TCRAP_Public/090909.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, September 9, 2009, Vol. 12, No. 178

                            Headlines

A U S T R A L I A

ARENA MANAGEMENT: Creditors Vote to Liquidate Firm
AVASTRA SLEEP: Creditors Opt to Liquidate Business
BABYCO GROUP: Administrators Receive Strong Interest from Buyers
GREAT SOUTHERN: Court Grants 60-Day Extension to Convening Period
GREAT SOUTHERN: Receivers Start Sale Process for Group's Assets

OPES PRIME: Court Throws Out Creditor's Appeal Against Scheme
PALADIN ENERGY: Plans to Raise Equity Capital
SOLAR SYSTEMS: Goes Into Voluntary Administration


C H I N A

FRANKLIN TOWERS: Records US$2.2-Mil. Net Loss for 1H of 2009
MGM MIRAGE: Macau Gambling Revenue Market Share Up 11% in August
SINO ASSURANCE: Going Concern Uncertainty due to Neg. Cash Flow


H O N G  K O N G

ARTISTE PERFORMANCE: Appoints Chen and Stephen as Liquidators
DRAGON TECHNOLOGY: Placed Under Voluntary Wind-Up
ECLIPSE ENTERTAINMENT: Creditors' Proofs of Debt Due on Oct. 2
MFI RETAIL: Creditors and Contributories to Meet on October 5
PLANET TOYS: Chiong and Yu Step Down as Liquidators

PLANET PETS: Chiong and Yu Step Down as Liquidators
SHINWA PRECISION: Placed Under Voluntary Wind-Up
TIN KING: Member to Receive Wind-Up Report on October 7
VIDGO TRADING: Creditors' Proofs of Debt Due on September 18
WAH KIN: Placed Under Voluntary Wind-Up

WASAKI (FAR EAST): Appoints Seng and Lo as Liquidators


I N D I A

FINE JEWELLERY: CRISIL Cuts Bank Facilities Ratings to 'D/P5'
HILLWOOD FURNITURE: CRISIL Rates Cash Credit Limit at 'BB-'
HILLWOOD IMPORTS: CRISIL Assigns 'BB-' Rating on INR6MM Cash Limit
INDIAN SUGAR: CRISIL Cuts Cash Credit, Term Loan Ratings to 'D'
JET AIRWAYS: 130 Flights Cancelled as Pilots Go on Mass Leave

M M CASTINGS: CRISIL Places 'BB' Rating on INR22.5MM Term Loan
MECORDS INDIA: CRISIL Sets 'D' & 'P5' Ratings on Bank Facilities
NET 4 COMMUNICATION: Delaying Loan Payments; CRISIL Cuts Ratings
ORIENTAL RUBBER: CRISIL Rates INR130.5 Million LT Loan at 'BB+'
RAJA FORGINGS: CRISIL Cuts Bank Facilities Ratings to 'D/P5'

VINOD MEDICAL: CRISIL Assigns 'BB-' and 'P4' for Bank Facilities


J A P A N

GOMA-BOOKS CO: Files for Bankruptcy Protection
LYONDELL CHEMICAL: Proposes Joint Venture With Sumitomo
MITSUBISHI MOTORS: Mulls Buying Stake in Cia. Minera del Pacifico
MOMENTUM CDO: S&P Downgrades Ratings on Various Series to 'D'
NEW CITY RESIDENCE: Creditors May Reject Lone Star Offer

TOSHIBA CORP: May Outsource Some LSI Output to Cut Mfg. Costs
TOSHIBA CORP: Fitch Affirms Low-B Issuer Default Ratings


M A L A Y S I A

ARK RESOURCES: Disposes Entire Stake in ARK Construction
FOUNTAIN VIEW: Classified as Affected Listed Issuer Under PN17
SATANG HOLDINGS: Bursa Extends Plan Filing Deadline to Nov. 26


P A K I S T A N

* Fitch Affirms & Withdraws Ratings on Four Pakistani Banks


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Moody's Reviews 'Ba2' Corp. Family Rating
CHEMPET ENGINEERING: Pays Second and Final Dividend
DIT (SINGAPORE): Creditors' Proofs of Debt Due on September 18
LION CENTRAL: Court Enters Wind-Up Order
MACNAUGHT ASIA: Creditors' Proofs of Debt Due on October 7

NEO INVESTMENT: Creditors and Contributories to Meet on Sept. 23
TRIDEX CONSTRUCTION: Pays First and Final Dividend


T A I W A N

AU OPTRONICS: Books NT$37.71BB Consolidated Revenue in Aug. 2009
BNP PARIBAS: Moody's Withdraws Ratings on Five Classes of Certs.
WAN HAI: Moody's Downgrades Corporate Family Rating to 'Ba3'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


ARENA MANAGEMENT: Creditors Vote to Liquidate Firm
--------------------------------------------------
The Sydney Morning Herald reports that creditors of Arena
Management Pty. Ltd., the company that operates the Sydney
Entertainment Centre, have voted to wind up the company, paving
the way for further investigations into claims the firm traded
while insolvent.

In a meeting of creditors in Sydney on Monday, the report says the
creditors rejected three alternative deed of company arrangements,
including proposals from Arena, the company run by veteran
promoter Kevin Jacobsen.

The Herald notes that the decision means the voluntary
administrator and liquidator, Randall Joubert, now has extra
powers to investigate related-party transactions and allegations
the business traded while insolvent.

The Herald relates that Mr. Joubert, who was appointed voluntary
administrator on July 31, alleged in a report to creditors that
Arena traded while insolvent for as long as nine months.  The
liquidator said he would also take a closer look at related-party
transactions between Arena and Mr. Jacobsen's company, Campbell
Street Theatre, the report says.

                       About Arena Management

Arena Management Pty Ltd. -- http://www.arenamanagement.com.au/--
constructs, designs, manages and operates a range of venues.  The
company operates the Sydney Entertainment Centre.

As reported in the Troubled Company Reporter-Asia Pacific on
August 4, 2009, The Australian Associated Press said Arena
Management Pty Ltd. went into receivership after sustained losses
caused by the economic downturn.

Arena Management said a secured creditor who is owed AU$1.7
million has called in Andrew Wily and David Hurst at Armstrong
Wily Chartered Accountants as receivers and managers of the
company, according to the AAP.


AVASTRA SLEEP: Creditors Opt to Liquidate Business
--------------------------------------------------
Avastra Sleep Centres Limited has been placed in liquidation after
the company's creditors decided at meeting held on September 4 to
wind the company up.

John Sheahan and Ian Lock of Sheahan Lock Partners, Level 2, 234
Georges Street, in Sydney have been appointed as liquidators of
the company, Avastra said in a statement to the Australian
Securities Exchange on September 8.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2009, Avastra Sleep Centres Ltd has gone into voluntary
administration.  The Company appointed John Sheahan and Ian Lock
at Sheahan Lock Partners as administrators.

The TCR-AP cited a report from The Age that Avastra disclosed
earlier this year its updated guidance for its fiscal year ending
on June 30, 2009.  The Company had projected a net loss after tax
of AU$1.3 million to AU$1.8 million, and cash flow from operations
of breakeven to AU$500,000.  This compared to the previous
guidance of a net profit after tax of AU$1 million to AU$1.5
million, and cash flow from operations of AU$3 million to AU$3.5
million.

According to the Age, Avastra said the primary reasons for the
shortfall in net income and cash flow was the unexpected continued
decline in research clinical studies (AU$1 million to AU$1.5
million), the higher than expected losses and shutdown costs of
the 3 sleep centres in Arizona, operating as Complete Sleep
Analysis (AU$0.4 million), and unexpected under-performance in the
northwest and southwest regions (AU$1 million- AU$1.5 million).

Avastra Sleep Centres Limited (ASX:AVS) -- http://www.avastra.com/
-- formerly Avastra Limited, is an Australia-based company engaged
in the operation of sleep diagnostic clinics in the United States
of America.  The Company's business segments comprise: clinical
studies, research studies and medical equipment sales.  The
Company's subsidiaries include AvastraUSA, Inc., Pacific Sleep
Medicine Services, Inc., Sleepwell Partners, LLC, California Sleep
Solutions, LLC, Complete Sleep Analysis, LLC and Avastra Eastern
Sleep Centers, Inc.


BABYCO GROUP: Administrators Receive Strong Interest from Buyers
----------------------------------------------------------------
The voluntary administrators of BabyCo, Deloitte partners Tim
Norman, Sal Algeri and Simon Cathro, said that they have received
strong interest in the sale of the baby nursery furniture and
manchester products retailer.

The administrators highlighted that a sale of the business could
include leasehold of retail sites (in Victoria, New South Wales,
Australian Capital Territory, Queensland & South Australia),
leasehold of warehouse & distribution centers (in Victoria, New
South Wales and Queensland), a design and assembly facility (based
in Victoria), stock and intellectual property.

The administrators also reported that they have been receiving
support from most suppliers and had been able to source new stock
which would help meet some of the backlog of customer orders.

"Customers and employees have been very patient and their
assistance to date has been encouraging.  We are pleased with the
way the business has been operating in recent days," Mr. Norman
said in a statement.

Following an assessment of the initial trading performance of the
BabyCo business and success of the current clearance sales, the
following 11 stores remain open: Rowville (VIC); Preston (VIC);
Highpoint (VIC); Knox (VIC); Wetherill Park (NSW); Newcastle
(NSW); Penrith (NSW); Fyshwick (ACT); Underwood (QLD); Jindalee
(QLD); St Mary's (SA).

A meeting of the creditors of the BabyCo Group (which includes
Swallow Baby Carriages Pty Ltd, Baby Holdings Pty Ltd and
Dynacross Investments Pty Ltd) will be held at the offices of
Deloitte, 550 Bourke Street, Melbourne, Victoria, 3000 on
September 9, 2009 at 2:00 pm.

As reported in the Troubled Company Reporter-Asia Pacific on
September 2, 2009, Deloitte partners Tim Norman, Sal Algeri and
Simon Cathro have been appointed as voluntary administrators of
baby nursery furniture and Manchester products retailer, Swallow
Baby Carriages Pty Ltd and Baby Holdings Pty Ltd, both trading as
BabyCo.

Mr. Norman said the appointment has been brought about by slowing
sales and the competitive nature of the retail industry.

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


GREAT SOUTHERN: Court Grants 60-Day Extension to Convening Period
-----------------------------------------------------------------
The Administrators of Great Southern Limited and entities, Ferrier
Hodgson Partners Martin Jones, Andrew Saker, Darren Weaver and
James Stewart, were granted a further 60-day extension to the
convening period for the second meeting of creditors.

The administrators said in a statement that the extension, which
was granted in the Supreme Court of Western Australia, means the
second meeting of GSL Group creditors must be convened by
November 13 and held no later than November 20, 2009.

