TCRAP_Public/090911.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, September 11, 2009, Vol. 12, No. 180

                            Headlines

A U S T R A L I A

CENTRO NP: May Not Repay Short-Term Debt Amid Strict Loan Terms
FIAT SPA: CNH Capital Prices AU$400-Mln Asset-Backed Bonds
SITI FINANCIAL: Court Orders Wind Up Due to Insolvency
STORM FINANCIAL: Receivers Collect Fees Even After Firm's Collapse


C H I N A

FORD MOTOR: China's Geely Automovite Mulls Volvo Bid
GENERAL MOTORS: Beijing Automotive Joins Koenigsegg's Saab Bid
XINYUAN CO: Sales Widen to US$91.8MM in Q2, Has Waiver for Notes


H O N G  K O N G

BILLION UP: Yu and Sutton Step Down as Liquidators
CARLSON INDUSTRIAL: Commences Wind-Up Proceedings
HANFAR DEVELOPMENT: Yu and Sutton Step Down as Liquidators
K. I. LIMITED: Court to Hear Wind-Up Petition on October 7
ORIENT FOUNDATION: Court to Hear Wind-Up Petition on October 7

ORION INTERNATIONAL: Commences Wind-Up Proceedings
OTTA LIMITED: Court to Hear Wind-Up Petition on October 21
PFEIFFER INDUSTRIAL: Yu and Sutton Step Down as Liquidators
SINO CONCEPT: Court to Hear Wind-Up Petition on October 21
SKYWISE INDUSTRIAL: Appoints Members of Committee of Inspection

WINGO LIMITED: Yu and Sutton Step Down as Liquidators


I N D I A

ADITYA POLYMERS: CRISIL Assigns 'BB+' Rating on INR50MM Bank Debt
AMBICA STEELS: Fitch Downgrades National Long-Term Rating to 'BB+'
BOHRA EXPORTS: CRISIL Rates INR400MM Cash Credit Limit at 'BB'
GANESH POLYTEX: CRISIL Puts 'BB' Ratings on Various Bank Debts
JCT LIMITED: ICRA Assigns 'LB' Rating on Fund-Based Bank Limits

JET AIRWAYS: Agreed to End Conflict; Operations to Resume Soon
MOHINDRA FASTENERS: ICRA Rates INR240MM Bank Facilities at 'LBB'
NAMCO CORPORATION: ICRA Places 'LBB+' Rating on INR350MM Bank Loan
NAV BHARAT: ICRA Rates INR65.4 Million Fund-Based Limits at 'LBB+'
PANACHE EXPORTS: ICRA Assigns 'LBB+/A4+' Ratings to Bank Debts

SKYGOURMET CATERING: ICRA Puts 'LBB+' Rating on INR1.20BB LT Loan
TATA MOTORS: To Set Up Assembly Plant for Electric Car in Europe
* INDIA: To Receive US$3.2 Billion Loan from World Bank


I N D O N E S I A

ANEKA TAMBANG: Expects to Sell Up to 10 Tonnes of Gold This Year
BANK CENTURY: Students Rally Over Century Bailout Case


J A P A N

BEST DENKI: JCR Affirms 'BB+' on Senior Debts and Bonds
MITSUBISHI MOTORS: Won't Close Venezuela Plant
NEW CITY: Creditors Reject Lone Star's Plan for Second Time
ORSO FUNDING: Fitch Downgrades Ratings on Class D TBIs to 'BB+'


M A L A Y S I A

LITYAN HOLDINGS: Court-Convened Meeting Set for September 30
LITYAN HOLDINGS: To Hold Extra Ordinary Meeting on September 30


N E W  Z E A L A N D

AIR NEW ZEALAND: Found Liable for Former Employee's Breakdown
FIRST CREDIT: S&P Keeps Counterparty Credit Rating at 'BB'
* NEW ZEALAND: Investors in Failed Finance Firms Call for Inquiry
* NEW ZEALAND: Terms Of Trade Down 9% in June Qtr


S I N G A P O R E

WEST-STREET: Creditors' Meeting Set for September 17


T H A I L A N D

KRUNG THAI: Fitch Affirms Individual Rating at 'C/D'


X X X X X X X X

AVAGO TECH: Offers 95 Cents on Dollar for Floating Rate Notes
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


CENTRO NP: May Not Repay Short-Term Debt Amid Strict Loan Terms
---------------------------------------------------------------
Centro NP LLC warned in an August 2009 regulatory filing it has
substantial short-term liquidity obligations consisting primarily
of short-term indebtedness, which it may be unable to refinance on
favorable terms or at all.  During the remaining six months of
2009, the Company has an aggregate of US$47.5 million of mortgage
debt, notes payable and credit facilities scheduled to mature and
US$13.9 million of scheduled mortgage amortization payments.

If principal payments on debt due at maturity cannot be
refinanced, extended or paid, the Company will be in default under
its debt obligations, and it may be forced to dispose of
properties on disadvantageous terms.  The defaults may in turn
cause cross defaults in certain of the Company's or its
affiliates' other debt obligations.

Centro NP also noted it is no longer permitted to make draws under
an Amended July 2007 Facility.  As a result, and because of the
restrictions imposed on the Company by the Amended July 2007
Facility, as well as its Super Bridge Loan, its Residual Credit
Facility and the Indentures, it may not be able to repay or
refinance short-term debt obligations that comes due.

The Company said there is substantial doubt about its ability to
continue as a going concern.  In addition, uncertainty also exists
due to the liquidity issues currently experienced by the Company's
parent and the ultimate parent investors, Centro Properties
Limited and Centro Property Trust.

According to the Company, the half yearly financial statements of
the Company's ultimate parents, Centro Properties Limited and
Centro Property Trust, which were filed with Australian regulatory
bodies on February 26, 2009, identified material uncertainty
(equivalent to substantial doubt) about those entities' ability to
continue as a going concern.

The Amended July 2007 Facility is a US$350.0 million revolving
credit facility with Bank of America N.A.

The Super Bridge Loan is a US$1.9 billion second amended and
restated loan agreement entered into by Super LLC with JPMorgan
Chase Bank, N.A., as administrative agent.

The Residual Credit Facility is a US$370.0 million credit facility
entered into by certain subsidiaries of Centro NP Residual Holding
LLC -- Residual Joint Venture -- with JPMorgan Chase Bank, N.A.,
as agent and lender.

The Indentures govern the unsecured senior notes issued by Centro
NP's predecessor, New Plan Excel Realty Trust, Inc.  U.S. Bank
Trust National Association is the trustee under the Indentures.

Centro NP said management is working with both its lenders and the
lenders of its affiliated entities, and also with management of
the ultimate parent investors of the Company, to access a number
of options that address the Company's ongoing liquidity issues.
Factors that may impact this include the current and future
condition of the credit market and the U.S. retail real estate
market.

The Company said the extension of certain debt facilities to
December 31, 2010, gives it more time to consider a range of
different plans to address its longer term liquidity issues and
potential funding from distributions from the Residual Joint
Venture and potential asset sales, among other things, should
provide the Company with the ability to pay its debts as and when
they become due and payable.

Centro NP posted a net loss of US$179,304,000 for the three months
ended June 30, 2009, from a net loss of US$297,866,000 for the
same quarter in 2008.  It recorded a net loss of US$195,019,000
for the six months ended June 30, 2009, from a net loss of
US$303,052,000 for the same period a year ago.

Centro NP recorded total revenues of US$78,096,000 for the three
months ended June 30, 2009, from US$104,929,000 for the same
quarter in 2008.  It recorded total revenues of US$161,765,000 for
the first half of 2009 from US$228,429,000 for the first half of
2008.

During the six months ended June 30, 2009, the Company sold three
shopping centers for aggregate gross proceeds of approximately
US$19.9 million.  Net proceeds after closing costs were
approximately US$18.6 million.

At June 30, 2009, the Company had US$3,434,106,000 in total
assets, including US$28,514,000 in cash and cash equivalents and
US$9,678,000 in marketable securities; against US$1,896,991,000 in
total liabilities and US$24,542,000 in redeemable non-controlling
interests in partnerships.

Centro NP's credit ratings are all below investment grade.
Standard & Poor's current rating is CCC+; outlook negative.
Fitch's current rating is CCC/RR4; rating watch negative.  Moody's
current rating is Caa2; negative outlook.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?447d

Centro NP LLC owns and develops community and neighborhood
shopping centers throughout the United States.  The Company was
formed in February 2007 to succeed the operations of New Plan
Excel Realty Trust, Inc.


FIAT SPA: CNH Capital Prices AU$400-Mln Asset-Backed Bonds
---------------------------------------------------------
Sarah McDonald and Katrina Nicholas at Bloomberg News report that
CNH Capital Australia Pty, part of the Fiat S.p.A. automaker
group, has priced AU$400 million (US$344 million) of bonds backed
by agricultural and construction equipment receivables.

Citing a statement e-mailed to investors, Bloomberg discloses that
the sale includes four classes of bonds, with the top AU$126.4
million class priced to yield 100 basis points more than the bank-
bill swap rate.  Bloomberg says pricing for the second AU$200
million class was not disclosed.

Bloomberg notes that Australia & New Zealand Banking Group Ltd. is
arranging the sale.

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 10,
2009, Standard & Poor's Ratings Services affirmed its 'BB+' long-
term and 'B' short-term corporate credit ratings on Italian
industrial group Fiat SpA.  At the same time, the 'BB+' rating was
removed from CreditWatch, where it had been placed with negative
implications on January 22, 2009.  The outlook is negative.


SITI FINANCIAL: Court Orders Wind Up Due to Insolvency
------------------------------------------------------
The Brisbane Supreme Court has placed SITI Financial Services and
SITI Group into liquidation, John Wilkinson writes for Money
Management.

