financial Group's margin lending business, appointed
Laurie Fitzgerald and Michael Humphris as voluntary dministrators.

The directors said the appointment follows the appointment of
Paul Kirk and Stephen Longley of PricewaterhouseCoopers as
receivers and managers by ANZ Bank on July 4, 2008.

The directors consider that the appointment of voluntary
administrators will provide an opportunity for the restructuring
of the business rather than simply allowing the company
to fall into liquidation.  The directors believe that adopting
this course of action would provide an outcome that will be more
advantageous to all stakeholders.


BABCOCK & BROWN INFRA: In Talks with Potential Investor
-------------------------------------------------------
Babcock & Brown Infrastructure is talks with a potential
cornerstone investor.  The board believes that the participation
of a well-capitalized investor would significantly increase the
likelihood of a transaction being successfully completed prior to
the group’s debt facilities maturing.

"The terms of a transaction with the potential cornerstone
investor have been discussed (although the structure and details
of any such transaction are not yet finalized)," BBI said in a
statement September 4.

"A comprehensive recapitalization on the terms discussed requires
the consent of existing lenders and BBI has approached the lenders
to obtain their consent to the recapitalization.  To assist its
recapitalization objectives, BBI has appointed financial advisors
to the proposed recapitalization, and Gresham Advisory Partners
have been appointed as financial advisors to the BBI Boards."

BBI said it is likely that there will be a requirement for full
conversion of EPS and SPARCS in advance of, and in order to
facilitate, any equity recapitalization and that the ownership
interests of BBI ordinary securityholders, and EPS holders and
SPARCs holders post-conversion will be significantly diluted by
the recapitalization.  The transaction mechanics, including any
conversion of hybrid securities and the basis on which it would
occur, have not been determined.  The value outcomes of the
transaction for BBI ordinary security holders, EPS holders and
SPARCS holders are not certain and may attribute a value to those
securities that is less than face value or recent trading prices.
Furthermore, associated sales of assets may be at amounts lower
than their current book values.

BBI said it sought suspension of its securities while the
transaction was further developed and negotiated.  This request
was not granted.  However, BBI stresses that the current position
is highly uncertain, and that there is no assurance that agreement
will be reached in relation to any transaction.

In recognition of the time and cost commitment required of the
potential cornerstone investor, BBI said it has entered into an
interim agreement with the potential cornerstone investor to
continue to negotiate in good faith the development of the
proposed transaction.  This agreement includes a non-solicitation
obligation on BBI, a capped cost reimbursement provision in favour
of the potential cornerstone investor and a three month right of
first refusal over the sale of certain assets, if BBI chooses to
seek to sell those assets.

"The process of finalizing transaction terms and obtaining bank
approvals is anticipated to take several weeks.  There is no
assurance that agreement will be reached in relation to any
transaction," BBI said.

BBI has AU$9.1 billion in total proportionate debt and AU$1.2
billion in corporate level debt facilities as at June 30, 2009.
Of this amount, BBI said it has approximately AU$2.7 billion in
proportionate debt maturing in FY2010 and FY2011, including
approximately AU$300 million of corporate debt required to be paid
down in February 2010.  Accordingly, the Board of Directors and
management of BBI have been actively pursuing a range of options
to provide BBI with the capacity to address these pending
maturities.  In the absence of repaying or extending these
facilities, such facilities will become due and payable on
maturity.

BBI further stated that it has recently focused on sales of
significant assets as its primary strategy for achieving debt
repayment.  However, achieving asset sales in the current
environment on terms which would realize sufficient funds for the
necessary reduction in BBI’s debt is proving difficult, with
timing and value outcomes uncertain.  Based on present
circumstances, BBI’s current asset sales programs (net of expected
disposal costs and taxes) are unlikely to realize sufficient
proceeds to meet BBI’s FY2010 debt maturities.

Meanwhile, Bloomberg News, citing the Australian Financial Review,
reports that Babcock & Brown Infrastructure may announce a AU$1.5
billion (US$1.3 billion) restructuring plan, including the sale of
a stake to Brookfield Asset Management Inc.

According to Bloomberg, the newspaper said in its Street Talk
column today, that the proposal will involve the restructuring of
debt, an injection of capital into some assets and the sale of
others.

               About Babcock & Brown Infrastructure

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

                           *     *     *

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


FMG RESOURCES: Moody's Downgrades Senior Secured Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service has lowered to B2 from B1 the Senior
Secured rating of FMG Resources (August 2006) Pty Ltd (previously
FMG Finance Pty Ltd), the financing arm of the Fortescue Metals
Group.  The outlook for the rating is negative.  This completes
the rating review for possible downgrade commenced in May 2009 in
view of weakness in the iron ore market and operating challenges
at FMG's mining and processing operations.

"This rating downgrade reflects the delay in the production ramp-
up to 55 million tonnes per annum, which was expected to be
achieved progressively during 2009, but now not expected before
2011" says Ian ChanChong, a Moody's VP/Senior Analyst.

"In addition, the rating downgrade considers additional capex that
FMG needs to spend on its ore processing plant facility to treat
ore with higher moisture content, and this was not envisaged in
the rating", says ChanChong.

"Although Moody's recognize that FMG has made some progress
towards overcoming the operating challenges it faced in the fourth
quarter of FY2009 with higher production volumes and lower
operating costs, the lower ramp-up profile and increased capex is
negatively impacting cash flows and credit metrics," says Ian
ChanChong.

The negative outlook considers the uncertainty around FMG's
ability to achieve its ramp-up within the revised timetable and
budget.

Moody's notes the recent announcement by Fortescue Metals Group in
relation to the sale and price of iron ore production to Chinese
steel customers for the second half of calendar 2009.  Any rating
impact will be assessed based on the final structure of the
transaction and intended use of the cash proceeds.

The rating outlook could stabilize when there is more certainty
around FMG's ability to ramp-up operations to its design level.

On the other hand the rating could be downgraded if there is a
material deterioration in FMG's operating performance including
further ramp up delays and/or capital expenditure requirement,
leading to interest coverage dropping below 3.25 times.

The rating could also be pressured if FMG were to increase its
level of sale-and-leaseback arrangements raising legal
subordinated issues for the bondholders.

The last rating action was on May 14, 2009, when the outlook on
the B1 ratings of FMG Finance Pty Ltd was changed from negative to
under review for possible downgrade.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export
mainly to China.


GREAT SOUTHERN: Gunns Eyes Acquisition of Forestry Assets
---------------------------------------------------------
Timbercorp Ltd and Great Southern forestry assets could be snapped
up by Gunns Limited, Melbourne Herald Sun reports citing The
Weekly Times.

The Herald Sun says media reports this week indicate Gunns may
enter a joint venture to buy them.

This move, the Herald Sun relates, would provide surety to
landowners in the southwest and Green Triangle regions of
Victoria, after months of uncertainty when both managed investment
groups went into voluntary administration in April.

"Gunns is actively working on proposals to play a key role in the
ongoing operation of assets presently managed by Timbercorp and
Great Southern Plantations," the Herald Sun cited Gunns as saying.

The Herald Sun notes Timbercorp spokesman Matt Trewin, however,
said there were 20 interested parties bidding on Timbercorp's
assets, with bidding for assets closing on September 18.

"As far as I know the liquidators haven't received an early bid,"
Mr. Trewin was quoted by the Herald Sun as saying.

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

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

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


ING REAL: Warns of Possible Covenant Breach as Pub Values Drop
--------------------------------------------------------------
The Sydney Morning Herald reports that ING Real Estate
Entertainment Fund has warned investors that it is in danger of
breaching its banking covenants if the value of its portfolio of
36 pubs falls any further or if any of its pub tenants cannot pay
their rent.

According to the report, a slump in the value of its NSW portfolio
of pubs in the past year has triggered a AU$54 million loss at the
listed fund.

The report says the company, which owns both the Club Swans and
the adjacent Bourbon in Kings Cross (formerly known as the Bourbon
and Beefsteak), is struggling because at least one of its major
tenants, including the Bourbon tenant, Icon Hospitality Group, is
having trouble paying its rent.  Icon contributes 35% of the total
rental income of about AU$29 million received by ING REEF each
year, the Herald notes.

The Herald discloses that ING REEF owes AU$202 million to the
Commonwealth Bank which is repayable in six months and AU$36
million repayable in a year.  The company, says the Herald, also
has AU$20 million in convertible loan securities.

The report, citing a section of the notes in ING REEF's financial
statements, says the directors of the fund have warned of
"significant uncertainties" about the company's financial position
in the "going concern."

The Herald relates the company reveals that the falling value of
its pubs has increased its loan-to-value ratio to a dangerously
high 59.2%.  Under its banking covenants it cannot exceed 60%, the
report states.

The company said if the value of its hotels sinks further and the
60% ratio is exceeded, the bank "would have the right to require
immediate repayment of the debt and settlement of any derivatives
entered into with it," the report notes.

The report says the bank can also call in its loans to ING if any
of ING's major tenants fail to pay their rent.

ING Real Estate Entertainment Fund (ASX:IEF) --
http://www.ingrealestate.com.au/-- is a property trust that
invests in entertainment and leisure venues throughout Australia
and New Zealand, and receives income from long-term leases to
experienced hotel operators.  The Fund's subsidiaries include
Bourbon Unit Trust, ING Real Estate Entertainment Subsidiary
Trust, IEF Victoria Trust, IEF NZ Subsidiary Trust and IEF NZ
Trust.


MARINER FINANCIAL: Reports AU$61.6 Million Annual Loss
------------------------------------------------------
The Australian reports that Mariner Financial reported a full-year
net loss of $61.6 million.  Total revenue fell 54% to $13.6
million as the company slashed costs and staff, and sold assets in
a bid to stay afloat.

The Australian notes Mariner said the board acknowledges
significant uncertainty exists in relation to the group's ability
to meet its funding requirements.  The Company's net assets have
been reduced from $63.9 million to $2.4 million in the past year,
the report says.

According to the report, the uncertainties relate mainly to the
group's:

   -- ongoing ability to complete the remaining asset sales in
      market conditions that remain difficult; and

   -- ability to continue as a going concern will be reliant on
      its ability to renegotiate terms with remaining creditors.

The report states that despite a difficult market, Mariner managed
to raise AU$8.8 million by selling off Turtle Beach in Queensland
and the sale of its management rights to Mariner Pipeline Income
Trust, Mariner American Property Income Trust, Mariner
Infrastructure Trust No1 and Mariner Mortgage Trust.

The company is also trying to sell other assets including Southern
Distribution Hub, Mariner Property Trust No2 and Killalea Coastal
Investments, the report notes.

The Australian further says that although the group's principal
focus has been on completing the asset sales, it has begun
implementing its new business plans to generate advisory fee
income from arranging wholesale structured transaction on behalf
of institutional investors.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2008, the Australian said Mariner Financial has been
under considerable financial distress.  Its share price plunged
91% from AU$2.15 in February 2007 to just 19c on Nov. 26, 2008.
Mariner's shares closed at 1c on Feb. 27.

The company has slashed two-thirds of its staff and has been
conducting a fire sale of assets and management rights this year.

Mariner Financial, according to a TCR-AP report on October 9,
2008, appointed receivers and managers to its wholly owned
subsidiary, Mariner Treasury Limited.

                     About Mariner Financial

Based in Australia, Mariner Financial Limited --
http://www.marinerfunds.com.au/-- focuses on originating,
structuring and distributing investment products for Australian
investors.  During the fiscal year ended June 30, 2008, its
activities included property investment and development;
retirement and superannuation investment, and infrastructure
investment.  The company predominantly distributes its investment
products through independent advisory intermediaries.  In April
2008, Mariner Financial Limited announced the sale to APA Group of
its remaining units in the Mariner Pipeline Income Fund.


OPES PRIME: DPP Mulls Laying Criminal Charges Against 3 Directors
-----------------------------------------------------------------
The Commonwealth Director of Public Prosecutions is considering
laying criminal charges against Opes Prime directors over their
roles in securing a new line of finance from ANZ just days before
the share-lending firm collapsed in March 2008, The Age reports.

The report says the Australian Securities and Investments
Commission delivered a lengthy brief to the DPP on August 4,
recommending criminal charges against Sydney-based Julian Smith
and possibly against his fellow Opes Prime directors, Anthony
Blumberg and Lirim ''Laurie'' Emini, the former managing director.

The Age relates that an affidavit filed at the Federal Court by
senior ASIC officer Tim Mullaly, who has been responsible for
ASIC's investigation into Opes, details a string of allegations
about the events of March 20, 2008, when ANZ lent Opes $95
million.

According to the Age, Mr. Mullaly's affidavit specifically focused
on allegations against Mr. Smith, as opposed to his fellow Opes
directors, because it was drafted in support of ASIC's request for
a six-month extension to orders barring Mr. Smith from leaving the
country.  The report says Justice Michelle Gordon curbed ASIC's
request, instead restricting Mr. Smith's travel until December 18.

Mr. Mullaly, says The Age, noted that ASIC investigators examined
the actions of officers, employees and associates of Opes Prime
Stockbroking, Opes Prime Group (OPGL), Leveraged Capital and
Trader Dealer Pty Ltd between December 1, 2007, and March 2008.

ASIC has recommended the DPP charge Mr. Smith "and at least two of
the other directors" with "recklessly or dishonestly" failing in
their duties as directors, The Age says.

                          About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganization Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited.

According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.


STORM FINANCIAL: Founder Blames CBA on Firm's Collapse
------------------------------------------------------
The founder of Storm Financial has blamed the Commonwealth Bank
for panicking and withdrawing credit from his business, leading to
the collapse of the financial planning business with investor
losses of up to AU$3 billion, The Sydney Morning Herald reports.

Citing Emmanuel Cassimatis, founder of Storm Financial, in a rare
public appearance before a federal parliamentary committee in
Brisbane on Thursday, the report says Mr. Cassimatis blamed failed
processes within Commonwealth Bank for the events that led to
Storm's collapse, culminating in Commonwealth Bank withdrawing
credit.

"The reasons Storm collapsed . . . was that the Commonwealth Bank,
the main provider of credit to Storm and its customers, withdrew
its credit suddenly, without notice and most importantly without
justification or indeed the power to do so under the margin
lending contract," the report quoted Mr. Cassimatis as saying.

The Herald notes Mr. Cassimatis said Commonwealth Bank had chosen
to use its power because it could, and decided to wreck Storm
rather than support it.  According to the Herald, Mr. Cassimatis
then told the committee to address questions about why margin
calls had never been made to Storm's investors to Commonwealth
Bank chief executive Ralph Norris.