Mr. Jones said the extension would allow the administrators
additional time to:

   (a) Complete their financial assessment of the GSL Group;
   (b) Progress potential Deed of Company Arrangement (DOCA)
       proposals; and
   (c) Provide an opportunity for the Receivers to complete
       their MIS viability assessments.

Mr. Jones said a successful DOCA had the potential to produce a
more favorable outcome for unsecured creditors than liquidation.

"The further extension to the convening period is necessary
because of the complexity of Great Southern," Mr. Jones said.  "It
will allow the Receivers time to commence an Expression of
Interest campaign in relation to the recapitalization,
restructuring or sale of the GSL assets.  This has the potential
to provide significantly more benefits to the unsecured creditors
than a straight liquidation."

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


GREAT SOUTHERN: Receivers Start Sale Process for Group's Assets
---------------------------------------------------------------
The Australian Associated Press reports that the receivers of
Great Southern Ltd. have started selling all, or parts, of the
failed agricultural projects operator.

Receiver McGrathNicol on Monday called for interest from third
parties to buy all or part of the company: the land owned by Great
Southern entities and other of its assets, including assets
associated with Great Southern's managed investment schemes, the
AAP said.

According to the AAP, McGrathNicol has also called for expressions
of interest from parties who may be interested in replacing Great
Southern Managers Australia Ltd (GSMAL) as the responsible entity
for all or some of the managed investment schemes, in combination
with the sales process or separately.

The report notes McGrathNicol's Simon Read said the group's
challenges were significant.  "The responsible entity is totally
insolvent, and under current arrangements, there is no way forward
for many of these schemes," the AAP quoted Mr. Read as saying.

Mr. Read said the schemes would probably have to be restructured
because they were largely unviable in their current form, the AAP
relates.  If no alternative responsible entity came forward for a
particular scheme, GSMAL might have to apply to the courts to wind
up that scheme, the report notes.

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


OPES PRIME: Court Throws Out Creditor's Appeal Against Scheme
-------------------------------------------------------------
The Federal Court has thrown out an appeal by a creditor to
overturn a $253 million settlement between Opes Prime and its
clients, according to the Herald Sun.

The report said three Federal Court judges decided to knock back
Robert Fowler's appeal against Justice Ray Finkelstein's earlier
decision to approve the scheme.

The Herald Sun notes that Mr. Fowler had based his appeal on a
clause in the scheme of arrangement agreed to by Opes Prime's
creditors that required them to give up their legal rights to sue
the banks over the collapse.

According to the report, the decision means Opes Prime's
liquidators Ferrier Hodgson can continue paying out the failed
company's creditors at 37 in the dollar, with payments due before
Christmas.

As reported in the Troubled Company Reporter-Asia Pacific on
March 9, 2009, the Australian Securities and Investments
Commission (ASIC) unveiled proposed settlement for Opes Prime
investors.  In a statement released March 6, ASIC said that it
would provide the necessary releases to allow a settlement offer
to be put to Opes Prime investors, which is expected to deliver a
sum of AU$253 million and a return of around 40 cents in the
dollar to creditors of Opes Prime, which includes investors.  The
return is based on the value of potential creditors claims as
at March 27, 2008, when Opes Prime went into administration.  The
settlement offer is subject to both the approval by Opes Prime
creditors and court approval of a creditors scheme of arrangement
giving effect to the offer.  The proposed settlement follows
mediation between ASIC, the ANZ Banking Group Ltd, Merrill Lynch
(International) Australia Pty Ltd and the liquidator of Opes Prime
Stockbroking Limited.  ASIC said major objective in encouraging
the mediation was to recover compensation for investors without
the need for costly litigation and multiple actions.  Under the
terms of the mediated settlement, ASIC has agreed, if the offer is
approved by Opes Prime creditors and the Court, not to pursue
these actions against ANZ and Merrill Lynch, who are parties to
the settlement offer.

For the scheme to succeed, more than 50% of creditors by
number, and at least 75% by value, must vote in favor of
the proposal.

The TCR-AP reported on July 28, 2009, that creditors of Opes Prime
voted in favor of the settlement offer.  The former Opes clients
who participated in the vote, 96% by number and 92% by value --
representing AU$457 million of the outstanding AU$631 million in
claims -- threw their support behind the deal.

                         About Opes Prime

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

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

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

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

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

                          *     *     *

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

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

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited.  According to the Australian Associated
Press, the decision of the creditors will allow the liquidator to
pursue claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

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

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


PALADIN ENERGY: Plans to Raise Equity Capital
---------------------------------------------
Paladin Energy Ltd. said it intends to undertake an institutional
private placement of ordinary shares.  The placement is expected
to be for up to 15% of Paladinís issued capital.

The price and terms of the offering will be determined by Paladin
after an overnight marketing effort to be undertaken by RBC
Capital Markets and UBS AG Australia Branch acting as Global Joint
Lead Placing Agents and Cormark Securities Inc., Dundee Securities
Corporation and GMP Securities L.P. as Co-Managers to the
placement, Paladin said in a statement.

Paladin said the placement will be made pursuant to exemptions
from registration and prospectus requirements under applicable
securities laws and is subject to receipt of all applicable
regulatory approvals, including approval of the Toronto Stock
Exchange.

The company said the funds will be use to:

   -- provide Paladin with the financial capacity to advance
      M&A and inorganic growth opportunities;

   -- progress the Langer Heinrich Stage III project (recently
      approved by the Board);

   -- expand exploration and pre-development programs in
      Australia; and

   -- enhance Paladinís balance sheet flexibility to ensure
      Paladin remains well placed to take advantage of other
      international nuclear industry opportunities as they arise.

                       About Paladin Energy

Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia. Its wholly owned projects
include the Langer Heinrich Uranium Project, which is located in
Namibia, Southern Africa, and hosts surficial, calcrete type
uranium deposit; the Kayelekera Uranium Project, which is
located in northern Malawi, Southern Africa; the Manyingee
Uranium Project, which is located in the north west of Western
Australia, and hosts sandstone deposits, and the Oobagooma
Project, which is located in the West Kimberley region of
Western Australia, and hosts sandstone deposits. Its joint
venture with Quasar Resources Pty Ltd covers two exploration
licenses in the northern Frome Basin in South Australia. During
the fiscal year ended June 30, 2006, it completed resource
drilling programs at Langer Heinrich and Kayelekera Uranium
Projects. As of June 1, 2007, Paladin held an 81.82% interest in
Summit Resources Limited.

                           *     *     *

The company reported net losses of US$36.0 million, US$37.6
million and AU$7.49 million for the years ended June 30, 2008,
2007 and 2006.


SOLAR SYSTEMS: Goes Into Voluntary Administration
-------------------------------------------------
Solar Systems Pty. Ltd. and two of its subsidiaries were placed
into voluntary administration on September 7, 2009.

PricewaterhouseCoopers partners Stephen Longley and David McEvoy
were appointed voluntary administrators of:

   -- Solar Systems Pty Ltd;
   -- Solar Power Stations Australia Pty Ltd; and
   -- Solar Systems Generation Pty Ltd.

The administrators are undertaking an immediate assessment of the
operations and financial position of the companies with a view to
continuing the operations on a reduced scale to restructure and
sell the business as a going concern.

Giles Parkinson at The Australian relates that the companies were
placed in administration just two weeks after 20% stakeholder, the
Victorian power utility TRUenergy, wrote down its entire AU$53
million investment.

The Australian says Solar Systems had received promises of AU$129
million in funding from federal and state governments to build a
AU$420 million solar power station.  However, despite mandating
Morgan Stanley to seek new funds and bring in new strategic or
financial partners, it was unable to attract new finance and
TRUenergy decided to cut its losses, the report states.

The report notes Mr. Longley said staff would be advised of their
future by the end of the week and a meeting of creditors would be
held on September 17.

Based in Melbourne, Australia, Solar Systems Pty Ltd was building
Australia's first large scale solar power station, in the
Victorian regional town of Mildura.


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


FRANKLIN TOWERS: Records US$2.2-Mil. Net Loss for 1H of 2009
------------------------------------------------------------
Franklin Towers Enterprises Inc. has assets of US$13,064,494 as
against total debts of US$14,655,957, all current as of June 30,
2009.

The Company recorded a net loss of US$956,797 on net sales of
US$2,485,527 for three months ended June 30, 2009.  This compares
to a net loss of US$1,593,218 on net sales of US$1,124,478 for the
same period in 2008.

The Company started its test production at the end of June 2007
and commenced its manufacturing operations during the third
quarter of 2007.  The Company has incurred a net loss of
US$2,192,698 for the six months ended June 30, 2009 and has an
accumulated deficit of US$19,883,654 at June 30, 2009.
Substantial portions of the losses are attributable to the common
stock issued for consulting service, amortization of debt
discount, deferred finance costs and beneficial conversion
feature, and accrued interest and penalties in connection with the
default of the Convertible Notes.  The Company had a working
capital deficiency of US$3,440,745 and US$1,780,617 as of June 30,
2009 and December 31, 2008, respectively.  In addition, the
Company's gross margin rate from its current operations was low.
It was 8% for the six months ended June 30, 2009 and 5.2% for the
year ended December 31, 2008.

Furthermore, as of July 12, 2008, the Company was in default on
its Convertible Notes payments due July 12, 2008.  The Notes
provide that, at the option of the holder, an event of default
shall make all sums of principal and interest then remaining
unpaid and all other amounts payable immediately due and payable
upon demand.  As of June 30, 2009, the unpaid convertible notes
payable balance is US$2,792,175; unpaid accrued interest is
US$344,741; and unpaid accrued liquidated damages penalty and
default penalty are US$1,563,056.  The Company is currently
negotiating with investors and seeking ways to resolve the default
issue with all investors.

"These factors raise substantial doubt concerning the Company's
ability to continue as a going concern," Franklin Towers said.

A copy of the Company's Form 10-Q filed with the Securities and
Exchange Commission is available for free at:

       http://researcharchives.com/t/s?444d

Franklin Towers Enterprises, Inc., was incorporated on March 23,
2006 under the laws of the State of Nevada.  On June 19, 2007,
Franklin entered into a Share Purchase Agreement with the
shareholders of Chongqing Qiluo Textile Co. Ltd., a limited
liability company organized under the laws of the People's
Republic of China, whereby Franklin agreed to acquire 100% of the
issued and outstanding registered capital of Qiluo.  Upon
consummation of such purchase, Qiluo became a wholly-owned
subsidiary of Franklin.

After the acquisition, Franklin focused on the production and sale
of silk and silk products.  The Company started its test
production at the end of June 2007 and commenced operations in the
third quarter of 2007.


MGM MIRAGE: Macau Gambling Revenue Market Share Up 11% in August
----------------------------------------------------------------
Alexandra Berzon at The Wall Street Journal reports that MGM
Mirage increased its market share of Macau gambling revenue to 11%
in August 2009, compared to 8% in June 2009.