The report notes Justice Douglas said that it was clear the fund
manager was insolvent and SITI’s counsel had failed to argue to
the contrary.

According to the report, the move to put SITI in liquidation was
initiated by Irish Bentley Lawyers in Brisbane on behalf of 108
creditors of the fund manager.

Irish Bentley partner Scott Taylor believes there may be hundreds
of Queensland investors in SITI and the liquidator, McLeod &
Partners, will be examining the financial position of the company
in the next month, the report relates.

National Australia Bank has a charge over some of the assets, and
the failed fund manager also owes money to the Australian Taxation
Office, Money Management relates citing documents submitted to the
court.

SITI Financial Services is a Queensland-based residential
investment manager.  It offered investors residential properties
with guaranteed rents, thereby delivering fixed returns.


STORM FINANCIAL: Receivers Collect Fees Even After Firm's Collapse
------------------------------------------------------------------
Anthony Marx at Herald Sun reports that Storm Financial receivers
continued to collect adviser service fees from Storm clients after
the company's collapse in January.

The report says KordaMentha, acting on behalf of the Commonwealth
Bank continued to charge "adviser service fees" to between 5,000
and 10,000 investors over the half year to June following Storm's
collapse.

Mark Weir, co-chair of the Storm Investors Consumer Action Group,
said he was appalled that victims were still paying fees long
after Storm's demise, the Herald Sun relates.

According to the report, the revelation that victims kept paying
so-called "trailing commissions" from loans is an embarrassment
following the bank's acknowledgement earlier this year of
"shortcomings" and "mistakes" in the way it dealt with Storm
clients.

One of the receivers, Bill Buckby, however, said that keeping the
trailing commissions was "in accordance with industry standard
practice" and stemmed from investors' contractual obligations with
Storm, the report states.

The Herald Sun says KordaMentha ceased collecting the money in
June when it sold the former Storm client book to Financial Index
Australia, which has been trying to attract up to 10,000 former
Storm investors as new customers.

                       About Storm Financial

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

                           *     *     *

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

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

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

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


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C H I N A
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FORD MOTOR: China's Geely Automovite Mulls Volvo Bid
----------------------------------------------------
John Reed at The Financial Times reports that China's Geely
Automobile is interested in acquiring Volvo, Ford Motor Co.'s
Swedish car brand.

The FT relates Gui Shengyue, Geely's chief executive, said in
Hongk Kong the carkmaker may work with Chinese state investment
companies on a bid.  According to the FT, Geely said it wanted to
buy all of Volvo, which Ford wants to sell in its entirety.

Citing two people close to Geely, the FT discloses the company
made an offer for Volvo in August and is talking to banks and
other government entities about financing.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.  The Company
has operations in Japan in the Asia Pacific region.  In Europe,
the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

Ford Motor carries a 'Ca' issuer credit and a 'Caa3' long term
corporate ratings, with negative outlook, from Moody's.

Fitch Ratings said via Business Wire on August 26 that it has
revised the Rating Outlook on Ford Motor Company and Ford Motor
Credit Company to Stable from Negative.  In addition, the Issuer
Default Rating of Ford is affirmed at 'CCC'.


GENERAL MOTORS: Beijing Automotive Joins Koenigsegg's Saab Bid
--------------------------------------------------------------
Niklas Magnusson and Toby Alder at Bloomberg News report that
Chinese carmaker Beijing Automotive Industry Holdings Co. Ltd.
joined Koenigsegg Group's offer to buy Saab Automobile from
General Motors Co.

Bloomberg relates Koenigsegg Group, set up by Swedish sports-car
maker Koenigsegg Automotive AB, said in a statement yesterday
Beijing Automotive will take a minority stake in the team bidding
for Saab and help the unprofitable GM division find opportunities
to expand in China.

According to Bloomberg, Christian von Koenigsegg, the sports-car
company's founder, said Beijing Automotive, a former suitor for
GM's Opel and Vauxhall units, may share technology with Saab and
offer some plant capacity.

The stake sale to Beijing Automotive means the group has bridged
the private-financing gap, Mr. von Koenigsegg, as cited by
Bloomberg said, declining to comment on the Chinese company's
planned holding or amount it's paying.

On Sept. 8, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that a request from Mr. von Koenigsegg
for an additional government loan was rejected by Sweden's center-
right administration.  The FT said even without further aid, the
acquisition is still dependent on a EUR400 million-EUR500 million
loan from the EU-backed European Investment Bank, guaranteed by
Sweden.

                      Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

                     About Saab Automobile

Saab Automobile AB -- http://www.saab.com-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.


XINYUAN CO: Sales Widen to US$91.8MM in Q2, Has Waiver for Notes
----------------------------------------------------------------
Xinyuan Real Estate Co., Ltd. disclosed its unaudited financial
results for the second quarter ended June 30, 2009:

    -- Total revenues were US$91.8 million, compared to
       US$39.9 million in the first quarter of 2009 and
       US$87.7 million for the same period of 2008.

    -- Total gross floor area ("GFA") sales were 128,000
       square meters, compared to 47,100 square meters in
       the first quarter of 2009 and 101,000 square meters for
       the same period of 2008.

    -- Selling, General, and Administrative expenses as a percent
       of total revenue declined to 8.1% compared to 11.7% in the
       first quarter of 2009 and 14.2% for the same period of
       2008.

    -- Net income was US$3.9 million, compared to net income
       of US$1.1 million in the first quarter of 2009.
       During the second quarter, the company incurred a
       US$2.1 million tax charge related to the company's 2008
       China tax returns filed in the second quarter of 2009.
       The adjustment resulted primarily from a one-time tax
       charge based on a central government interpretation
       clarified during the second quarter of 2009.
       Additionally, the company's second quarter 2009 results
       include a US$1.6 million charge for warrant accretion.

    -- Diluted net income per share attributable to ordinary
       shareholders was US$0.02, equivalent to US$0.04 per
       American Depositary Share ("ADS") compared to diluted
       net income per share of US$0.01, equivalent to US$0.02
       per ADS in the first quarter of 2009.

    -- Cash and cash equivalents increased by US$55.6 million
       to US$236.9 million as of June 30, 2009 from US$181.3
       million as of March 31, 2009.

    -- Debt increased by US$19.4 million to US$361.8 million
       compared to US$342.5 million as of March 31, 2009.

    -- No new projects were started during the quarter and
       no land was acquired.

    -- company raises 2009 full year financial guidance.

"Our second quarter performance showed considerable growth over
our first quarter results due to improving demand and a positive
response to Xinyuan's unique properties.  All of our major
projects experienced healthy levels of GFA sales and ASP growth
over last quarter.  We were also encouraged to see our trends
strengthen as the quarter progressed, allowing us to exceed our
original expectations," said Yong Zhang, Xinyuan's Chairman and
Chief Executive Officer.  "We also retained a tight focus on
controlling our cost structure resulting in the sequential and
year-over-year improvement of SG&A as a percentage of total
revenue.  Our cash position also increased by more than US$55.6
million compared to the end of the first quarter as we continue to
improve our balance sheet and strengthen our overall financial
position."

"The opportunities for Xinyuan to expand our current footprint are
growing given the recent improvement in demand and with the
positive effect of government initiatives.  Our unique business
model, which focuses on creating large-scale, high quality,
affordable developments with quick asset turnover, should allow us
to take advantage of these opportunities and generate additional
growth in the future.  We are well positioned as we move forward
with a leaner cost structure, solid cash position, pipeline of
growth opportunities and a strong management team."

                     Financial Results for the
                         Second Quarter

For the quarter ended June 30, 2009, the company's total revenue
was US$91.8 million compared to US$39.9 million in the first
quarter ended March 31, 2009 and $87.7 million in the second
quarter of 2008.

The company sold over 128,000 square meters in the second quarter
of 2009, versus 47,100 square meters in the first quarter of 2009.
The average selling price per square meter sold was RMB5,343 in
the second quarter 2009 versus RMB5,405 in the first quarter 2009.
At June 30, 2009, the company held undeveloped land reserves in
Zhengzhou and Chengdu of 278,000 and 219,000 GFA square meters,
respectively.

                    Breakdown of GFA Sales and
                         ASP's by Project

               Q4 2008         Q1 2009        Q2 2009     Unsold
               GFA    ASP     GFA      ASP    GFA    ASP     GFA
               (m2            (m2             (m2            (m2
Project         000)  (Rmb)    000)    (Rmb)   000)  (Rmb)    000)
Chengdu
Splendid        9.6   3,711    6.8     4,100   24.3  4,296   186.0

Henan Color
Garden         13.2   6,100   14.9     5,452   32.5  5,674    97.4

Kunshan Intl
City Garden     6.3   5,232    8.9     4,749   36.0  4,864   440.9

Shandong Intl
City Garden     9.5   5,325   10.8     5,402   19.5  5,152    59.1

Suzhou Colorful
Garden          8.0   7,009    1.3     7,344    6.7  7,641    23.4

Suzhou Intl
City Garden     8.3   6,998    3.1     6,863    8.3  7,515   167.7

Others          6.3   5,697    1.4    10,558    1.1  7,210     5.5
               ----   -----   ----    ------    ---  -----    ----
Total          61.2   5,713   47.1     5,405  128.5  5,343   980.0


In the second quarter, the company raised prices of all apartment
categories in all projects.  However, the fact that sales volume
in lower-priced regions/projects grew at a faster pace than
higher-priced projects resulted in a slightly lower calculated
aggregate ASP for the company.

                        Gross Profit

Gross profit for the second quarter of 2009 was US$15.5 million,
or 16.8% of revenue, compared to gross profit of US$6.5 million,
or 16.2% of revenue, in the first quarter of 2009 and a gross
profit of US$20.7 million, or 23.6% of revenue, in the second
quarter of 2008.