                       About Storm Financial

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

                           *     *     *

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

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

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

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


TIMBERCORP LTD: Gunns Eyes Acquisition of Forestry Assets
---------------------------------------------------------
Timbercorp Ltd and Great Southern forestry assets could be snapped
up by Gunns Limited, Melbourne Herald Sun reports citing The
Weekly Times.

The Herald Sun says media reports this week indicate Gunns may
enter a joint venture to buy them.

This move, the Herald Sun relates, would provide surety to
landowners in the southwest and Green Triangle regions of
Victoria, after months of uncertainty when both managed investment
groups went into voluntary administration in April.

"Gunns is actively working on proposals to play a key role in the
ongoing operation of assets presently managed by Timbercorp and
Great Southern Plantations," the Herald Sun cited Gunns as saying.

The Herald Sun notes Timbercorp spokesman Matt Trewin, however,
said there were 20 interested parties bidding on Timbercorp's
assets, with bidding for assets closing on September 18.

"As far as I know the liquidators haven't received an early bid,"
Mr. Trewin was quoted by the Herald Sun as saying.

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

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

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


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


FERROCHINA LIMITED: Creditors Agree on Restructuring Plan
---------------------------------------------------------
The creditors of FerroChina Ltd have agreed on a restructuring
plan for the Company and are awaiting approval by a mainland China
court, Laura Santini at The Wall Street Journal reports, citing
people familiar with the agreement.

WSJ says that under the restructuring agreement, China Minmetals
Corp. will acquire five operating subsidiaries of the galvanized-
steel maker for CNY3.2 billion (US$468.5 million).  Some foreign
creditors will recoup as much as 60 cents on the dollar, WSJ
relates.

The Company's creditors include Citigroup Inc., Credit Suisse
Group, CLSA Asia-Pacific Markets's CLSA Capital Partners and U.S.
hedge fund Citadel Investment Group LLC.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 10, 2008, Bloomberg News said Citigroup Inc. and Citadel
Investment Group LLC are among foreign creditors that planned to
seize and sell the assets of FerroChina.

According to Bloomberg News, the creditors hired London-based law
firm Clifford Chance LLP to help them recoup US$130 million of
bonds due 2011 and US$160 million of loans.  CLSA Capital Partners
and Credit Suisse Group AG also sought recoveries, Bloomberg
noted.

                          Loan Default

November last year, the company said due to the current economic
crisis, it is unable to repay part of its working capital loans
aggregating approximately RMB706 million which has become due and
payable.  As a result, further loan facilities and notes of
approximately RMB2.03 billion may potentially become due and
payable.

There are some other working capital loans of RMB2.49 billion
which may also become due and payable, the company said.

                Manufacturing Operations Ceased

Citing liquidity issues, the company temporarily ceased its
manufacturing operations in its factories located in Changshu
City, Jiangsu, PRC and Changshu Riverside Industrial Park,
Jiangsu, PRC.

                 Court Proceedings by Creditors

In a press statement last year, the company said that various
creditors of the company's PRC subsidiaries, including lenders and
suppliers, have commenced PRC court proceedings to claim for
amounts owing by these subsidiaries.  The subsidiaries involved
comprise:

   (a) Changshu Xinghai Advanced Building Material Co., Ltd;

   (b) Changshu Xingyu Advanced Building Material Co., Ltd;

   (c) Changshu Xingdao Advanced Building Material Co., Ltd;

   (d) Changshu Everbright Material Technology Co., Ltd;

   (e) Tianjin Everbright Material Technology Co., Ltd; and

   (f) Changshu Changgang Steel Plate Co., Ltd

In addition, the company said it faces a total of 169 lawsuits
with an aggregate claim amount of approximately RMB4.47 billion.

                     Appointment of Receivers

PricewaterhouseCoopers Singapore was appointed as receiver over
the shares of the company's wholly-owned subsidiaries:

   (a) Trigo Lucky, being the immediate holding company
       of Xinghai and Xingyu; and

   (b) Twin Well, being the immediate holding company
       of Xingdao,

pursuant to a debenture granted by the company in favor of
Citibank, N.A., London Branch acting as notes trustee in respect
of US$130 million guaranteed notes due 2011 issued by the company.

                         About FerroChina

FerroChina Limited (SIN:F33) -- http://www.ferro-china.com/ –is
an independent flat steel value-added processors in China. Its
subsidiaries are engaged in the production and sale of galvanized
steel coils and other related products; production and sale slab
billet and other related products, and investment holding. The
Company's customers are steel trading companies, steel structure
engineering companies and steel processing companies in China
covering industries including construction, agricultural,
infrastructure, consumer electronics, automobiles spare parts,
computer parts, building materials and industrial applications. On
January 18, 2007, it acquired 35.45% of the equity interest in
China GalvaTech Holdings Limited.  On October 30, 2007, it
acquired Superb Team Limited.  On January 3, 2008, it incorporated
a wholly owned subsidiary, Ferro Resources Pte Ltd.


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


AMA CONSULTANTS: Creditors' Proofs of Debt Due on September 28
--------------------------------------------------------------
The creditors of AMA Consultants Limited 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:

          Man Mo Leung
          Central Plaza, 42nd Floor
          18 Harbour Road, Wanchai
          Hong Kong


AT ASSET: Creditors' Proofs of Debt Due on September 18
-------------------------------------------------------
The creditors of At Asset Management (Asia-Pacific) Limited are
required to file their proofs of debt by September 18, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Edward Simon Middleton
          Patrick Cowley
          Alexandra House, 27th Floor
          16-20 Chater Road
          Central, Hong Kong


COUNTRY GARDEN: Moody's Assigns 'Ba3' Senior Unsecured Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured rating
of Ba3 to Country Garden Holdings Limited's proposed 5-year senior
unsecured 144A/Regulation S bonds.  The outlook on the rating is
negative.

At the same time, Moody's has affirmed Country Garden's Ba2
corporate family rating with a negative outlook.

The bonds will rank pari passu with the company's other existing
senior unsecured obligations.  The bond rating has been lowered by
one notch to reflect the risks of legal and structural
subordination, as subsidiary and secured debts are expected to
remain above 20% of the company's total assets.

Proceeds from the bonds will be used for debt repayment, funding
property projects and general corporate purposes.

"Country Garden's Ba2 corporate family rating reflects its large
size and extensive experience in suburban property development in
Guangdong Province, China.  In addition, its low land costs and
pricing flexibility have also resulted in stable sales performance
through the down cycle," says Peter Choy, a Moody's Vice President
and Senior Credit Officer.

"Furthermore, Country Garden's business model -- to develop
affordable housing with value-added services in integrated
townships -- meets the needs of China's growing middle-income
group.  This demographic is a driver of long-term property demand
in the country, and therefore this business model supports the
company's business growth," says Choy, also Moody's lead analyst
for the company.

"The proposed bond issuance will also improve its near term
liquidity profile," adds Choy.

The rating is tempered by Country Garden's rising leverage to fund
its rapid growth model and by its reliance on cash flow
contributions from Guangdong Province.

Declining profit margins driven by fewer villa sales and low
profit margin from its projects outside Guangdong have also put
pressure on its financial profile.

Moody's expects Country Garden's key credit metrics for the next
1-2 years -- as measured by Debt/Total Capitalization of 45% -
50%, Debt/EBITDA of 3.5x -4.5x, and EBITDA/interest of 3.5x - 4.0x
-- are still at the weaker end of the range for its current
corporate family rating of Ba2.

The negative rating outlook reflects Moody's expectation that
Country Garden is still challenged to establish its track record
in projects outside the Guangdong Province, its increased
borrowings at a time when its profit margins are low, and its need
to arrange refinancing for its US$600 million convertible bonds
due February 2010.

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

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

Meanwhile, downward rating pressure could emerge if Country Garden
(1) experiences difficulty in implementing its current business
plan; (2) sees its profit margins erode further; (3) fails to
produce a solid plan to refinance its convertible bonds by 1H2010;
and/or (4) suffers from further weakening in the Chinese property
market such that its operating cash flow is less than anticipated.

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

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

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


COUNTRY GARDEN: S&P Assigns 'BB' Rating on Senior Unsec. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' issue rating to a proposed issue of U.S.-dollar senior
unsecured notes by Country Garden Holdings Co. Ltd. (BB+/Watch
Neg/--).  At the same time, S&P placed the issue rating on the
proposed notes on CreditWatch with negative implications.

S&P placed the issue rating on CreditWatch following the placement
of the 'BB+' rating on Country Garden and the 'BB' issue rating on
the company's US$600 million 2.5% convertible bond on CreditWatch
with negative implications on Aug. 26, 2009.  The placement of the
corporate rating on CreditWatch reflected a likely further
weakening of Country Garden's financial metrics, in S&P's view,
and in particular its highly leveraged funding structure.

The issue rating is subject to S&P's review of final issuance
documentation.  Upon completion of the proposed issue and based on
the current information S&P have, S&P is likely to lower the
rating on Country Garden to 'BB' from 'BB+'.  S&P is also likely
to lower the issue rating on the proposed senior unsecured notes
and on Country Garden's outstanding convertible bond to 'BB-' from
'BB'.  If the final size of the proposed notes is materially
larger than US$500 million, S&P is likely to lower the ratings by
more than one notch.

S&P believes the covenants on the notes are comparable to those on
rated bonds of other Chinese real estate companies.  S&P
understand that the majority of the proceeds from Country Garden's
proposed issue will be used to fund existing and new property
projects (including construction costs and land premiums) and for
general corporate purposes.  About US$35 million of the net
proceeds will be used for full repayment of a loan facility with
CITIC Ka Wah Bank Ltd.

The proposed notes are non-callable for bond holders for the life
of bond.  Country Garden has the option to redeem the notes at any
time throughout the life of bond with a premium.  The bond will be
ranked pari passu with the company's convertible bond.  According
to the bond covenants, to incur additional indebtedness (after
giving effect to the incurrence of such indebtedness), Country
Garden is required to maintain a fixed charge ratio of more than 3
to 1 on or prior to September 2011 and 3.25 to 1 thereafter.


DATAREAL AUTOMATION: Members' Final Meeting Set for September 29
----------------------------------------------------------------
The members of Datareal Automation Limited will hold their final
meeting on September 29, 2009, at 3:00 p.m., at Flat D, Block 2,
22nd Floor of Hong Kong Gold Coast Phase 1A, No. 1 Castle Peak
Road, in Tuen Mun, New Territories.

At the meeting, Soo Kwok Keung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EASTMAN GLORY: Members' Final Meeting Set for September 29
----------------------------------------------------------
The members of Eastman Glory Apparel (HK) Limited will hold their
final meeting on September 29, 2009, at 11:00 a.m., at Room 1305,
Tower 1 of Harbour Centre, No. 1 Hok Cheung Street, Hunghom, in
Kowloon, Hong Kong.

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


ELEVENTH WORLD: Members' Final Meeting Set for September 29
-----------------------------------------------------------
The members of Eleventh World Conference on Giftedness Limited
will hold their final meeting on September 29, 2009, at
11:00 a.m., at Room 1021 of Sun Hung Kai Centre, 30 harbour Road,
in Wanchai, Hong Kong.

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


FALCON COMPANIES: Members' Final Meeting Set for October 5
----------------------------------------------------------
The members of The Falcon Companies HK Limited will hold their
final meeting on October 5, 2009, at 10:00 a.m., at 10650 Gateway
Boulevard, Saint Louis, in Missouri 63132, United States of
America.

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


GLOBAL FUTURE: Members' Final Meeting Set for September 29
----------------------------------------------------------
The members of Global Future Enterprises (H.K.) Limited will hold
their final meeting on September 29, 2009, at 10:00 a.m., at the
20th Floor of Prince's Building, in Central, Hong Kong.

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


MAIN JOY: Members' Final Meeting Set for September 29
-----------------------------------------------------
The members of Main Joy Limited will hold their final meeting on
September 29, 2009, at 10:00 a.m., at the 5th Floor, No. 347, Dun
Hua North Road, in 105 Taipei, Taiwan R.O.C.

At the meeting, Chang Te-Lung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MCKENNA SERVICES: Members' Final Meeting Set for September 29
-------------------------------------------------------------
The members of Mckenna Services Limited will hold their final
meeting on September 29, 2009, at 10:30 a.m., 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.


NEXUS BONDS: S&P Downgrades Ratings on Series 2004-15 Bonds
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Nexus
Bonds Ltd. – Nexus 3 Notes and SELECT ACCESS Investments Ltd.
Series 2004-15.  At the same time, the ratings on the notes were
removed from CreditWatch with negative implications, where they
were placed on July 9, 2009.

The downgrades reflect the increased credit risk of underlying
portfolios in the transactions.  The synthetic rated
overcollateralization levels for the two transactions fell below
100% at their current rating levels during the SROC analysis for
the month of August.  This indicates that the available credit
enhancement for each of the transaction is lower than the level
required to maintain its current rating.  Where the SROC is less
than 100%, scenarios that project the current portfolio 90 days
into the future are run, assuming no asset rating migration.
Where this projection indicates that the SROC would return to a
level above 100%, the rating is maintained, but placed on
CreditWatch negative.  If the projection indicates that the SROC
would remain below 100%, the rating is immediately lowered.

                   Select Access Investments Ltd.

    CDO                               Rating To    Rating From
    ---                               ---------    -----------
     Series 2004-15                   B            BBB-/Watch Neg
    Nexus Bonds Ltd. - Nexus3 Notes   BB+          BBB+/Watch Neg


PROTESTANT PEOPLES': Members' Final Meeting Set for September 30
----------------------------------------------------------------
The members of Protestant Peoples' Church Limited will hold their
final meeting on September 30, 2009, at 9:00 a.m., at the Rooms
603-4, 6th Floor of Hang Seng Wanchai Building, 200 Hennessy Road,
in Wanchai, Hong Kong.

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


SONNY COMPANY: Members' Final Meeting Set for September 29
----------------------------------------------------------
The members of Sonny Company Limited will hold their final meeting
on September 29, 2009, at 10:00 a.m., at the 20th Floor of
Prince's Building, in Central, Hong Kong.

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


SUNNY PROFIT: Shareholders' Final Meeting Set for September 30
--------------------------------------------------------------
The shareholders of Sunny Profit Company Limited will hold their
final meeting on September 30, 2009, at 10:30 a.m., at Unit 701,
7th Floor of Chuang's Tower, No. 30-32 Connaught Road, in Central,
Hong Kong.