The Journal quoted MGM Mirage CEO Jim Murren as saying, "We're
feeling better . . . . We underperformed relative to our
potential.  We made a lot of changes."

Mr. Murren, according to The Journal, said that MGM Mirage made
early mistakes by over-estimating Chinese gamblers' interest in
high-end restaurants and hotel rooms.  "We put a lot of money in
public spaces, a beautiful conservatory, and restaurants and rooms
and they haven't embraced that to make it economically viable.
Where we compete best is in the high-end resort experience, but we
could not afford to neglect the fact that, regardless of what we
want, customers are going to do what they want.  That was one of
the philosophical changes we needed to make," the report quoted
Mr. Murren as saying.

Mr. Murren said that MGM Mirage has changed the management team,
stepped up its marketing, and focused on making its casino areas
more appealing to serious gamblers, The Journal states.  The
report states that changes include adjusting menus at restaurants
to accommodate local tastes and moving drinks closer to gamblers.

Headquartered in Las Vegas, Nevada, MGM MIRAGE (NYSE: MGM) --
http://www.mgmmirage.com/-- is a hotel and gaming company.  It
owns and operates 17 properties located in Nevada, Mississippi and
Michigan, and has investments in three other properties in Nevada,
New Jersey and Illinois.

At June 30, 2009, the Company had US$22.4 billion in total assets,
including US$1.07 billion in total current assets; US$1.23 billion
in total current liabilities, US$3.58 billion in deferred income
taxes, US$12.3 billion in long-term debt, US$186.7 million in
other long-term obligations; and US$5.04 billion in stockholders'
equity.

                           *     *     *

As reported by the TCR on September 1, 2009, Standard & Poor's
Ratings Services assigned its issue-level and recovery ratings to
Las Vegas-based MGM MIRAGE's proposed up to US$500 million senior
unsecured notes due 2016.  The notes were rated 'CCC+' (at the
same level as the corporate credit rating on the company) with a
recovery rating of '4', indicating S&P's expectation of average
(30%-50%) recovery for noteholders in the event of a payment
default.  At the same time, S&P affirmed all of its existing
ratings on MGM MIRAGE, including the 'CCC+' corporate credit
rating.  The rating outlook is developing.


SINO ASSURANCE: Going Concern Uncertainty due to Neg. Cash Flow
---------------------------------------------------------------
Sino Assurance Inc. recorded net income of US$168,152 on net
revenue of US$928,447,000 for three months ended June 30, 2009,
compared with a net income of US$276,952 on net revenue of
US$923,633 for the same period in 2008.

The Company had total assets of US$5,368,229 against total debts
of US$2,346,048, all current.

As of June 30, 2009, the Company has a negative operating cash
flow of US$86,469 with the accumulated deficits of US$224,865.
"These factors raise substantial doubt regarding the Company's
ability to continue as a going concern.  The continuation of the
Company as a going concern is dependent upon the continued
financial support from its stockholders, the ability to obtain
necessary additional financing to sustain operations and the
attainment of profitable operations," the Company said in its Form
10-Q submitted to the U.S. Securities and Exchange Commission.

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

            http://researcharchives.com/t/s?4447

Sino Assurance Inc. was incorporated in the State of Delaware on
August 19, 1997 as Sheffield Products, Inc. On November 30, 2004,
the Company changed its name to "Digital Network Alliance
International, Inc." On November 20, 2008, the Company further
changed its current name to "Sino Assurance Inc."

The Company, through its subsidiaries and variable interest
entity, is principally engaged in the provision of surety and
tendering guarantees service to corporations and individuals in
the People's Republic of China.


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


ARTISTE PERFORMANCE: Appoints Chen and Stephen as Liquidators
-------------------------------------------------------------
On August 21, 2009, the creditors of Artiste Performance Platform
Limited appointed Chen Yung Ngai Kenneth and Wong Tak Man Stephen
as the company's liquidators.

The Liquidators can be reached at:

          Chen Yung Ngai Kenneth
          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


DRAGON TECHNOLOGY: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on August 1, 2009, the
members of Dragon Technology Distribution Company Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

          Chu Kam Chiu
          Pottinger Street
          Room 804, 8th Floor
          Central, Hong Kong


ECLIPSE ENTERTAINMENT: Creditors' Proofs of Debt Due on Oct. 2
--------------------------------------------------------------
The creditors of Eclipse Entertainment Limited are required to
file their proofs of debt by October 2, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

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


MFI RETAIL: Creditors and Contributories to Meet on October 5
-------------------------------------------------------------
The creditors and contributories of MF Retail Asia Limited will
hold their final meeting on October 5, 2009, at 10:00 a.m., at the
office of Ferrier Hodgson Limited, 14th Floor of The Hong Kong
Club Building, 3A Chater Road, in Central, Hong Kong.

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


PLANET TOYS: Chiong and Yu Step Down as Liquidators
---------------------------------------------------
On July 22, 2009, Desmond Chung Seng Chiong and Fok Hei Yu stepped
down as liquidators of Planet Toys (HK) Limited.


PLANET PETS: Chiong and Yu Step Down as Liquidators
---------------------------------------------------
On July 22, 2009, Desmond Chung Seng Chiong and Fok Hei Yu stepped
down as liquidators of Planet Pets (HK) Limited.


SHINWA PRECISION: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on August 31, 2009, the
members of Shinwa Precision Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

          Leung Hok Lim
          Leong Ting Kwok David
          Citicorp Centre, 26th Floor
          18 Whitfield Road, Causeway Bay
          Hong Kong


TIN KING: Member to Receive Wind-Up Report on October 7
-------------------------------------------------------
The member of Tin King Hong Limited will receive on October 7,
2009, at 11:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Room 1801-05 of Hua Qin International
Building, 340 Queen's Road in Central, Hong Kong.


VIDGO TRADING: Creditors' Proofs of Debt Due on September 18
------------------------------------------------------------
The creditors of Vidgo Trading (HK) Company Limited are required
to file their proofs of debt by September 18, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Lau Siu Hung
          Wing Yee Commercial Building, 2nd Floor
          5 Wing Kut Street
          Central, Hong Kong


WAH KIN: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on August 7, 2009, the
members of Wah Kin Metal Products Manufacturing Company Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Vincent Yu
          Lap Fai Building
          Room 804, 8th Floor
          6-8 Pottinger Stree
          Central, Hong Kong


WASAKI (FAR EAST): Appoints Seng and Lo as Liquidators
------------------------------------------------------
On August 21, 2009, a special resolution was passed appointing
Natalia K M Seng and Susan Y H Lo as the liquidators of Wasaki
(Far East) Investments Limited.

The Liquidators can be reached at:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


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


FINE JEWELLERY: CRISIL Cuts Bank Facilities Ratings to 'D/P5'
-------------------------------------------------------------
CRISIL has downgraded its ratings on Fine Jewellery Manufacturing
Ltd's bank facilities to 'D/P5' from 'BB/Negative/P4', as the
company has been delaying payment of its term loan installments.
The downgrade also reflects FJML's stretched liquidity because of
significant delays in realization of receivables from its overseas
customers.

     Facilities                          Ratings
     ----------                          -------
     INR76.0 Million Long Term Loan      D (Downgraded from
                                            'BB/Negative')
     INR24.0 Million Proposed Long-Term
        Bank Facility                    D (Downgraded from
                                            'BB/Negative')

     INR260.5 Million Packing Credit     P5 (Downgraded from 'P4')

     INR209.5 Million Post-Shipment
        Credit                           P5 (Downgraded from 'P4')

     INR100.0 Million Bank Guarantee     P5 (Downgraded from 'P4')

FJML, promoted by Mr. Premkumar Kothari, manufactures diamond-
studded gold/platinum jewellery exclusively for the export
markets.  FJML is part of the Fine Jewellery group.  Established
in 1987, FJML was among the first six companies to set up a
jewellery unit in the Santacruz Electronics Export Processing
Zone, Mumbai.  In 2001, the Fine Jewellery group incorporated FJML
to cater to the export market.  In April 2005, FJML commenced
operations at its manufacturing facility, also located in SEEPZ.


HILLWOOD FURNITURE: CRISIL Rates Cash Credit Limit at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Hillwood Furniture Pvt. Ltd., part of the Hillwood
group.

   Facilities                                Ratings
   ----------                                -------
   INR15.00 Million Cash Credit Limit        BB-/Stable (Assigned)
   INR10.00 Million Export Packing Credit    P4 (Assigned)
                     Limit
   INR100.00 Million Letter of Credit Limit  P4 (Assigned)
   INR5.00 Million Bank Guarantee Limit      P4 (Assigned)

The ratings reflect the Hillwood group's below-average financial
risk profile, small scale of operations, and susceptibility of its
margins to intense competition in the timber industry.  The impact
of the rating weaknesses is mitigated by the extensive experience
of the group's promoters in the timber trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hillwood Furniture and Hillwood Imports
and Exports Pvt. Ltd., together referred to as the Hillwood group;
this is because both the companies have common promoters, are in
the similar lines of business, and have fungible funds.

Outlook: Stable

CRISIL believes that the Hillwood group will maintain its stable
credit risk profile over the medium term, supported by its
promoters' experience in the timber-trading business. The outlook
may be revised to 'Positive' if the group's financial risk profile
improves significantly, supported by the increase in its scale of
operations. Conversely, the outlook may be revised to 'Negative'
in case the Hillwood group's financial risk profile deteriorates
as a result of large, debt-funded capital expenditure or decline
in margins.

                          About the Group

Set up in 2001, the Hillwood group trades in timber logs and
processed timber.  The group imports most of its raw materials
from Singapore and Burma.  The group exports 20 per cent of its
timber to Dubai and Singapore, and the remainder to local
customers through a network of 150 dealers across Kerala,
Karnataka and Tamilnadu.

The Hillwood group posted a loss of INR4.8 million on net sales of
INR519.7 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR5.5 million on net
sales of INR428.3 million for 2007-08.


HILLWOOD IMPORTS: CRISIL Assigns 'BB-' Rating on INR6MM Cash Limit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Hillwood Imports & Exports Pvt. Ltd., part of the
Hillwood group.

   Facilities                                Ratings
   ----------                                -------
   INR6.00 Million Cash Credit Limit         BB-/Stable (Assigned)
   INR1.00 Million Standby Line of Credit    P4 (Assigned)
                    Limit
   INR2.50 Million Bills Discounting Limit   P4 (Assigned)
   INR90.00 Million Letter of Credit Limit   P4 (Assigned)

The ratings reflect the Hillwood group's below-average financial
risk profile, small scale of operations, and susceptibility of its
margins to intense competition in the timber industry.  The impact
of the rating weaknesses is mitigated by the extensive experience
of the group's promoters in the timber trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hillwood Imports, and Hillwood
Furniture Pvt. Ltd., together referred to as the Hillwood group;
this is because both the companies have common promoters, are in
the similar lines of business, and have fungible funds.