                     Selling, General, and
                    Administrative Expenses

SG&A expenses were US$7.5 million for the second quarter of 2009
compared to US$4.7 million for the first quarter of 2009 and
US$12.4 million for the second quarter of 2008.  As a percentage
of total revenue, SG&A expenses declined to 8.1% compared to 11.7%
in the first quarter of 2009 and 14.2% in the second quarter of
2008.

Advertising and promotion expenses increased by US$1.4 million,
from US$0.3 million in Q1 2009 to US$1.8 million in Q2 2009 as the
Company attempted to increase traffic and take advantage of an
improved selling environment.  Compensation costs increased by
US$0.6 million compared to the first quarter of 2009 due to higher
variable compensation upon achievement of the company's sales
targets.  Stock-based compensation totaled US$0.9 million in the
second quarter of 2009 versus US$0.8 million in the first quarter
of 2009 and US$2.4 million in the second quarter of 2008.  Total
company headcount was 397 employees as of June 30, 2009, down from
645 as of December 31, 2008.

                      Share of Income of
                       Equity Investee

In the second quarter of 2009, the company recognized book income
of US$2.5 million from its 45% stake in Zhengzhou Jiantou Xinyuan
Real Estate Co. Ltd compared to book income of US$1.0 million in
the first quarter of 2009 and book income of US$3.7 million in the
second quarter of 2008.

                     Change in Fair Value of
                       Warrant Liabilities

An increase in the company's ADS price from US$3.74 at March 31,
2009 to US$6.48 at June 30, 2009 drove an increase in the fair
value of outstanding warrants resulting in a non-cash charge to
income of US$1.6 million in the second quarter of 2009.

                           Income Tax

During the second quarter, the company incurred a US$2.1 million
tax charge related to the company's 2008 China tax returns filed
in the second quarter of 2009.  The adjustment resulted primarily
from a one-time tax charge based on a central government
interpretation clarified during the second quarter of 2009.
According to the new interpretation, provisional deemed profit tax
payments made prior to January 1, 2008, when tax rates were at
33%, will be considered final and not subject to adjustment for
the new tax rate of 25% effective January 1, 2008.  Prior to the
release of the new interpretation, the Company accounted for
income taxes on pre-sales as prepaid taxes, measured at the
applicable current tax rate in the year pre-sales occurred.
Prepaid taxes then were credited against subsequent tax
obligations when sales were finalized.  As a result of the release
of the new interpretation, the company will no longer be entitled
to credit prepaid taxes against subsequent tax obligations to the
extent prepaid taxes were assessed based on a tax rate in excess
of the tax rate applicable in the year the sales are finalized
(i.e. 33% prepaid tax will now be credited based on a tax cost of
25%).

                           Net Income

Net income for the second quarter 2009 was US$3.9 million compared
to US$1.1 million in the first quarter of 2009 and US$13.2 million
for the same period 2008.

Diluted earnings per share for the first quarter of 2009 was
US$0.02, compared to US$0.01 in the first quarter of 2009 and
US$0.08 for the same period 2008.

                         Balance Sheet

As of June 30, 2009, Xinyuan reported US$236.9 million in cash and
cash equivalents compared to US$181.3 million as of March 31,
2009.  Total debt outstanding was US$361.8 million, an increase of
US$19.4 million compared to US$342.5 million at the end of the
first quarter of 2009.  Real estate property under development was
US$584.4 million in the second quarter of 2009 compared to
US$611.7 million in the first quarter of 2009 and US$678.1 million
in the second quarter of 2008.

The company is restating its balance sheet at December 31, 2008,
and will be filing an amendment to its 2008 Annual Report on Form
20-F, to reclassify the carrying amount outstanding under its
floating rate notes and convertibles notes, totaling
$95.6 million, from non-current liabilities to current
liabilities.

Xinyuan became aware, after the filing of its annual report on
Form 20-F, that it was not in compliance with certain financial
covenants relating to the notes due to misinterpretations of
certain definitions within the indentures governing the notes.
Xinyuan has obtained waivers from the note holders of any defaults
that may have occurred as a result of the non-compliance and has
amended the indentures.  However, because Xinyuan became aware of
the issue and obtained the waivers after issuing the 2008
financial statements, the carrying amount of the outstanding
amount under the notes as of December 31, 2008 should have been
classified as current liabilities rather than non-current
liabilities.  The restatement has no effect on the Company's
consolidated statements of operations, cash flows or changes in
shareholders' equity for the year ended December 31, 2008.  The
June 30, 2009 balance sheet reports the carrying amount of the
convertible notes as non-current liabilities since the waivers
were obtained prior to the issuance of the second quarter
financials.  The floating rate notes continue to be reported as
current liabilities as of June 30, 2009 in light of their April
2010 maturity date.

                          2009 Outlook

Third quarter 2009 GFA sales are expected to range from 175,000 to
190,000 square meters.  Third quarter revenue is expected to total
US$130 million to US$140 million and the net income is expected to
be in the range of US$9 million to US$12 million.

Given the better than expected second quarter results and trends
thus far in the third quarter, the company is increasing its
previous full year guidance.  Full year 2009 GFA sales are
anticipated to be in the range of 500,000 to 520,000 square meters
versus previous guidance of 350,000 to 375,000 square meters.
2009 revenues are expected to be US$380 million to US$400 million
versus previous guidance of US$270 million to US$295 million. Full
year 2009 net income is projected to be US$20 million to US$23
million versus previous guidance of US$8.0 million to US$13.0
million.  The company continues to evaluate potential new projects
with due consideration of balance sheet capacity and appropriate
market conditions.  Construction of Henan Longhai Road project is
scheduled to commence in the fourth quarter of 2009 with first
presales expected in the second quarter of 2010.  Any future
fluctuation of the fair value of derivative liabilities is not
included in the company's guidance.

Mr. Zhang commented, "We are adopting a cautiously optimistic view
for the second half of 2009 as we expect demand to remain solid
but have limited visibility into the sustainability of recent
buying patterns.  Our priorities for the remainder of 2009 are to
continue to generate strong sales while tightly managing our
expenses, further bolster our management team, as well as evaluate
growth opportunities and carefully pace our development projects.
We hope to sustain the progress we have made in the first half of
2009 into the remainder of the year while continuing to focus on
efficiently and profitably deploying our capital."

                    Percentage of Completion
                           Accounting

Xinyuan's projects recognize revenue under the percentage of
completion method.  This requires the company to re-evaluate its
estimates of future revenues and costs on a quarterly basis
project by project.  Cumulative revenue is determined by
multiplying cumulative contract sales proceeds times cumulative
incurred cost divided by total estimated project cost.  Cumulative
cost of sales is calculated by multiplying cumulative incurred
cost times cumulative contract sales divided by total estimated
project revenue.  Whenever Xinyuan makes changes to expected total
project life profit margins, a "catch-up" adjustment must be made
in the quarter of change to account for the difference between
profit previously recognized using the previous profit margin
estimate and the comparable profit using the new profit margin
estimates.  Further, if the updated profit margin indicates that
the Company will have to sell units at a price less than its costs
to develop them, it must recognize the full expected gross loss
over the life of the project at that time regardless of whether
the units have been sold.  Additionally for such unprofitable
projects the Company must also determine whether an impairment
exists, and, if so, write down the cost to the fair value of the
project which, in turn, may be less than the basis after
recognizing the effect of future losses.  In the fourth quarter of
2008, Suzhou ICG was the only such unprofitable project subject to
recognition of total project gross loss and impairment reviews.
There were no significant changes in estimates in the second
quarter of 2009.

              About Xinyuan Real Estate Co., Ltd.

Xinyuan Real Estate Co., Ltd. -- http://www.xyre.com-- is a
developer of large scale, high quality residential real estate
projects aimed at providing middle-income consumers with a
comfortable and convenient community lifestyle.  Xinyuan focuses
on China's Tier II cities, characterized as larger, more developed
urban areas with above average GDP and population growth rates.
Xinyuan has expanded its network to cover a total population of
over 34.5 million people in six strategically selected Tier II
cities, comprising Hefei, Jinan, Kunshan, Suzhou, Zhengzhou and
Chengdu.  Xinyuan is the first real estate developer from China to
be listed on the New York Stock Exchange.

Xinyuan had total assets of US$924,866,000 against total debts of
U$517,512,000 as of June 30, 2009.


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


BILLION UP: Yu and Sutton Step Down as Liquidators
--------------------------------------------------
On June 12, 2009, Fok Hei Yu and Roderick John Sutton stepped down
as liquidators of Billion Up Limited.


CARLSON INDUSTRIAL: Commences Wind-Up Proceedings
-------------------------------------------------
On July 31, 2009, Carlson Industrial (H.K.) Limited commenced
wind-up proceedings.

Ho Man Kit Horace and Kong Sze Man Simone are the company's
liquidators.


HANFAR DEVELOPMENT: Yu and Sutton Step Down as Liquidators
----------------------------------------------------------
On June 12, 2009, Fok Hei Yu and Roderick John Sutton stepped down
as liquidators of Hanfar Development Limited.


K. I. LIMITED: Court to Hear Wind-Up Petition on October 7
----------------------------------------------------------
A petition to wind up the operations of K. I. Limited will be
heard before the High Court of Hong Kong on October 7, 2009, at
9:30 a.m.

The petition was filed by Chan Shuet Fong, Lau Sik Chu, Lau Sik
Fong, Lui Ying Lai and Wong Lai Ching on August 4, 2009.

The Petitioner's solicitors are:

          Hon and Company
          Canton House, 3rd Floor
          Nos. 54-56 Queen's Road Central
          Hong Kong


ORIENT FOUNDATION: Court to Hear Wind-Up Petition on October 7
--------------------------------------------------------------
A petition to wind up the operations of Orient Foundation Company
Limited will be heard before the High Court of Hong Kong on
October 7, 2009, at 9:30 a.m.