At the meeting, Chan Tai Po and Yip Hing Chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TEXNOLOGY NANO: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
On August 18, 2009, the shareholders of Texnology Nano Textile
(China) Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidators are:

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


VICTORY STAR: Members' Final Meeting Set for September 29
---------------------------------------------------------
The members of Victory Star Enterprise Limited will hold their
final meeting on September 29, 2009, at 10:00 a.m., at 13A, Tak
Lee Commercial Building, 113-117 Wanchai Road, in Wanchai,
Hong Kong.

At the meeting, Ng Kam Chiu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


YIN SHES: Members' Final Meeting Set for September 30
-----------------------------------------------------
The members of Yin Shes Limited will hold their final meeting on
September 30, 2009, at 11:00 a.m., at the 12th Floor of Tung Nam
Commercial Centre, 68 Portland Street, Yau Ma Tei, in Kowloon,
Hong Kong.

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


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


AADI INDUSTRIES: CRISIL Places 'BB-' Rating on INR60MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Aadi Industries Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR60.0 Million Cash Credit       BB-/Stable (Assigned)
   INR40.5 Million Long Term Loan    BB-/Stable (Assigned)
   INR50.0 Million Letter of Credit  P4 (Assigned)
   INR10.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect Aadi's moderate financial risk profile marked
by average debt protection measures, and exposure to risks
relating to limited track record in the plastic products industry,
and to sub-optimal utilization of capacities owing to limited off-
take.  These weaknesses are, however, partially offset by Aadi's
established relationships with dealers across a wide multi-state
network.

Outlook: Stable

CRISIL believes that Aadi's financial risk profile will remain
constrained over the medium term on account of low net worth.  The
outlook may be revised to 'Positive' if Aadi enhances its revenues
while maintaining stable operating margins; or to 'Negative' if
the company undertakes large, debt-funded capital expenditure
leading to material deterioration of its financial risk profile.

                       About Aadi Industries

Aadi, promoted by Mr. Rushabh Shah, manufactures tarpaulin and
plastic bags.  Its plant at Silvassa has an installed capacity of
950 tonnes per month, and commenced operations in April 2009. The
company proposes to sell polythene and plastic bags in both retail
and corporate segments.  The company also has been engaged in
trading of these products before the manufacturing started.


ACCORD COMMUNICATION: CRISIL Puts 'BB+' Rating on INR3.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Accord Communication Private Limited.

   Facilities                      Ratings
   ----------                      -------
   INR250.00 Million Cash Credit   BB+/Stable (Assigned)
   INR3.50 Million Term Loan       BB+/Stable (Assigned)

The ratings reflect ACPL's moderate business risk profile marked
by limited track record in the industry, exposure to risks
relating to sector and customer concentration in its revenue
profile and planned, large capital expenditure (capex), leading to
expected weakening of financial risk profile.  These weaknesses
are, however, partially offset by the company's above average and
stable margins driven by healthy operating efficiencies.

Outlook: Stable

CRISIL expects APCL to maintain stable credit risk profile on the
back of increasing capacities and stable operating margins.  The
outlook could be revised to 'Positive' in case of successful scale
up of operations and diversification in the company's customer
base without deterioration in its debt protection measures.
Conversely, the outlook could be revised to 'Negative' if debt-
funded capital expenditure exceeds the present expectations, or in
case of sustained pressure on operating margins leading to
deterioration in credit metrics.

                    About Accord Communication

APCL, a Vadodara based company was incorporated in 2003 by Mr.
Betulla Khan.  The company is primarily a telecommunication tower
service provider viz., the manufacturing and erection of
telecommunication towers along with other related services, which
is expected to contribute nearly 90% of its revenue in 2008-09.
The company is also involved in the providing trained personnel to
the telecommunication companies like Nokia Siemens.

ACPL reported a profit after tax (PAT) of INR16.3 million on net
sales of INR314.9 million for 2007-08, as against a PAT of INR2.8
million on net sales of INR58.7 million for 2006-07.


ACE PIPELINE: Low Net Worth Prompts CRISIL to Assign 'BB+' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Negative/P4' to the bank
facilities of Ace Pipeline Contracts Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR7.7 Million Cash Credit        BB+/Negative (Assigned)
   INR350.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect Ace Pipeline's low net worth and modest scale
of operations, and exposure to risks relating to uncertainties
inherent to tender-based contract jobs.  These weaknesses are,
however, partially offset by the company's above-average financial
risk profile, marked by healthy debt protection indicators and low
gearing, and the benefits that the company derives from
established track record, and wide geographical presence.

Outlook: Negative

CRISIL believes that Ace Pipelines' business risk profile will
remained constrained due to limited revenue visibility led by a
thin order book position.  The rating may be revised downwards if
there are time/cost overruns in execution of current or future
projects, leading to any liquidated damages and hence any material
deterioration in financial risk profile.  The outlook may be
revised to 'Stable' if the company is able to significantly scale
up its operations while maintaining its capital structure.

                        About Ace Pipeline

Incorporated in 1989 by Mr. Anoop Singh and Mr. Gurmreet Singh,
Ace Pipeline undertakes engineering, procurement and construction
contracts, project management, and testing and commissioning of
pipelines for the oil and gas sector.  The company has executed
contracts in Assam, Maharashtra, Gujarat, and Andhra Pradesh.

Ace Pipeline reported a profit after tax (PAT) of INR 12.8 million
on net sales of INR 433.6 million for the year ended March 31,
2008, as against a PAT of INR 12.1 million on net sales of INR
374.2 million for the year ended March 31, 2007.


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

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

  *Includes Proposed of INR90 million

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

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

Outlook: Stable

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

                        About AKJ Minerals

AKJ Minerals Ltd, formerly Saraswati Fiscal Services Pvt Ltd, was
set up in August 1989.  It changed its name to Lords Securities
Pvt Ltd in March 1996.  It became a public limited company, and
changed its name to Lords Securities Ltd in March 1996.  It got
its present name in 2006, when it began exporting chrome
concentrates.  The company belongs to the Kolkata-based Mahabir
Coke Industries group.  AKJ reported a profit after tax (PAT) of
INR41.7 million on net sales of INR761 million for 2008-09, as
against a PAT of INR18.2 million on net sales of INR129 million
for 2007-08.


AMBAY INDUSTRIES: CRISIL Rates INR75 Million Cash Credit at 'B-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of Ambay Industries.

   Facilities                         Ratings
   ----------                         -------
   INR75.00 Million Cash Credit       B-/Stable (Assigned)
   INR45.00 Million Letter of Credit  P4 (Assigned)

The ratings reflect Ambay's weak financial risk profile marked by
high gearing, and exposure to risks relating to the cyclical
nature of the end-user, the pig iron industry.  These weaknesses
are, however, partially offset by the benefits that Ambay derives
from its promoters' experience in the steel industry.

Outlook: Stable

CRISIL believes that Ambay will maintain a stable business risk
profile over the medium term on the back of comfortable cash
accruals.  The firm's financial profile may however remain weak
over the same term.  The outlook may be revised to 'Positive' if
Ambay's cash accruals increase considerably; or to 'Negative' if
the firm undertakes large, debt-funded capital expenditure.

                      About Ambay Industries

Ambay, was aquired by the current management in February 2008 and
started operations in July 2008.  The company is in the business
of coke processing and sells coke to small vendors and small blast
furnaces.  Its unit at Burdwan (West Bengal) has 18 coking
chambers, with capacity to process 30,000 tonnes of coke per
annum.


ANKUR BARTER: Stretched Liquidity Cues CRISIL 'B' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Ankur Barter Pvt Ltd, which is part of the Mascot
group.

   Facilities                           Ratings
   ----------                           -------
   INR20 Million Cash Credit Limits     B/Stable (Assigned)
   INR150 Million Proposed Long Term    B/Stable (Assigned)
           Bank Loan Facility
   INR30 Million Bank Guarantee         P4 (Assigned)

The ratings reflect the Mascot group's weak financial risk
profile, marked by high gearing, low net worth, and weak debt
protection measures.  The ratings also factor in the group's
stretched liquidity, leading to highly utilized and occasionally
overdrawn working capital limits, and exposure to risks relating
to high dependence on Malaysia and West Africa for timber
supplies.  These weaknesses are partially offset by the benefits
that the Mascot group derives from the promoters' experience in
the timber trading and saw mill businesses.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Ankur Barter, Mascot Wood Crafts
Pvt Ltd, Birendra Chandra Saha, Saha and Sarkar Saw Mill Pvt Ltd,
and Mascot Impex Pvt Ltd.  This is because all these entities,
collectively referred to as the Mascot group, share a common
management, are in the same line of business, and have extended
inter-company guarantees to each other.

Outlook: Stable

CRISIL expects Mascot group's financial risk profile to remain
strained over the medium term.  The outlook may be revised to
'Positive' if the Mascot group's liquidity and financial risk
profile improve significantly, led by large accruals or equity
infusions.  Conversely, the outlook may be revised to 'Negative'
if the group undertakes large, additional, debt-funded capital
expenditure, or if its profitability declines.

                          About the Group

Set up by Mr. Narayan Saha and his wife, Mrs. Kamala Saha, the
Mascot group processes and trades in timber.  Saha and Sarkar was
the first venture of the group, promoted as a partnership firm in
1989 with four partners – Mr. Narayan Saha, Mrs. Kamala Saha, Mr.
Biplab Sarkar, and Mrs. Beena Sarkar.  The group has warehousing
and processing facilities at Laketown, Madhyamgram, and Delhi Road
(West Bengal).  The marketing network comprises three retail shops
and a sales team of 100.  In 2007-08, the Saha family acquired
Ankur Barter.  Saha and Sarkar, Mascot Wood Crafts, Mascot Impex,
and Ankur Barter process timber into sheets of various sizes and
have consolidated capacities of 3000 Cubic Feet (CFT) per day,
40000 CFT per day, and 600 CFT per day, for sawing, moulding, and
door and window panel manufacturing, respectively.  The Mascot
group posted a provisional net profit of INR17 million on net
sales of INR1.8 billion for 2008-09, as against a profit after tax
(PAT) of INR6 million on net sales of INR1 billion for 2007-08.


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

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

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

Outlook: Negative

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

                     About Aparna Infrahousing

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


ARUNODAY CONSTRUCTION: Loan Default Spurs CRISIL 'D' Ratings
------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
Arunoday Construction Company Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR75 Million Cash Credit Limits      D (Assigned)
   INR13.5 Million Corporate Term Loan   D (Assigned)
   INR0.3 Million Proposed Long Term     D (Assigned)
                  Bank Loan Facility
   INR5 Million Standby Line of Credit   P5 (Assigned)
   INR80 Million Bank Guarantee          P5 (Assigned)

The ratings reflect default by Arunoday in servicing term loan
obligations, owing to weak liquidity.

                    About Arunoday Construction

Set up by Mr. Om Prakash Lahoty in 1980, Arunoday manufactures
concrete sleepers used in railway tracks since 1984.  The key raw
materials involved in the process are cement, HTS wires, inserts,
and chips.  The company's manufacturing facility at Jagiroad
(Assam) has capacity to produce around 60,000 sleepers per annum.
The company is also involved in building construction activities
in Assam.  Arunoday reported a profit after tax (PAT) of INR6.9
million on net sales of INR368 million for the year ended
March 31, 2009, as against a PAT of INR6.9 million on net sales of
INR359 million for the year ended March 31, 2008.


BIRENDRA CHANDRA: Low Net Worth Prompts CRISIL 'B' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Birendra Chandra Saha, which is part of the Mascot
group.

   Facilities                             Ratings
   ----------                             -------
   INR60 Million Cash Credit Limits       B/Stable (Assigned)
   INR70.5 Million Proposed Long Term     B/Stable (Assigned)
                   Bank Loan Facility
   INR104.5 Million Letter of Credit      P4 (Assigned)
   INR15 Million Standby Line of Credit   P4 (Assigned)

The ratings reflect the Mascot group's weak financial risk
profile, marked by high gearing, low net worth, and weak debt
protection measures.  The ratings also factor in the group's
stretched liquidity, leading to highly utilized and occasionally
overdrawn working capital limits, and exposure to risks relating
to high dependence on Malaysia and West Africa for timber
supplies.  These weaknesses are partially offset by the benefits
that the Mascot group derives from the promoters' experience in
the timber trading and saw mill businesses.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Ankur Barter, Mascot Wood Crafts
Pvt Ltd, Birendra Chandra Saha, Saha and Sarkar Saw Mill Pvt Ltd,
and Mascot Impex Pvt Ltd.  This is because all these entities,
collectively referred to as the Mascot group, share a common
management, are in the same line of business, and have extended
inter-company guarantees to each other.

Outlook: Stable

CRISIL expects Mascot group's financial risk profile to remain
strained over the medium term.  The outlook may be revised to
'Positive' if the Mascot group's liquidity and financial risk
profile improve significantly, led by large accruals or equity
infusions.  Conversely, the outlook may be revised to 'Negative'
if the group undertakes large, additional, debt-funded capital
expenditure, or if its profitability declines.

                          About the Group

Set up by Mr. Narayan Saha and his wife, Mrs. Kamala Saha, the
Mascot group processes and trades in timber.  Saha and Sarkar was
the first venture of the group, promoted as a partnership firm in
1989 with four partners – Mr. Narayan Saha, Mrs. Kamala Saha, Mr.
Biplab Sarkar, and Mrs. Beena Sarkar.  The group has warehousing
and processing facilities at Laketown, Madhyamgram, and Delhi Road
(West Bengal).  The marketing network comprises three retail shops
and a sales team of 100.  In 2007-08, the Saha family acquired
Ankur Barter.  Saha and Sarkar, Mascot Wood Crafts, Mascot Impex,
and Ankur Barter process timber into sheets of various sizes and
have consolidated capacities of 3000 Cubic Feet (CFT) per day,
40000 CFT per day, and 600 CFT per day, for sawing, moulding, and
door and window panel manufacturing, respectively.  The Mascot
group posted a provisional net profit of INR17 million on net
sales of INR1.8 billion for 2008-09, as against a profit after tax
(PAT) of INR6 million on net sales of INR1 billion for 2007-08.