Outlook: Stable

CRISIL believes that the Hillwood group will maintain its stable
credit risk profile over the medium term, supported by its
promoters' experience in the timber-trading business.  The outlook
may be revised to 'Positive' if the group's financial risk profile
improves significantly, supported by the increase in its scale of
operations.  Conversely, the outlook may be revised to 'Negative'
in case the Hillwood group's financial risk profile deteriorates
as a result of large, debt-funded capital expenditure or decline
in margins.

                          About the Group

Set up in 2001, the Hillwood group trades in timber logs and
processed timber.  The group imports most of its raw materials
from Singapore and Burma.  The group exports 20 per cent of timber
to Dubai and Singapore, and the remainder to local customers
through a network of 150 dealers across Kerala, Karnataka and
Tamilnadu.

The Hillwood group posted a loss of INR4.8 million on net sales of
INR519.7 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR5.5 million on net
sales of INR428.3 million for 2007-08.


INDIAN SUGAR: CRISIL Cuts Cash Credit, Term Loan Ratings to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on Indian Sugar Manufacturing Co.
Ltd.'s bank loan facilities to 'D' from 'B-/Stable'.  The
downgrade has been driven by delays by Indian Sugar in servicing
interest obligations owing to stretched liquidity.

     Facilities                        Ratings
     ----------                        -------
     INR140.00 Million Cash Credit     D (Downgraded from
                                         B-/Stable)

     INR386.20 Million Term Loan       D (Downgraded from
                                         B-/Stable)

Incorporated in 2000, Indian Sugar was acquired by the current
promoters in 2006-07 (refers to financial year, April 1 to
March 31).  The company is setting up a 2500-tonnes-crushed-per-
day (tcd) plant, and a bagasse-based 9 mega watt (MW) co-
generation power plant at Havinal (Karnataka).  The commissioning
of the sugar plant has been delayed by about 10 months; trial
production is now expected to commence in October 2009.  The delay
has resulted in escalation of project cost to INR720 million from
INR515 million, and is expected to be funded at a debt-to-equity
ratio of 3:1.


JET AIRWAYS: 130 Flights Cancelled as Pilots Go on Mass Leave
-------------------------------------------------------------
Jet Airways (India) Ltd. canceled at least 130 flights Tuesday
after a large chunk of pilots failed to report for work as a
protest against the termination of two pilots, The Times of India
reports.

The Times relates that Jet Airways said in a press statement that
a section of the pilots have resorted to a "simulated strike by
reporting sick".

"This organized activity is a planned sabotage of operations that
will damage the airline's operations and inconvenience the
travelling public," the statement stated.

Jet Airways chairman Naresh Goyal met civil aviation secretary
Madhavan Nambiar on Tuesday morning for about half-an-hour and is
understood to have discussed the situation, according to the
Times.

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

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

The conciliatory proceedings between Jet Airways its employees
union before the Regional Labour Commissioner over the sacking of
two pilots by the air carrier's management has been adjourned to
September 14.

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

                           *     *     *

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


M M CASTINGS: CRISIL Places 'BB' Rating on INR22.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of M M Castings Pvt. Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR35.0 Million Cash Credit               BB/Stable (Assigned)
   INR10.0 Million Stand By Line of Credit   BB/Stable (Assigned)
   INR22.5 Million Term Loan^                BB/Stable (Assigned)
   INR30.0 Million Export Packing Credit     P4 (Assigned)
   INR12.5 Million Letter of Credit*         P4 (Assigned)

   ^ including proposed limit of INR 8.5 Million.
   * Fully interchangeable with Bank Guarantee

The ratings reflect MM Castings weak financial risk profile and
small scale of operations in the casting industry.  These
weaknesses are, however, partially offset by MM Castings
established customer base and improving operating efficiencies.

Outlook: Stable

CRISIL expects MM Castings to maintain stable business and
financial risk profiles over the medium term backed by an
established customer base and improving operating margins.  The
outlook may be revised to 'Positive' if the company's topline
improves more than expected, or if substantial equity infusions
strengthen its capital structure.  Conversely, large, debt-funded
capital expenditure or pressure on operating margins may drive a
revision in outlook to 'Negative'.

                        About M M Castings

Incorporated in 1994, MMCPL is engaged in the casting of
components for the stone-crushing and mining industries.  The
company's plant at Faridabad (Haryana), has a capacity of 500
tonnes per month (tpm).  Its customer base includes OEMs and end-
users of stone-crushing equipment.  Exports contributed more than
30 per cent to the company's revenues in 2008-09 (refers to
financial year, April 1 to March 31).

MM Castings reported a profit after tax (PAT) of INR13 million on
net sales of INR322 million for 2008-09, as against a PAT of INR6
million on net sales of INR213 million for 2007-08.


MECORDS INDIA: CRISIL Sets 'D' & 'P5' Ratings on Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Mecords India Ltd., as the company has been delaying the payment
of its term loan installments.  The delays have been caused by
weak liquidity.

     Facilities                          Ratings
     ----------                          -------
     INR155.2 Million Cash Credit        D (Assigned)
     INR39.8 Million Letter of Credit    P5 (Assigned)
     INR2.50 Million Bank Guarantee      P5 (Assigned)

Set up in 1994 by the Mehta family, MIL (formerly Mehta Cords Pvt.
Ltd.) manufactures chafer, liner, filter, and other industrial
fabrics, which are used mainly in the tyre industry. MIL's unit,
located in Tarapur (Maharashtra), has a capacity to manufacture
about 1600 tonnes of industrial fabrics per annum.

MIL reported a profit after tax (PAT) of INR17.2 million on net
sales of INR388.9 million for 2007-08 (refers to financial year,
October 1 to September 30), against a PAT of INR20.7 million on
net sales of INR374.9 million for 2006-07.


NET 4 COMMUNICATION: Delaying Loan Payments; CRISIL Cuts Ratings
----------------------------------------------------------------
CRISIL has downgraded its ratings on the term loans and bank
facilities of Net 4 Communications Ltd. to 'D/P5' from
'BBB+/Stable/P2', as CRISIL has learned that N4C has been
continuously delaying its term loan repayments to United Bank of
India over the past few months.  This is contrary to the periodic
undertakings given by the N4C management to CRISIL over the last
year that N4C was servicing all its maturing debt obligations in a
timely manner.  It is now clear that the N4C management repeatedly
misrepresented facts to CRISIL.  N4C has been delaying its
repayments in spite of its good operational performance, both on
accrual and cash basis.

     Facilities                         Ratings
     ----------                         -------
     INR90.00 Million Cash Credit       D (Downgraded from
                                           BBB+/Stable)
     INR80.00 Million Term Loan         D (Downgraded from
                                           BBB+/Stable)
     INR60.00 Million Letter of Credit  P5 (Downgraded from P2)
     INR40.00 Million Bank Guarantee    P5 (Downgraded from P2)

CRISIL has combined the financial risk profiles of Net 4 India
Ltd. and N4I's wholly owned subsidiary, N4C -- the Net 4 group.
This is because the two companies have strong mutual operational
linkages, and are under a common management.

Founded in 1999 by Amarjit Singh Sawhney and his son, Jasjit S.
Sawhney, the Net 4 group is a service provider of Internet
protocol communications.  It has its head-office at Noida and
business offices in 11 locations in India.  The group offers
domain registration, web hosting, voice over Internet protocol,
and network integration services.  The Net4 group has applied for
international long distance, and national long distance, licenses.
It has cleared all sub-approvals from various agencies and is now
awaiting final approval from the Department of Telecommunications.
N4C, part of the Net 4 group, has its registered office in
Kolkata, and provides hardware and internet services.

The Net 4 group reported a profit after tax (PAT) of INR89.3
million on net sales of INR1601.9 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR94.8
million on net sales of INR1351.6 million for 2007-08.


ORIENTAL RUBBER: CRISIL Rates INR130.5 Million LT Loan at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Oriental Rubber Industries Ltd.

   Facilities                           Ratings
   ----------                            -------
   INR130.5 Million Long-Term Loan       BB+/Stable (Assigned)
   INR100.0 Million Cash Credit          BB+/Stable (Assigned)
   INR280.0 Million Bills Discounting    P4 (Assigned)
   INR100.0 Million Packing Credit       P4 (Assigned)
   INR405.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect ORIL's weak capital structure and
vulnerability to downturns in the engineering and capital goods
industry.  The impact of these rating weaknesses is mitigated by
ORIL's established presence in the rubber conveyor belts industry,
the healthy growth in its revenue, and its stable margins.

Outlook: Stable

CRISIL believes that ORIL will maintain a stable business risk
profile, backed by the extensive experience of its promoters in
the conveyer belts industry and its diversified customer profile.
The outlook may be revised to 'Positive' in case of an improvement
in the company's capital structure.  Conversely, the outlook may
be revised to 'Negative' if ORIL takes on large debt to fund its
capital expenditure or working capital requirements, leading to
deterioration in its financial risk profile.

                       About Oriental Rubber

Incorporated in 1949, ORIL manufactures rubber conveyor belts and
rubber sheets. The company is promoted by the Makar family, and is
currently managed by Mr. Vijeynand Makar and his two sons, Mr.
Vikram Makar and Mr. Vishal Makar.  The company has manufacturing
facilities at Koregaon and Karandi, near Pune. ORIL's wide range
of belts caters to requirements of material handling in the
movement of loose bulk material.  The belts are used in various
industries such as steel, capital goods, power, and cement.

For 2008-09 (refers to financial year, April 1 to March 31),
ORIL's profit after tax (PAT) is estimated at INR81 million on net
sales of INR1571 million; the company reported a PAT of INR65
million on net sales of INR1224 million for 2007-08.


RAJA FORGINGS: CRISIL Cuts Bank Facilities Ratings to 'D/P5'
------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Raja Forgings & Gears Ltd.  The ratings reflect default by RFGL
in its repayment of term loan obligations, owing to weak
liquidity.

     Facilities                             Ratings
     ----------                             -------
     INR231.4 Million Cash Credit Limit     D (Assigned)
     INR102.0 Million Working Capital
        Demand Loan                         D (Assigned)
     INR155.0 Million Term Loan             D (Assigned)
     INR55.1 Million Proposed
        Long Term Bank Loan Facility        D (Assigned)
     INR1.5 Million Letter of Credit        P5 (Assigned)

RFGL, set up by Mr. S P Goyal in 1979, manufactures transmission
gears, shafts, wheels, and pinions for the automotive industry.
It has facilities at Baddi and Panchkula (Himachal Pradesh) for
the manufacture of gears and forgings, respectively.  RFGL
reported a profit after tax (PAT) of INR15 million on net sales of
INR442 million for 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of INR3 million on net sales of INR431
million for 2006-07.


