---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, September 7, 2009, Vol. 12, No. 176

                            Headlines

A U S T R A L I A

LYNAS CORP: FIRB Extends Review Period on AU$252MM Takeover Bid
MURRAY RIVER: Goes Into Administration


C H I N A

COUNTRY GARDEN: S&P Downgrades Corporate Credit Rating to 'BB'
LAS VEGAS SANDS: Secures US$600MM Pre-IPO Financing


H O N G  K O N G

BEST RESOURCES: To Pay Fourth Dividend to Creditors
CHAN'S MACHINE: Court to Hear Wind-Up Petition on September 23
ELEGANT WEALTH: Court to Hear Wind-Up Petition on October 21
GREENSBORO SOLUTIONS: Members' Final Meeting Set for September 29
LU KEE: Court to Hear Wind-Up Petition on October 7

SINOM (HONG KONG): Court to Hear Wind-Up Petition on October 14
SPRING DAY: Member to Receive Wind-Up Report on September 30
SUNWELL METALS: Annual Meetings Set for September 8


I N D I A

DEE DEVELOPMENT: CRISIL Cuts Ratings on INR115MM Term Loan to 'C'
INDOGREEN INT'L: CRISIL Assigns 'B/Stable/P4' on Bank Facilities
LAXMI COTSPIN: CRISIL Assigns 'BB-' Rating on Bank Facilities
MAA AMBA: CRISIL Assigns 'BB-' Rating on Bank Facilities
MASCOT IMPEX: CRISIL Assigns 'B' Rating on Bank Facilities

MICRO INSTRUMENTS: CRISIL Assigns 'BB+' Rating on Bank Facility
NATRAJ PROTEINS: CRISIL Assigns 'BB+' Rating on Bank Facilities
OZONE URBANA: CRISIL Assigns 'C' Rating on Bank Facility
REGAL TRANSCORE: CRISIL Assigns 'B-' Rating on Bank Facilities
SAHA & SARKAR: CRISIL Assigns 'B' Rating on Bank Facilities

SATYAM COMPUTER: U.S. SEC Completes Probe into Satyam Fraud Case
SK GOLD CHAIN: CRISIL Assigns 'B' Rating on Bank Facility
SKY CITY HOTELS: CRISIL Assigns 'BB' Rating on Bank Facility
SREE SAI RAJESWARI: CRISIL Assigns 'B+' Rating on Bank Facility
SRIPATHY ASSOCEATES: CRISIL Assigns 'B+' Rating on Bank Facilities

UDASEE STAMPINGS: CRISIL Assigns 'B-' Rating on Bank Facilities
UMA ISPAT: CRISIL Assigns 'BB+' Rating on Bank Facility
VAS ELECTRONICS: CRISIL Assigns 'BB' Rating on Bank Facilities
ZION STEEL: Fitch Assigns National Long-Term Rating at 'B+'


I N D O N E S I A

SEMEN KUPANG: To Resume Operations by End of 2009


J A P A N

JAPAN AIRLINES: Denies Asking Bank to Boost Capital
JAPAN AIRLINES: To Sell Most of Its Stake in Hokkaido Air
JLOC XXXI: S&P Downgrades Ratings on Two Classes of Certificates
UDMAC-J1 TRUST: S&P Downgrades Ratings on Various Certificates


K O R E A

SSANGYONG MOTOR: Gov't. Rejects Firm's Plea Tax Benefits Extension


M A L A Y S I A

PILECON ENGINEERING: Fails to Submit Second Quarter Results
TALAM CORPORATION: Updates Bursa on Default Status as of July 31
TALAM CORPORATION: To List New Ordinary Shares on September 7
TENGGARA OIL: Has MYR21.13 Million Outstanding Debt as of Aug. 31


N E W  Z E A L A N D

* NEW ZEALAND: Wholesale Trade Sales Drop 0.09% in Q2


P H I L I P P I N E S

IA GLOBAL: Form 10-K Has Going Concern Paragraph


S I N G A P O R E

CHARTERED SEMICONDUCTOR: ATIC to Acquire Firm for S$2.5 Billion
ZHONGGUO JILONG: Shareholders and Creditors Meet on Sept. 24


T A I W A N

QISDA CORP: Quarterly Loss Narrows to NT$440 Million in Q2


                         - - - - -


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


LYNAS CORP: FIRB Extends Review Period on AU$252MM Takeover Bid
---------------------------------------------------------------
The Australian Foreign Investment Review Board has extended the
review period of a proposed AU$252 million equity investment in
Lynas Corp by China Nonferrous Metal Mining, The Australian
reports.

According to The Australian, Lynas said September 2 that it
understands that the FIRB has not yet made a decision on the
proposed investment and it therefore expects the 30-day time
period for the review of the transaction to now expire in October
2009.

Australia's Foreign Investment Review Board in July asked China
Nonferrous to resubmit its bid.  In August, Lynas said FIRB was
extending its decision to September.

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, China Non-Ferrous Metal Mining Co. agreed to pay
AU$252 million in cash for a majority stake in Lynas Corporation.
The Chinese state-owned company will buy 700 million new shares at
36 cents each.

China Non-Ferrous Metal will have a 51.6% of Lynas should the
transaction be approved.  The Chinese company will have four
directors appointed to the board of Lynas.  Lynas said the share
sale needs approval from Australian and Chinese regulators.

                         About Lynas Corp.

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in Australia.
The Company's activities are focused primarily on the exploration
and development of rare earths deposits and exploration for other
mineral resources.  Lynas Corporation Limited is also engaged in
the planning, design and construction of a concentration plant and
advanced materials processing plant.  The Company's subsidiaries
include Lynas Malaysia Sdn Bhd, Lynas Transales Pty Ltd, Mt Weld
Niobium Pty Ltd, Mt Weld Holdings Pty Ltd, Mt Weld Rare Earths Pty
Ltd, Lynas Chemet Australia Pty Ltd and Mt Weld Mining Pty Ltd.

                           *     *     *

The company incurred three consecutive annual net losses of
AU$21.48 million, AU$6.20 million and AU$4.50 million for the
years ended June 30, 2006, 2007 and 2008.


MURRAY RIVER: Goes Into Administration
--------------------------------------
The Advertiser reported that the Waikerie-based Murray River Queen
has gone into administration.  The riverboat has been forced out
of business because tourists mistakenly believe the waterway is
close to dry.

The riverboat's joint owner, Robert Lochert, blamed the business's
collapse on low revenue substantially caused by the river's
decline, The Advertiser said.

According to The Advertiser, administrator Tim Clifton said most
of the debt was owed to investors, shareholders and directors of
the company, who are considering forgoing their claims so that the
proceeds from the sale of the boat will go to unrelated creditors.

Meanwhile, e-Travel Blackboard reports that Murray River Queen's
operators are currently working with Captain Cook Cruises to
possibly swap its passengers over to the Murray Princess.

SA Tourism Commission chief executive Andrew McEvoysaid, as cited
by The Advertiser, said while it was unfortunate the Murray River
Queen had ceased to operate "there are still good, strong tourism
operations on the river, including the Murray Expedition, the
Murray Princess and a thriving houseboat industry".

Murray River Queen is an Australian paddle steamer built at
Hindmarsh Island in 1974 as a luxury passenger cruise boat.  It is
a tourist boat carrying passengers on the Murray River in South.
Murray River Queen is estimated to be worth up to AU$7 million,
according to The Advertiser.


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


COUNTRY GARDEN: S&P Downgrades Corporate Credit Rating to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Chinese property developer
Country Garden Holdings Co. Ltd. to 'BB' from 'BB+'.  At the same
time, Standard & Poor's lowered its long-term issue rating on the
company's $600 million 2.5% convertible bonds and US$300 million
11.75% senior unsecured notes to 'BB-' from 'BB'.  All of the
ratings were removed from CreditWatch, where they had been placed
with negative implications on Aug. 26, 2009 (the corporate credit
rating and the issue rating on the convertible bonds), and
Sept. 1, 2009 (the issue rating on the unsecured notes).  The
outlook is stable.

The rating actions follow the completion of Country Garden's issue
of US$300 million 11.75% senior unsecured notes due 2014.

"Due to the weakening trend in Country Garden's financial
performance, and taking into consideration the latest notes
issuance, S&P expects Country Garden's financial metrics to
deteriorate materially with respect to historical levels and be
more in line with the metrics of its 'BB' rated peers," said
Standard & Poor's credit analyst Bei Fu.

Specifically, S&P expects debt to capital to rise to above 45% and
debt to EBITDA to be about 4x for 2009 as a whole.  These levels
compare with 40% and 2.2x, respectively, for 2008.  That said, S&P
believes Country Garden's financial risk profile will gradually
improve from 2010 onward, partially supported by accelerated
growth funded by the recent notes issue.