The petition was filed by Fubon Bank (Hong Kong) Limited on
August 3, 2009.

The Petitioner's solicitors are:

          Lee Chan Cheng
          Fung House, 16th Floor
          19-20 Connaught Road Central
          Hong Kong


ORION INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
On July 28, 2009, Orion International Limited commenced wind-up
proceedings.

Ho Man Kit Horace and Kong Sze Man Simone are the company's
liquidators.


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

The petition was filed by Bank of China (Hong Kong) Limited on
August 18, 2009.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          Wing On House, 16th Floor
          No. 71 Des Voeux Road Central
          Hong Kong


PFEIFFER INDUSTRIAL: Yu and Sutton Step Down as Liquidators
-----------------------------------------------------------
On June 12, 2009, Fok Hei Yu and Roderick John Sutton stepped down
as liquidators of Pfeiffer Industrial Limited.


SINO CONCEPT: Court to Hear Wind-Up Petition on October 21
----------------------------------------------------------
A petition to wind up the operations of Sino Concept Development
Limited will be heard before the High Court of Hong Kong on
October 21, 2009, at 9:30 a.m.

The petition was filed by Chan Hong Joo and Ng Thiem Eng on
August 14, 2009.

The Petitioner's solicitors are:

          Johnnie Yam, Kacky Lee & Co.
          San Toi Building, 5th Floor
          137-139 Connaught Road Central
          Hong Kong


SKYWISE INDUSTRIAL: Appoints Members of Committee of Inspection
---------------------------------------------------------------
On July 21, 2009, the members of Skywise Industrial Holdings
Limited appointed the members of committee of inspection, namely:

   -- Industrial and Commercial Bank of China (Asia) Limited;
   –- Hang Seng Bank Limited; and
   -- Choy King Wing.

The company's liquidators are:

          Rainier Hok Chung Lam
          Victor Yat Kit Jong
          Messrs. Pricewater-Housecoopers
          Prince's Building, 22nd Floor
          10 Chater Road
          Central, Hong Kong


WINGO LIMITED: Yu and Sutton Step Down as Liquidators
-----------------------------------------------------
On June 12, 2009, Fok Hei Yu and Roderick John Sutton stepped down
as liquidators of Wingo Limited.


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


ADITYA POLYMERS: CRISIL Assigns 'BB+' Rating on INR50MM Bank Debt
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Aditya Polymers & Chemicals India Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit          BB+/Stable (Assigned)
   INR105.0 Million Channel Finance     P4 (Assigned)
   INR63.0 Million Bill Discounting     P4 (Assigned)

The ratings reflect APCPL's moderate financial risk profile marked
by high gearing and low interest coverage, and small scale of
operations in the polymer distribution business.  These weaknesses
are, however, partially offset by the moderate debtor risk and
absence of any inventory risk in its business.

Outlook: Stable

CRISIL believes that APCPL will sustain its credit risk profile
over the medium term on the back of satisfactory working capital
management practices.  The outlook may be revised to 'Negative' if
significant increase in debtors, or adverse movements in interest
rates affect the spreads available to the company.  Conversely,
the outlook may be revised to 'Positive' if the company scales up
its operations, along with an improvement in its capital structure
and debt protection measures.

                       About Aditya Polymers

Set up in 1969 by Mr. Anirudha Joshi, APCPL initially was engaged
in merchant import of polymer products.  The company began
operations as a del credere agent for Reliance Industries Ltd
(RIL) in 1993.  The company sold around 59,000 tonnes of polymer
products in 2008-09 (refers to financial year, April 1 to March
31). APCPL reported a profit after tax (PAT) of INR 11.1 million
on net sales of INR 54.7 million for 2007-08, as against a PAT of
INR 11.7 million on net sales of INR 40.4 million for 2006-07.


AMBICA STEELS: Fitch Downgrades National Long-Term Rating to 'BB+'
------------------------------------------------------------------
Fitch Ratings has downgraded India-based Ambica Steels Limited's
(ASL) National Long-term rating to 'BB+(ind)' from 'BBB-(ind)'.
The Outlook is Stable.  Fitch has simultaneously downgraded ASL's
rated instruments:

  -- INR397.3 million (reduced from INR450m) long-term bank loans
     to 'BB+(ind)' from 'BBB-(ind)';

  -- INR600 million (reduced from INR750m) fund-based cash credit
     limits to 'BB+(ind)' from 'BBB-(ind)';

  -- INR1,000 million (reduced from INR1,250m) non fund-based
     limits to 'F4(ind)' from 'F3(ind)'.

The downgrade in ratings reflects the material deterioration in
key credit metrics and financial profile of ASL in FY09.  ASL has
registered a marginal YoY growth of 2.4% in revenues in FY09
(unaudited).  However, the volatility in steel demand and prices,
coupled with high input cost in the second half of FY09, has
severely impacted its profitability margins.  This resulted in the
deterioration of ASL's financial leverage (Total adjusted net
debt/Op. EBITDAR) to 4.3x at FYE09 from 3.24x at FYE08.  Despite
registering a growth of 11.8% in exports in FY09, profitability
margins from exports have been under pressure due to a slowdown in
the global steel industry.  Fitch notes that exports contributed
more than 25% to its revenues during FY08 and FY09.  Also, ASL
reported net income before tax losses in the last two quarters of
FY09 due to its inability to weather the severe downturn in the
second half of FY09.  This exposed the company's vulnerability in
managing cyclicality that is associated with the steel industry.

ASL had a capex plan to set up a rolling mill and machineries for
the cold finishing process of angle and flat bars produced for
export markets.  The total project cost was INR240m with a debt to
equity ratio of 3:1.  However, in light of the current slowdown in
the steel industry, ASL has deferred the plan to set up the
rolling mill by six to nine months, even though the necessary
machineries have already been installed.  As at June 09, ASL has
incurred a capex of INR166m with a debt of INR124.6m out of the
sanctioned term loan of INR180m.

The company recorded revenues of INR4,544 million in FY09.  Its
EBITDA and net income margin declined to 4.6% (Previous Year 6.7%)
and 0.3% (Previous Year 2.1%), respectively, while the interest
cover also declined to 1.4x in FY09 from 2.4x in FY08.
Nevertheless, the company recorded net sales of INR938.5 million,
with an EBITDA margin of 5.7% in the first quarter of FY10.

Positive rating triggers include a revival in the steel industry,
resulting in significant improvements in the company's
profitability, and the subsequent improvement of its financial
leverage.  Conversely, further decline in profitability, as well
as a deterioration of financial leverage through additional
significant debt-led capex will trigger a negative rating.
ASL manufactures stainless steel by melting scraps in induction
furnaces, and refining it through the Argon Oxygen Decarburization
process.  The company has facilities for steel melting, refining
and casting (producing ingots and billets) and two rolling mills
for rolling products such as bright bars, flats, and steel wire
rods.


BOHRA EXPORTS: CRISIL Rates INR400MM Cash Credit Limit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Bohra Exports Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR400.0 Million Cash Credit Limit *   BB/Stable (Assigned)
   INR100.0 Million Letter of Credit      P4 (Assigned)

   * 100% one way interchangeability from CC facility of
     INR400.0 Million to LC facility

The ratings reflect BEPL's exposure to risks relating to small
scale of operations in the cyclical and fragmented ship-breaking
industry, and vulnerability to government regulations.  These
weaknesses are, however, partially offset by the benefits that the
company derives from its promoters' experience, and healthy near
term growth prospects in the ship-breaking industry.

Outlook: Stable

CRISIL believes that BEPL will maintain a stable credit risk
profile over the medium term, backed by the established track
record of promoters in the ship-breaking industry.  The outlook
may be revised to 'Positive' if the company benefits from revival
in the ship-breaking industry, and scales up its operations.
Conversely, the outlook maybe revised to 'Negative' if steel
prices decline sharply, leading to deterioration in profitability
for BEPL.

                        About Bohra Exports

Set up in 1986, BEPL undertakes ship-breaking activities. It has
capacity to break ships ranging from 800 tonnes to 50,000 tonnes
at its 3015 sq. metre area plot at Alang (Gujarat).  The company
also breaks ships at Mumbai Port, by renting plots.  BEPL
initially traded in commodities and chemicals, and has been in the
ship-breaking business since 1992.  BEPL imports ships, breaks
them into steel plates, and sells the same directly to companies
and through a network of brokers.

BEPL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR16.4 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.3 million on net
sales of INR46 million for 2007-08.


GANESH POLYTEX: CRISIL Puts 'BB' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Ganesh Polytex Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR290.0 Million Cash Credit           BB/Stable (Assigned)
   INR7.5 Million Standby Line of Credit  BB/Stable (Assigned)
   INR384.0 Million Term Loan*            BB/Stable (Assigned)
   INR63.5 Million Proposed Long-Term     BB/Stable (Assigned)
                    Bank Loan Facility

   INR35.0 Million Bill Purchase/         P4 (Assigned)
                   Discounting
   INR15.0 Million Letter of Credit       P4 (Assigned)
   INR13.0 Million Bank Guarantee**       P4 (Assigned)

   INR2.0 Million Proposed Short-Term     P4 (Assigned)
                  Bank Facility
   *Including corporate loan and foreign currency term loan.

   **Includes one-time bank guarantee of INR8 million

The ratings reflect GPL's weak financial risk profile marked by
high gearing, low net worth, and moderate debt protection
measures.  The ratings also factor in the company's limited
pricing power because of the dominance of large players.  These
weaknesses are partially offset by GPL's established market
position, its stable profitability, and the benefits it derives
from its promoter's experience in the recycled polyester fiber
(RPSF) business.