VINOD MEDICAL: CRISIL Assigns 'BB-' and 'P4' for Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Vinod Medical Systems Pvt. Ltd.  The ratings reflect
VMS's moderate financial risk profile, marked by low net worth and
weak debt protection measures.  However, these weaknesses are
partially offset by VMS's established presence with strong
relationships with its principals in the photographic rolls and
x-ray film segment.

     Facilities                           Ratings
     ----------                           -------
     INR100.0 Million Cash Credit         BB-/Stable (Assigned)
     INR25.0 Million Proposed
        Long Term Bank Loan Facility      BB-/Stable (Assigned)
     INR25.0 Million Letter of Credit     P4 (Assigned)
     INR5.0 Million Bank Guarantee        P4 (Assigned)

CRISIL believes that VMS's financial risk profile will remain
weak, constrained by low net worth and interest coverage.  The
outlook may be revised to 'Positive' if the company scales up its
operations with sustained improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if the
company takes on large debt to fund its capital expenditure or
working capital requirements, leading to further deterioration in
its financial risk profile.

Set up as a partnership firm in 1988, by Sunil Rathi and Vinod
Jaisinghani, VMS (formerly, Vinod Agencies) converted to a private
limited company in 1994.  It trades in Agfa medical x-ray film and
related equipment, photographic products from Kodak, and hospital
furniture from Janak Healthcare.  VMS reported a profit after tax
(PAT) of INR2.3 million on net sales of INR563 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.4 million on net sales of INR473 million for 2006-07.


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


GOMA-BOOKS CO: Files for Bankruptcy Protection
----------------------------------------------
Goma-Books Co. has filed for bankruptcy protection under the civil
rehabilitation law with the Tokyo District Court and was granted
protection from creditors, The Japan Times reports.

The report, citing financial data service company Teikoku Databank
Ltd., says the Tokyo-based publisher has debts of around
JPY3.82 billion.

According to the report, sources said the publisher fell into
capital deficit as the popularity of novels readable on mobile
phones declined and its sales of new publications peaked.

Established in 1988, Goma-Books Co. is mostly known for publishing
electronic novels for mobile phones and books on celebrities.


LYONDELL CHEMICAL: Proposes Joint Venture With Sumitomo
-------------------------------------------------------
Lyondell Chemical Company and its debtor affiliates ask the
Bankruptcy Court to authorize Lyondell Centennial Corporation, a
non-debtor affiliate, to enter into an agreement with Sumitomo
Chemical Company, Ltd., to form a joint venture known as NOC Asia.

Starting more than 30 years before the Petition Date, Lyondell
Chemical and Sumitomo have maintained a long-running and
successful business partnership through a Nihon Oxirane joint
venture.  NOC has been marketing and selling propylene oxide and
propylene glycol throughout Asia.  To further reinforce
operations of their Asian PO and PG business, Lyondell Chemical
and Sumitomo engaged in extensive negotiations regarding the
formation of an additional joint venture to bolster their PO and
PG business in the region.  Specifically, under the JV Agreement,
Lyondell Centennial and Sumitomo seek to form NOCA to serve as a
multi-national ASIAN PO and PG business management and marketing
company with its headquarters in Hong Kong.  Sumitomo and
Lyondell Centennial intend to capitalize the joint venture
initially with $2.5 million, with Sumitomo contributing
$1.5 million and Lyondell Centennial contributing $1 million.  Of
the total capitalization, $500,000 will be for the creation of IT
infrastructure support for the NOCA.  The $500,000 amount is
expected to be reimbursed by the NOCA to Lyondell Centennial
shortly after start-up.

Christopher R. Mirick, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, notes that the transactions contemplated in the
JV Motion are consistent with the ordinary course of Lyondell
Chemical's longstanding business relationship with Sumitomo.
Indeed, the Debtors' DIP Term Loan Facility allows non-Debtor
subsidiaries to make certain investments in an aggregate amount
not exceeding $25 million and that Lyondell Centennial's
$1 million contribution will not violate the aggregate limit, he
cites.  However, to alleviate any concerns regarding whether
Lyondell Centennial can consummate the transactions, and to
demonstrate Lyondell Chemical's commitment to its longstanding
business relationship with Sumitomo, Lyondell Chemical and
Sumitomo have agreed that Lyondell Centennial will obtain Court
authority to enter into the JV Agreement, he discloses.

Mr. Mirick stresses that it is essential to Lyondell Chemical's
Asian operations to maintain and enhance its PO and PG joint
venture with Sumitomo.  Lyondell Centennial's entry into the JV
Agreement with Sumitomo will allow Lyondell Chemical and Sumitomo
to continue their strategic and profitable relationship
consistent with Lyondell Chemical's business plans, he maintains.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


MITSUBISHI MOTORS: Mulls Buying Stake in Cia. Minera del Pacifico
-----------------------------------------------------------------
Bloomberg News, citing a La Tercera report, said Mitsubishi Corp.
has hired Citigroup Inc. to evaluate a possible purchase of stake
in a Chilean iron-ore producer.

According to Bloomberg, the Santiago-based newspaper said
Mitsubishi wants to buy part of Cia. Minera del Pacifico, the unit
of Chilean steelmaker Cap SA known as CMP, to gain Japanese tax
breaks for companies that invest in foreign raw- materials
producers.

The newspaper, as cited by Bloomberg, said Mitsubishi, which
already owns 10% of Cap and 50% of CMPís Cia. Minera Huasco iron-
ore unit, may reach an accord with Cap by December.

                       Thailand Production

Bloomberg News reported that Mitsubishi Motors Corp. plans to
increase production of sport-utility vehicles at a plant in
Thailand.  Company spokesman Yuuki Murata said the carmaker plans
to add a shift at the plant, according Bloomberg.

           Cooperative Agreement with PSA Peugeot Citroen

Mitsubishi Motors has signed a cooperative agreement with PSA
Peugeot Citroen that signifies a new step in their partnership on
electric vehicles (EV).

The main points of this cooperative agreement are:

   * The development of an EV for the European market based on
     MMC's Japanese i-MiEV*1 model

   * The vehicle is to be sold in Europe, with both Peugeot and
     Citroen versions

   * Production is planned to commence in October 2010 for
     commercial launch in the European market by the end of 2010.

Mitsubishi first launched the new-generation EV i-MiEV in Japan in
June, and will begin global sales of the right-hand drive vehicle
this year.  Mitsubishi has plans to expand rollout of the i-MiEV
in left-hand drive markets in fiscal year 2010.

                       About Mitsubishi Motors

Based in Japan, Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.co.jp/-- manufactures automobile.
The Company, along with its subsidiaries and associated companies,
is engaged in the development, production, purchase, sale, import
and export of general and small-sized passenger vehicles, mini-
vehicles, sport utility vehicles (SUVs), vans, trucks and
automobile parts, as well as industrial machines.  It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 19, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'B+' long-term corporate
credit rating on Mitsubishi Motors Corp., reflecting the increased
likelihood, in S&P's view, of a prolonged deterioration in the
company's financial performance.  Amid the ongoing turbulence in
global auto markets, Mitsubishi Motors' financial performance has
sharply worsened.  This is due in large part to anemic sales in
certain areas, such as Russia, that had contributed materially to
the company's earnings over the past few years.  At the same time,
Standard & Poor's affirmed its long-term corporate credit and
'BB-' senior unsecured debt ratings on Mitsubishi Motors.


MOMENTUM CDO: S&P Downgrades Ratings on Various Series to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
ratings on Momentum CDO (Europe) Ltd.'s series 2006-20 and series
2006-21 credit-linked secured notes.  The series 2006-20 and
series 2006-21 transactions are arbitrage synthetic collateral
debt obligation transactions.  S&P lowered its ratings on the
aforementioned notes to 'D' because the amounts of accumulated
losses for both transactions have exceeded their loss threshold
amounts.

                          Ratings Lowered

                    Momentum CDO (Europe) Ltd.
         Floating-rate credit-linked notes series 2006-20

                      To   From   Issue Amount
                      --   ----   ------------
                      D    CCC-   JPY1.0 bil.

            SONATA 4 floating rate notes series 2006-21

                      To   From   Issue Amount
                      --   ----   ------------
                      D    CCC-   $20.0 mil.


NEW CITY RESIDENCE: Creditors May Reject Lone Star Offer
--------------------------------------------------------
The Financial Times reports that Lone Starís bid to acquire New
City Residence Investment Corp. appears likely to fail today,
September 9, when creditors meet for a second time to vote on the
US hedge fundís proposal.

Citing a person familiar with the matter, the FT relates that
creditors to New City intend to vote down Lone Starís new
rehabilitation plan, in spite of an improvement in the conditions
offered by the US private equity firm.

The Troubled Company Reporter-Asia Pacific reported on August 11,
2009, that creditors are scheduled to consider a revised offer
from Lone Star Funds, which is the court-appointed receiver, by
Sept. 9 after an initial plan was rejected in July.  Lone Star's
plan would take New City private and aim to re-list the trust
within five years.

As reported in the TCR-AP on April 9, 2009, Lone Star beat Daiwa
House Industry Co., Oaktree Capital Management LP and other
investors in a bid to acquire New City Residence Investment Corp.
Bloomberg News, citing three people with knowledge of the
transaction, said the deal would total about US$1.2 billion
including debt.

                     About New City Residence

Japan-based New City Residence Investment Corporation is a real
estate investment trust.  The company owns more than 6,700
apartments in Japan.

                           *     *     *

New City Residence Investment Corp. filed for bankruptcy on
Oct. 9, 2008, with JPY112.4 billion of debt attributing its
failure to difficulties in raising funds and selling properties
because of the global financial crisis.

New City has submitted a rehabilitation plan to the Tokyo district
court, under which it will sell shares in a private-placement to
Lone Star in November 2008.


TOSHIBA CORP: May Outsource Some LSI Output to Cut Mfg. Costs
-------------------------------------------------------------
Bloomberg News reports that Toshiba Corp. may contract out the
production of large-scale integrated circuits to cut manufacturing
costs.

Citing a report from the Nikkei newspaper, Bloomberg said the
company may give orders to Chartered Semiconductor Manufacturing
Ltd. of Singapore or Globalfoundries of the U.S.

"We are considering outsourcing any system LSI output that exceeds
our production capacity, but nothing has been decided at the
moment," Bloomberg cited Toshiba in a statement to the Tokyo Stock
Exchange on Monday.

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.

The TCR-AP reported on Aug. 13, 2009, that Fitch Ratings affirmed
the FC and LC IDRs of Toshiba Corporation:

   -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
      Outlook assigned;

   -- Short-term FC and LC IDRs affirmed at 'B'; and

   -- Senior unsecured notes affirmed at 'BB'.