S&P understands that the majority of the notes issuance proceeds
are likely to be used to fund existing and new property projects
(including construction costs and land premiums).  About
US$35 million of the net proceeds will be used to repay in full a
loan with CITIC Ka Wah Bank Ltd.

"The rating on Country Garden reflects the execution risks
surrounding the company's growth, which S&P view as aggressive,
particularly outside its home market of Guangdong; a declining
operating margin; and the cyclical and competitive nature of the
Chinese real estate sector, where the regulatory environment is
evolving," said Ms. Fu.

The rating also acknowledges the company's land bank, which is one
of the largest and lowest cost among all Chinese real estate
developers.  Country Garden's business model has a track record in
the home market of Guangdong province, where the company is a
leading township developer.

"We believe that Country Garden will be able to maintain a
financial risk profile and liquidity position that S&P deem
adequate for the 'BB' rating category while it executes its debt-
funded expansion strategy and goes through the real estate
cycles," sais Ms. Fu.

S&P could further lower its rating on Country Garden if:

* Liquidity comes under pressure due to slower sales or higher
  spending than S&P expect, leading to an unrestricted cash
  balance of less than RMB2 billion;

* The company makes a major shift in its business model;

* The company introduces aggressive shareholder capital-return
  initiatives; or

* Financial metrics weaken further, leading to EBITDA interest
  coverage of below 3x and debt to EBITDA of more than 5x.

In contrast, an upgrade would be possible if the company
established a good track record outside Guangdong and improved its
financial risk profile while executing its expansion plan, such
that debt to EBITDA were below 3x on a sustainable basis.


LAS VEGAS SANDS: Secures US$600MM Pre-IPO Financing
---------------------------------------------------
Las Vegas Sands Corp. has secured commitments for up to
US$600 million of capital through the sale of exchangeable bonds.
The bonds will be mandatorily exchangeable into common stock of
one of its subsidiaries pending its successful initial public
offering on the Hong Kong Stock Exchange.

One of Las Vegas Sands Corp.'s wholly-owned subsidiaries, Venetian
Venture Development Intermediate II (the Issuer), entered into a
placing agreement with Goldman Sachs (Asia) L.L.C. on September 1,
2009, in connection with the proposed issuance of up to
US$600,000,000 in aggregate principal amount of Exchangeable Bonds
due 2014 of the Issuer.

The Bonds will mature on September 4, 2014.  Under the Terms and
Conditions of the Bonds, the Bonds are mandatorily exchangeable
into common shares of a subsidiary of the Company (Listco) which
has recently filed an application for listing on the Main Board of
The Stock Exchange of Hong Kong Limited concurrently on the date
of the Listing, at an exchange price equal to 90% of the per Share
offering price pursuant to the Listing.

The Bonds will bear interest from and including the date of
issuance, which is expected to be September 4, 2009, at the
following interest rates:

(i) for the period from (and including) September 4, 2009, to
     (but excluding) September 4, 2010, 9% per annum;

(ii) for the period from (and including) September 4, 2010, to
     (but excluding) September 4, 2011, 12% per annum; and

(iii) for the period from (and including) September 4, 2011, to
     (but excluding) September 4, 2014, 15% per annum.

More details on the financing is available at:

http://sec.gov/Archives/edgar/data/1300514/000095014209001289/form
8k_090109.htm

"The completion of this financing, which we expect to occur in a
matter of days, will enhance our current liquidity position and
further our efforts toward reaching long-term financial
stability," said Sheldon G. Adelson, Las Vegas Sands chairperson
and CEO.

Las Vegas Sands President Michael Leven said this pre-IPO
financing is another component of the Company's current efforts to
strengthen its financial position.  He cited the recent completion
of an amendment to its $3.3 billion Macau credit facility and the
subsequent submission of an application by a subsidiary of the
company to be listed on the Hong Kong Stock Exchange as the other
recently completed components of the plan.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

As reported by the TCR on Aug. 4, 2009, Moody's Investors Service
has placed Las Vegas Sands, Corp.'s ratings, including its B3
Corporate Family Rating, on review for possible downgrade.  The
review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.


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


BEST RESOURCES: To Pay Fourth Dividend to Creditors
---------------------------------------------------
Best Resources Development Limited, which is in compulsory
liquidation, will pay the fourth dividend to its creditors on of
after September 10, 2009.

The company will pay 3.45% to all received claims.

The company's liquidator is:

          Victor Chiu
          Club Lusitano, 8th Floor
          16 Ice House Street
          Central, Hong Kong


CHAN'S MACHINE: Court to Hear Wind-Up Petition on September 23
--------------------------------------------------------------
A petition to wind up the operations of Chan's Machine Engineering
Company Limited will be heard before the High Court of Hong Kong
on September 23, 2009, at 9:30 a.m.

Cheng Muk Ping filed the petition against the company on July 22,
2009.


ELEGANT WEALTH: Court to Hear Wind-Up Petition on October 21
------------------------------------------------------------
A petition to wind up the operations of Elegant Wealth Industrial
Limited will be heard before the High Court of Hong Kong on
October 21, 2009, at 9:30 a.m.

Morning Star Industrial Company Limited filed the petition against
the company on August 7, 2009.

The Petitioner's solicitors are:

          Yung, Yu, Yuen & Co.
          Wing Lung Bank Building, 12th Floor
          45 Des Voeux Road Central
          Hong Kong


GREENSBORO SOLUTIONS: Members' Final Meeting Set for September 29
-----------------------------------------------------------------
The members of Greensboro Solutions Limited will hold their final
meeting on September 29, 2009, at 11:00 a.m., at the 21st Floor of
Fee Tat Commercial Centre, No. 613 Nathan Road, in Kowloon,
Hong Kong.

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


LU KEE: Court to Hear Wind-Up Petition on October 7
---------------------------------------------------
A petition to wind up the operations of Lu Kee Electronic Company
Limited will be heard before the High Court of Hong Kong on
October 7, 2009, at 9:30 a.m.

Wong Fai Tung filed the petition against the company on August 5,
2009.


SINOM (HONG KONG): Court to Hear Wind-Up Petition on October 14
---------------------------------------------------------------
A petition to wind up the operations of Sinom (Hong Kong) Limited
will be heard before the High Court of Hong Kong on October 14,
2009, at 9:30 a.m.

Mount Gibson Mining Limited filed the petition against the company
on August 6, 2009.

The Petitioner's solicitor is:

          Jones Day
          Edinburgh Tower, 29th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


SPRING DAY: Member to Receive Wind-Up Report on September 30
------------------------------------------------------------
The member of Spring Day Investments Limited will receive on
September 30, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Room 1601 of Wing On Centre, 111
Connaught Road, in Central, Hong Kong.


SUNWELL METALS: Annual Meetings Set for September 8
---------------------------------------------------
The members and creditors of Sunwell Metals Limited will hold
their annual meetings on September 8, 2009, at 2:30 p.m. and
3:00 p.m., respectively, at the 29th Floor of Caroline Centre, Lee
Gardens Two, in 28 Yun Ping Road, Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


DEE DEVELOPMENT: CRISIL Cuts Ratings on INR115MM Term Loan to 'C'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Dee Development Engineers Pvt
Ltd's bank loan facilities to 'D/P5' from 'C/P4', as the company
has delayed payment on some of its rated debt obligations. The
delays have been caused by weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR190.0 Million Cash Credit Limit       D (Downgraded from
                                               'C')
   INR80.00 Million Export Packing Credit*  D (Downgraded from
                                               'C')
   INR115.0 Million Term Loan               D (Downgraded from
                                               'C')
   INR125.00 Million Bank Guarantee         P5 (Downgraded from
                                                'P4')
   INR90.0 Million Letter of Credit         P5 (Downgraded from
                                                'P4')

   * Interchangeable with cash credit.

                       About Dee Development

Dee Development Engineers Pvt Ltd was incorporated in 1988,
primarily for design of steam and other process piping.  The
company diversified into the manufacture and supply of piping
systems and pipe fittings. DDEPL operates out of its recently set
up plant at Tatarpur (Palwal).  DDEPL's main product, spools,
accounts for around 80 per cent of its revenues; the balance comes
from the sales of pipe fittings.  Spools are pipes fitted with
various equipment like elbows, tees, reducers, caps crosses, and
stub ends.  In February 2009, DDEPL commissioned its 8-megawatt
bio-mass-based power plant in Abohar, Punjab.