Outlook: Stable

CRISIL believes that GPL will sustain its credit risk profile over
the medium term by leveraging its established market position and
its promoter's experience in the RPSF business.  The outlook may
be revised to 'Positive' if GPL improves its financial risk
profile substantially on the back of better-than-expected capacity
utilization, while maintaining its healthy operating margins.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower–than-expected profitability or its capital
structure deteriorates because of any large capital expenditure.

                       About Ganesh Polytex

GPL was incorporated in 1989 by Mr S S Sharma with an installed
dyeing capacity of 2400 tonnes per annum.  In 1995, the company
diversified into the manufacture of RPSF through poly-ethylene
terephthalate (PET) bottles and polyester lump (soft polyester
waste).  Waste PET bottles constitute a majority of the company's
raw material.  GPL set up its RPSF facility with an installed
capacity of around 7800 tpa, which was increased to around 39,600
tpa in 2008-09 (refers to financial year, April 1 to March 31).
The additional capacity began commercial production in January
2009.  For 2008-09, GPL reported a profit after tax (PAT) of
INR43 million on net sales of INR1.35 billion, against a PAT of
INR37.5 million on net sales of INR1.05 billion for 2007-08.


JCT LIMITED: ICRA Assigns 'LB' Rating on Fund-Based Bank Limits
---------------------------------------------------------------
ICRA has assigned an LB rating to INR806.5 million fund-based bank
limits of JCT Limited.  ICRA has also assigned an A4 rating to
INR193.5 million fund based limits and INR737.7 million non-fund
based bank limits of the company.

The ratings reflect weak financial risk profile marked with high
gearing, low profitability & debt restructuring history, and
significant contraction in demand for textile products following
the weak economic environment in global markets.  JCT's capital
structure is highly leveraged on account of large debt-funded
capital expenditure in the last few fiscals and significant net
loss in 2008-09 attributable to fall in operating profits and
higher interest & depreciation charges.  As a result the company's
debt coverage indicators have turned adverse.  To ease the tight
liquidity situation, JCT has got its term loans restructured
albeit post delay.  The rating is, however, supported by
diversified product mix, promoters' experience in the line of
business and established brand in the Indian textiles market.

JCT Limited was incorporated in 1946 as Jagatjit Cotton Textile
Mills Limited and renamed JCT in 1989.  As a part of family
settlement of Thapar Brothers, JCT Limited came to Mr. M. M.
Thapar. JCT is engaged in manufacturing textiles and filament yarn
through its integrated textile facilities in Phagwara, Punjab and
filament yarn facilities in Hoshiarpur, Punjab.  Its integrated
facilities, from yarn to finished fabric, give it the flexibility
to offer superior quality and a wide product range to customers.
The bulk of JCT's textiles production is exported either directly
in the form of fabric or garments after conversion by the domestic
RMG segment.  Within India, the Company has a strong network of
dealers/ distributors.  Cotton and polyester cotton fabric is sold
all over India to some of the major domestic brands as well as
garment converters nominated by major international brands/ buying
houses.


JET AIRWAYS: Agreed to End Conflict; Operations to Resume Soon
--------------------------------------------------------------
The Times of India reports that the three-day conflict at Jet
Airways (India) Ltd. finally neared a resolution late Thursday
night with the management reportedly agreeing to reinstate the
four sacked pilots and the agitating pilots agreeing to resume
duty.

Though a formal announcement had not been made till midnight, the
Times says, a series of political maneuvers and the tough stance
of the labor and aviation ministries during the day led to a
mellowing of stand by Jet owner Naresh Goyal.

The formal agreement, the Times relates, could come by Friday noon
(Sept. 11) when all the players meet in Delhi and flights could
resume normal operations some time later.

                    Effects on Planned Fund Raising

Jet Airways’s three-day stance with its pilots is costing the
airline's passengers and may hamper plans to raise US$400 million
to buy new planes, Bloomberg News reported.

"The last thing investors want to see when the airline’s trying to
raise funds is a crisis like this,” Bloomberg quoted Kapil Kaul,
chief executive officer of the Indian unit of Centre for Asia
Pacific Aviation, as saying.  "This is a wildfire and they need to
put out as soon as possible.”

According to Bloomberg, losing customers adds to pressure on
Mr. Goyal after the carrier posted the biggest loss in a decade
last year.  Bloomberg states that the labor dispute and loss of
market share to budget airlines could disrupt the company’s
biggest fund-raising plan since selling shares.

Bloomberg notes Jet Airways Chief Commercial Officer Sudheer
Raghavan said the carrier's domestic bookings have slumped 39% to
14,000 a day since the strike began while international
reservations are down 9.5% to 9,500 a day.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 9, 2009, 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.  Jet
Airways said in a press statement that a section of the pilots
have resorted to a "simulated strike by reporting sick".

The airline said it has canceled 484 flights this week, including
90 flights on Thursday "due to continued pilot agitation,”
according to Bloomberg.

The TCR-AP reported on Aug. 25, 2009, that Jet Airways' pilots
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.

A TCR-AP report on Aug. 7, 2009, said 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
in July.

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.

                         About Jet Airways

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.


MOHINDRA FASTENERS: ICRA Rates INR240MM Bank Facilities at 'LBB'
---------------------------------------------------------------
ICRA assigns LBB/A4 ratings to the bank limits of Mohindra
Fasteners Limited ICRA has assigned an LBB rating to the INR 240
million fund based facilities of Mohindra Fasteners Limited; the
rating indicates inadequate-credit-quality.  ICRA has also
assigned an A4 rating to the INR 150 million non-fund based
facilities of MFL; the rating indicates risk-prone-credit-quality
in the short term.

ICRA's non-investment grade ratings factor in the highly
competitive and fragmented nature of the industry, the modest size
of operations, low value addition of its operations, vulnerability
to steel price movements and its limited bargaining power with its
customers and suppliers, which have resulted in below average
profitability indicators and is unlikely to change in the medium
term.  This coupled with MFL's high working capital requirements
have led to an adverse impact on its cash flows.  The ratings
however favorably factor in MFL's experienced management, healthy
growth in its revenues and its reputed client base.  Further, the
low capital expenditure requirements in the future coupled with
ICRA's expectations of healthy accruals is likely to result in
some improvement in debt protection indicators for the company
from the current levels.

Mohindra Fasteners Limited is engaged in manufacturing high
tensile fasteners and is promoted by Arneja and Juneja family.
MFL has its two manufacturing units with a combined capacity of
12000 MTPA for manufacturing fasteners for automotive and
industrial applications.  MFL supplies fasteners to domestic
automobile players like Hero Honda, Rico Auto, Autoli, Subros etc.
and exports to countries in Europe, USA and Canada.  In addition,
a small portion of its revenues comes from the after–sales
fasteners market.  MFL has also incorporated two associate
concerns - Mohindra Stainless Limited (MSL) and Magna Marketing (a
partnership firm).  MSL commenced operations in FY08 and is
engaged in manufacturing stainless steel wires.  Magna Marketing
handles the sales activities for the promoter's group companies.
For FY 2009, the company reported a turnover (provisional) of
INR653 million and Profit after Tax (provisional) of INR14
million.


NAMCO CORPORATION: ICRA Places 'LBB+' Rating on INR350MM Bank Loan
------------------------------------------------------------------
ICRA assigns LBB+/A4+ ratings to the bank lines of Namco
Corporation Private Limited ICRA has assigned an LBB+ rating to
the INR350 million cash credit facilities and A4+ rating to the
INR550 million non-fund based bank facilities of Namco Corporation
Private Limited.  LBB+ is the inadequate credit-quality rating
assigned by ICRA to long term debt instruments†. A4+ is the risk-
prone-credit-quality rating assigned by ICRA to short term debt
instruments.

The ratings take into account intensely competitive and cyclical
nature of the industry; Namco's limited track record and its
modest scale of operations.  These apart, the ratings factor in
company's negative cash flow from operations which coupled with
its moderate profitability, has resulted in low debt coverage
indicators.  The rating also factors in Namco's susceptibility to
adverse movements in traded good prices; however, this risk is
mitigated to an extent as the company enters into back to back
contract with its customers for around 75% of its contracts.  The
ratings draw comfort from significant experience of the promoters
in steel industry and their demonstrated support to this venture.

Incorporated in 2007, Namco Corporation Private Limited was
promoted by Mr. Vijay Soni, having an experience of over three
decades in steel manufacturing as well as trading industry.  The
company is primarily engaged in trading of different kinds of
steel products ranging from shredded scrap, long and flat products
to tubes and pipes.  In FY 2009, the company entered high density
polymer market in an attempt to diversify its product offering.


NAV BHARAT: ICRA Rates INR65.4 Million Fund-Based Limits at 'LBB+'
------------------------------------------------------------------
ICRA has assigned an LBB+ rating to INR65.4 million fund based
limits of Nav Bharat Tubes Limited indicating inadequate- credit-
quality.  ICRA has also assigned A4+ rating, to INR40 million non
fund based limits of NBTL, indicating risk-prone-credit-quality in
the short term.

The inadequate credit quality rating takes into account relatively
thin margins owing to low value-addition in the business and
significant competition from other manufacturers.  The company
also remains exposed to risks arising from wide variations in raw
material (steel) prices, as most of its contracts are to PSUs
which do not have PV clauses.  The rating is also constrained by
its relatively high gearing levels of 2.12 times as on March 31,
2009 and negative cash flows in the past.  Further, the company
has also incurred a capex to increase the installed capacity the
stabilization of which is to be seen in future.  The company's
ability to supply goods as per required quality and maintain
adequate margins in this competitive environment will be the key
rating factors in future.  The rating however derives comfort from
the promoters long experience in this business and established
relationship with PSU clients which has resulted in consistent
growth in revenues in the past.