TOSHIBA CORP: Fitch Affirms Low-B Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has downgraded the Long-term foreign currency and
local currency Issuer Default Ratings of Hitachi, Ltd., Panasonic
Corporation, and Sharp Corporation.  At the same time, the agency
has affirmed the FC and LC IDRs of NEC Corporation, Sony
Corporation, and Toshiba Corporation.  With the exception of
Panasonic, the rating Outlook for all 6 companies is Negative.
Panasonic's long-term FC/LC IDRs and issue ratings remain on
Rating Watch Negative.  Full details of the ratings actions for
these issuers, and the rationale for all actions are given below.

The rating actions are subsequent to negative actions taken on all
six Japanese companies on March 11 2009, and reflect Fitch's view
that the operating environment for these Japanese exporters
continued to deteriorate during the first quarter of FY09 ending
June 30, 2009.  Across these six companies, Q1FY2009 revenues
declined, on average, by 21.6% yoy and 9.5% qoq, with all
companies continuing to report negative revenue growth compared to
the same period 12 months ago.  Cost cutting measures were largely
responsible for the average EBITDA margin improving to 3.8% in
Q1FY2009, compared with negative 0.53% in Q4FY2008.  However Fitch
remains concerned that Q1FY2009's operating income remained
negative for all six companies, and EBITDA margins remained well
below the average 7.9% recorded in the same period 12 months
prior.

While Fitch has affirmed the ratings of NEC, Sony and Toshiba, the
negative outlooks or RWN assigned in all six cases reflect the
agency's concern over the timing of a sustainable recovery in
demand, and accordingly, the potential for further rating
downgrades should ongoing quarterly results reveal that operating
and credit metrics have deteriorated further.  Although certain
global economic indicators may have turned positive based on a
quarterly comparison of Q2, Fitch notes that most global
indicators including GDP, housing prices, and employment continue
to decline on a yoy basis.  The agency believes the world economic
outlook for the remainder of 2009 and 2010 will be characterized
by below-trend growth in most advanced economies that begin to
recover.

"Ongoing slow end-user demand for consumer electronics products,
such as TVs, digital cameras, and high definition DVD players, in
developed markets indicate that it would be premature to conclude
that these Japanese companies are set to embark on a sustainable
recovery track," notes Matt Jamieson, Senior Director and Head of
Fitch's Asia Pacific Telecommunications, Media and Technology
team.  "Moreover, operating profits remain negative despite cost
reductions, exchange rates continue to favor the Korean exporters
who are taking a greater share of the reduced level of demand, and
both the timing and potential to which demand and profit margins
could rebound for these Japanese names over the next 12-24 months
remain highly uncertain," adds Mr. Jamieson.

As current and future cost reductions are unlikely to materially
offset the impact of collapsing demand, the agency expects free
cash flow generation and financial leverage for all six Japanese
companies to deteriorate during FY2009.  The agency defines FCF as
cash flow from operating activities minus the sum of capital
expenditure, purchase of rental assets and dividends payments.
Further negative rating actions could be triggered by ongoing
negative FCF generation resulting from continuing weak
profitability, higher capex or larger dividend payouts.

Panasonic Corporation:

  -- Long-term FC and LC IDRs downgraded to 'A' from 'A+'; RWN
     maintained;

  -- Short-term FC and LC IDRs of 'F1' placed on RWN;

  -- LC senior unsecured notes downgraded to 'A' from 'A+', RWN
     maintained.

The downgrade of Panasonic's ratings reflect its weak operating
and financial performance in recent quarters as well as Fitch's
expectation that its credit metrics for the fiscal year ending
March 31, 2010, are unlikely to be stronger than the previous
fiscal year, despite an improvement during Q1FY09.  In addition to
a 25.9% yoy sales drop, Panasonic's EBITDA margin in Q1FY09
declined to 2.3% from 5.6% in FY08, although improving from
negative figures in the prior quarter.  Its total adjusted debt
surpassed cash and cash equivalents at the end of FY09 in
consequence of negative free cash flow exceeding JPY500 billion
and additions in borrowings.  Lower profitability also caused its
financial leverage ratio in terms of net adjusted debt over
EBITDAR to rise to 0.1x for FY08 (FY07: -0.6x), and the agency
anticipates that this could further increase in FY09 under limited
improvement in business conditions.

While the decline in Panasonic's profit margin partly reflects its
response to demand shifting to emerging markets and lower priced
products, the company's revenue growth rate has generally been
lower than other major consumer electronic vendors in Japan and
Korea since FY06, despite nearly half of its revenue being
generated overseas.  Panasonic's underperformance could be
attributed to the ability of Korean and Taiwanese peers in
improving their competitiveness in terms of value creation and
market penetration.

Panasonic's ratings remain on RWN in view of its proposed capital
and business alliance with SANYO Electric Co., Ltd. , under which
the latter will become a subsidiary.  The RWN will be resolved by
an assessment of the potential consolidation synergies and likely
financial impact on Panasonic once all necessary regulatory
approvals and acquisition details are confirmed.  The extent of a
negative action on the IDRs (if any) will depend, among other
factors, on the acquisition cost and the transaction structure.

Separately the agency will further consider a negative rating
action on Panasonic should its upcoming quarterly results reveal a
trend of heightening business and financial risks, such as any
material loss of industry competitiveness resulting in a
meaningful decrease in its product market share, or if Fitch
expects its net adjusted debt/EBITDAR leverage ratio to likely be
sustained above 1.25x at end FY09 as a result of weak
profitability or additional borrowings.  Conversely, a positive
rating action may result if Fitch expects Panasonic's net adjusted
leverage to fall below 0.5x on a sustained annual basis, or if
evidence of a sustainable pick-up in product pricing and demand
emerges, driving an improvement in Panasonic's profitability and
credit profile.

Sharp Corporation:

  -- Long-term FC and LC IDRs downgraded to 'BBB+' from 'A'; Off
     RWN; Negative Outlook assigned;

  -- Short-term FC and LC IDRs downgraded to 'F2' from 'F1'; Off
     RWN; and

  -- LC senior unsecured notes downgraded to 'BBB+' from 'A'; Off
     RWN.

The downgrade of Sharp's ratings reflects its weak operating and
financial performance in recent quarters as well as the agency's
expectation that its credit metrics for the fiscal year ending
FY09 are unlikely to be stronger than the previous fiscal year
despite an improvement during Q1FY09.  After a 16.7% decline in
FY08, Sharp's sales fell by 20% yoy in Q1FY09, with sales of its
consumer and information products declining by 10% and sales of
its electronic components falling by 36.9% (42% down in liquid
crystal displays panels).  Its EBITDA margin declined to 6.8% in
Q1FY09 from 8.8% in FY08, reflecting the inherent risk in its LCD
panel manufacturing business, which is subject to severe industry
competition, a large capex requirement, a high percentage of fixed
cost and falling prices.  After capital expenditures in the range
of 8.4%-10.6% of revenue, its free cash flow has been negative
since FY06.  Its financial leverage ratio (net adjusted
debt/EBITDAR) for FY08 rose to 2.6x from 1.0x in the previous
year.

Although the world economy appears to be stabilizing with
significant signs emerging recently, the potential level of the
rebound in demand and profit margins for the next 12-24 months
remain highly uncertain.  Whether Sharp can maintain or improve
its credit metrics depends on the extent to which it can enhance
profitability via its LCD panel production facility upgrade.
Moreover, its ability to implement a recovery plan during the
current fiscal year is likely to prove critical, given that
intense competitive industry challenges from overseas markets
(particularly in the LCD TV and panel businesses), chiefly from
Korea, will continue.  The Outlook for the ratings is thus
Negative.

Fitch will consider a further negative rating action on Sharp
should its upcoming quarterly results reveal a trend of
heightening business and financial risks, which could be reflected
in a meaningful decline in its product market share as a result of
weakened industry competitiveness, or if Fitch expects its net
adjusted debt/EBITDAR leverage ratio to likely be sustained above
2.5x at end FY09 as a result of increased borrowings or
deteriorated profitability.  Conversely, a positive rating action
may result if Fitch expects Sharp's net adjusted leverage to fall
below 2.0x on a sustained annual basis, or if evidence of a
sustainable pick-up in product pricing and demand emerges, driving
an improvement in Sharp's profitability and credit profile.

Sony Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BBB+'; Off RWN ;
     Negative Outlook assigned;

  -- Short-term FC and LC IDRs affirmed at 'F2'; Off RWN; and

  -- LC Senior unsecured notes affirmed at 'BBB+'; Off RWN.

The affirmation of Sony's ratings reflects its cash flow
improvement following an effective cost reduction achieved in
Q1FY09.  Assuming that these recent costs cuts will be maintained,
Fitch expects that the company's credit metrics for the fiscal
year ending March 31, 2010 (FY09) will generally improve with only
a slight increase in financial leverage.  As a result of a
structural reorganization involving the realignment of business
segments and scaling back of on-site manufacturing through job
cuts and factory closures starting January 2009, Sony's quarterly
EBITDA jumped to JPY140.2bn in Q1FY09 from negative in Q4FY08 with
5.0% qoq revenue growth.  Its EBITDA margin rose to 8.8% from 6.4%
in FY08.  While demand for LCD TV, digital cameras and video
cameras remain weaker year on year, Sony's largest business
segment -- consumer products & devices -- reported a lower cost of
sales ratio in Q1FY09.  Fitch expects Sony's corporate restructure
to realign its operations towards customer needs and towards
strengthening its competitiveness.  Fitch also expects the
revamped executive team led by its current CEO to enhance its
product supply chain and internal coordination, leading to greater
operating efficiency.

The Negative Outlook reflects high uncertainties surrounding the
potential level of a rebound in demand and profit margins for the
next 12-24 months, although the world economy appears to be
stabilizing.  Whether Sony can maintain or improve its credit
metrics largely depends on its ability to enhance profitability in
the second half of the current fiscal year, a period in which
severe industry challenges from overseas markets (particularly in
the LCD TV business), chiefly from Korea, are likely to continue.

The agency will consider a negative rating action on Sony should
its upcoming quarterly results reveal a trend of heightening
business and financial risks, which could be reflected in a
meaningful decline in its product market share as a result of
weakened industry competitiveness, or if Fitch expects its net
adjusted debt/EBITDAR leverage ratio (for operations excluding
financial services segment) to likely be sustained above 2.5x as a
result of low profitability or additional borrowings.  Conversely,
a positive rating action may result if Fitch expects Sony's net
adjusted leverage to fall below 2.0x on a sustained annual basis,
or if evidence of a sustainable pick-up in product pricing and
demand emerges, driving an improvement in its profitability and
credit profile.