For the year ended March 31, 2009, DDEPL has reported a
provisional profit before tax (PBT) of INR136 million on net sales
of INR1.67 billion, against a PBT of INR189 million on net sales
of INR1.65 billion in the previous year.


INDOGREEN INT'L: CRISIL Assigns 'B/Stable/P4' on Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable/P4' to the bank
facilities of Indogreen International:

     Facilities                        Ratings
     ----------                        -------
     INR100.0 Million Term Loan        B/Stable (Assigned)
     INR7.0 Million Bank Guarantee     P4 (Assigned)

The rating reflects Indogreen's moderate funding and
implementation risk -- project is still in early stages of
construction and around 15% of total project funding is yet to be
tied up; and vulnerability to cyclicality in the hotel industry
once it commences its operations. These weaknesses are, however,
partially offset by the healthy demand for hotel rooms in the East
Delhi region, and the financial flexibility of the promoters.

Outlook: Stable

CRISIL believes that Indogreen's credit risk profile will remain
sensitive to financial closure for its hotel project in East
Delhi.  The outlook may be revised to 'Positive' if Indogreen
commissions its project without significant time and cost overruns
and attains higher-than-expected occupancies at its hotel; or to
'Negative' if there are significant delays in implementation of
project resulting in delays in cash accruals, and ultimately, in
pressure on timely debt repayment.

                          About Indogreen

Set up in 2007, Indogreen International is commissioning a
60-room, three-star hotel, with a restro-bar and banquet hall, in
the East Delhi region on National Highway 24, at a total project
cost of around INR359 million.  The hotel is expected to commence
operations by October 2010.


LAXMI COTSPIN: CRISIL Assigns 'BB-' Rating on Bank Facilities
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Laxmi Cotspin Pvt. Ltd.:

     Facilities                          Ratings
     ----------                          -------
     INR240.0 Million Long Term Loan     BB-/Stable (Assigned)
     INR107.5 Million Cash Credit        BB-/Stable (Assigned)
     INR30.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Laxmi Cotspin's small scale of operations and
limited track record in the cotton yarn industry, and weak
financial risk profile.  The weaknesses are, however, partially
offset by the benefits that Laxmi Cotspin derives from its healthy
operational efficiencies expected from the fully automated
manufacturing facilities.

Outlook: Stable

CRISIL believes that Laxmi Cotspin's financial risk profile will
remain weak over the medium term, on account of debt-funded
ongoing capacity expansions. CRISIL may revise the outlook to
'Positive' if Laxmi Cotspin's financial risk profile improves,
supported by correction in capital structure.  Conversely, CRISIL
may revise the outlook to 'Negative' if there are delays and cost
overruns in implementation of fresh capacities.

                        About Laxmi Cotspin

Laxmi Cotspin, is joint venture between Rajuri Group (Rajuri Steel
Pvt. Ltd), Kalika Steel and Gujarat Tea Traders Pvt. Ltd.  The
joint venture was started in the year 2005 under the name Mauli
Cotspin Pvt. Ltd, in the year 2007 the name was changed to Laxmi
Cotspin Pvt. Ltd.

Laxmi Cotspin is engaged into manufacturing of 100% combed cotton
warp and hosiery yarns of counts of 30s, 36s and 40s.  The yarns
are used in manufacturing of grey cloth and knitted fabric.  The
company has ring spinning facility with 13,200 spindles and is
planning to add 3,600 spindles during the current year.  The
current manufacturing capacity is 180 tones per month.  The
company recently implemented a ginning mill to produce cotton
bales, the company is planning to utilize about 30% to 35% of
ginning mill production captively and rest will be exported
through merchant exporters.

Laxmi Cotspin reported a profit after tax of INR2.5million on net
sales of INR230 million for 2008-09 (refers to financial year,
April 1 to March 31) as against net loss of INR3.5 million on net
sales of INR66 million for 2007-08.


MAA AMBA: CRISIL Assigns 'BB-' Rating on Bank Facilities
--------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Maa Amba Infrastructure Pvt. Ltd.:

     Facilities                         Ratings
     ----------                         -------
     INR47.50 Million Cash Credit *     BB-/Stable (Assigned)
     INR65.0 Million Term loan          BB-/Stable (Assigned)
     INR7.5 Million Letter of Credit    P4 (Assigned)

    * includes a proposed limit of INR2.5 million

The ratings reflect the start-up nature, and small scale, of
MAIPL's operations in the fragmented ingots industry, and exposure
to risks relating to implementation of its project to set up an
ingot facility.  The ratings also factor in MAIPL's weak financial
risk profile.  The weaknesses are, however, partially offset by
the benefits that MAIPL derives from its promoters' experience in
the steel industry.

Outlook: Stable

CRISIL expects MAIPL's scale of operations to remain small over
the near to medium term, and its financial flexibility to remain
constrained on account of the start-up nature of its operations,
and small net worth.  The outlook may be revised to 'Positive' if
the company's scale of operations and net worth improve
substantially; or to 'Negative' if there are time and cost
overruns on MAIPL's project, or delay in ramp up of sales and
profitability.

                            About MAIPL

Maa Amba Infrastructure Pvt. Ltd., incorporated by the Agarwal
family in 2006, is setting up an ingot facility with a capacity of
24,000 tonnes per annum.  The project, expected to cost more than
INR68.5 million, is scheduled for commissioning by November 2009.
The promoters have several other companies in the same line of
business; these include RS Ispat Pvt. Ltd, Bajrangbali Rolling
Mills Pvt. Ltd (BRML), and RS Concast Ltd.  MAIPL will sell ingots
primarily to local traders and to BRML.


MASCOT IMPEX: CRISIL Assigns 'B' Rating on Bank Facilities
----------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Mascot Impex Private Ltd., which is part of the
Mascot group:

     Facilities                            Ratings
     ----------                            -------
     INR40 Million Cash Credit Limits      B/Stable (Assigned)
     INR42 Million Proposed Long Term
        Bank Loan Facility                 B/Stable (Assigned)
     INR60 Million Letter of Credit        P4 (Assigned)
     INR8 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.  The weaknesses are, however partially offset by the
benefits that the Mascot group derives from the promoters'
experience in the timber trading and saw mill business.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Mascot Impex, Mascot Wood Crafts
Pvt. Ltd., Birendra Chandra Saha, Saha and Sarkar Saw Mill Pvt.
Ltd (Saha and Sarkar), and Ankur Barter Pvt. Ltd (Ankur Barter).
This is because 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 Mascot Group

Set up by Narayan Saha and his wife, 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 (refers to financial year,
April 1 to March 31), 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 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.


MICRO INSTRUMENTS: CRISIL Assigns 'BB+' Rating on Bank Facility
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the cash credit
facility of Micro Instruments Company:

     Facilities                    Ratings
     ----------                    -------
     INR68 Million Cash Credit     BB+/Stable (Assigned)

The rating reflects Micro's small scale of operations in the
highly fragmented electronic component manufacturing industry, and
exposure to customer concentration risk. These weaknesses are
partially mitigated by the firm's moderate financial risk profile.

Outlook: Stable

CRISIL expects Micro to sustain its credit risk profile over the
medium term, on account of its low gearing and absence of fixed
repayment obligations.  The outlook may be revised to 'Positive'
in case the firm achieves higher-than-expected revenue growth and
profitability, resulting in higher cash accruals, and/or its
working capital management improves.  Conversely, the outlook may
be revised to 'Negative' in case the firm undertakes any large,
debt-funded capital investment, or its profitability declines due
to competitive pressures impacting its capital structure.

                      About Micro Instruments

Set up in 1989, Micro is an Ambala, Haryana-based partnership firm
started by Sharat Chander Gupta, Rajni Kant, and Asha Kant.  Micro
manufactures motors, fans, pumps, and valves which are used in
electronic devices such as air conditioners, refrigerators,
washing machines, and computers.  The firm has two manufacturing
facilities, both in the Ambala Cantonment, Haryana. The main
clients of the firm are Whirlpool of India Limited, Blue Star
Limited and Subros Limited.


NATRAJ PROTEINS: CRISIL Assigns 'BB+' Rating on Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Natraj Proteins Ltd.:

     Facilities                           Ratings
     ----------                           -------
     INR36.0 Million Cash Credit          BB+/Stable (Assigned)
     INR36.0 Million Working Capital
        Demand Loan                       BB+/Stable(Assigned)
     INR96.0 Million Packing Credit       P4 (Assigned)
     INR5.0 Million Bank Guarantee        P4 (Assigned)

The ratings factor in the susceptibility of Natraj Proteins'
operating margins to volatility in soyabean prices, and its
exposure to risks relating to intense competition in the soya
industry.  The ratings also reflect the expected weakening in the
company's financial risk profile, owing to debt-funded capital
expenditure proposed for the medium term.  The weaknesses are,
however, partially offset by the benefits that Natraj Proteins
derives from the experience of its promoters in the soya industry,
its high capacity utilization averages, and comfortable financial
flexibility despite repayment obligations.