Incorporated in 1990 by Jai Bhagwan Gupta Nav Bharat Tubes Limited
is a closely held and largely promoter driven company engaged in
the manufacture and sales of steel tubes, the company sells its
product under the brand of NBT INDIA.  The product profile
comprises ERW Black, Galvanized Steel Tubes / Pipes ranging from
15mm to 125mm and Precision Tubes and Hollow sections.  The plant
of the company is located in Jhotwara Indutrial area.( The
promoter of NBTL Mr J B Gupta is the President of Jhotwara
Industrial Area) The company is having the capacity of 8400MT per
annum on a single shift basis.  The capacity expansion has been
done to increase the installed capacity to 14400MT per annum.  For
FY09 company made PAT of INR6.55 Millions on sales of INR470.13
millions.


PANACHE EXPORTS: ICRA Assigns 'LBB+/A4+' Ratings to Bank Debts
--------------------------------------------------------------
ICRA assigns LBB+/A4+ rating to the bank credit lines of Panache
Exports Private Limited ICRA has assigned an LBB+ rating to the
Cash Credit Facility of INR15.00 million of Panache Exports
Private Limited.  LBB+ is the inadequate-credit-quality rating
assigned by ICRA to long term debt instruments.  ICRA has also
assigned an A4+ rating to the short term fund based limit of
INR120.00 million & short term non-fund based limit of INR 50.00
million of PEPL.  A4+ is the risk-prone-credit-quality rating
assigned by ICRA to short-term debt instruments.

The rating is constrained by PEPL's small scale of operations,
geographic along with client concentration risk, and weak
profitability as well as return indicators over last five years.
The vulnerability is heightened by company's adverse gearing
profile and low cash accruals as reflected by debt-equity ratio of
1.84x and NCA/debt of 6% as of FY 2007-08 respectively.  The
rating also factors in the current slowdown in the international
market resulting in a decline in the demand for jewellery
articles, as indicated by dip in FY 2009 provisional sales
figures.  This along with intense competition from a large number
of unorganized and organized players in the export segment will
keep margins under pressure going forward.  The rating however,
favorably factors in the vast experience of the promoters in
jewellery business, gradual diversification into domestic markets
with an increased thrust towards higher value jewellery items and
expected growth through establishment of its new manufacturing
facility in SEZ which also attracts tax benefits.

Panache Export Private Ltd was incorporated in the year 1992 by
Mr. Punit Kapur & Mr. Prem Kapur.  PEPL is primarily engaged in
the business of manufacturing and export of diamond studded gold
Jewellery.  The company has established a state of the art
manufacturing facility at Lower Parel, Mumbai for manufacturing of
diamond studded gold jewellery.  In the year 2009, the company has
established another manufacturing unit in Seepz, Mumbai and sales
offices in Delhi & Punjab.  The company has a wholly owned
subsidiary in London, under the name of "House of Panache (UK)
Ltd", which has contributed around 21% to PEPL's revenue in FY
2009.  The major markets where the goods are exported are U.K.,
Europe & Middle East Countries.  PEPL recorded a net profit of
INR4.6 million on an operating income of INR 317.4 million for the
year ending March 31, 2008.


SKYGOURMET CATERING: ICRA Puts 'LBB+' Rating on INR1.20BB LT Loan
-----------------------------------------------------------------
ICRA has assigned LBB+ rating to the INR 1,205.6 million long term
sanctioned bank limits of Skygourmet Catering Private Ltd.  The
rating indicates inadequate-credit-quality rating assigned by ICRA
to long term debt instruments. ICRA has also assigned A4+ rating
to the INR200 million short term bank limits of SCPL.  The rating
indicates risk-prone-credit-quality assigned by ICRA to short term
debt instruments†.

The ratings factor in the established presence of SCPL in the
airline catering industry; pan India presence with operations in
most of the major cities and the expertise of management
personnel.  The ratings are however constrained by the tight
liquidity position of the company.  The airline industry, to which
SCPL caters to, is going through a difficult operating environment
contributed by rising costs, declining air passenger traffic and
overcapacity.  This has resulted in stretched payment cycles and
pricing pressures.  SCPL's ability to pass on raw material cost
increases are also limited by the fixed priced nature of the
contracts, typically having annual tenure.  However, the company
tries to follow a tender based process for procurement of raw
materials where prices are fixed for twelve months, which helps
mitigate the risks in movement of raw material prices.  The
airline catering industry is price sensitive with intense
competition from well established players. The increasing share of
budget airlines also limits the business potential for the airline
catering industry.

                      About Skygourmet Catering

Skygourmet Catering Private Ltd is an airline service provider
which prepares and supplies meals, food items and beverages for
its airline customers, transports all food carrying and serving
equipment between the airline catering units and the aircraft
loads, unloads all food and other service items and provides
ancillary services to the airlines, including laundry services. In
addition to supplying meals for First Class, Business Class and
Economy Class passengers, SCPL also supplies its Low Cost Carrier
customers with snack boxes.

SCPL is a wholly owned subsidiary of India Hospitality Corporation
(IHC) and began its operations in 2002 with a single Air Catering
Unit (ACU) in Mumbai.  The company currently has operations in all
the major cities (except Kolkata) making them amongst the few
airline caterers to have a pan India presence.  IHC was created in
2006 as a special purpose Company, to acquire Indian businesses or
assets in industries, including but not limited to hotels,
resorts, timeshares serviced apartments and restaurants. IHC is
listed on AIM, a market operated by the London Stock Exchange,
under the ticker "IHC".  For the year ended March 2009, the
company reported a loss of INR95.93 million on sales of
INR1,013.98 million.


TATA MOTORS: To Set Up Assembly Plant for Electric Car in Europe
----------------------------------------------------------------
Tata Motors Ltd. will set up an assembly facility for electric
vehicles in the U.K., Spain or Norway, Dow Jones Newswires reports
citing Clive Hickman, the Chief Executive of Tata Motors European
Technical Centre.

The report said the facility is initially planned for a capacity
to assemble 5,000 electric cars and will be operational by year-
end.  The plant, Dow Jones notes, will assemble electric versions
of Tata's Indica Vista passenger car, and its ACE light commercial
vehicle.

Mr. Hickman spoke to Dow Jones Newswires at the sidelines of the
ceremony for the announcement of an electric car pilot project
sponsored by the Spanish government.  According to Dow Jones, the
project aims at bringing 2,000 electric cars on Spanish roads by
the end of 2010, and to set up 546 electricity charging points for
vehicles in Madrid, Barcelona and Seville.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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


* INDIA: To Receive US$3.2 Billion Loan from World Bank
-------------------------------------------------------
Dow Jones Newswires reports that a senior federal finance ministry
official said that the World Bank will lend India US$3.2 billion
to recapitalize some state-run banks and the initial tranche of
US$2 billion is likely to be disbursed by December.

Dow Jones Newswires quoted G.C. Chaturvedi, assistant secretary at
the ministry, as saying that "The first tranche is through, but we
have to provide for it in the budget that will happen in the
second supplementary (demand for grants).

Mr. Chaturvedi was referring to Parliament's approval to channel
the loan toward recapitalization, according to Dow Jones.


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


ANEKA TAMBANG: Expects to Sell Up to 10 Tonnes of Gold This Year
----------------------------------------------------------------
PT Aneka Tambang Tbk expects to sell more gold this year to
compensate for lower revenue from its nickel sales, Reuters
reports citing Antam President Director Alwin Syah Loebis.

"We expect to sell more than our target of 9 tonnes (of gold) for
this year.  Gold sales will help compensate for lower nickel
sales.  We hope to have better performance in the second half of
this year," Mr. Loebis was quoted by Reuters as saying.

According to Reuters, Antam booked consolidated revenue of
IDR4.406 trillion (US$444 million) in the first half of this year,
down 21% from the same period last year because of lower nickel
prices.

Gold contributed 58% of Antam's revenue in the first half of 2009,
followed by ferro-nickel and nickel ore at 21% and 16%,
respectively, Reuters notes.

Reuters says Antam estimates it will sell up to 10 metric tons of
gold, up from an earlier target of 9 tons for the year.

Mr. Loebis, meanwhile, said Antam will close Kijang bauxite mine,
which produced 1.1 million tones of bauxite annually, this year as
its mining permit for the area will also expire by the end of
2009, Reuters reports.

                        About Aneka Tambang

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating.  It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.


BANK CENTURY: Students Rally Over Century Bailout Case
------------------------------------------------------
The Jakarta Post reports that students held a rally on Monday at
the Finance Ministry's office, urging Indonesia's President Susilo
Bambang Yudhoyono to resolve the case of Bank Century and
demanding that Finance Minister Sri Mulyani Indrawati resign.

According to the report, the students, part of Anti-Corruption
Students Union (Jam-Aksi), said Mr. Yudhoyono should be "firm,
transparent and consistent in solving the Century scandal and in
building a clean government".

The report notes the students said the Corruption Eradication
Commission (KPK) and the National Police should solve the case and
convict everyone who was involved in it.

Ms. Mulyani, says the Post, was urged to resign as she is
responsible for the government's decision to disburse a bailout
reaching IDR6.76 trillion (US$676 million).

The Post states that lawmakers suspected the decision to bail out
Century was influenced by large depositors/investors who put funds
in the bank.

Citing lawmaker Dradjad H. Wibowo, the Post discloses that Century
might be sold for only IDR2 trillion at the maximum in 2011, which
means the IDR 6.76 trillion bailout would not be fully returned.

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

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

                         About Bank Century

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


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


BEST DENKI: JCR Affirms 'BB+' on Senior Debts and Bonds
-------------------------------------------------------
Japan Credit Rating Agency, Ltd. has affirmed the 'BB+' rating on
Best Denki Co., Ltd.'s senior debts and bonds, revising the rating
outlook from Stable to Negative.