Hitachi, Ltd.:

  -- Long-term FC and LC IDRs downgraded to 'BBB' from 'BBB+'; Off
     RWN; Negative Outlook assigned;

  -- Short-term FC and LC IDRs downgraded to 'F3' from 'F2'; Off
     RWN; and

  -- LC Senior unsecured notes downgraded to 'BBB' from 'BBB+';
     Off RWN.

The downgrade of Hitachi's ratings reflects its weak operating and
financial performance in recent quarters as well as Fitch's
expectation of the company's likely weaker performance in FY09.
After a 10.9% decline in FY08, Hitachi's sales in Q1FY09 fell
22.1% qoq and 25.6% yoy, as a result of declines in the Power &
Industrial Systems, High Functional Materials & Components, and
Information & Telecommunication Systems segments, tracking
decreased demand for automotive systems, semiconductors and
industrial equipment, respectively.  Hitachi's operating cash flow
(EBITDA) in Q1FY09 was similar to the previous quarter.  Although
revenue declined qoq, the company's EBITDA margin improved to 3.1%
from 2.4% in the prior quarter, reflecting reductions to fixed
costs with progress in business restructuring, but still lower
than the 6.1% for FY08.  Free cash flow has been negative since
the fiscal year ended 31 March 2006 and is likely to remain so for
FY09 without a substantial reduction in capex.  Fitch expects
Hitachi's balance sheet to be weakened by its plans to fully-own
five publicly-listed subsidiaries without any offsetting proceeds
from asset disposals or an equity injection.

Although the world economy appears to be stabilizing with
significant signs emerging recently, the potential level of a
rebound in demand and profit margins over the next 12-24 months
remain highly uncertain.  Whether Hitachi can prevent its credit
metrics from further deterioration largely depends on the extent
to which its strategic focus on the "social innovation" business
(including social infrastructure systems, information and
telecommunication systems and also lithium-ion batteries) will be
successful.  Moreover, group structure reforms, including the
conversion of business groups or subsidiaries into wholly-owned
subsidiaries, are likely to heavily influence the company's credit
profile.  The Outlook for the ratings is thus Negative.

Fitch will consider a further negative rating action on Hitachi
should its upcoming quarterly results reveal a trend of
heightening business and financial risks, which could be reflected
in a meaningful decline in its product market share due to
weakened industry competitiveness, or if Fitch expects its net
adjusted debt/EBITDAR leverage ratio (for operations excluding
financial services segment) to likely be sustained above 3.0x as a
result of increased borrowings or deteriorated profitability.
Conversely, a positive rating action may result if Fitch expects
Hitachi's net adjusted leverage to fall below 2.5x on a sustained
annual basis, or if evidence of a sustainable pick-up in product
pricing and demand emerges, driving an improvement in Hitachi's
profitability and credit profile.

NEC Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BBB-' (BBB minus);
     Outlook Negative;

  -- Short-term FC and LC IDRs affirmed at 'F3'; and

  -- Senior unsecured notes affirmed at 'BBB-' (BBB minus);

The affirmation of NEC's ratings reflects the company's ongoing
cost reduction efforts and the scheduled spin-off of the company's
loss making semiconductor subsidiary.  While weak revenue and
profitability continued in Q109, an operating loss of JPY40bn in
Q109 was JPY20 billion above the company's previous guidance
thanks mainly to its ability to reduce fixed costs.  NEC is
targeting a JPY270bn fixed cost reduction in FY09 and Fitch
believes this to be reasonable in light of Q1's smaller-than-
expected operating loss.  Also as NEC's loss-making semiconductor
subsidiary NEC Electronics, NECE (not rated), will be carved out
of its consolidated results from April 2010, lower recognition of
NECE's losses under the equity method is expected.  At the same
time this should allow NEC's management to focus more resources on
its competitive communication and IT businesses.

The Negative Outlook reflects the company's heavily domestic-
concentrated revenue structure and elevated concerns over the
company's Network System division based on the division's poor Q1
result.  While other Japanese Technology companies with a sizeable
proportion of export revenues were able to report a sequential
recovery in sales during Q109, NEC's high exposure to the Japanese
domestic market (78% of sales in FY08) contributed to its 32%
sequential decline in revenue and suggests that the company's
performance will remain suppressed until the domestic economy
improves substantially.  Also, in contrast to the agency's
previous expectation that NEC's Network System division had
limited downside risk from its considerable exposure to the
relatively stable domestic telecommunication industry, the
division's revenue fell by 20% qoq and its operating profit margin
turned negative owing to investment restraint in systems
deployment by telecom operators in Japan.

The agency will consider a negative rating action on NEC should
its ongoing quarterly results reveal a further deterioration of
operating and financial performance, or its net adjusted debt /
EBITDAR leverage ratio at end FY09 exceed 4.0x.  In addition, the
company losing its competitiveness in the industry, translating to
a meaningful loss in market share in its various business
segments, will force the agency to review the adequacy of the
rating.  Conversely, positive rating actions are likely to be
taken if NEC's operating profit margins recover to 3% and its net
adjusted leverage falls below 3.0x on a sustained annual basis.

Toshiba Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
     Outlook assigned;

  -- Short-term FC and LC IDRs affirmed at 'B'; and

  -- Senior unsecured notes affirmed at 'BB';

The affirmation of Toshiba's ratings reflect mitigated short-term
liquidity concerns and the price recovery trend in NAND flash
memory semiconductor products during the first half of 2009.  In
June 2009, Toshiba successfully raised JPY317 billion by issuing
new shares.  Fitch notes that this has clearly alleviated near-
term liquidity concerns.  Moreover, NAND flash memory prices have
moved in favor of Toshiba during H109, thanks mainly to limited
supply growth.  Fitch anticipates that the current upward trend in
NAND flash memory prices will lead to improved operating results
for Toshiba in Q209, resulting in increased revenues and lower
operating losses.

The Negative Outlook reflects mid-to-long-term uncertainties
surrounding the NAND flash memory industry.  The NAND flash market
could destabilize in H209 as production by the major makers,
including Samsung Electronics ('A+'/Negative), Hynix
('B+'/Negative) and Toshiba, has been brought back on line and
process migration is likely to accelerate industry production
growth.  Accordingly, Fitch views that this could lead to
intensified price erosion unless current slow end-user demand for
IT products in developed markets recovers, at least marginally.

A downgrade could occur if ongoing quarterly results reveal
further deterioration in the company's operating and financial
data and leads Fitch to expect that Toshiba's end FY09's net
adjusted debt/EBITDAR leverage ratio will still exceed 6.0x.  In
particular the resumption of a downward price trend for memory
products, which turns the company's EBITDA negative for two
consecutive quarters will result in a negative rating action In
addition, the company losing its competitiveness in the industry,
translating to a meaningful loss in NAND flash market share, will
force the agency to review the adequacy of the rating.
Conversely, a positive rating action may result if Toshiba's net
adjusted leverage falls below 4.0x on a sustained annual basis, or
if evidence of a sustainable pick-up in semiconductor pricing and
demand emerges which is likely to drive an improvement in
Toshiba's profitability and credit profile.


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


ARK RESOURCES: Disposes Entire Stake in ARK Construction
--------------------------------------------------------
ARK Resources Berhad disclosed that the Company has disposed its
entire equity interest in ARK Construction Sdn. Bhd. (ARKC), a
wholly owned subsidiary, to Solution Entity Sdn. Bhd. for a total
cash consideration of MYR100.00.

The consideration was arrived at on a willing-buyer-willing-seller
basis after taking into consideration the audited net liability
value of ARKC as at December 31, 2008, of MYR3.6 million.
Following the disposal, ARKC has ceased to be a subsidiary of
Company.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


FOUNTAIN VIEW: Classified as Affected Listed Issuer Under PN17
--------------------------------------------------------------
Fountain View Development Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of
the PN17 for having an insignificant business or operation.

The Company's unaudited second quarterly financial result ended
June 30, 2009, recorded no revenue resulting in the Company
triggering Paragraph 2.1 (h) of the PN17.

As a listed Company under the PN17 of the Bursa Securities,
Fountain View is required to:

   (a) regularize its condition within 12 months from
       this First Announcement;

   (b) submit a plan to the Securities Commission if
       the plan will result in a significant change
       in the business direction or policy of the Company; or

   (c) submit a regularization plan to Bursa Securities if
       the plan will not result in a significant change in
       the business direction or policy of the Company and
       obtain Bursa Securities approval to implement the
       plan;

   (d) implement the Regularization Plan within the timeframe
       stipulated by the approving authorities;

   (c) announce within three months from this First
       Announcement, on whether the regularization plan
       will result in a significant change in the business
       direction or policy of the Company;

   (d) announce the status of its regularization plan on
       a monthly basis until further notice from Bursa
       Securities;

   (e) announce the Company's compliance or non-compliance
       with a particular obligation imposed pursuant to PN17
       on an immediate basis; and

   (e) provide details of the regularization plan, which shall
       include the timeline for the complete implementation of the
       regularization plan.  This Requisite Announcement must be
       made by a merchant banker or a participating organization
       that may act as a principal adviser under the Securities
       Commission's Guidelines on the Offering of Equity and
       Equity-Linked Securities.

In the event that the Company fails to comply with its
obligations to regularize conditions, it will have all its listed
securities suspended from trading and delisting procedures will be
commenced against it.

                        About Fountain View

Fountain View Development Berhad is a Malaysia-based investment
holding company.  The Company operates in four segments:
Plantation, Property development, Investment and Elimination. The
Company principally operates in Malaysia.  Its subsidiaries
includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View
Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings
Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties
Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and
Extrogold Sdn. Bhd.


SATANG HOLDINGS: Bursa Extends Plan Filing Deadline to Nov. 26
--------------------------------------------------------------
The Bursa Malaysia Securities Bhd has extended the deadline for
Satang Holdings Berhad to undertake a regularization plan that
complies with paragraph 3.1 of Practice Note 17 of the Main Market
Listing Requirements, to November 26, 2009.  The Company is
required to submit the regularization plan to Bursa Securities for
approval on the said extended date.

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and
Satang Environmental Sdn. Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., concluded in its Audit Investigative Reports that out
of the MYR39.27 million alleged overstated revenue of the company,
MYR35.43 million represents invalid sales which should not be
recorded in the books for the financial year ended September 30,
2007.


===============
P A K I S T A N
===============


* Fitch Affirms & Withdraws Ratings on Four Pakistani Banks
-----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
ratings of these four Pakistani banks, due to limited investor
interest.

   * National Bank of Pakistan: Individual 'D', Support '5'
   * MCB Bank Limited: Individual 'D', Support '5'
   * Habib Bank Limited: Individual 'D/E', Support '5'
   * United Bank Limited: Individual 'D/E', Support '5'

Fitch continues to believe that these banks face significant asset
quality challenges over the medium term which may exert downward
pressure on their Individual ratings.  However, their reasonable
profitability and capitalization currently protects this downside.
The Support ratings for all these banks are at '5', which is the
lowest possible of Fitch's Support rating scale due to the
Pakistan sovereign's weak fiscal position.