Outlook: Stable

CRISIL expects Natraj Proteins Limited to maintain its position in
the soya business and register healthy revenue growth of over the
medium term.  The financial risk profile may be constrained due to
upcoming debt funded capex plans for addition of fresh capacities
in soya crushing and refining.  The outlook may be revised to
'Positive' upon higher than expected equity infusion resulting in
substantial improvement in the overall financial risk profile.
Conversely the rating may have a 'Negative' bias upon lower than
expected profitability levels, higher than expected debt funded
capex or substantial changes in government policies affecting the
overall soya industry.

                       About Natraj Proteins

Natraj Proteins was incorporated in 1994 as a public limited
company by Kailash Sharma, J.P. Agarwal and D.K. Arora.  The
company is listed on the Mumbai Stock Exchange.  Natraj Proteins
manufactures soyabean refined oil and soya de-oiled cakes.  Its
manufacturing facilities at Itarsi (Madhya Pradesh) have a seed-
crushing capacity of 350 tonnes per day, and a refining capacity
of 50 tonnes per day.  The company also has a windmill in Tamil
Nadu, with a capacity of 750 kilo watts.  Natraj Proteins reported
a profit after tax (PAT) of INR 28 million on revenues of INR 1.68
billion for 2008-09 (refers to financial year, April 1 to March
31), as against a PAT of INR 9.3 million on revenues of INR 1.60
billion for 2007-08.


OZONE URBANA: CRISIL Assigns 'C' Rating on Bank Facility
--------------------------------------------------------
CRISIL has assigned its rating of 'C' to Ozone Urbana Infra
Developers Pvt. Ltd's rupee term loan facility:

     INR3.94 Billion Rupee Term Loans     C (Assigned)

This is because the company has delayed in servicing its term loan
obligations in the past, owing to weak liquidity.  Ozone Urbana's
project is at an early stage of construction, and operating cash
flows and sales from the project are yet to commence.  Further,
the project construction is delayed by about two years.

                        About Ozone Urbana

Ozone Urbana, incorporated in 2006, is a part of the Bangalore-
based Ozone group.  The company is developing an integrated
township named Urbana at Devanahalli, off National Highway-7, on
the outskirts of Bangalore.  The project is spread over an area of
200 acres and is to be developed in two phases.  In the first
phase, 75 acres will be taken up for development and the balance
will be developed in Phase 2. Phase 1 is estimated to have a total
saleable area of 5.4 million square feet (sq ft); the total cost
of its development is estimated at INR14 billion.  The township
would have residential apartments and villas, commercial
complexes, a 'medicity', an aviation centre, a hotel, a hospital,
a school, clubs, and public-use properties.

                         About Ozone Group

The Bangalore-based Ozone group is involved in the development of
information technology parks, office space, commercial retail
malls, hotels and serviced apartments, and residential apartments
and townships. The group has a presence in Chennai and Bangalore.
The group's flagship company is Ozone Propex Pvt. Ltd, which was
promoted by Mr. S Vasudevan, Mr. C P Bothra, and Urban
Infrastructure Venture Capital Fund through its scheme Urban
Infrastructure Opportunities Fund. The group also consists of
several companies that are joint venture equity partners on
project-specific basis.


REGAL TRANSCORE: CRISIL Assigns 'B-' Rating on Bank Facilities
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of the Regal Transcore Laminations Pvt. Ltd.:

     Facilities                         Ratings
     ----------                         -------
     INR73.5 Million Cash Credit        B-/Stable (Assigned)
     INR20.0 Million Bill Discounting   P4 (Assigned)
     INR85.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect the Udasee group's weak financial risk profile
(marked by high gearing and weak debt protection measures) and the
intense competition it faces in the electrical laminations for
transformers segment.  The weaknesses are, however, partially
offset by the robust growth in the group's revenues on the back of
increased demand from the power sector.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of Regal Transcore Laminations Pvt. Ltd.
and its associate company, Udasee Stampings Pvt. Ltd.,
collectively referred to as the Udasee group.  This is because
both the entities have common promoters and management, are in
same line of business and have strong operational linkages.  The
companies have also provided corporate guarantees to each other.

Outlook: Stable

CRISIL believes that the Udasee Group will maintain its current
business risk profile over the medium term on the back of
established relationships with suppliers and clients. The outlook
may be revised to 'Positive' if the group's capital structure
improves substantially and it achieves higher-than-expected
improvement in profitability.  Conversely, the outlook may be
revised to 'Negative' if the Udasee group's gearing increases and
debt protection measures weaken as a result of its debt-funded
capital expenditure programs.

                      About the Udasse Group

Regal Transcore was incorporated initially as a proprietary firm,
Regal Laminators, in 1988 and was converted into private limited
company in 1998.  Udasee Stamping was incorporated in 1994.  The
companies are promoted and owned by the Udasee family and have
plants in Jetpur Industrial Area, Jaipur.  The Udasee group
manufactures electrical laminations for transformers.  It has an
installed production capacity of 3600 tonnes per annum and has
operated at a capacity utilization level of more than 90% in 2007-
08 (refers to financial year, April 1 to March 31).

The Udasee group reported a profit after tax (PAT) of INR1.4
million on net sales of INR 439.1 million in 2007-08, as against
a PAT of INR 1.2 million on net sales of INR 336.5 million for
2006-07.


SAHA & SARKAR: CRISIL Assigns 'B' Rating on Bank Facilities
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Saha & Sarkar Saw Mill Pvt. Ltd., which is part of
the Mascot group:

     Facilities                           Ratings
     ----------                           -------
     INR60 Million Cash Credit Limits     B/Stable (Assigned)
     INR70.5 Million Proposed
        Long Term Bank Loan Facility      B/Stable (Assigned)
     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 Saha and Sarkar, Mascot Wood Crafts
Pvt. Ltd., Birendra Chandra Saha, Ankur Barter 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 Narayan Saha and his wife, 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 (refers to financial year,
April 1 to March 31), 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 of INR6 million
on net sales of INR1 billion for 2007-08.


SATYAM COMPUTER: U.S. SEC Completes Probe into Satyam Fraud Case
----------------------------------------------------------------
The Times of India reported that the U.S. Securities and Exchange
Commission has completed its probe in India into Satyam Computer
Services Ltd. fraud case.

According to the report, the SEC team has conducted detailed
discussions with the CBI specifically on the role of auditors  and
accounting firms in the multi-crore rupee scam.

The report recalls that a team of the Commission came to India
following filing of over a dozen class action lawsuits in the US
against the promoters and managers of Satyam on behalf of
investors, who purchased American Depository Shares of the company
between Jan. 6, 2004 and Jan. 6, 2009.

In the lawsuits, Satyam Computer, its promoters and management
were charged with duping thousands of American investors of
billions of dollars by artificially inflating share prices, the
Times notes.

                         Fraud Revelation

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

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

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

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

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

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

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

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

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

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

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

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

                       About Satyam Computer

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


SK GOLD CHAIN: CRISIL Assigns 'B' Rating on Bank Facility
---------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the cash credit
facility of SK Gold Chain Company Pvt. Ltd.:

     INR100. Million Cash Credit     B/Stable (Assigned)

The ratings reflect SK's weak financial risk profile, marked by
low net worth, high gearing and below-average debt protection
measures, and exposure to risks relating to fluctuations in the
prices of gold.  The weaknesses are, however, partially offset by
SK's established presence in the jewellery business, and the
benefits it derives from the experience of its promoters, and the
low credit risks in the wholesale jewellery business.

Outlook: Stable

CRISIL believes that SK will maintain a stable business risk
profile over the medium term on the back of the experience of the
promoters in the jewellery industry.  The outlook may be revised
to 'Positive' if the company's capital structure improves
substantially, owing to improvement in net worth.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure.

                        About SK Gold Chain

SK Gold Chain Company Pvt. Ltd., established in 1998 by Suresh
Kumar Verma, manufactures and sells gold and fashion jewellery in
the domestic market.  The company began with the manufacture of
gold chains, and in 2002, shifted to gold jewellery manufacturing.
The company mainly manufactures and sells Cuban Zirconia (CZ)
studded gold jewellery.  SK reported a profit after tax (PAT) of
INR1.5 million on net sales of INR250.9 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.2 million on net sales of INR205 million for 2006-07.