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

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

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

Outlook: Negative

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

                       About City Beautiful

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


COTWALL COMMERCE: CRISIL Assigns 'BB+' Rating on INR50MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Cotwall Commerce Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR70 Million Cash Credit Limits   BB+/Stable (Assigned)
   INR50 Million Proposed Long Term   BB+/Stable (Assigned)
                  Bank Loan Facility

The ratings factor in Cotwall's exposure to risks relating to
limited geographic diversity in its revenue profile, and working-
capital-intensive operations.  These weaknesses are however,
partially offset by ratings by the benefits that Cotwall derives
from having an established brand, Tripti.

For arriving at its ratings, CRISIL has taken a consolidated view
of Cotwall, Mahabir Impex Pvt Ltd, and Grover Commerce Pvt Ltd.
This is because the three companies, collectively referred to as
the Kaushik Kumar Nath group, have a common management; they are
engaged in similar lines of business, and sell products under a
common brand, Tripti.

Outlook: Stable

CRISIL expects Cotwall to maintain a stable credit risk profile
over the medium term, backed by its established market presence in
the Eastern region.  The outlook may be revised to 'Positive' if
the company's financial risk profile improves substantially; or to
'Negative' if the company reports sluggish growth in revenues and
profitability, or undertakes large, debt-funded acquisitions.

                       About Cotwall Commerce

Cotwall, set up in 1995, was acquired by Mr. Kaushik Kumar Nath
from Mr. Siddharth Roy in 2003.  The company trades in tea, edible
oils, pulses, spices, rice, atta, and maida.  Cotwall and other
group companies sell products under a common brand, Tripti.  The
KKN group reported a profit after tax (PAT) of INR 6.5 million on
net sales of INR 869 million for the year ended March 31, 2009, as
against a PAT of INR4.2 million on net sales of INR632 million for
the year ended March 31, 2008.


DSA ELECTRO: CRISIL Places 'BB+' Ratings on Various Bank Loans
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of DSA Electro Controls Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR85.0 Million Cash Credit              BB+/Stable (Assigned)
   INR74.2.0 Million Term Loan              BB+/Stable (Assigned)
   INR9.7 Million Stand by line of credit   P4 (Assigned)
   INR50.0 Million Bank Guarantee           P4 (Assigned)

The ratings reflect DSA's exposure to risks relating to customer
concentration in its revenue profile and stretched financial risk
profile marked by large working capital requirements.  These
weaknesses are, however, partially offset by DSA's established
customer relationships and stable operating margins.

Outlook: Stable

CRISIL believes that DSA will maintain a stable business risk
profile over the medium term backed by a healthy order book, and
the experience of its promoters in the electro control panels and
related business.  The outlook may be revised to 'Positive' if
improvement in the company's revenues and operating profitability
help strengthen its capital structure and debt protection
measures.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes large, debt-funded capital expenditure, or
if a fall in revenues and operating profitability impact its
financial risk profile.

                        About DSA Electro

DSA, incorporated in 1996, designs and manufactures control
panels, automation systems, wire harnesses, sheet metal
fabrication and water jet cutting systems and services.  The
company is promoted and managed by Mr. Ashok Vijay Subhedar.  It
has its manufacturing facilities at Wada (Maharashtra).  DSA
reported a profit after tax (PAT) of INR12.4 million on net sales
of INR297.0 million for the year ended March 31, 2008, as against
a PAT of INR18.2 million on net sales of INR159.0 million for the
year ended March 31, 2007.


GPI TEXTILES: Delay in Loan Repayment Cues CRISIL 'C' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of GPI Textiles Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit/       C (Assigned)
           Export packing Credit
   INR5.5 Million Proposed Long       C (Assigned)
          Term Bank Loan Facility
   INR54.5 Million Term Loan          C (Assigned)
   INR100.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect the weak financial risk profile; delay in
repayment of term loan obligations in the past and small size of
net worth of the company.

                        About GPI Textiles

GPITL is a company of the Ispat Group and was formerly established
as a Textile division of Gontermann-Peipers (India) Ltd.  Pursuant
to the modified scheme of arrangement between GPIL and GPITL,
Textile Division of GPIL was demerged in GPI Textiles Limited
w.e.f. 1st January 2003.  The company is engaged in the business
of manufacturing 100% cotton, 100% polyester& blended and open-end
yarn and has an installed capacity of 90432 spindles at Nalagarh.
The company was reported as a potentially sick company to BIFR in
November 2006 post erosion of more than 50% its peak net worth
during the four preceding years.  In FY 2006-07, GL Asia Mauritius
II Ltd. a 100% subsidiary of Avenue Capital Fund of USA, acquired
44 % equity stake in the company as a strategic investor. One Time
Settlement (OTS) and scheme of arrangement & capital reduction in
FY 2008 lead to company coming out of potentially sick company
status in November 2008.  For 2007-08, GPITL reported a net loss
of INR 164.0 million on net sales of INR 2042.0 million, as
against a net loss of INR 577.7 million on net sales of INR 2409.0
million for 2006-07.


HEALTHAID FOODS: CRISIL Rates INR12.90 Million Term Loan at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the bank
facilities of Healthaid Foods Specialist Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR180.00 Million Cash Credit   BB-/Stable (Assigned)
   INR12.90 Million Term Loan      BB-/Stable (Assigned)

The ratings reflect Healthaids' stretched financial risk profile,
small scale of operations and risks related to government
regulations and natural epidemics.  These weaknesses are partially
offset by the long standing experience of the promoters in the
industry and strong procurement network for raw milk.

Outlook: Stable

CRISIL expects Healthaid's financial risk profile to remain
constrained over the medium term.  The outlook may be revised to
'Positive' if the company's financial risk profile improves
significantly, either by improvement in its operating margin
resulting in higher-than-expected cash accruals or by fresh equity
infusion.  Conversely, the outlook may be revised to 'Negative' in
case of any large debt-funded capex or significant pressure on the
group's profitability.

                       About Healthaid Foods

Established in 1984, Healthaid Foods Specialist Pvt Ltd is a
manufacturer of milk products with a processing capacity of 3.50
lakh litre per day (LPD).  The company started its business by
supplying milk to large corporate like Nestle India Limited, Milk
Food Limited and Jagjit Industries Limited in Amritsar.  In 1986-
87, the company set up its own milk processing unit and a chilling
centre and began to manufacture ghee.  In 1995, the company
started producing milk powder by drying out the leftover milk. The
dairy products manufactured include ghee, Skimmed Milk Powder
(SMP), whole milk powder and dairy whitener.

Healthaid reported a profit after tax (PAT) of INR3.5 million on
net sales of INR540.1 million for the year ended March 31, 2008,
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.9 million on net sales of INR344.6 million for the year
ended March 31, 2007.


IHSEDU SPECIALTY: CRISIL Rates Proposed INR15.5MM LT Loan at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Ihsedu Specialty Chemicals Pvt Ltd.

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

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

Outlook: Stable

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

                      About Ihsedu Specialty

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


JET AIRWAYS: Conciliation Proceedings to Resume on September 14
---------------------------------------------------------------
The Economic Times reports that the conciliatory proceedings
between Jet Airways (India) Ltd and its employees union before the
Regional Labour Commissioner over the sacking of two pilots by the
air carrier's management has been adjourned to September 14.

The report says the Regional Labour Commissioner, Mumbai, told
reporters that the air carrier's management has been told to
submit its position in writing on or before September 7.

"Both the parties were called for a conciliatory meeting which
lasted for four hours. Both Jet Airways and the National Aviator's
Guild (representing Jet Airways' pilots) were sticking to their
stands. At last, both sides have been advised to comply with the
regulations of Industrial Disputes Act, 1947," the report quoted
the Commissioner as saying.

The report notes the Commissioner said that under these
provisions, both parties are under legal obligations and the union
is under obligation not to proceed on strike during the process of
conciliatory proceedings.

The National Aviator's Guild (NAG), which represents Jet Airways
pilots, said that it stood by its stand to go on a strike from
September 7 to protest the Jet management sacking two pilots, the
ET relates.

As reportd in the Troubled Company Reporter-Asia Pacific on
Aug. 25, 2009, Jet Airways's pilots have sent a strike notice to
the management saying they would go on an indefinite strike from
September 7.  The pilots are demanding the reinstatement of two
colleagues -- Sam Thomas and G Balaraman -- who had been
terminated.

The TCR-AP reported on Aug. 7, 2009, that Jet Airways sacked two
of its senior pilots for joining a newly formed union.  Capts.
Balaraman and Thomas were sacked for joining the National Aviators
Guild which was registered with the labor commissioner in Mumbai
last month.  Union officials said the two sacked pilots enjoy the
backing of over 600 union members, who were considering going on
strike if the two were not reinstated.

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

                           *     *     *

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


KAMDAR & ASSOCIATES: Low Net Worth Prompts CRISIL 'B' Rating
------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Kamdar & Associates.

   Facilities                          Ratings
   ----------                          -------
   INR40.0 Million Cash Credit Limit   B/Stable (Assigned)
   INR260.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect Kamdar's exposure to risks relating to
cyclicality in the shipping industry, fluctuations in the prices
of steel scrap, low net worth, small scale of operations in the
ship-breaking industry, and unfavourable changes in government
regulations.  These weaknesses are, however, partially offset by
the benefits that Kamdar derives from the healthy growth prospects
for the ship-breaking industry.

Outlook: Stable

CRISIL expects to Kamdar maintain stable business and financial
risk profiles over the medium term.  The outlook may be revised to
'Positive' if enhanced scale of operations helps the firm benefit
from the boom in the ship-breaking industry.  Conversely, the
outlook may be revised to 'Negative' if a significant fall in
steel prices leads to losses for the firm.

                     About Kamdar & Associates

Set up in 1984, Kamdar is a partnership firm engaged in ship-
breaking activities at Alang (Gujarat), which is the leading
centre for the ship-breaking and recycling industry in Asia.  It
purchases ships as old as 20 years, breaks them into steel plates,
and supplies them to rolling mills located in Gujarat.  Kamdar
reported a net loss of INR1.2 million on net sales of INR5.2
million for the year ended March 31, 2008.


KRR INFRA: CRISIL Rates INR180 Million Cash Credit at 'BB'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of KRR Infra Projects Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR180 Million Cash Credit*    BB/Stable (Assigned)

   *Interchangeable with bank guarantee of Rs 20 million

The ratings reflect KRR's small scale of operations, small net
worth, and large working capital requirements.  The impact of
these rating weaknesses is mitigated by the good revenue
visibility that KRR has over the medium term because of its
healthy order book.

Outlook: Stable

CRISIL believes that KRR will benefit from the growth prospects in
the civil construction industry over the medium term.  The outlook
may be revised to 'Positive' in case KRR strengthens its business
risk profile by bringing in greater diversity in its revenue
profile while maintaining its operating margins.  Conversely, the
outlook may be revised to 'Negative' if KRR undertakes large debt-
funded capital expenditure programme, thereby resulting in
deterioration its financial risk profile.

                          About KRR Infra

KRR is a partnership firm, registered in 2008; the partners in the
firm are Mr. K Raghav Reddy and his brother.  The firm is in the
business executing civil construction projects.  KRR has executed
irrigation-related projects and government residential projects in
Tamil Nadu and Andhra Pradesh.  KRR reported a profit after tax
(PAT) of INR20 million on net sales of INR537 million for the year
ended March 31, 2009.


MAYTAS INFRA: India Government Names IL&FS as New Promoter
----------------------------------------------------------
Reuters reports that Salman Khurshid, the Union Minister for
Corporate Affairs, said Monday that Infrastructure Leasing and
Financial Services Ltd will be the new promoter of Maytas Infra
Ltd following an order of the Company Law Board.

According to Reuters, IL&FS will increase its holding in Maytas to
37.1% from 14.5% by invoking a 22.6% stake pledged with it by the
firm's promoters.  The CLB, as cited by Reuters, said IL&FS will
offer to buy another 20% from shareholders, as per Indian law, and
inject INR55 crore into Maytas within three months.

IL&FS would retain the management of Maytas Infra for at least two
years, the report says.

IL&FS has been permitted to appoint four directors including the
chairman, Reuters relates citing the Company Law Board (CLB)
order.

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

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

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court rejected an application made
by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.
According to Infoline, Maytas is carrying out 62 infrastructure
projects and has INR40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.  Infoline said
Maytas's financial health and its ability to complete the ongoing
projects is crucial for the banks.  On February 9, Infoline said a
High Court judge refused to grant ad-interim relief sought by the
two banks.

                         About Maytas Infra

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


NAGREEKA EXPORTS: CARE Rates INR195.59cr LT Bank Loan at 'CARE BB'
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities of Nagreeka Exports Limited aggregating INR195.59
crore.  This rating is applicable for facilities having a tenure
of more than one year.  Facilities with this rating are considered
to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.  CARE has
also assigned a 'PR4' rating to the Short-term Bank Facilities of
NEL aggregating INR12.08 crore.  This rating is applicable for
facilities having tenure up to one year. Facilities with this
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.  CARE assigns '+' or '-'
signs to be shown after the assigned rating (wherever necessary)
to indicate the relative position within the band covered by the
rating symbol.

Rating Rationale

The ratings are constrained by NEL's presence in the low end of
the textile value chain, commodity nature of its products and
large forex losses, impacting profitability as well as liquidity
of the company in FY09, necessitating the company to approach its
bankers for re-schedulement of its repayment obligations.
Further, the current global demand scenario, volatility in foreign
exchange rates and fragmented nature of the industry act as
constraining factors.  The ratings also take cognizance of well-
established marketing setup, over four decades of experience of
the promoters in trading especially in the export market along
with geographically-diverse customer base.  Ability to achieve
healthy profitability in the environment of demand slowdown,
volatile currency markets and competition from other domestic
player/players from low-cost producing countries is the key rating
sensitivity.

                       About Nagreeka Exports

Incorporated in March 1989, Nagreeka Exports Ltd was promoted by
Mr. Ishwarlal Patwari.  The company is a part of the Nagreeka
group, which is engaged in trading and exporting activity for over
four decades.  The company started with 26,208 spindles and
expanded its capacity to 55,440 spindles during the period FY06-
FY08 under the Technology Upgradation Fund Scheme (TUFS).  Trading
operations contribute large proportion of the NEL's revenue
(average 64% for the period FY06-FY08).  Trading operations
largely constitute trading in raw cotton and cotton yarn.  The
sales are predominantly from exports which contributed 86% of the
revenue in FY08.  However exports are well distributed across the
geographies and customers to avoid concentration risk.