Fitch will no longer provide ratings or analytical coverage of the
Pakistani Banks.


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


CHARTERED SEMICONDUCTOR: Moody's Reviews 'Ba2' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has placed Chartered Semiconductor
Manufacturing Ltd's Ba2 corporate family and senior unsecured bond
ratings on review for possible downgrade.

The rating action is in response to the definitive agreement
announced by Chartered, whereby Advanced Technology Investment
Company, a technology investment company wholly owned by the
government of Abu Dhabi, will acquire all the outstanding shares
of Chartered.

"The rating action reflects the fact that in light of the probable
change of the major shareholder, the parent support Moody's has
incorporated into Chartered's rating needs to be reassessed," says
Ken Chan, a Moody's VP/Senior Analyst, adding, "Chartered's Ba2
rating has thus far benefited from three-notches of rating uplift
due to Temasek's 62% ownership."

Temasek Holdings (Private) Ltd is a Singapore government
investment vehicle and holds a 62% stake in Chartered through its
wholly owned subsidiary, Singapore Technologies Semiconductors Pte
Ltd.

While the acquisition could result in greater business synergies
through economies of scale and through technology from ATIC's
portfolio of companies, including Globalfoundries, a joint-venture
with Advanced Micro Devices Inc (rated B3/negative), Moody's needs
to assess Chartered's (i) strategic importance to ATIC; and (ii)
future strategy, to determine the company's likely new level of
support.

"The rating action also reflects Abu Dhabi's sovereign rating of
Aa2 relative to Temasek's Aaa rating, which could lead to a
reduction of the current three-notch rating uplift," says Chan.

Moody's review will focus also on Chartered's eventual capital
structure and business plan under the new shareholder, as well as
the evaluation of any support from the new shareholder to
determine potential rating uplift.

The acquisition is subject to regulatory and shareholder
approvals, which is expected to close in 4Q09; Temasek has already
signed an irrevocable undertaking to vote in support of the
acquisition.

The last rating action with respect to Chartered was taken on
April 17, 2009, when its corporate family and senior unsecured
bond ratings were confirmed at Ba2 with a negative outlook.

Chartered's ratings have been assigned by evaluating factors
Moody's believes are relevant to the company's credit profile,
such as its i) business risk and competitive position compared
with others within the industry; ii) capital structure and
financial risk; iii) projected performance over the near to
intermediate term; and iv) management's track record and tolerance
for risk.

These attributes were compared against other issuers both within
and outside of Chartered's core industry; its ratings are believed
to be comparable to those of other issuers of similar credit risk.

Singapore-based Chartered Semiconductor Manufacturing Ltd provides
wafer fabrication services and technologies to semiconductor
suppliers and system companies.  The company ranks third as
measured by total sales in the global semiconductor foundry
sector.

The Singapore government currently owns approximately 62% of the
company through Temasek.


CHEMPET ENGINEERING: Pays Second and Final Dividend
---------------------------------------------------
Chempet Engineering Pte Ltd. paid the second and final on Aug. 25,
2009.

The company paid 17.0052% to all received claims.

The company's liquidator is:

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


DIT (SINGAPORE): Creditors' Proofs of Debt Due on September 18
--------------------------------------------------------------
DIT (Singapore) Pte Ltd. requires its creditors to file their
proofs of debt by September 18, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


LION CENTRAL: Court Enters Wind-Up Order
----------------------------------------
On August 21, 2009, the High Court of Singapore entered an order
to have Lion Central Kitchen Pte Ltd's operations wound up.

Singapore Food Industries Limited filed the petition against the
company.

The company's liquidator is:

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


MACNAUGHT ASIA: Creditors' Proofs of Debt Due on October 7
----------------------------------------------------------
Macnaught Asia Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 7, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


NEO INVESTMENT: Creditors and Contributories to Meet on Sept. 23
----------------------------------------------------------------
Neo Investment Pte Ltd, which is in liquidation, will hold a
meeting for its creditors and contributories on September 23,
2009, at 2:00 p.m.

At the meeting, the creditors and contributories will be asked to:

   -- receive an update on liquidation of the company;
   -- appoint a Committee of Inspection; and
   -- consider any other matters to be brought before the meeting.

The company's liquidator is:

          Aaron Loh Cheng Lee
          c/o One Raffles Quay
          North Tower, Level 18
          Singapore 048583


TRIDEX CONSTRUCTION: Pays First and Final Dividend
--------------------------------------------------
Tridex Construction Pte Ltd. paid the first and final dividend on
August 25, 2009.

The company paid 2.74% to all received claims.

The company's liquidator is:

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


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


AU OPTRONICS: Books NT$37.71BB Consolidated Revenue in Aug. 2009
----------------------------------------------------------------
AU Optronics Corp. released August 2009 revenue with preliminary
consolidated of NT$37.71 billion and unconsolidated revenues of
NT$36.91 billion, both up 15.9% from July 2009.  In terms of year-
over-year comparison, August 2009 consolidated increased by 1.7%
while unconsolidated revenues down by 0.4%.

Large-sized panel shipments for August 2009, with applications on
desktop monitors, notebook PCs, LCD TVs and other applications,
broke the nine-million mark and set a new record of 9.07 million
units, up 9.7% from previous month.  As for small- and medium-
sized panels, the shipments surpassed 19.69 million units, down by
8.5% from July 2009.

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings downgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'B+' from 'BB-', and its National Long-term Rating to 'BBB-(twn)'
from 'BBB(twn)'.  The Outlook remains Negative.  The rating
actions reflect the agency's view that the company's projected
credit metrics for 2009 will not be comparable to its peers in the
'BB' category.


BNP PARIBAS: Moody's Withdraws Ratings on Five Classes of Certs.
----------------------------------------------------------------
Moody's Taiwan Corporation has withdrawn for business reasons its
national scale ratings of five classes of beneficiary certificates
issued by BNP Paribas Taipei Branch 2006-1 Securitisation Trust.

These rating withdrawals follow Moody's decision to reorganize
certain aspects of its business in Asia, including the closing of
its offices in Taiwan and Indonesia.

The global scale ratings of the beneficiary certificates remain.

The rating actions are:

Issuer: BNP Paribas Taipei Branch 2006-1 Securitization Trust

  -- NTD 2,639,000,000 Class A-2 Beneficiary Certificates,
     Withdrawn; previously on Oct. 24, 2008 Downgraded to A1.tw

  -- NTD 1,745,000,000 Class A-3 Beneficiary Certificates,
     Withdrawn; previously on Oct. 24, 2008 Downgraded to Caa3.tw

  -- NTD 5,752,000,000 Class B Beneficiary Certificates,
     Withdrawn; previously on Oct. 24, 2008 Downgraded to C.tw

  -- NTD 1,239,000,000 Class C Beneficiary Certificates,
     Withdrawn; previously on Oct. 24, 2008 Downgraded to C.tw

  -- NTD 56,000,000 Subordinated Principal-Rated Only Beneficiary
     Certificates, Withdrawn; previously on Oct. 24, 2008
     Downgraded to C.tw

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Taiwan are designated by the ".tw"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.


WAN HAI: Moody's Downgrades Corporate Family Rating to 'Ba3'
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Wan Hai Lines Ltd to Ba3 from Ba2.  At the same time,
Moody's has downgraded Wan Hai's senior unsecured bond rating to
B1 from Ba3.  The outlook for all ratings is stable.

"The downgrades have been driven by Wan Hai's weak operating
performance and financial profile, as reflected in the operating
loss, negative operating cash flow, and high leverage with Net
Debt/EBITDAR of around 6.9x exhibited in 1H2009," says Peter Choy,
a Moody's Vice President and Senior Credit Officer, adding, "Wan
Hai has fallen victim to the severe conditions in the liner
markets, the result of weak global economy, tight trade credit,
and the surplus supply of vessels."

"In addition, Moody's expects these challenging market conditions
to likely persist over the next 6-12 months such that Wan Hai's
overall financial profile will remain weak for a low Ba rating,"
says Choy, adding, "But Wan Hai is forecasted to recover gradually
in 2010-2011, when its credit metrics will improve, with
EBITDAR/interest of 3.0x -- 3.5x; and Net Debt/EBITDAR of 4x --
5x, thereby positioning it at the revised Ba3 level."

"Such recovery is based on the expectation that Wan Hai will
continue to enhance its cost improvements through efficient
chartering and slot swap as well as improved trade flow in the
Asian countries which will yield positive results," comments Choy.

At the same time, the Ba3 corporate family rating reflects Wan
Hai's track record of operating through shipping cycles, its
established position in the Intra-Asia liner market, its
flexibility in managing down chartered tonnage, and its proactive
financial management practices.

Wan Hai's senior unsecured bond rating of B1 reflects the risk of
legal subordination as its total amount of secured debt is
projected to stay above 20% of the company's total assets.

The ratings outlook is stable, reflecting Moody's expectation that
the company's competitive position in intra-Asia liner market and
solid liquidity position will enable it to see through the current
severe industry downturn.  Its liquidity reserve -- cash of
NT$12.7 billion, short-term investments of NT$3.6 billion and
undrawn bank facilities exceeding NT$3 billion as of June 30,
2009, -- provides a good buffer against further downturns in the
market.

But, the prospect of any upward rating pressure in the near term
is limited, given the challenging market conditions evident and
the expected weak state of Wan Hai's financials.

Nevertheless, in the medium term, upward ratings pressure could
emerge if Wan Hai can demonstrate, on a sustainable basis, (a)
improved profitability -- EBITDAR margin returns to around 18% -
20%; (b) reduced debt leverage -- Net Debt/EBITDAR at 3.5x -- 4x;
(c) improved interest coverage - EBITDAR/interest at 3.5x -- 4.0x;
and (d) adequate funding arrangements to cover capital expenditure
on a rolling 12-month basis.

On the other hand, Moody's would downgrade the ratings if Wan
Hai's EBITDAR margin remains weak; or operating cash flow is
likely to remain negative for an extended period; and/or debt
leverage increases materially due to the delivery of new vessels.
Under such scenarios, EBITDAR/Interest could fall below 2.5x --
3.0x and Net Debt/EBITDAR rise above 4.5x -- 5.0x on a consistent
basis after 2009.

The last rating action was taken on May 5, 2009, when Wan Hai's
corporate family rating was downgraded to Ba2 from Ba1 and its
senior unsecured debt rating was downgraded to Ba3 from Ba2 with a
negative outlook.

Wan Hai Lines Ltd was established in February 1965 in Taiwan as a
log transportation company.  It was subsequently transformed into
a container liner company in 1976 and was listed on the Taiwan
Stock Exchange in May 1996.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***