SKY CITY HOTELS: CRISIL Assigns 'BB' Rating on Bank Facility
------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to Sky City Hotels
Pvt. Ltd.'s term loan facility:

     INR140.3 Million Term Loan     BB/Stable (Assigned)

The rating reflects Sky City's exposure to risks of time and cost
overruns during the implementation of its hotel project, and to
intense competition in the hotel industry in the National Capital
Region. The rating also factors in the favorable long-term
prospects for the hotel industry, and favorable government
policies for the industry.

Outlook: Stable

CRISIL expects Sky City to complete its hotel project and commence
operations by the end of 2009-10 (refers to financial year,
April 1 to March 31). The outlook may be revised to 'Positive' if
the company's financial risk profile improves as a result of
increase in the occupancy and average room revenue, resulting in
better-than-expected cash accruals.  Conversely, any delay in
project implementation, resulting in significant time and cost
overruns, may result in a revision in outlook to 'Negative'.

                       About Sky City Hotels

Sky City Hotels Pvt. Ltd. is promoted by Narendra Andy Chhikara
and Ravindra Chhikara along with other family members.  Narendra
Andy Chhikara, a civil engineer, is currently engaged in the
hospitality industry in the US; he owns a few retail stores and
operates two small hotels under the Holiday Inn brand.  Sky City
is in the process of setting up a 3-star hotel with 75 rooms in
Gurgaon.  The project cost is estimated at around INR220 million,
and the hotel has been franchised to Best Western International
Inc.


SREE SAI RAJESWARI: CRISIL Assigns 'B+' Rating on Bank Facility
---------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the long term
loan facility of Sree Sai Rajeswari Complex:

     INR58.50 Million Long Term
        Loan Facility                B+/Stable (Assigned)

The rating reflects SSRC's exposure to risks relating to the
commercialization of its real estate project, its limited
geographical and revenue diversity.  These weaknesses are
partially offset by the benefits that SSRC derives from the
experience of its promoters, and their project execution
capabilities.

Outlook: Stable

CRISIL believes that SSRC's commercial real estate project will be
completed without time or cost overruns, and that the firm will be
able to finalize lease agreements for all saleable units.  The
outlook could be revised to 'Positive' in case of improvement in
SSRC's financial risk profile, driven by earlier-than-expected
completion of the ongoing project.  Conversely, the outlook could
be revised to 'Negative' if the project faces time or cost
overruns, or if SSRC fails to sign lease agreements for the
remaining saleable units, resulting in deterioration in its
financial risk profile.

                 About Sree Sai Rajeswari Complex

Sree Sai Rajeswari Complex was set up in September 2008 by
B. Rajeshwara Reddy and his wife, B Venkata Subamma.  SSRC is
constructing a mall at Prodattur, in Cuddapah district of Andhra
Pradesh, comprising 51 shops and three cinema screens with a total
built-up area of 87,890 square feet.  The total cost of the
project is estimated at INR117 million, with a debt component of
INR58.5 million.  Mr. Reddy has a track record of successfully
developing more than 36 acres of residential layout at Prodattur.
He also has interests in stone-crushing and real estate
development businesses, and operates educational institutions.


SRIPATHY ASSOCEATES: CRISIL Assigns 'B+' Rating on Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the bank
facilities of Sripathy Assoceates:

     Facilities                             Ratings
     ----------                             -------
     INR2.50 Million Long Term Loan         B+/Negative (Assigned)
     INR40.00 Million Cash Credit Limit     B+/Negative (Assigned)
     INR80.00 Million Bank Guarantee Limit  P4 (Assigned)

The ratings reflect Sripathy's limited revenue diversity and
below-average financial risk profile.  The ratings are also
constrained by the firm's small scale of operations, and its
vulnerability to volatility in raw material prices and to intense
competition in the infrastructure construction industry.  The
impact of the rating weaknesses is mitigated by the experience of
Sripathy's management in the construction industry.

Outlook: Negative

CRISIL believes that Sripathy's liquidity will remain constrained
over the medium term because of its large working capital
requirements.  The ratings may be downgraded if the firm's
revenues and margins decline, or if it faces significant cost or
time overruns in its projects, or undertakes large debt-funded
capital expenditure.  Conversely, the outlook may be revised to
'Stable' in case of a significant improvement in the firm's
working capital management, or if the firm scales up its
operations while diversifying its revenue base and improving its
financial risk profile.

                     About Sripathy Assoceates

Set up in 1989 and based in Erode, Tamil Nadu, Sripathy Assoceates
is a partnership firm with six partners. Sripathy undertakes civil
contracts, primarily for construction of colleges, buildings, and
roads for government departments.

For 2008-09 (refers to financial year, April 1 to March 31),
Sripathy's profit after tax (PAT) is estimated at INR7 million on
net sales of INR272 million, as against a reported PAT of INR8
million on net sales of INR199 million for 2007-08.


UDASEE STAMPINGS: CRISIL Assigns 'B-' Rating on Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of the Udasee Stampings Pvt. Ltd.:

     Facilities                         Ratings
     ----------                         -------
     INR60.0 Million Cash Credit        B-/Stable (Assigned)
     INR20.0 Million Bill Discounting   P4 (Assigned)
     INR72.5 Million Letter of Credit   P4 (Assigned)

The ratings reflect the Udasee group's weak financial risk profile
(marked by high gearing and weak debt protection measures) and the
intense competition it faces in the electrical laminations for
transformers segment.  These weaknesses are, however, partially
offset by the robust growth in the group's revenues on the back of
increased demand from the power sector.

CRISIL has combined the financial and business risk profiles of
Regal Transcore Laminations Pvt. Ltd and its associate company,
Udasee Stampings Pvt. Ltd., collectively referred to as the Udasee
group.  This is because both the entities have common promoters
and management, are in same line of business and have strong
operational linkages.  The companies have also provided corporate
guarantees to each other.

Outlook: Stable

CRISIL believes that the Udasee Group will maintain its current
business risk profile over the medium term on the back of
established relationships with suppliers and clients.  The outlook
may be revised to 'Positive' if the group's capital structure
improves substantially and it achieves higher-than-expected
improvement in profitability.  Conversely, the outlook may be
revised to 'Negative' if the Udasee group's gearing increases and
debt protection measures weaken as a result of its debt-funded
capital expenditure programs.

                      About the Udasse Group

Regal Transcore was incorporated initially as a proprietary firm,
Regal Laminators, in 1988 and was converted into private limited
company in 1998.  Udasee Stamping was incorporated in 1994. The
companies are promoted and owned by the Udasee family and have
plants in Jetpur Industrial Area, Jaipur.  The Udasee group
manufactures electrical laminations for transformers. It has an
installed production capacity of 3600 tonnes per annum and has
operated at a capacity utilization level of more than 90% in 2007-
08 (refers to financial year, April 1 to March 31).

The Udasee group reported a profit after tax (PAT) of INR1.4
million on net sales of INR 439.1 million in 2007-08, as against
a PAT of INR 1.2 million on net sales of INR 336.5 million for
2006-07.


UMA ISPAT: CRISIL Assigns 'BB+' Rating on Bank Facility
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the cash credit
facility of Uma Ispat Ltd.:

     INR50 Million Cash Credit Limits    BB+/Stable (Assigned)

The ratings reflect Uma Ispat's constrained financial risk
profile, marked by a small net worth, and exposure to risks
relating to cyclical nature of, and intense competition in, the
fragmented steel industry.  These rating weaknesses are mitigated
by the company's average business risk profile, driven by the
management's extensive experience in the steel trading business,
and the benefits that the company derives from its established
relationships with suppliers.

Outlook: Stable

CRISIL believes that Uma Ispat will maintain its stable business
risk profile over the medium term on the back of established
relations with its suppliers.  The outlook may be revised to
'Positive' if the Uma Ispat's financial risk profile improves
significantly.  Conversely, higher reliance on debt may result in
the revision in the outlook to 'Negative'.

                          About Uma Ispat

Uma Ispat, based in Bokaro (Jharkhand), has been promoted by Vanit
Kumar Seth and family, in 1996.  The company trades in hot-rolled
(HR) steel coils, sheets, and plates.  It has a memorandum of
understanding (MoU) with Steel Authority of India (SAIL),
renewable every year for procurement of HR steel products.

Uma Ispat reported a profit after tax (PAT) of INR4 million on net
sales of INR802 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR715 million for 2007-08.


VAS ELECTRONICS: CRISIL Assigns 'BB' Rating on Bank Facilities
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Vas Electronics:

     Facilities                          Ratings
     ----------                          -------
     INR50 Million Cash Credit Limits*   BB/Stable (Assigned)
     INR6 Million Term Loan              BB/Stable (Assigned)
     INR19 Million Proposed
       Long Term Loan Bank Facility      BB/Stable (Assigned)

     * Includes INR10 million of letter of Credit which is
       interchangeable with cash credit

The ratings factor in Vas's weak financial risk profile, marked by
low net worth and weak debt protection measures, and the working-
capital-intensive nature of its operations.  These weaknesses are,
however, partially offset by Vas's comfortable business risk
profile, backed by established relations with principal, Philips
Electronics India Ltd.