Senior debts: BB+/Negative

                     Issue
                     Amount    Issue Date  Due Date  Coupon Rating
                     ------    ----------  --------  ------ ------
euroyen convertible  JPY11.5BB 02/09/2004  02/09/2010  0%     BB+
notes

Rating Rationale

Best Denki Co., Ltd.' sales have been declining as a result of the
involvement of its employees in a case of violation of the Postal
Law, in addition to weak business conditions and unseasonable
weather, and its earnings do not show an improvement.  Also
earnings of Sakuraya Co., Ltd., which became its subsidiary, have
been far below its projections because of time-consuming
reorganization procedures.  Its market share relatively declines
in the Kyushu district where it has had larger shares and thus it
faces tough business conditions.  There is uncertainty over
whether the Company can survive competition among companies in its
industry over the medium and long term.  Although the company
tries to improve its profitability by taking measures including
its operation of some sections in unprofitable large stores under
a franchise of Biccamera Inc. and transformation of
underperforming small stores to retail outlets.  JCR will watch
whether or not such measures will be successful.

JCR said the outlook revision to "Negative" reflects its lower
debt payment ability resulting from declining cash flow generating
ability, although its financial structure remains at an
appropriate level.

Best Denki Co., Ltd. is a Japan-based company mainly engaged in
the sale of home electric appliances and information communication
equipment.  It has five business segments.  The Electrical Home
Appliance Retailing segment is involved in the sale of electrical
home appliances and information communications equipment, as well
as the sale of broadband-related information technology products.
The Electrical Home Appliance Wholesaling segment is engaged in
the sale of products to its subsidiaries, associated companies and
franchised stores.  The Credit segment is involved in the consumer
loan business.  The Service segment is engaged in the delivery of
goods and the provision of post-sale services, such as repair. The
Others segment is involved in the construction, expansion and
renovation of stores and houses, the sale of land and buildings,
as well as the leasing, amusement, convenience store, printing and
recruitment service businesses.


MITSUBISHI MOTORS: Won't Close Venezuela Plant
----------------------------------------------
Mitsubishi Motors Corporation won't push through with its plan to
close its Barcelona plant in Venezuela, Trading Markets reports.

"MMC Automotriz S.A. disclosed that starting Sept. 21, workers and
employees should undertake their productive activity on their
regular schedules," the company's board of directors said in a
statement obtained by the news agency.  The Venezuela plant is run
by the company's unit, MMC Automotriz.

As reported in the Troubled Company Reporter-Latin America on
August 26, 2009, Dow Jones Newswires said that Mitsubishi Motors
closed operations in its Venezuela unit amid problems  with worker
discipline and a drop in productivity.  A "high level of
absenteeism, disobedience, aggression and lawlessness of some
of the workers" drove the firm to temporarily close the factory,
the Japanese said in a statement obtained by the news agency.  The
report related that productivity at the assembly plant has
fallen off a cliff, with just 33 cars a day, on average, with
1,412 workers, so far this year, from a 59 vehicles per day output
with 590 workers in 2004.  "Efficiency went from 74% in 2004 to
30% in 2009," the report quoted the company as saying.

According to Trading Markets News, the company's board said that
between September 8 and September 21 "the firm will continue with
its plan for improvement of aspects linked to worker health and
safety."

                       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.


NEW CITY: Creditors Reject Lone Star's Plan for Second Time
-----------------------------------------------------------
Bloomberg News reports that New City Residence Investment Corp.'s
creditors rejected Lone Star Funds' revised plan to take control
of the company, opening the way for a rival bid from Daiwa House
Industry Co.

The report, citing New City's lawyer Makoto Tahira, says creditors
voted down Dallas-based Lone Star's plan to pay JPY12.4 billion
(US$134 million) for Tokyo-based New City at a meeting at the
Tokyo district court on September 9.

According to Bloomberg, the decision comes as creditors seek
higher payment after property and credit markets recovered from
the rout that led to New City's collapse in October.  Daiwa House-
managed property trust BLife Investment Corp. said in a statement
it will propose its own rehabilitation plan after the rejection,
Bloomberg relates.

The Troubled Company Reporter-Asia Pacific reported on August 11,
2009, that creditors were 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.

                     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.


ORSO FUNDING: Fitch Downgrades Ratings on Class D TBIs to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded four classes of trust beneficiary
interest from Orso Funding CMBS 5 Trust due February 2013,
following the implementation of the recently published criteria
for Japanese CMBS surveillance.  Full details of the rating
actions are given below:

  -- JPY13.82 billion* Class A TBIs affirmed at 'AAA'; removed
     from Rating Watch Negative; Outlook Stable;

  -- JPY3.25 billion* Class B TBIs affirmed at 'AA'; removed from
     RWN; Outlook Stable;

  -- JPY3.16 billion* Class C TBIs downgraded to 'A-' from 'A';
     off RWN; Outlook Negative;

  -- JPY3.25 billion* Class D TBIs downgraded to 'BB+' from 'BBB';
     off RWN; Outlook Negative;

  -- JPY3.08 billion* Class E TBIs downgraded to 'CC' from 'B';
     remains on RWN; assigned a Recovery Rating of 'RR3';

  -- JPY0.21 billion* Class F TBIs downgraded to 'CC' from 'B-';
     remains on RWN; assigned a Recovery Rating of 'RR6'; and

  -- Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of 9 September 2009

Classes E and F TBIs have been downgraded, reflecting Fitch's view
over potential recovery amounts from one particular defaulted loan
backing the transaction.  Fitch has also maintained the RWN on
these classes, reflecting the possibility that further rating
action may follow, depending on the progress of the collection
activity initiated by special servicer, Premier Asset Management
Company ('CSS2(JPN)'/RWN).  One other loan, out of the five
outstanding loans backing the transaction, has also defaulted and
Premier has already started disposing of properties.  One of the
defaulted loans is expected to result in a principal loss in light
of the current real estate market conditions, together with the
fact that many of the properties are residential and located
outside of Tokyo.  For the purposes of its analysis, Fitch has
reviewed Premier's business plan regarding the defaulted loans,
paying particular attention to the disposition price of each
property, and compared these to the agency's updated valuation to
arrive at a value that it feels is appropriate.

In line with the recently published criteria, the properties have
been revalued in accordance with the respective loan status and
time to loan maturity, adopting a value 24.3% lower than the
initial total value.  As a result, classes C and D have been
downgraded and Negative Outlooks were assigned due to the
continued uncertainty about the future of the Japanese real estate
market and the real estate finance environment.

The affirmations of classes A and B with Stable Outlooks reflects
Fitch's expectations that credit enhancement levels will improve
for these classes as proceeds from defaulted loans will be
allocated on a sequential basis, while principal repayments will
be allocated on pro rata basis.

At closing, the TBIs were backed by seven non-recourse loans
ultimately secured by 43 commercial real estate properties in
Japan.  Two loans have been fully repaid and two loans have been
partially repaid due to collateral disposition, so the transaction
is currently backed by five loans secured by a total of 35
properties.

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


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


LITYAN HOLDINGS: Court-Convened Meeting Set for September 30
------------------------------------------------------------
AmInvestment Bank Berhad, on behalf of Lityan Holdings Berhad,
disclosed that the Company will hold a court-convened
shareholders' meeting at Ballroom I, Tropicana Golf & Country
Resort, Jalan Kelab Tropicana, 47410 Petaling Jaya, in Selangor
Darul Ehsan on September 30, 2009, at 11:00 a.m.

At the meeting, the members will be asked to consider and if
thought fit, agree (with or without modification) to the scheme of
arrangement proposed between the Company and its shareholders.

A full-text copy of the Company's Notice of the Court-Convened
Shareholders' Meeting is available for free at
http://ResearchArchives.com/t/s?448b

                       About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


LITYAN HOLDINGS: To Hold Extra Ordinary Meeting on September 30
---------------------------------------------------------------
Lityan Holdings Berhad will hold an extraordinary general meeting
at Ballroom I, Tropicana Golf & Country Resort, Jalan Kelab
Tropicana, 47410 Petaling Jaya, in Selangor Darul Ehsan, on
September 30, 2009, at 12:00 p.m., or immediately after the
conclusion, adjournment or postponement (as the case may be) of
the Court-Convened Shareholders' Meeting.

At the meeting, the members will be asked to consider and if
thought fit, pass these resolution:

   (a) Special Resolution – Proposed Capital Reconstruction

   (b) Ordinary Resolution 1 – Proposed Debt Restructuring

   (c) Ordinary Resolution 2 – Proposed Special Issue

   (d) Ordinary Resolution 3 – Proposed MO Waiver

   (e) Ordinary Resolution 4 – Proposed Acquisition

   (f) Ordinary Resolution 5 – Proposed Placement

   (g) Ordinary Resolution 6 – Proposed Placement to Nor Badli
                               Munawir bin Mohamad Alias Lafti

   (h) Ordinary Resolution 7 – Proposed Placement to N. Chanthiran
                               A/L Nagappan

A full-text copy of the Company's Notice of the EGM is available
for free at http://ResearchArchives.com/t/s?448a

                       About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


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


AIR NEW ZEALAND: Found Liable for Former Employee's Breakdown
-------------------------------------------------------------
Air New Zealand Ltd. is facing a potentially costly payout to a
former employee who suffered a breakdown after getting no respite
from a heavy workload, a reports posted at stuff.co.nz says.

The Employment Relations Authority found Shelley Rosenberg, who
started at the airline in 1995, was constructively dismissed in
2004 after a tumultuous few years which included a breakdown
attributed to work demands, the report says.

The report says Ms. Rosenberg is seeking costs of over $70,000,
claiming the airline failed to address her unrealistic work
demands, despite her numerous requests.

Citing ERA representative Leon Robinson in a 60-page report,
stuff.co.nz says Mr. Robinson concluded the work stresses led to
Ms. Rosenberg suffering a breakdown in 2001.

According to the report, the decision leaves the airline liable
for damages and compensation for personal grievance, and the
parties have been invited to resolve the costs between themselves.