The net sales of NEL increased at a Compounded Annual Growth Rate
(CAGR) of 39% from INR121.84 crore in FY05 to INR340.94 crore in
FY08.  However, as per the provisional results for FY09, sales
declined sharply to INR266.53 crore in FY09 due to global slowdown
which severely affected the trading operations of NEL in Q4FY09.
Further, on account of forex losses of INR7.32 crore, the company
incurred losses during FY09 of INR1.76 crore at the PAT level.  As
the operational cash flows were not sufficient to meet its
principal repayment obligations, the company approached banks
for re-schedulment of its repayment obligations.  Two of the three
banks have already approved the re-schedulement while approval
from the third is awaited.  On account of the commodity nature of
its products and fragmented nature of the industry, the
profitability margins of the company are low, which restricts its
ability to withstand any such economic shocks arising out of
currency/raw material price volatility and also decline in volumes
on account of slackness in demand.


ORBIT RESORTS: CRISIL Puts 'BB' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Orbit Resorts Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR48 Million Cash Credit Facility     BB/Stable (Assigned)
   INR2970.1 Million Term-Loan Facility   BB/Stable (Assigned)
   INR0.4 Million Proposed Long-Term      BB/Stable (Assigned)
                   Bank Loan Facility

The rating reflects the adverse impact of the debt funding for
ORPL's new project on its capital structure, and the vulnerability
of the company's margins to cyclicality in the hotel industry.
The impact of these weaknesses is partially offset by the
company's strong operating performance, resulting from its
management tie-up with EIH Ltd.

Outlook: Stable

CRISIL believes that protracted slowdown in the hotel industry may
affect ORPL's business risk profile, given its new project which
is under implementation and is likely to commence operations in
the near term.  The outlook may be revised to 'Positive' in case
of timely implementation of, and higher-than-expected revenue
from, the new project, leading to higher profitability for the
company.  Conversely, the outlook may be revised to 'Negative' if
any demand-supply imbalance in its area of operation affects the
company's cash generation ability.

                         About Orbit Resorts

Orbit Resorts Ltd was incorporated in 1988.  The company owns a
136-room 5-star category hotel, Trident, at Gurgaon, Haryana.
ORPL has a management tie-up with EIH Ltd under the 'Trident'
brand.  The hotel commenced commercial operations in January 2004.

ORPL is setting up a 202-room 5-star deluxe hotel, The Oberoi,
Gurgaon, adjoining its existing premise.  The estimated cost of
the project is INR3.77 billion, to be funded through internal
accruals and equity of INR1.03 billion, and term loans of INR 2.74
billion.

For the year ended March 31, 2009, ORPL reported a provisional
profit after tax of INR160 million (reported PAT of INR220 million
for 2007-08) on net sales of INR840 million (INR900 million).


SAGAR LAXMI: Low Net Worth Cues CRISIL to Assign 'B' Rating
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Sagar Laxmi Ship Breakers.

   Facilities                           Ratings
   ----------                           -------
   INR40.0 Million Cash Credit Limit    B/Stable (Assigned)
   INR260.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect Sagar Laxmi's exposure to risks relating to
cyclicality in the shipping industry, fluctuations in the prices
of steel scrap, low net worth, small scale of operations in the
ship-breaking industry, and unfavorable changes in government
regulations.  These weaknesses are, however, partially offset by
the benefits that Sagar Laxmi derives from the healthy growth
prospects for the ship-breaking industry.

Outlook: Stable

CRISIL expects to Sagar Laxmi maintain stable business and
financial risk profiles over the medium term.  The outlook may be
revised to 'Positive' if enhanced scale of operations helps the
firm benefit from the boom in the ship-breaking industry.
Conversely, the outlook may be revised to 'Negative' if a
significant fall in steel prices leads to losses for the firm.

                         About Sagar Laxmi

Set up in 2002, Sagar Laxmi is a partnership firm engaged in ship-
breaking activities at Alang (Gujarat), which is the leading
centre for the ship-breaking and recycling industry in Asia.  It
purchases ships as old as 20 years, breaks them into steel plates,
and supplies them to rolling mills located in Gujarat.  No ship
breaking activity was carried out in Sagar Laxmi during 2007-08.


SRINIVASA GAYITHRI: CRISIL Rates INR387.50 Million LT Loan at 'B+'
------------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the term loan
facility of Srinivasa Gayithri Resource Recovery Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR387.50 Million Long Term Loan    B+/Stable (Assigned)

The rating reflects SGRRL's exposure to risks relating to
implementation of its greenfield municipal solid waste (MSW)-based
power project and to the creditworthiness of its counterparties.
These weaknesses are, however, partially offset by the benefits
that the company derives from adequate availability of raw
materials, and the management's experience in executing power
projects.

Outlook: Stable

CRISIL expects SGRRL's power plant to commence commercial
operations by December 2010, thereby supporting SGRRL's cash flow
requirements.  The outlook may be revised to 'Positive' if SGRRL,
upon commissioning of its power project, reports strong cash flows
as a result of high plant load factor (PLF), and improved
operating efficiency.  Conversely, the outlook may be revised to
'Negative' if SGRRL faces further time and cost overruns on the
power project, or its cash flows are impacted as a result of
unplanned plant outages.

                     About Srinivasa Gayithri

Srinivasa Gayithri, a public-private partnership project between
Bangalore Mahanagara Palike (BMP) and Mr. Ramesh Bingi and other
promoters, was incorporated in 2003.  The company is setting up an
MSW processing facility and a power plant at Mandur (near
Bangalore).  The project is likely to start commercial production
by December 2010.


SUPREME INDIA: Weak Financial Risk Profile Cues CRISIL 'B+' Rating
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Supreme India Impex Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR10.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR92.6 Million Term Loan           B+/Stable (Assigned)
   INR110.0 Million Packing Credit     P4 (Assigned)
   INR360.0 Million Bill Purchase/     P4 (Assigned)
                    Discounting

The ratings factor in Supreme's weak financial risk profile, on
account of ongoing capital expenditure; the ratings also reflect
Supreme's exposure to risks relating to customer concentration in
its revenues.  These weaknesses are, however, partially offset by
the benefits that Supreme derives from its promoters' experience
in the textile industry and improvement in its operational profile
owing to forward integration into manufacturing.

Outlook: Stable

CRISIL believes that Supreme will maintain its current credit risk
profile on the back of healthy growth in revenues.  Supreme's
financial risk profile may, however, remain constrained by weak
debt service coverage measures and high gearing.  The outlook may
be revised to 'Positive' if significant improvement in operating
margins leads to stronger cash accruals, and if Supreme enhances
the diversity in its customer profile.  Conversely, the outlook
may be revised to 'Negative' if the company takes on more than
expected debt to fund capital expenditure, or if slowdown in
growth in revenues leads to reduced cash accruals.

                        About Supreme India

Supreme, set up in 1995 by Mr. Jugal Kishore Jhawar and his
brothers in Surat, undertakes value-added work such as embroidery,
sequencing, zari and handwork on synthetic fabric.  Mr. Jhawar has
been in the textile industry since 1980.  Supreme reported a
profit after tax (PAT) of INR11 million on net sales of INR976
million for the year ended March 31, 2009, as against a PAT of
INR6 million on net sales of INR708 million for the year ended
March 31, 2008.


TATA MOTORS: First Quarter Results Won't Affect Moody's Ratings
---------------------------------------------------------------
Moody's Investors Service says that Tata Motors Ltd's consolidated
results for its first quarter (April-June 2009) were broadly
within expectations and have no rating implications.  TML is rated
B3 with a stable outlook.

"The rating already anticipated the company's weakened
consolidated performance, driven by profitability pressures
primarily at Jaguar Land Rover," says Ivan Palacios, a Moody's
AVP/Analyst.

TML reported consolidated EBITDA of INR5.96 billion for April-June
2009, down 65% from INR16.97 billion in April-June 2008.

"The consolidated result was dragged down by the weak performance
of JLR, which reported negative EBITDA of GBP34 million, primarily
due to pressure on volumes, in turn reflecting more challenged
business conditions in the US and Europe, as well as in the
premium segment itself," says Palacios.

"While underlying demand in JLR's key markets remains weak, and a
sustainable improvement in demand is not expected until 2010, the
situation in India is -- by comparison -- showing signs of
stabilization," adds Palacios.

Reported EBITDA at TML's Indian operations grew to INR7.3 billion
from INR5.9 billion in the previous quarter.  The company sold
127,300 vehicles in India, as compared to 98,760 in October-
December 2008, when the market contraction probably hit bottom.
Volume growth in India has been supported by the easier
availability of credit and improved economic growth due to
government stimulus packages.

"Although consolidated results for April-June 2009 were weak,
Moody's notes operating conditions may have bottomed, and Moody's
expect to see a slow, but progressive improvement in performance
in These quarters, as the company benefits from the impact of its
cost reduction plans, lower raw material costs and gradually
improving demand," says Palacios.

"However, the B3 rating continues to reflect the operating
challenges that the company will face in the near to medium term,"
says Palacios.  "These challenges include Moody's expectation that
TML will generate negative free cash flow, its high gearing and
execution risk -- the latter in relation to the company's ability
to turn around JLR's operations, while executing planned asset
sales and raising additional equity."

The rating could face upward pressure if 1) TML completes its
planned asset sales and equity-related fund-raising, thereby
resulting in a material and sustainable improvement in its capital
structure; 2) the company turns around JLR's performance; and 3)
higher demand leads to a sustained improvement in its operating
performance in India.  The financial indicators Moody's would
consider for a rating upgrade include Debt/EBITDA improving to
7.0x on a sustained basis.

On the other hand, the rating would experience downward pressure
if 1) there is further deterioration in either the motor industry
or TML's fundamentals; and/or 2) signs emerge that TML's access to
funding is proving difficult.

Moody's last rating action with regard to TML was taken on
June 2, 2009, when the company's B3 corporate family rating was
affirmed and the outlook was changed to stable from negative.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest
manufacturer of passenger vehicles.  Its products include light,
medium and heavy commercial vehicles (trucks, pick-ups and buses),
utility vehicles and cars.  TML is listed on the Bombay Stock
Exchange, National Stock Exchange of India and New York Stock
Exchange.  It was ultimately 42% owned by the Tata Group as of
June 2009.


TATA MOTORS: Posts INR329cr Consolidated Loss in Qtr Ended June 30
------------------------------------------------------------------
Tata Motors Limited disclosed Monday its financial results for the
first quarter ended June 30, 2009.

Tata Motors reported consolidated gross revenue of INR16,953.63
crores for the quarter ended June 30, 2009.  The consolidated
financial performance is not comparable to the corresponding
quarter in 2008-09 on account of the acquisition of Jaguar Land
Rover in June 2008.  In Q1 2008-09, the consolidated gross revenue
was INR15,496.28 crores, including the performance of Jaguar Land
Rover from June 2, 2008.

Consolidated operating profits stood at INR595.93 crores, while
the cash profit was INR333.48 crores.  Increased borrowing to
support investments and new product development caused increase in
depreciation and interest costs which offset the operating profit
resulting in a consolidated loss after tax (post minority interest
and profit in respect of investments in associate companies) for
the quarter ended June 30, 2009 of INR328.78 crores, compared with
a consolidated profit after tax of INR719.69 crores in the same
period in 2008-09.

Tata Motors on July 27, 2009 has already reported stand-alone
gross revenues for the quarter at INR6,931.04 crores and profit
after pax at INR513.76 crores.

Continued adverse global automotive market conditions have
resulted in an overall reduction in Jaguar Land Rover volumes
during the quarter.  The wholesale volumes declined by about 52%.
However, the business took steps to offset losses in retail and
adjusted stocks in line with retail sales.  The business is
aggressively implementing cost reduction initiatives to improve
its profitability on a sustainable basis.  Simultaneously the
business has secured more funding facilities with commercial
banks.

During the Quarter, Jaguar Land Rover presented a preview of the
all-new Jaguar XJ. It has subsequently been launched in July, and
will go on sale in early 2010. This is an important new model
which will replace the previous generation XJ, production of which
ceased in March 2009.  In April 2009, Land Rover revealed the
comprehensively upgraded Range Rover, Range Rover Sport and
Discovery 4 (LR4) models which feature a range of powertrain
changes together with exterior and interior modification. The new
models are intended to go on sale in the second half of 2009.
Besides, Jaguar Land Rover has entered the Indian market with the
first showroom in Mumbai.

The other key subsidiaries of the Company, while on a year on year
basis witnessed business weakness during the quarter, continue to
aggressively pursue cost reduction initiatives to improve their
performance.  Tata Daewoo, the Company's subsidiary based in South
Korea, has increased its market share in the M&HCV segment while
the construction equipment subsidiary, Telcon, is poised to
benefit from increased infrastructure activities in the coming
quarters.

The company's audited consolidated financial results for the
quarter ended June 30, 2009, is available for free at:

               http://ResearchArchives.com/t/s?43c6

                         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 India-based 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 MOTORS: Total Vehicle Sales in August 2009 Up 14% YoY
----------------------------------------------------------
Tata Motors Ltd. reported total sales of 49,810 vehicles
(including exports), an increase of 14% over 43,600 vehicles sold
in August 2008.  The company's domestic sales of Tata commercial
and passenger vehicles for August 2009 were 47,126 nos., a 21%
growth over 38,828 nos. sold in August last year.

Cumulative sales (including exports) for the company for the
fiscal at 220,978 nos., recorded a growth of 2% over 216,062 nos.
sold last year.

                        Commercial Vehicles

The company's sales of commercial vehicles in August 2009 in the
domestic market were 29,762 nos., a 28% growth compared to 23,231
vehicles sold in August last year.  LCV sales were 18,644 nos., a
growth of 42% over August last year.  M&HCV sales stood at 11,118
nos., a growth of 10% over August last year.  This is the second
consecutive month of growth for M&HCV.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal were 130,226 nos., a growth of 11% over last year.
Cumulative LCV sales were 81,824 nos., a growth of 34% over last
year, while M&HCV sales stood at 48,402 nos., lower by 14% over
last year.

                         Passenger Vehicles

The passenger vehicles business reported a total sale and
distribution offtake of 20,146 nos. (17,364 Tata + 2,782 Fiat) in
the domestic market in August 2009, a 26% increase compared to
15,948 nos. (15,597 Tata + 351 Fiat) in August last year.  Sales
of Tata cars, at 14,755 nos., grew by 21% over August 2008.  The
sales of the Tata Nano were 2,501 nos.  The Indica range sales
were 9,598 nos., a growth of 24% over August last year.  The
Indigo range recorded sales of 2,656 nos., lower by 41% over
August last year. The UV/SUV range of Sumo/Safari/Xenon XT
accounted for sales of 2,609 nos., lower by 22% over August last
year.