Outlook: Stable

CRISIL expects Vas to maintain a comfortable business risk profile
over the medium term, backed by healthy relations with its
principal, Philips India.  Improvement in financial profile
(through reduced gearing or increase in profitability) may drive a
revision in outlook to 'Positive'.  Conversely, the outlook may be
revised to 'Negative' if there is an unexpected increase in Vas's
debt levels, or substantial fall in its profitability, leading to
deterioration in its financial risk profile.

                        About Vas Electronics

Vas Electronics is a partnership firm formed in 2003 by Jitendra
Shah and his family.  The firm manufactures electronic chokes,
which it supplies to Philips India.  It procures key raw material,
printed circuit board from approved dealers of Philips India.  Vas
reported a profit after tax (PAT) of INR2.7 million on net sales
of INR129 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR1.4 million on net sales of
INR91 million for 2007-08.


ZION STEEL: Fitch Assigns National Long-Term Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has assigned India-based Zion Steel Limited's a
National Long-term rating of 'B+(ind)' with a Stable Outlook.  The
agency has also assigned ratings of 'B+(ind)' to ZSL's INR62.0
million sanctioned fund based working capital bank facilities and
INR364.0 million sanctioned term loan facilities.

ZSL is a newly formed company which has set up a rolling mill with
an installed capacity of 120,000 MTPA to cater to the automobile,
real estate and construction sectors.  The ratings reflect the
long experience of the promoters in executing similar projects in
the past, as well as the mill's flexibility producing automobile
parts as well as construction products (like TMT bars and wire
rods), which will likely result in higher capacity utilization.
The operational linkage between Adhunik Metaliks Limited (AML 'A-
(ind)'/Negative) and ZSL is also a credit positive.  Nevertheless,
Fitch has a negative outlook of both sectors over the next two
years, due to a significant slowdown in demand in the real estate
sector and various macroeconomic factors delaying the recovery of
the automobile sector, which acts as a constraint on the rating.

The company has completed its project and expects to start its
commercial production from July 2009.  Due to delays in the
completion of the project, the repayment schedule has been revised
and it is now spread over the next six years from March 2010.

An improvement in demand from the automobile and real estate
sector enabling ZSL to utilize its maximum capacity and thereby
reducing financial leverage below 2.5x will be a positive trigger
to the rating.  On the other hand, sluggish demand in the auto and
construction sector for an extended period of time, coupled with
financial leverage above 4.0x on a sustained basis, could act as a
negative trigger.

Incorporated in August 2006, ZSL is a joint initiative between AML
-- the flagship company of the Kolkata based Adhunik group -- and
the Pune-based Tarini group.  ZSL is in the process of getting
merged with AML, which should enhance the latter's rolling
capacity.


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


SEMEN KUPANG: To Resume Operations by End of 2009
-------------------------------------------------
The Jakarta Post reported that PT Semen Kupang will resume
operations after the plantation company PT Sarana Agro Gemilang
agreed to revive the ailing company.

The report says the cooperation agreement between the two
companies will last for 10 years.  According to the Post, Sarana
Agro will initially infuse IDR200 billion (US$19.8 million) toward
Semen Kupang.

The report quoted Semen Kupang President Director Abdul Madjid
Nampira as saying that “The money will be used to increase the
company's capital, recruit employees, and revitalize factory.”

Mr. Abdul, as cited by the Post, said Semen Kupang would produce
cement by the end of this year.

Semen Kupang, which has a production capacity of 300,000 tons of
cement, plans to restructure its IDR600 billion debts to Bank
Mandiri, the Post notes.

                        About Semen Kupang

Built in 1984, Semen Kupang is the only cement producer in East
Nusa Tenggara.  Aside from Bank Mandiri's 38%, the central
government owns 61.5% stake in the company, with the
remaining 1.1% held by the PD Flobamor provincial company.

                          *     *     *

Semen Kupang's operations were suspended on April 22, 2008, after
it failed to pay its IDR25 billion debt to PT Sewatama Jakarta.
The company was forced to lay off nearly 600 workers as a result
of the company's financial woes.

The company almost went bankrupt in 2007 as it was heavily
indebted to Bank Mandiri with debts reaching more than
IDR159 billion.


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


JAPAN AIRLINES: Denies Asking Bank to Boost Capital
---------------------------------------------------
Dow Jones Newswires said Japan Airlines Corp. denied a report it
was asking the government-run Development Bank of Japan to boost
its capital.

Dow Jones said the Mainichi Shimbun reported over the weekend that
JAL is considering asking the bank to lift the company's capital,
taking advantage of the same scheme that Japanese chip maker
Elpida Memory Inc. used to beef up its capital.

According to Dow Jones, a JAL spokesman said the struggling
airline is continuing to work on steps to improve its financial
standing but there are no concrete ideas yet that the carrier is
considering at present.

                       About Japan Airlines

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

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

                          *     *     *

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

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


JAPAN AIRLINES: To Sell Most of Its Stake in Hokkaido Air
---------------------------------------------------------
Japan Airlines Corp. will sell most of its stake in its subsidiary
Hokkaido Air System Co. to help restore profitability, The Japan
Times reports citing sources.

The report relates sources said JAL plans to reduce its holding in
the regional air carrier from the current 51% by selling shares to
the Hokkaido Prefectural Government, which owns a 49% stake.

According to the report, Hokkaido Air System will cease to become
JAL's consolidated subsidiary after share sale.

The Times states that JAL decided to give up most of its stake in
the regional air carrier, which has been losing money in recent
years, and allow Hokkaido to take control because scrapping or
cutting back on money-losing flights is difficult to achieve when
a local government is a large shareholder.

Hokkaido Air System started operations in March 1998 and currently
connects six airports in the prefecture, the report notes.

                        About Japan Airlines

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

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

                          *     *     *

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

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


JLOC XXXI: S&P Downgrades Ratings on Two Classes of Certificates
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on JLOC
XXXI Trust Certificates' classes C and D and removed the ratings
on both classes from CreditWatch with negative implications, where
they had been placed on July 6, 2009.  At the same time, Standard
& Poor's affirmed its ratings on classes A, B, and X issued under
the same transaction.

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

Three of the transaction's underlying nonrecourse loans are due to
mature by the end of August 2010 and are "loans considered to be
in default," as stated in the aforementioned report.  Accordingly,
Standard & Poor's has reviewed the property management reports for
the properties backing the loans and talked with the asset
managers.

With respect to the aforementioned three nonrecourse loans
(representing a combined 12.8% or so of the initial issuance
amount of the trust certificates), S&P does not regard cash flow
as a major potential risk factor at this point.  Nevertheless, S&P
hold the view that uncertainty remains over the repayment of the
loans by their respective maturity dates.  Accordingly, S&P has
lowered its assumptions with respect to the recovery amounts from
the collateral properties relating to the loans based on the
possibility that the loans may not be repaid by their respective
maturity dates and the properties may need to be liquidated.  The
downgrades reflect lower recovery assumptions for the collateral
properties.

Standard & Poor's intends to continue to monitor progress in the
repayment of the "loans considered to be in default", the
performance of the underlying properties, and the recovery
prospects of the related collateral properties based on the
possibility that the loans may indeed not be repaid.

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

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by 22 nonrecourse loans, which were
originally backed by 62 real estate properties.  The transaction
was arranged by Morgan Stanley Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services Corp. is the transaction
servicer.

             Ratings Lowered, Off Creditwatch Negative

                   JLOC XXXI Trust Certificates
       JPY24.3 billion trust certificates due February 2015

        Class   To   From            Initial Issue Amount
        -----   --   ----            --------------------
        C       A-   A/Watch Neg     JPY0.9 bil.
        D       B-   BBB/Watch Neg   JPY0.7 bil.

                         RATINGS AFFIRMED

     Class   Rating   Initial Issue Amount
     -----   ------   --------------------
     A       AAA      JPY21.6 bil.
     B       AA       JPY1.1 bil.
     X       AAA      JPY24.3 bil. (initial notional principal)


UDMAC-J1 TRUST: S&P Downgrades Ratings on Various Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on UDMAC-J1
Trust Certificates' classes B to G, due June 2013, and removed the
ratings from CreditWatch with negative implications.  At the same
time, Standard & Poor's affirmed its ratings on classes A and X
issued under the same transaction, and removed the rating on class
A from CreditWatch with negative implications.  The ratings on
classes A to G had been placed on CreditWatch with negative
implications on July 6, 2009.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes A to G of UDMAC-J1 Trust Certificates, on
CreditWatch with negative implications.

The transaction's underlying nonrecourse loans to seven obligors
are due to mature by the end of August 2010 and are "loans
considered to be in default," as stated in the aforementioned
report.  Accordingly, Standard & Poor's has reviewed the property
management reports for the properties backing the "loans
considered to be in default" and met with the asset manager.

With respect to the aforementioned underlying nonrecourse loans,
which represent the entire initial issuance amount of the trust
certificates, S&P does not regard cash flow as a major potential
risk factor at this point.  Nevertheless, S&P is of the opinion
that uncertainty remains over the repayment of the loans by the
maturity date.  Accordingly, S&P lowered its assumptions with
respect to the recovery amounts from the collateral properties
relating to the loans based on the possibility that the loans may
not be repaid by the maturity date and the properties may need to
be liquidated.  The downgrades reflect lower recovery assumptions
for the collateral properties.

Standard & Poor's intends to continue to monitor progress in the
repayment of the "loans considered to be in default," the
performance of the underlying properties, and the recovery
prospects of the related collateral properties based on the
possibility that the loans may indeed not be repaid.

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

This is a multi-borrower CMBS transaction.  The trust certificates
were originally secured by nonrecourse loans extended to seven
obligors.  The nonrecourse loans were initially backed by 40 real
estate properties.  The transaction was arranged by UBS Securities
Japan Ltd., and Premier Asset Management Co. is the transaction
servicer.

            Ratings Lowered, Off Creditwatch Negative

                   UDMAC-J1 Trust Certificates
         JPY42.34 billion trust certificates due June 2013

       Class   To     From             Initial Issue Amount
       -----   --     ----             --------------------
       B       AA-    AA/Watch Neg     JPY4.4 bil.
       C       BBB+   A/Watch Neg      JPY4.4 bil.
       D       BB-    BBB/Watch Neg    JPY4.5 bil.
       E       B      BBB-/Watch Neg   JPY1.5 bil.
       F       B-     BB+/Watch Neg    JPY1.4 bil.
       G       B-     BB/Watch Neg     JPY3.4 bil.

            Rating Affirmed, Off Creditwatch Negative

       Class   To    From            Initial Issue Amount
       -----   --    ----            --------------------
       A       AAA   AAA/Watch Neg   JPY25.8 bil.

                         RATING AFFIRMED

              Class   Rating   Initial Issue Amount
              -----   ------   --------------------
              X       AAA      JPY42.34 bil.*

                   * Initial notional principal

The issue date was September 2007.


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


SSANGYONG MOTOR: Gov't. Rejects Firm's Plea Tax Benefits Extension
------------------------------------------------------------------
The South Korean government has rejected a plea by Ssangyong Motor
Co. to extend tax benefits for new cars for the company, Yonhap
News reports citing officials at Ssangyong.

The news agency says the government has implemented a tax measure,
which is effective from May to December, that slashed 70% of
purchasing and registration taxes for those who buy a new car to
replace their old one to spur auto demand.

According to Yonhap, Ssangyong asked the government to extend the
deadline for two to three months for the company only because it
couldn't benefit from the tax breaks due to a 77 days sit-in
strike by fired workers, that ended early last month.

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.


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


PILECON ENGINEERING: Fails to Submit Second Quarter Results
-----------------------------------------------------------
Pilecon Engineering Berhad was unable to submit its unaudited
interim financial report for the second quarter ended June 30,
2009, by August 28, as required by the Bursa Malaysia Securities
Berhad's Listing Requirements due to the delay in the finalization
of the Company's audited accounts for the year ended December 31,
2008.

Accordingly, the Company's shares will remain suspended from
trading until further notice.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.


TALAM CORPORATION: Updates Bursa on Default Status as of July 31
----------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities as
of July 31, 2009:

A. These companies are in the midst of finalizing the sales and
   Purchase agreement for the disposal of the asset to repay the
   banking facilities:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 07/31/2009
   ----------            ------                ----------------
   Maxisegar Realty      TA First Credit         MYR26,946,157
   Sdn Bhd               Sdn Bhd                 MYR69,472,343
                                                 MYR74,351,504

B. These companies are finalizing the joint venture agreement
   with the reputable developers where the joint venture
   company will repay the loan:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 07/31/2009
   ----------            ------                ----------------
   Zhinmun Sdn Bhd       Insas Credit &            MYR5,507,215
                         Leasing Sdn Bhd          MYR22,798,606

   Ukay Land Sdn Bhd     Insas Credit &           MYR14,726,613
                         Leasing Sdn Bhd

C. This company is in the midst of negotiating with financial
institutions to reschedule the banking facilities:

                                              Amt. Outstanding
   Subsidiary              Lender              of 07/31/2009
   ----------              ------             ----------------
   Talam Corporation Bhd   Pengurusan          MYR3,264,256
                           Danaharta Nasional

With the completion of the proposals under the Regularization Plan
as approved by the Securities Commission on April 29, 2008 and
upon listing and quotation of the RCPS, RCSLS-B, RCSLS-C and
RCSLS-D on the Main Board of Bursa Malaysia Securities Berhad on
July 1, 2009, Talam said it will seek Bursa Securities' approval
to uplift the Company from the PN17 status.

The Company's proposed divestment programme, which did not require
the approval of the Securities Commission, is still on-going and
the outstanding defaulted credit facilities will be settled in due
course.

                           About Talam

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TALAM CORPORATION: To List New Ordinary Shares on September 7
-------------------------------------------------------------
Talam Corporation Berhad's additional 27,041,500 new ordinary
shares of MYR0.20 each issued pursuant to the Company's conversion
of 27,041,500 redeemable convertible preference shares 2009/2014
into 27,041,500 new ordinary shares, are granted listing and
quotation on Monday, September 7, 2009, 9:00 a.m.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TENGGARA OIL: Has MYR21.13 Million Outstanding Debt as of Aug. 31
-----------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary company, Tenggara Concrete
Sdn Bhd, have been unable to pay the amount of principal and
interest in respect of its credit facilities as of August 31,
2009:

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR6,802,837.60
   (Southern Bank Berhad)

   CIMB Bank Bhd              TOB                 1,430,994.47
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               12,904,815.62
                                              ----------------
                                              MYR21,138,647.69

On August 24, 2009, Tenggara Oil submitted an application to the
Securities Commission for an extension of six months from
September 5, 2009, to implement its scheme of arrangement.

                        About Tenggara Oil

Tenggara Oil Berhad is a Malaysia-based investment holding company
engaged in provision of management services. The principal
activities of the subsidiaries are filling, blending and
processing of lubricants.  The Company's subsidiaries include
Tenggara Lubricant Sdn. Bhd., which is engaged in filling,
blending and processing lubricants; Tenggara Plaza Sdn. Bhd.,
which is engaged in letting and managing of property, and Tenggara
Concrete Sdn. Bhd., which is engaged in manufacturing and
supplying of ready-mixed concrete.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


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


* NEW ZEALAND: Wholesale Trade Sales Drop 0.09% in Q2
-----------------------------------------------------
Seasonally adjusted total wholesale trade sales in New Zealand
fell 0.9% (NZ$195 million) for the June 2009 quarter, according to
the country's statistics agency.  This follows the record decrease
of 5.8% (NZ$1.3 billion) in the March 2009 quarter and is the
first time since the current series began in March 1995 that total
sales have fallen for four consecutive quarters, Statistics New
Zealand said.

Ten wholesaling industries had declining sales, led by the 8.9%
fall in petroleum product wholesaling, the fourth consecutive
quarterly fall for this industry.  Six industries recorded sales
increases in the June 2009 quarter, led by motor vehicle
wholesaling, up 6.3 percent, the first increase for motor vehicle
sales since the September 2007 quarter.

The total sales trend has fallen 10.4% since the June 2008
quarter.  The previous largest drop in the trend was a fall of
less than one percent recorded over three quarters in 1998.  Over
this latest period, the average quarterly decrease was 2.7%
compared with an average quarterly increase of 1.7% in the 10
quarters up to the June 2008 quarter.

Seasonally adjusted wholesale stocks for the June 2009 quarter
fell 4.6% (NZ$506 million).  This follows decreases of 1.8% and
3.6% in the March 2009 and December 2008 quarters respectively,
and is the longest period of decline in stocks since the series
began in 1995.