Jaguar Land Rover sales continue to get an encouraging response.
The Land Rover range will be augmented by the addition of the
Freelander 2, which will be launched in September.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal were 90,718 nos. (80,392 Tata +
10,326 Fiat), against 83,507 nos. (81,343 Tata + 2,164 Fiat) last
year, a growth of 9%. Cumulative sales of the Nano were 4,976 nos.
Cumulative sales of the Indica range at 47,010 nos., reported a
growth of 15%. Cumulative sales of the Indigo family were 15,078
nos., lower by 31.5%. Cumulative sales of the Sumo/Safari/Xenon XT
range were 13,328 nos., lower by 27%.

                              Exports

The company's sales from exports at 2,684 vehicles in August 2009
were lower by 44% compared to 4,772 vehicles in August last year.
The cumulative sales from exports for the fiscal at 10,360 nos.
were lower by 41% over 17,627 nos. in the same period last year.

                         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 MOTORS: Willing to Return Nano Car Site in Singur
------------------------------------------------------
Tata Motors Limited is willing to return the original site for its
ultra-cheap Nano car if the state government compensates for the
investment on the land, Reuters reports citing Tata Motors group
Chairman Ratan Tata.

"We do not wish to sit on the land for an indefinite period and we
are willing to co-operate with the state government if any
proposal suits us," Reuters quoted Ratan Tata as saying.  "We are
willing to transfer the land to the state government only if they
compensate us with the investment we have made on the ground."

The company was forced to pull out its factory from Singur in West
Bengal last October following violent protests by farmers who lost
land, after investing about US$350 million, Reuters recalls.

                         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 India-based 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.


VULCAN INDUSTRIAL: CARE Places 'CARE BB' Rating on INR61.46cr Loan
------------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Vulcan Industrial Engineering Co. Ltd aggregating
INR61.46 crore.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.  Further, CARE has
assigned a 'PR4' rating to the Short-term Bank Facilities of VIECL
aggregating INR1.00 crore.  This rating is applicable for
facilities having tenure up to one year.  Facilities with this
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.

Rating Rationale

The ratings are constrained by weak financial risk profile of
VIECL as marked by the stressed liquidity position which has
resulted into delay in debt servicing and also few instances of
overdrawing of fund based bank limits in recent past.  The ratings
are also constrained by its relatively small size of operations
and moderately high debt level due to successive debt funded
capex.  The ratings however take into account its established
operations having more than 38 years of track record and
diversified client base offering repeat business.  Improvement in
debt servicing track record and overall improvement in financial
risk profile through scaling up of the operations, while
maintaining profitability and controlling its debt level are the
key rating sensitivities.

                      About Vulcan Industrial

Established in 1971 and promoted by Shri Jayantilal Gandhi &
family, VIECL is engaged in manufacturing of industrial gears,
spares & components of Heavy Earth Moving Machinery (HEMM) and
drilling accessories.  VIECL has major income coming from sale of
spare and components which includes drilling accessories, spares
of HEMM and gears contributing 56% of total sales value for FY08.
Company's gear division contributed around 30% of total sales for
FY08.  Trading income, mainly from various bought-out drilling
accessories supplied to its clients, contributed to 12% of
total sales for FY08.  The Company has long standing relationship
with various coal fields and mines operated by Govt. of India.
Majority of the products are having repetitive demand apart from
new demand generated due to expansion by various end use
industries.  Operations of the company are supported by
established marketing network and long relationship with major
clientele across India as well as in USA, Peru and South Africa.

Total income of company had grown at CAGR of 59% during last three
years due to better investment scenario in various end use
industries.  For the year ended March 31, 2009, company reported
operating income of INR89.29 cr, a growth of 55% compared
to last year due with improvement in operating margins due to
better product realization with rationalization of fixed cost. The
Company remained moderately high geared during last three years
due to partly debt funded capex.  Both long term debt equity and
overall gearing ratio remained high at 0.86 times and 1.68 times
respectively as on March 31, 2009, due to increase in term debt
for expansion project and bank borrowing. Overall liquidity
position has remained stressed as indicated by low current ratio
and almost full utilisation of working capital limits with few
instances of overdrawing for trailing twelve months ended Feb.09.


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


BANK RAKYAT: H1 Net Profit Up 23% to IDR3.49 Trillion
-----------------------------------------------------
Bank Rakyat Indonesia posted a net profit of IDR3.492 trillion
(US$345.7 million) in the first half of 2009, up 23% from the same
period a year earlier, Antara News reports.

The report says BRI president director Sofyan Bashir attributed
net profit growth to the bank's rising interest income.

BRI's income rose to IDR16.840 trillion in the first semester of
2009 from IDR13.208 trillion in the same period a year earlier,
with net interest income growing to IDR10.931 trillion from
IDR9.574 trillion, according to Antara News.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk -- http://www.bri.co.id/-- is engaged in banking
activities and its products and services include savings, loans,
consumer products, investment banking and sharia.  As of Dec. 31,
2008, the Bank was supported by 14 regional offices, 12 inspection
offices, 372 domestic branch offices, one special branch office,
three overseas offices, 337 cash offices, 4,417 BRI units, 76
small offices, 27 sharia branch offices and 18 sharia sub branch
offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2008, Fitch Ratings affirmed PT Bank Rakyat Indonesia
Tbk's 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 'AAA(idn)' with a Stable Outlook,
Individual Ratingat 'C/D', Support Rating at '3' and Support
Rating Floor at 'BB-'(BB minus).


BANK CENTURY: BPK to Probe Officials Involved in Bailout
---------------------------------------------------------
The Supreme Audit Agency, known as the BPK, may investigate
individual members of a special team headed by Finance Minister
Sri Mulyani Indrawati to determine whether the government broke
the law in the PT Bank Century bailout or caved into big business
pressure to rescue the bank, The Jakarta Globe reports citing
senior lawmakers.

The Globe says lawmakers on Wednesday questioned whether the
bailout decision -- made collectively by the Financial System
Stability Committee (KSSK), which consists of top officials from
the Ministry of Finance and Bank Indonesia -- was actually made
under political pressure from major Bank Century depositors who
were afraid of losing money.

"The Supreme Audit Agencymay need to investigate the KSSK and the
Deposit Insurance Corporation (LPS) to determine if there was a
legal breach in the Bank Century case," the report quoted Harry
Azhar Azis, deputy chairman of the House of Representatives'
budget commission, as saying.

The report notes Sri Mulyani, however, said that the ministry and
the LPS had not broken any laws in the IDR6.76 trillion (US$662
million) bailout.

The KSSK, according to the Globe, was a special team created
through an emergency regulation issued in October.  The committee
was granted the authority to decide whether to bail out troubled
financial institutions that threatened to drag down the entire
financial system, the Globe relates.

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

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

                        About Bank Century

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


BANK CENTURY: ICW Urges Anti-Corruption Body to Resume Bribe Case
-----------------------------------------------------------------
The corruption eradication commission has been urged to resume its
investigation into indication of alleged corruption at PT Bank
Century Tbk, Antara News reports.

The news agency says Danang Widoyoko, Coordinator of Indonesia
Corruption Watch, called on KPK to reopen the investigation into
the Bank Century case.

According to the report, Mr. Widoyoko said the KPK had actually
already started to investigate the bank but due to pressure from
certain quarters, the probe came to a halt.

Antara News recalls that the KPK in the past was reported to have
wiretapped a conversation in which National Police Detective Chief
Commissioner General Susno Dudaji asked for a bribe in a case
involving Bank Century-Antaboga which cost bank customers IDR1.4
trillion (US$140 million).

The report relates that a source who requested anonymity told the
Jakarta Post that in August last year, the KPK received
information about the alleged bribery involving the police and
other government officials in connection with the Bank Centrury-
Antaboga scandal.

ICW stressed that if the indications of corruption could be
confirmed, KPK was the only reliable and credible institution to
handle the Bank Century case.

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

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

                         About Bank Century

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


GARUDA INDONESIA: Faces Price Fixing Lawsuit in Australia
---------------------------------------------------------
The Australian Consumer and Competition Commission has launched a
legal action against PT Garuda Indonesia, making it the 10th
airline to be taken to court by Australia's consumer watchdog over
claims of fixing air freight costs, The Sydney Morning Herald
reports.

The Herald relates that the commission has alleged Garuda was one
of several airlines which entered into agreements to fix the price
of a fuel and security surcharge from 2001 to 2006.

To date, six airlines, including Qantas, have been ordered to pay
a total of US$41 million in penalties over similar claims, while
proceedings against Singapore Airlines, Cathay Pacific and
Emirates are still before the court, the Herald discloses.

The report says the directions hearing involving Garuda has been
scheduled for October 22 in Sydney.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2009, Garuda Indonesia expects to raise as much as US$400
million from its much-awaited Initial Public Offering in June,
next year.  The expected launch, however, is based on a positive
outlook of the market condition, vis-a-vis investor sentiment.
According to analysts, market response to the IPO will largely
depend on the company's ability to settle its US$670 million in
debts.

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

                        About Garuda Indonesia

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


TELEKOMUNIKASI INDONESIA: Injects IDR650 Billion Into Metra
-----------------------------------------------------------
Antara News reports that PT Telekomunikasi Indonesia Tbk has
injected INR650 billion (US$65 million) into its subsidiary PT
Multimedia Nusantara (Metra).

According to the news agency, the multimedia service and network
provider will use the funds to pay for the acquisition of 49% of
PT Infomedia Nusantara, a domestic data and telecoms information
service company.

Indra Utoyo, the Information Technology Director of Telkom, said
the state company would also inject IDR350 billion more funds into
Metra to strengthen its capital, Antara notes.

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: Plans to Raise Up to JPY78.5 Billion in Share Sale
-----------------------------------------------------------------
Bloomberg News reports that Elpida Memory Inc. plans to sell as
much as JPY78.5 billion (US$845 million) of stock.

Citing a statement by Elpida, Bloomberg says the company will sell
as many as 50 million new shares overseas for JPY71.4 billion and
5 million to domestic investors for JPY7.12 billion.  The issue,
arranged by Morgan Stanley, Nomura Holdings Inc. and Daiwa
Securities Group Inc., would increase Elpida's number of
outstanding shares by 39%, Bloomberg notes.

Bloomberg relates the company said the proceeds will be spent on
factories and equipment.

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.


LEHMAN BROTHERS: Shinsei Bank Balks at Stay, Contempt Request
-------------------------------------------------------------
Shinsei Bank Limited asks the U.S. Bankruptcy Court for the
Southern District of New York to deny Lehman Brothers Holdings
Inc.'s request to hold the bank in contempt for alleged violation
of the automatic stay.

LBHI and its affiliated debtors previously sought a bankruptcy
court ruling to hold Shinsei Bank in contempt after the bank
proposed an alternative plan of liquidation in the insolvency
proceeding of LBHI's Japanese unit, Sunrise Finance Co. Ltd.,
that would cause LBHI to lose US$500 million of its claim against
Sunrise.

J. Ronald Trost, Esq., at Vinson & Elkins LLP, in New York,
describes LBHI's move as an "outrageous attempt to have this
[bankruptcy] court assert control over the insolvency proceeding
for Sunrise," which is an independent proceeding.

"Shinsei's actions do not violate the automatic stay because they
merely seek to determine the priority of the Lehman-affiliate
claims under Japanese insolvency law in the very forum where
[LBHI] and its affiliates assert them," Mr. Trost asserts in
court papers.

"The automatic stay is not a tool for Lehman to wrest
administration of a Japanese insolvency proceeding from the
Japanese courts by preventing the participation of parties who
take positions in that proceeding contrary to [LBHI's]
interests," Mr. Trost further asserts.  "Otherwise, [LBHI] and
its affiliates would be free to press for equal treatment of
their US$2.4 billion inter-company claims while Shinsei, and we
presume all other creditors, would be enjoined from appearing in
opposition."

The Debtors' move also drew flak from AB Svensk Exportkredit, PB
Capital Corporation, Banco Bilbao Vizcaya Argentaria S.A.,
Barclays Bank PLC, Barclays Capital Inc., and the administrators
of U.K.-based Lehman units.  The Objecting Parties complained
that the motion, if granted, would prohibit creditors from
enforcing their rights in foreign insolvency proceedings while
the Debtors and their affiliates would not be subject to same
restriction.  The Objecting Parties argued that filing a claim in
a foreign insolvency proceeding cannot be considered a violation
of the bankruptcy protection.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for $2
dollars plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


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


HYUNDAI MOTOR: Global Auto Sales Soar 25.1% in August
-----------------------------------------------------
Hyundai Motor Co. posted a 25.1% increase in August global sales
compared to a year earlier.

Domestic sales rose 23.2% to 46,841 units in August from 38,023
units a year earlier.  This can be attributed to the Korean
government's tax benefits offered since May to consumers who
exchange their vehicles older than 10 years for new ones.

The best-selling model in Korea last month was the Elantra,
selling 9,168 units.  Of this figure, 1,011 units were Elantra LPI
Hybrid models, which were launched in July.

Following the positive results in July, total overseas sales,
including both exports from Korea and sales from overseas plants,
rose by 25.6% to 199,035 units in August, up from 158,519 units a
year earlier, aided by strong sales from Hyundai's overseas plants
in China, India and the Czech Republic.

Exports from Korea decreased slightly to 68,355 units for the
month compared to a year earlier as supplies from domestic plants
decreased due to the summer holidays which fell in August this
year.  However, sales from overseas plants rose 45.4% to 130,680
units.

Hyundai Motor said it will keep focusing on expanding its market
share in the global market by increasing supplies of popular
models and continuing marketing activities to suit local markets.

                    Hyundai Motor America Sales

Hyundai Motor America sold 60,467 units in August, a 47% increase
compared with August 2008 and a 33% increase over last month,
marking an all-time monthly sales record.  This also marks the
eighth consecutive month of year-over-year retail share gains for
Hyundai.

"August was a shot-in-the-arm for the industry, and a great month
for Hyundai and our dealers, with all-time sales records for the
Hyundai brand, Elantra and Genesis," said John Krafcik, president
and CEO, Hyundai Motor America.  "U.S. car buyers responded in
record numbers to high-quality, award-winning Hyundai products and
our industry-leading Hyundai Assurance programs – the 10-year
warranty, vehicle return program, and Gas Lock price protection.
Elantra was well-positioned to take advantage of the CARS program
with its fuel-efficiency and J.D. Power Initial Quality Survey
award, while Genesis, the North American Car of the Year and the
most-awarded new car of 2009 with over 20 awards, continues to
attract smart consumers looking for outstanding value and quality
in premium market segments."

"The successful Cash for Clunkers program stimulated the auto
industry in time for the summer selling season, and we will work
to continue that momentum through the fall," said Dave Zuchowski,
vice president of sales.  "Hyundai Motor Manufacturing Alabama has
returned to a five-day work week, our inventories are replenished
and our dealers' lots are filled with a broad lineup of high-
value, fuel-efficient vehicles."

Hyundai Motor America, headquartered in Fountain Valley, Calif.,
is a subsidiary of Hyundai Motor Co. of Korea.  Hyundai vehicles
are distributed throughout the United States by Hyundai Motor
America and are sold and serviced by more than 790 dealerships
nationwide.

                   Santro Car Launched in India

Hyundai Motors India on Wednesday launched a new range of its
flagship Santro car, priced between Rs 2.63 and Rs 3.48 lakh, The
Times of India reports.

"Santro has been a phenomenal success in India right from the
launch till now. The new Santro has been designed with luxurious
interiors and improved exterior features to further enhance its
appeal to the customers" Hyundai Motors India (HMIL) Managing
Director H S Lheem was quoted by the Times as saying.

The report says the company has so far sold about 15 lakh units of
Santro in India.

                        About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


LG TELECOM: S&P Raises Corporate Credit Rating From 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Korea-based LG TeleCom Ltd. to 'BBB-' from 'BB+'
reflecting the company's improved financial position.  The outlook
on the long-term corporate credit rating is stable.

The upgrade reflects the steady improvement in LG TeleCom's
financial risk profile over the past few years, as well as its
proven ability to maintain a sound financial risk profile
throughout the current challenging business environment.  In
particular, the increased subscriber base and lower capital
expenditure burden over the past few years has generated positive
free operating cash flow and improved the company's leverage
ratio.  The company's debt-to-EBITDA ratio improved to 1.3x from
1.8x and its debt-to-total capital ratio improved to 33.2% in 2008
from 52.0% in 2005.  Although the company's operating margin
(before depreciation and amortization, after handset revenues
adjusted) dropped to 18.7% in the second quarter of 2009 from
21.9% in the same period of 2008 as a result of fierce market
competition, Standard & Poor's is of the opinion that this acute
level of competition should gradually ease as mandatory lock-up
contracts and bundled products are expected to decrease the
overall churn-out ratio.

The rating action is also based on Standard & Poor's opinion that
LG TeleCom will successfully cope with expected uncertainties
related to investment costs in 4G technology and frequency
spectrum fees in the next two to three years.  LG TeleCom plans to
begin investing in 4G technology from the second half of 2011 and
intends to start commercial 4G services in 2013.  The frequency
spectrum fees for the 800MHz or 900MHz bandwidth that the company
is trying to acquire, and the expected fee change for the 1.8GHz
bandwidth the company is currently using are, as yet,
undetermined.  Notwithstanding this, S&P expects LG TeleCom to
maintain its sound financial risk profile, backed by its adequate
subscriber base and satisfactory cash flow generation capability.

Given the current challenging market situation and LG TeleCom's
relatively weak market position, the likelihood of a further
upgrade will most likely be limited over the next 12 to 24 months.
However, the ratings could see upward movement if there is a
significant improvement in its market position and profitability.
On the other hand, the ratings could come under downward pressure
if the company's key financial metrics deteriorate due to higher-
than-expected 4G investment cost and frequency spectrum fees, such
as debt-to-EBITDA staying above 2.0x on a protracted basis.

                           Ratings List

               Upgraded; CreditWatch/Outlook Action

                          LG TeleCom Ltd.

                               To                 From
                               --                 ----
Corporate Credit Rating       BBB-/Stable/--     BB+/Positive/--


NORTEL NETWORKS: Multiple Parties Interested in LG Venture
----------------------------------------------------------
Bloomberg News reports that Nortel Networks Corp., said talks to
sell its stake in a Korean joint venture with LG Electronics are
in progress and multiple parties have show interest in the asset.
Goldman Sachs Group Inc. is managing the negotiations, said Jay
Barta, a Nortel spokesman, according to the report.

Nortel Networks Ltd. owns 50% plus one share of the LG-Nortel,
which makes equipment for wireless and fixed-line communications.
Seoul-based LG, which owns the remaining interest in the joint
venture, has said it has no plans to sell its stake.

Nortel has already obtained approval from the courts in Canada and
the United States to sell its CDMA business and LTE Access assets
to Telefonaktiebolaget LM Ericsson for a purchase price of US$1.13
billion.  The sale to Ericsson has not yet been closed.
Completion of the sale is subject to regulatory and other
customary closing conditions.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel does business in more than 150 countries around the world.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about US$4.2
billion of unsecured public debt.

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


SSANGYONG MOTOR: Korean Fund May Acquire 51% Ssangyong Stake
------------------------------------------------------------
The Financial Times reports that a private equity fund was looking
into acquiring a stake in Ssangyong Motor Co. for as much as
KRW400 billion (US$320 million).

According to the FT, Seoul Invest, a Korean private equity firm,
said it was in talks with domestic and foreign institutional
investors to form a fund to acquire a 51% stake in Ssangyong.

"We have reviewed the possibility of Ssangyong's revival for the
past three months and have become convinced of its viability," the
report quoted Park Yoon-bae, the fund's president, as saying.
"Many of the investors we are talking to are still pessimistic of
Ssangyong's future but we're trying to persuade them."

The FT notes Mr. Park said the fund would be able to turn round
Ssangyong by improving labor management relations and exporting
price-competitive vehicles to emerging markets in Asia.

Mr. Park, according to the FT, estimated that the fund would have
to invest an additional KRW400 billion to KRW500 billion in
developing Ssangyong's new cars if it succeeded in taking over the
carmaker.

Mr. Park said if his fund secured a deal to buy a stake in
Ssangyong, his priority would be to restore Ssangyong's tarnished
image, the report relates.

                       About Ssangyong Motor

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

                          *     *     *

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

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


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


IMP DIVERSIFIED: Investors May Not Recoup All their Investment
-------------------------------------------------------------
The New Zealand Herald reports that a finance company chaired by
former Finance Minister Ruth Richardson has told investors not to
expect all of their money back.

The IMP Diversified Income Fund entered into a moratorium
agreement with investors in June last year promising to make a
full repayment to debenture holders, the report said.  The
company, says the Herald, owed a total of NZ$16.5 million to
debenture and capital noteholders at the time and has paid back
40c in the dollar.

However, the Herald notes, directors Ruth Richardson and Chris
Alpe now have told investors a full repayment is unlikely because
the difficult domestic environment and the global recession has
made it harder to sell its investments for full value, the report
relates.

The directors, as cited by the Herald, said they hoped to make a
further repayment to debenture holders in October but could not
say how much money they would give back.

The IMP Diversified Income Fund lends mezzanine debt to
businesses.


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


LEGACY GROUP: SEC Lifts CDO Against Two Former Legacy Officials
---------------------------------------------------------------
BusinessWorld Online reports that the Securities and Exchange
Commission has lifted the cease-and-desist order against two
officials linked to the failed Legacy Group.

The report, citing an order dated July 27, relates that the SEC
granted the motion of Victorino de los Angeles, a former Legacy
director, and incumbent director Victoria Isabel G. Noel to lift
the commission's order preventing them from transferring,
disposing of or conveying both personal and corporate assets for
being directors of the Legacy companies.

BusinessWorld said the commission sided with the two, who claimed
that the SEC enforcement department was unable to prove their
participation in the group's allegedly fraudulent schemes.

The report notes the SEC said the order does not exempt them from
being found liable by the courts.

                          About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- was a conglomerate of
banks and pre-need companies.  The banks offered various financial
products and the pre-need firms offered pension, education and
memorial plans.  Other members of The Group provided credit cards,
micro-lending and automotive financing services.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns.  To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.

Celso G. de los Angeles, Jr. owns 13 banks with 29 branches
nationwide under the Legacy banner.

In 2008, the BSP shuttered the Rural Bank of Paranaque; Rural Bank
of Bais (in Negros Oriental province); Pilipino Rural Bank (in
Cebu); Rural Bank of San Jose (in Batangas); Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City) and the Bank of East Asia (in Cebu) due to
insolvency.


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


DAWN AIRFREIGHT: Pays First and Final Dividend
----------------------------------------------
Dawn Airfreight International Pte Ltd. paid the first and final
dividend to its creditors on August 18, 2009.

The company paid 13.3407% to all received claims.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


SME CREDITASSIST: Fitch Upgrades Ratings on Class D Notes
---------------------------------------------------------
Fitch has upgraded the class D notes issued by SME CreditAssist
(Singapore) Ltd. Series 1 to 'A', and assigned Outlook and Loss
Severity ratings:

  -- SGD2,904,711 Class D notes upgraded to 'A' from 'BBB';
     Outlook Stable; LS-3

This is a cash flow securitization of a static pool of small and
medium size enterprises' loans in Singapore.  Since the last
review in July 2008, classes A, B and C have been paid in full by
the principal repayment as the portfolio continues to amortize.

The rating upgrade of class D notes reflects the build up of
significant credit enhancement level to 80.0% from 31.9% at the
last review, following the paid down of all senior classes.  As a
result, class D notes can withstand the default of 80% of the
current portfolio with no recovery, which has more than offset the
deterioration of the portfolio.  The portfolio mapped weighted
average rating has lowered to 'B-' from 'B', while cumulative
write-offs as a percentage of the initial portfolio balance has
increased to 5.9% in July 2009 from 4.5%.

The Stable Outlook assigned to class D reflects the comfortable
credit enhancement surplus which can withstand further portfolio
deterioration and increase in loans defaults.

Per the latest portfolio report as of July 2009, the current asset
pool comprises 273 loans amounting to SGD14.5 million.  The
portfolio has a weighted average life of 1.75 years.  Since nearly
all loans have equal monthly principal repayment schedule, Fitch
expects the portfolio to continue to amortize and the class D
notes to be paid down in full in several months.

The transaction is a collaborative effort between DBS Bank
('AA-'/Stable Outlook) and the Standards, Productivity and
Innovation Board of Singapore.  DBS, acting as the servicer,
manages the SME loans using DBS's internal credit management
system, in which Fitch has reviewed the mapping of the unrated SME
loans in the pool based on DBS's internal credit assessment to
Fitch's derived ratings.

The ratings of the notes address the timely payment of interest
and ultimate repayment of principal by the legal maturity in 2017,
in accordance with the transaction documentation.

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


HO AIR: Pays First and Final Dividend
-------------------------------------
Ho Air Conditioning & Engineering Pte Ltd. paid the first and
final dividend to its creditors on August 7, 2009.

The company paid 64.2731% to all received claims.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


SUPER WEB: Creditors' Proofs of Debt Due on September 15
--------------------------------------------------------
The creditors of Super Web Asia Pte Ltd are required to file their
proofs of debt by September 15, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SYMBIOSIS ENGINEERING: Creditors' Proofs of Debt Due on Sept. 11
----------------------------------------------------------------
The creditors of Symbiosis Engineering Pte Ltd. are required to
file their proofs of debt by September 11, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


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


BNP PARIBAS: Moody's Assigns Ratings on Beneficiary Certificates
----------------------------------------------------------------
Moody's Investors Service has assigned these ratings to the
beneficiary certificates issued by BNP Paribas Taipei Branch 2006-
1 Securitisation Trust:

  -- NTD 2,639,000,000 Class A-2 Beneficiary Certificates,
     Assigned Baa3

  -- NTD 1,745,000,000 Class A-3 Beneficiary Certificates,
     Assigned Caa3

  -- NTD 5,752,000,000 Class B Beneficiary Certificates,
     Assigned C

  -- NTD 1,239,000,000 Class C Beneficiary Certificates,
     Assigned C

  -- NTD 56,000,000 Subordinated Principal-Rated Only Beneficiary
     Certificates, Assigned C

The transaction is a Taiwan CBO transaction closed in 2006.

The rating actions taken follow a request from the trustee to
publish the global scale ratings in addition to the national scale
ratings on the beneficiary certificates.


TAISHIN INTERNATIONAL: Moody's Assigns Currency Issuer Ratings
--------------------------------------------------------------
Moody's Investors Service has assigned Baa2/P-2 long- and short-
term foreign currency and local currency issuer ratings with a
stable outlook to Taishin International Bank.

Taishin Bank's issuer ratings are the same as its deposit ratings,
which Moody's assigned on August 20, 2009.  Issuer ratings are
ratings for senior unsecured debts, and are usually the same as
deposit ratings unless constrained by country ceilings.

In addition to issuer and deposit ratings, Taishin Bank has a D+
bank financial strength rating.  The bank's BFSR reflects its
diversified franchise, adequate liquidity position and
satisfactory asset quality.

"These strengths, however, are offset by Taishin Bank's weak
profitability and declining capital adequacy, in addition to a
very competitive operating environment in Taiwan," says Christine
Kuo, a Moody's Vice President and Senior Analyst.

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

The last rating action with regard to Taishin Bank was taken on
August 20, 2009, when it was assigned a bank financial strength
rating of D+, plus local currency and foreign currency long-
term/short-term deposit ratings of Baa2/P-2.  The outlook for all
ratings was stable.

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


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


ASAT HOLDINGS: Forbearance Period Further Extended Until Sept. 29
-----------------------------------------------------------------
ASAT Holdings Limited said August 31 it has received an Extension
of Forbearance Period under the Forbearance Agreements dated as of
March 2, 2009 with certain of the Noteholders under the 9.25%
Senior Notes due 2011 issued by New ASAT (Finance) Limited and the
lenders under the Purchase Money Loan Facility.  The extended
duration of the Forbearance Agreements is for an additional period
of 30 consecutive days, commencing at 7:01 pm (New York City time)
on August 30, 2009 and expiring at 7:00 pm (New York City time) on
September 29, 2009.  The same terms and conditions of the original
Forbearance Period will stay in effect for the Additional
Forbearance Period.