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


IA GLOBAL: Form 10-K Has Going Concern Paragraph
------------------------------------------------
IA Global, Inc., on September 3, 2009, filed its Annual Report on
Form 10-K.  In accordance with NYSE AMEX Company Guide Rule 6.10
(b), the Company is disclosing that the Report of the Independent
Registered Public Accounting Firm included a going concern
paragraph.  This paragraph is based on significant operating
losses and a working capital deficit as of March 31, 2009.  In
addition, in connection with loans that the Company's fully owned
subsidiary, Global Hotline, Inc., entered into, the equity shares
of this subsidiary currently held by the lender of these loans is
being challenged by IA Global, Inc.  The Company does not expect
this paragraph to have an impact on its operations.

The Company recorded a net loss of US$20,241,000 on US$57,107,000
of revenues for fiscal year ended March 31, 2009.

"We had cash of approximately US$3.6 million, a net working
capital deficit of approximately US$14.5 million and debt of
US$15.3 million as of March 31, 2009," the Company said.

At March 31, 2009, the Company had current and long-term
indebtedness of US$15.3 million.  Global Hotline will need to
repay or refinance US$13.4 million by March 31, 2010, including
approximately US$4.4 million in September 30, 2009.  "If the
Company is unable to obtain additional financing, we may need to
restructure our operations, divest all or a portion of our
business or file for bankruptcy."

As of March 31, 2009, the Company has total assets of
US$24,866,000 against total debts of US$31,138,000, resulting to a
total stockholders' deficit of US$6,272,000.

A copy of the Company's Form 10-K is available for free at:

             http://researcharchives.com/t/s?442a

                        About IA Global, Inc.

IA Global, Inc. (NYSE AMEX US:IAO) is a Business Process
Outsourcing and Financial Services corporation targeting the B2B
and B2C markets in the Asia Region, the U.S. and Australia.  The
Company is seeking to expand its investments in the BPO, B2B and
Financial services sectors.  In Japan, IA Global is 100% owner,
except as disclosed, of Global Hotline, Inc., a BPO organization,
operating several major call centers providing primarily outbound
telemarketing services for telecommunications and insurance
products.  In the Philippines, IA Global operates as Global
Hotline Philippines Inc., a BPO organization, providing inbound
and outbound telemarketing services, and collocation facilities to
a variety of industries.  In the Asia region, the Company has
equity investments of 20.25% in Slate Consulting Co Ltd, 36.0% in
Australian Secured Financial Limited and 12.6% in Taicom
Securities Co. Ltd.


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


CHARTERED SEMICONDUCTOR: ATIC to Acquire Firm for S$2.5 Billion
---------------------------------------------------------------
Advanced Technology Investment Company LLC of Abu Dhabi and
Chartered Semiconductor Manufacturing of Singapore have entered
into a definitive agreement whereby ATIC would acquire Chartered
Semiconductor.

The proposed acquisition will be effected by way of a scheme of
arrangement under section 210 of the Companies Act of Singapore,
subject to the approval of Chartered shareholders and the sanction
of the High Court of Singapore, ATIC said in a statement Monday.
The transaction is expected to close during the fourth quarter of
2009.  Completion of the transaction will be subject to customary
conditions, such as regulatory and shareholder approvals.

Under this scheme of arrangement, each Chartered ordinary share
will be acquired by ATIC for a cash consideration of SG$2.68 per
share.  The transaction represents an equity value of
approximately S$2.5 billion (US$1.8 billion) and a total value of
approximately S$5.6 billion (US$3.9 billion), including debt and
convertible redeemable preference shares of approximately
SG$3.1 billion (US$2.2 billion) as of June 30, 2009.  The price
represents a premium of 14.2% to its 30 trading-day volume
weighted average price, 26.8% to its 90 trading-day volume
weighted average price and 44.2 percent to its 6-month volume
weighted average price on the SGX.  The estimated amount of
consideration for each American Depositary Share is US$18.641.
The actual amount per ADS that ADS holders will receive will
depend on the applicable prevailing exchange rate, less the amount
of applicable ADS depositary's fees, taxes and expenses.

ATIC is a technology investment company wholly owned by the
government of Abu Dhabi.  This acquisition is its second major
investment in the semiconductor industry and follows the company’s
March 2009 creation of GLOBALFOUNDRIES, a U.S.-headquartered,
leading-edge semiconductor manufacturing company and a joint
venture with AMD.  The acquisition of Chartered will be made
through ATIC International Investment Company LLC, a subsidiary of
ATIC. Once the transaction is completed, ATIC will be the sole
owner of Chartered.

Pending appropriate board approvals, Doug Grose, chief executive
officer of GLOBALFOUNDRIES, would serve as CEO of the combined
operations, with Chia Song Hwee, CEO of Chartered, serving as
chief operating officer.  Chia will also spearhead the integration
effort.

Morgan Stanley Asia (Singapore) Pte. and Citigroup Global Markets
Singapore Pte. Ltd. serve as joint financial advisors to
Chartered.

                            About ATIC

The Advanced Technology Investment Company (ATIC) is the high-tech
investment arm of the government of Abu Dhabi in the United Arab
Emirates.  It was formed in 2008 to invest in domestic and
international technology companies.  ATIC's first order of
business is a partnership with Advanced Micro Devices for a joint
venture called GLOBALFOUNDRIES, which manufactures semiconductors
for AMD and other chip designers.

                   About Chartered Semiconductor

Chartered Semiconductor Manufacturing Ltd. (Nasdaq: CHRT and SGX-
ST: CHARTERED) -- http://www.charteredsemi.com/-- based in
Singapore, is a semiconductor foundry, which provides wafer
fabrication services and technologies to semiconductor suppliers
and systems companies.  The company focuses on providing foundry
services to customers that serve technologically advanced
applications for the communication, computer and consumer sectors.
As of December 31, 2008, Chartered owns, or have an interest in,
six fabrication facilities, Fabs 2, 3, 3E, 5, 6 and 7, all of
which are located in Singapore.  Fab 7 is its only 300-mm
facility.  The company have service operations in 9 locations in 7
countries throughout North America, Europe and Asia.  In March
2008, the company completed its acquisition to purchase 100% of
the shares in Chartered Tampines, which owns and operates an
eight-inch wafer fabrication facility, or Fab 3E, located in
Singapore.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings affirmed Chartered Semiconductor
Manufacturing Ltd's Long-term foreign currency Issuer Default
Rating and outstanding senior unsecured debt at 'BB-'.  The rating
Outlook remains Negative.

On April 21, 2009, the TCR-AP reported that Moody's Investors
Service confirmed the Ba2 corporate family and senior unsecured
bond ratings of Chartered
Semiconductor.  The rating outlook is negative.

A TCR-AP report on Feb. 27, 2009, said Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Chartered Semiconductor to 'BB' from 'BB+'.  The outlook is
negative.  At the same time, Standard & Poor's lowered the issue
ratings on all of Chartered's senior unsecured notes to 'BB' from
'BB+'.


ZHONGGUO JILONG: Shareholders and Creditors Meet on Sept. 24
------------------------------------------------------------
The shareholders and creditors of Zhongguo Jilong Limited will
hold their meeting on September 24, 2009, at 9:00 a.m. and
2:00 p.m., respectively.

At the meeting, the shareholders and creditors will be asked to
consider and if thought fit, approve the Scheme of Arrangement.

The company's judicial manager is:

          Seshadri Rajagopalan
          1 Raffles Quay
          North Tower, Level 18
          Singapore 048583


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


QISDA CORP: Quarterly Loss Narrows to NT$440 Million in Q2
-----------------------------------------------------------
The Taipei Times reports that Qisda Corp. posted its smallest
quarterly losses in more than a year for the second quarter
because of reduced non-operating losses, primarily from its share
in local panel maker AU Optronics Corp.

The Times relates that Qisda's losses narrowed to NT$440 million
(US$13.37 million) in the three months ending in June, from losses
of NT$2.15 billion in the previous quarter.  The company earned
NT$579 million in the second quarter of last year, the report
notes.

According to the report, Qisda's operating income rose for the
third straight quarter to NT$290 million, while non-operating
losses amounted NT$630 million mainly due to losses from AUO,
which lost NT$6.6 billion last quarter.  Qisda holds a 7.6% share
of AUO.

Following this uptrend, says the Times, company chief executive
Kuma Hsiung expected Qisda to return to the black sometime in the
second half of next year.

Headquartered in Taiwan, Republic of China, Qisda Corp., fka
BenQ Corp., Inc. -- http://qisda.com/-- provides a broad range of
computing, communications, and consumer electronics devices.  Its
offerings include mobile computers, desktop PCs, digital
projectors, LCD monitors and televisions, mobile phones, and
optical storage drives.

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

                         *     *     *

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***