Under the terms of the Forbearance Agreements, the Noteholders and
PMLA Lenders agree to forbear from exercising their rights and
remedies against the Company with respect to certain designated
defaults until after September 29, 2009, subject to certain early
termination events.  For further details regarding the terms of
the Forbearance Agreements, see ASAT Holdings' report on Form 6-K
dated March 2, 2009 furnished to the Securities and Exchange
Commission and available at http://www.sec.gov/

                    New Court Date Scheduled

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

The restructuring of the Notes will be implemented through a
creditor scheme of arrangement in the Cayman Islands courts.  The
first court hearing is now currently scheduled for September 21,
2009.

                   About ASAT Holdings Limited

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


* Frost & Sullivan Says RFID Technology to Help Aviation Industry
-----------------------------------------------------------------
The Asia Pacific aviation industry is reeling from the effects of
the current economic decline, with more than 20 airlines filing
for bankruptcy.  The industry lost more than 180,000 jobs and a
staggering US$5.8 billion in 2008 alone and is anticipated to lose
another US$2.5 billion in 2009.

With no likely improvements in the economic climate until 2010,
the aviation industry is working on implementing dynamic and
innovative solutions with a strong promise of return on investment
to remain competitive and profitable.

According to Frost & Sullivan, some aviation companies are looking
at leveraging technologies such as RFID to raise efficiency
levels, reduce wastage, and increase security.  Initial results
have shown that RFID has considerable potential to save costs,
which is pivotal for long-term sustainability and profitability
within the aviation industry.

New analysis from Frost & Sullivan -- http://www.autoid.frost.com
-- Asia Pacific RFID Aviation Market, finds that the market earned
revenues of US$27.3 million in 2008 and estimates this to reach
US$188.3 million in 2015.

Despite their strong need to achieve operational efficiency, the
total cost of ownership of RFID technology discourages several
users from investing in it, Frost & Sullivan said.  This is a
significant issue considering certain applications such as baggage
handling require not only readers but also high volumes of tags to
keep track of the baggage.

In addition, system integration with the existing back-end systems
could be prohibitively expensive, particularly when there is a
credit crunch.  RFID vendors need to allay end users' fears by
promoting the technology's ability to dual up and incorporate
barcodes, ensuring that the track and trace function is available
even when a particular location is not RFID-enabled.

"Further, RFID's capabilities to converge with other technologies
such as sensors enable a new range of applications," says Frost &
Sullivan Research Analyst Richard Sebastian. "RFID can be used to
detect a diverse range of environmental parameters such as
temperature, humidity, and vibration; thus increasing the
possibilities of this technology's usage within the aviation
industry."

The market has received the backing of various governments and
industry-based associations such as the International Air Travel
Association (IATA) and the Federal Aviation Administration (FAA),
which have been investigating and promoting RFID's usage within
the aviation industry. Stakeholders within the aviation industry
have begun pilot testing RFID and many have been satisfied with
the initial results, leading to full-scale rollouts.

The ratification of various standards governing RFID technology
will also go a long way in acquiring more customers from the
aviation industry.

"Through the formation of various standards, RFID companies can
overcome interoperability issues and even ensure competitive
pricing, as end users will not be locked to a single vendor's
products," notes the analyst. "Moreover, considering application
within the aviation industry is also likely to include open-loop
systems as it is vital for all stakeholders to be able to use a
system that can work seamlessly anywhere."

For a copy of the virtual brochure, which provides a brief
synopsis of the research and a table of contents, send an e-mail
to Donna Jeremiah, Corporate Communications, at
djeremiah@frost.com, with your full name, company name, title,
telephone number, company e-mail address, company website, city,
state and country. Upon receipt of the information, a brochure
will be sent by e-mail.

Asia Pacific RFID Aviation Market is part of the Automatic
Identification & Security Growth Partnership Services program,
which also includes research in the following markets: Asia
Pacific RFID value chain - profiles of local companies, APAC RFID
inlays market, APAC RFID tags market, and APAC RFID middleware
market.  All research services included in subscriptions provide
detailed market opportunities and industry trends that have been
evaluated following extensive interviews with market participants.

Frost & Sullivan, the Growth Partnership Company, enables clients
to accelerate growth and achieve best in class positions in
growth, innovation and leadership.  The company's Growth
Partnership Service provides the CEO and the CEO's Growth Team
with disciplined research and best practice models to drive the
generation, evaluation, and implementation of powerful growth
strategies.  Frost & Sullivan -- http://www.frost.com/--
leverages over 45 years of experience in partnering with Global
1000 companies, emerging businesses and the investment community
from more than 35 offices on six continents.


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


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


AUSTRALIA

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


CHINA

ALONG TIBET CO-A       600773       10645458.33     -1260472.65
AMOI ELECTRONI-A       600057      205714958.88   -171265179.25
ANHUI KOYO GROUP       979          60010204.49    -52445757.65
BAO LONG ORIENTA       600988       16803610.56     -3002433.31
CHANG LING GROUP       561          42473545.73    -10486849.69
CHENGDE DIXIAN-B       200160       52878580.08    -15925439.90
CHENGDU UNION-A        693          53505027.19     -5241722.53
CHINA EAST AIR-A       600115    10663617937.55   -669018244.31
CHINA EAST AIR-H       670       10663617937.55   -669018244.31
CHINA KEJIAN-A         35           80524769.63   -182184709.66
CHINESE.COM LOGI       805          12869661.54    -10094949.57
CITIC GUOAN VI-A       600084      348889601.71   -125227226.74
DANDONG CHEM F-A       498         102526072.10   -107860839.27
DONGGUAN FANGD-A       600656       64150753.72     -8735494.67
DONGXIN ELECTR-A       600691       20608187.18     -5028635.72
GAOXIN ZHANGTO-A       2075        124776592.95    -19821585.47
GUANGDONG HUAL-A       600242       19373034.05     -2325690.04
GUANGDONG KEL-A        921         650072211.91   -103760527.20
GUANGMING GRP -A       587          45859984.22    -44684252.23
GUANGXI BEISHE-A       600556      110503178.27   -144424613.77
GUANGXIA YINCH-A       557          19526916.97    -37073597.54
HEBEI BAOSHUO -A       600155      133526389.53   -358418197.58
HEBEI JINNIU C-A       600722      227141182.32   -223794072.17
HISENSE ELEC-H         921         650072211.91   -103760527.20
HUATONG TIANXI-A       600225       34542670.84    -29942511.88
HUDA TECHNOLOG-A       600892       20055498.84     -2392277.80
HUNAN ANPLAS CO        156          53136755.69    -81141655.20
HUNAN AVA HOLDIN       918         219048363.26    -78476613.98
JIAOZUO XIN'AN-A       719          14229704.96     -7806228.22
NINGBO YIDONG-H        8249         55690342.44    -22047522.03
QINGHAI SUNSHI-A       600381       53430938.15    -26418232.17
SHANG HONGSHENG        600817       17195946.36   -397044828.42
SHANG LIANHUA-A        600617       16629332.66     -2816699.77
SHANG LIANHUA-B        900913       16629332.66     -2816699.77
SHANGHAI WORLDBE       600757      218813789.33   -118596184.73
SHENZ CHINA BI-A       17           27968310.96   -264106065.10
SHENZ CHINA BI-B       200017       27968310.96   -264106065.10
SHENZ SEG DASH-A       7            75454296.33     -6832811.09
SHENZHEN DAWNC-A       863          28806239.39   -155220251.74
SHENZHEN KONDA-A       48          198370122.93    -14709825.62
SHENZHEN SHENXIN       34           25649329.38   -166918478.37
SHIJIAZHUANG D-A       958         247135076.94    -47057598.59
SICHUAN DIRECT-A       757         130066883.28   -118258912.10
SUNTEK TECHNOL-A       600728       36252073.49    -23232714.83
TAIYUAN TIANLO-A       600234       49936366.67    -24269532.79
TIANJIN MARINE         600751       82399198.24    -30394356.74
TIANJIN MARINE-B       900938       82399198.24    -30394356.74
TIBET SUMMIT I-A       600338       72677899.02    -13527522.12
TOPSUN SCIENCE-A       600771      183535542.89   -132134649.22
WINOWNER GROUP C       600681       11441386.17    -70778286.86
WUHAN BOILER-B         200770      425205467.18    -59127896.04
WUHAN GUOYAO-A         600421       11224148.10    -38404923.54
XIAMEN OVERSEA-A       600870      316697544.56   -153952891.08
YUEYANG HENGLI-A       622          37450378.86    -15337096.06
YUNNAN MALONG-A        600792      157520417.89     -3274324.93
ZHANGJIAJIE TO-A       430          47476905.56     -6608204.52


HONG KONG

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


INDONESIA

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


INDIA

ALCOBEX METALS         AML          35670319.03    -22443296.68
APPLE FINANCE          APL          70832103.73    -29253849.19
ASHIMA LTD             ASHM         59922403.11    -47153581.06
BAKELITE HYLAM         BKLT         13911138.88    -12867352.60
BALAJI DISTILLER       BLD          59974008.41    -50890026.26
BELLARY STEELS         BSAL        512415670.40   -101442229.54
BHAGHEERATHA ENG       BGEL         22646453.72    -28195273.09
CFL CAPITAL FIN        CEATF        20637497.85    -48884440.84
COMPUTERSKILL          CPS          14896780.89     -7560054.57
CORE HEALTHCARE        CPAR        185364966.99   -241912027.81
DCM FINANCIAL SE       DCMFS        16540889.84    -10988851.47
DIGJAM LTD             DGJM         98769193.78    -14623833.58
DISH TV IND-PP         DITVPP      422081403.33   -127614551.41
DISH TV INDIA          DITV        422081403.33   -127614551.41
DUNCANS INDUS          DAI         164653351.85   -220922929.88
EMTEX INDS INDIA       EMTX         11807105.53    -44405235.51
GALADA POWER & T       GCC          10899606.76    -27849464.86
GANESH BENZOPLST       GBP          77840261.61    -41865917.86
GLOBAL BOARDS          GLB          25154303.78      -793024.17
GSL INDIA LTD          GSL          37040429.61    -42340564.58
GUJARAT SIDHEE         GSCL         59440728.18      -660003.43
GUJARAT STATE FI       GSF          30159595.18   -234918081.46
HANJER FIBRES          HJF          10720699.56      -310044.87
HARYANA STEEL          HYSA         10831176.59     -5909008.81
HFCL INFOTEL LTD       HFCL        233136050.86    -59728545.83
HIMACHAL FUTURIS       HMFC        633329926.05   -104792044.71
HINDUSTAN PHOTO        HPHT         93725753.93  -1229352757.43
HMT LTD                HMT         206932743.85   -263572925.12
ICDS                   ICDS         13300348.69     -6171079.46
INDIA FOILS LTD        IF           48457142.32    -38013960.39
INTEGRAT FINANCE       IFC          57729537.53    -52297155.04
JCT ELECTRONICS        JCTE        122542558.60    -49996834.55
JD ORGOCHEM LTD        JDO          14537402.78    -69753846.55
JENSON & NIC LTD       JN           15734678.26    -92089109.12
JIK INDUS LTD          KFS          20633171.50     -5623616.49
JK SYNTHETICS          JKS          20208078.76     -2171303.89
JOG ENGINEERING        VMJ          50080964.36    -10076436.07
KALYANPUR CEMENT       KCEM         37538318.01    -41771703.35
LLOYDS FINANCE         LYDF         36822038.19    -10290725.19
LLOYDS STEEL IND       LYDS        358940191.85    -83135016.16
MILLENNIUM BEER        MLB          39726352.09      -732186.48
MILTON PLASTICS        MILT         26114050.07    -42391324.19
NATH PULP & PAP        NPPM         13588844.93    -39126079.65
NICCO UCO ALLIAN       NICU         38788084.34    -61659313.00
NOVA PETROCHEM         NVPC         44390476.41      -925948.57
ORIENT PRESS LTD       OP           16699814.52       -94789.33
PANCHMAHAL STEEL       PMS          51024827.03      -325116.26
PANYAM CEMENTS         PYC          38841457.46      -641194.41
PARASRAMPUR SYN        PPS         111971290.89   -317111727.95
PAREKH PLATINUM        PKPL         61081050.43    -88849040.15
PEACOCK INDS LTD       PCOK         14682895.47    -18138660.88
PIRAMAL LIFE SC        PLSL         32054795.68     -3725239.05
POLAR INDS LTD         PLI          17540987.69    -24687678.21
PRECISION CONTAI       PCLL         10013065.56     -3669728.21
RAMA PHOSPHATES        RMPH         34066789.55     -1192495.62
RATHI ISPAT LTD        RTIS         44555929.56     -3933592.50
REMI METALS GUJA       RMM          82273746.28     -1650461.11
ROLLATAINERS LTD       RLT          22965755.05    -22244556.92
ROYAL CUSHION          RCVP         29192373.45    -73115309.68
RPG CABLES LTD         RPG          51431409.37    -20192930.18
SEN PET INDIA LT       SPEN         13283611.52    -25431862.10
SHALIMAR WIRES         SWRI         30588221.25    -63772177.80
SHAMKEN COTSYN         SHC          23127927.75     -6172791.93
SHAMKEN MULTIFAB       SHM          60546590.60    -13260108.95
SHAMKEN SPINNERS       SSP          42180451.29    -16764934.64
SHARDA ISPAT LTD       SHIL         16179943.38     -5040578.35
SHREE RAMA MULTI       SRMT         81405835.45    -64134056.23
SIDDHARTHA TUBES       SDT          92929926.47    -10719543.54
SIL BUSINESS ENT       SILB         12461159.02    -19961202.41
SOUTHERN PETROCH       SPET       1543609373.57    -35609423.98
SPICE COMMUNICAT       SPCM        263692459.52    -19679192.67
STI INDIA LTD          STIB         44107456.00      -300149.59
TAMILNADU TELE         TNT          11680819.22     -3373123.87
TATA TELESERVICE       TTLS        793627684.28    -74636840.33
TRIVENI GLASS          TRSG         34542881.89     -6209872.78
UNIWORTH LTD           WW          178225972.59   -131624807.91
USHA INDIA LTD         USHA         12064900.61    -54512967.31
WINDSOR MACHINES       WML          14500894.45    -28144999.02
WIRE AND WIRELES       WNW         102422193.22    -37057061.49


JAPAN

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


SOUTH KOREA

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


MALAYSIA

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


NEW  ZEALAND

DOMINION FINANCE       DFH         258902749.12    -55312405.88


PHILIPPINES

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


SINGAPORE

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


TAIWAN

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


THAILAND

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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