Meanwhile, Air NZ said it was reviewing the ERA's findings and
"considering its options".

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

As of June 29, 2009, Air New Zealand Ltd. continues to carry
Moody's Investors Service "Ba1" Senior Unsecured Issuer rating
with stable outlook.


FIRST CREDIT: S&P Keeps Counterparty Credit Rating at 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' long-term
counterparty credit rating on New Zealand-based First Credit Union
reflects the credit union's good franchise and supportive member
base.  At the same time, Standard & Poor's also assigned its 'B'
short-term counterparty credit rating.  The outlook is stable.

"FCU has a good business position in the Hamilton and Tauranga
regions of New Zealand," said Standard & Poor's credit analyst,
Peter Sikora.  "This is underpinned by its ability to generate
good interest margins to contend with a recent increase in
delinquent loans, and to contend with recent liquidity- and
funding-based credit-market pressures."

These strengths are moderated by FCU's exposure to lower
socioeconomic customers in its personal-loan portfolio and its
property-development mortgage exposures.

"But S&P expects that FCU's business and financial profiles will
remain sound during New Zealand's current economic downturn, and
through regulatory changes affecting the credit union sector,"
said Mr. Sikora.  "Importantly, the stable outlook factors in
S&P's expectation that FCU will soon reduce its property-
development-type lending exposures, and that its financial profile
will improve in the current fiscal year as a result of increased
earnings stemming from interest-margin improvement and lower loan
provisioning."


* NEW ZEALAND: Investors in Failed Finance Firms Call for Inquiry
-----------------------------------------------------------------
The National Business Review reports that investors who lost money
in failed New Zealand finance companies still want a Royal
Commission of Inquiry, even though Parliament's commerce select
committee has launched its own investigation.

The Review relates that representatives of the pressure group
Exposing Unacceptable Financial Activities appeared before the
committee Thursday, presenting evidence to back their petition
calling for a Royal Commission to be appointed.

The report notes EUFA coordinator Suzanne Edmonds said the
committee's investigation might lead to legislation that protected
future investors but would not "make it right" for those who had
already lost their life savings.

The petition, according to the Review, rests on arguments that
finance companies attracted money dishonestly and that people have
a right to be protected against dishonesty and the violation of
their individual rights.  It is also argued that statutory
authorities failed in their oversight of the failed companies, the
report states.

The report says that the select committee will consider the
petition and the evidence presented and make recommendations to
the Government.


* NEW ZEALAND: Terms Of Trade Down 9% in June Qtr
-------------------------------------------------
Statistics New Zealand said Thursday that the merchandise terms of
trade fell 9.0% in the June 2009 quarter, following a fall in each
of the previous four quarters.

Statistic New Zealand said the terms of trade index is now at its
lowest level since the September 2006 quarter.  According to
New Zealand's statistics agency, the latest fall was due to export
prices decreasing more than import prices, and means 9.0% less
merchandise imports could be funded by a fixed quantity of
merchandise exports than in the March 2009 quarter.

The merchandise export price index fell 11.6% in the June 2009
quarter, influenced by an 8.7% appreciation in the New Zealand
dollar (according to the Reserve Bank's trade weighted index).
The largest contributor was the food and beverages index (down
14.8%), driven by dairy products (down 24.1%) and meat (down
7.0%).  Export prices are now at their lowest level since the
September 2007 quarter.

Seasonally adjusted export volumes rose 7.0% in the June 2009
quarter.  The increase in export volumes was mainly driven by
higher volumes for dairy products (up 23.7%), petroleum and
petroleum products (up 62.7%), and forestry products (up 14.6%).

The merchandise import price index fell 2.9% in the June 2009
quarter.  Significant contributions came from decreases in
chemicals and related products (down 7.9%), mechanical machinery
(down 5.1%), and electrical equipment and apparatus (down 4.8%).
In the June 2009 quarter, the influence of the appreciation of the
New Zealand dollar on import prices was smaller than for exports,
as the exchange rates the New Zealand Customs Service uses for
valuing imports are lagged by at least 11 and up to 25 days.

Seasonally adjusted import volumes fell 1.9% in the June 2009
quarter, which is the fourth consecutive quarterly fall.  In the
latest quarter, intermediate goods (down 8.1%) made the largest
contribution to the overall fall in import volumes.  Increases in
passenger motor cars (up 36.3%, following two big quarterly falls)
and capital goods (up 41.0%) had a significant offsetting effect.


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


WEST-STREET: Creditors' Meeting Set for September 17
----------------------------------------------------
West-Street Impex Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on Sept. 17,
2009, at 3:00 p.m.

At the meeting, the creditors will be asked to:

   -- receive an account of the liquidators' acts and dealings and
      of the conduct of the winding-up for the period from
      March 30, 2009 to September 16, 2009;

   -- ratify the appointment of Messrs. Goh Thien Phong and Chan
      Kheng Tek, all of PricewaterhouseCoopers LLP, 8 Cross Street
      #17-00, PWC Building Singapore 048424, as joint and several
      liquidators in the winding up of the company;

   -- resolve that the liquidators' remuneration be based on their
      normal scale rates and be paid out of the company’s assets;

   -- consider where appropriate appointment(s) of and to a
      Committee of Inspection; and

   -- discuss any other business.


===============
T H A I L A N D
===============


KRUNG THAI: Fitch Affirms Individual Rating at 'C/D'
----------------------------------------------------
Fitch Ratings has affirmed Krung Thai Bank Public Company
Limited's ratings:

* Long-term foreign currency Issuer Default Rating at 'BBB' with a
  Stable Outlook;

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

* Individual at 'C/D';

* Support at '2';

* Foreign currency subordinated debt rating at 'BBB-';

* Support Rating Floor at 'BBB';

* Foreign currency offshore hybrid Tier 1 securities at 'BB';

* National Long-term rating at 'AA+(tha)' with Stable Outlook;

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

* National subordinated debt rating at 'AA(tha)';

* National rating on domestic hybrid Tier 1 securities at
  'A(tha)';

Fitch notes that KTB's ratings are underpinned by strong
government ownership and support, as well as its improving
financial strength, even though downside risks to KTB's
performance persist.  KTB is Thailand's second-largest bank (17%
market share), with the Bank of Thailand's Financial Institutions
Development Fund holding a 55%-stake.  Given KTB's size and
importance to the financial system and economy, as well as its
majority state-ownership and control, the agency believes there is
a high probability KTB would receive state support, if needed.
Although government ownership and control provide support to the
long-term debt ratings, these factors could weaken the bank's
stand-alone financial performance due to its support of government
policies.

In 2008, KTB's financial performance improved significantly
primarily due to lower provisions.  However, the bank's
performance and asset quality could weaken in 2009 in light of
Thailand's severe economic downturn.  Fitch projects a negative
3.1% GDP growth for Thailand in 2009, with a modest recovery to
3.0% by 2010.  KTB reported a net profit of THB12.3 billion (up
92.2% yoy) in 2008, despite additional charges of THB2.4 billion
against CDO investments.  A pick-up in loan growth (9.2% yoy) and
lower funding costs helped maintain the net interest margin at
3.9%.  As for H109, KTB's net profit declined to THB5.2 billion
(down 14% yoy) due to a sharp decline in dividend income from the
Vayupak Fund and higher non-interest expense, although
provisioning surprisingly fell.  The NIM fell to 3.4% due to fall
in interest rates and an increase in low-yielding interbank loans.
KTB's ROA and ROE stood at 0.8% and 10.1%, respectively in H109.

In H109, KTB reported strong loan growth of 4.3% from end-2008 or
8.6% on an annualized basis compared with reported negative loan
growth for the other major Thai banks, although majority of the
loan growth were loans to government agencies.  KTB's impaired
loans decreased to THB86 billion (8.1% of total loans) at the end
of 2008 due to THB13.6 billion of write-offs, while NPLs rose
moderately to THB88.7 billion (or 8.1% of total loans) as of end-
June 2009.  Reserve coverage ratio at end-June 2009 remained low
(41.2%), implying a risk of a jump in provisioning in the next six
to 12 months, particularly given the weak economic environment.

KTB's funding and liquidity remained stable as it has one of
Thailand's strongest local deposit franchises as state enterprises
and government employees deposit their savings mainly with KTB.
The bank's loan-to-deposit and liquid assets ratio stood at 88%
and 26.1%, respectively at end-June 2009.  KTB's capital ratios
also appear strong with a Tier 1 of 9.8% and total capital ratios
of 15.5% at end-June 2009.  However, high asset growth to support
government economic stimulus and higher provisions may cause the
capital ratios to fall in the next few years.


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


AVAGO TECH: Offers 95 Cents on Dollar for Floating Rate Notes
-------------------------------------------------------------
Avago Technologies Limited's wholly owned subsidiary, Avago
Technologies Finance Pte. Ltd. commenced a cash tender offer to
purchase up to US$250 million aggregate principal amount of its
outstanding notes as described below.  The tender offer is
described in an offer to purchase, dated September 3, 2009 and
related Letter of Transmittal.  Avago Finance reserves the right
to increase the Maximum Tender Amount subject to compliance with
applicable law.  The company expects to use net proceeds from the
previously completed initial public offering of Avago Technologies
Limited's ordinary shares and cash on hand to purchase the
outstanding notes.

Upon the terms and subject to the conditions described in the
Offer to Purchase and the Letter of Transmittal, and any
amendments or supplements to the foregoing, Avago Finance is
offering to purchase for cash the notes below in the following
Acceptance Priority Level:

                                 Aggregate        Tender
                                 Principal    Consideration
  Title of            CUSIP       Amount        Per US$1,000
  Securities          Number     Outstanding  Principal Amount
  ----------          ------     -----------  ----------------
  11-7/8% Senior
  Subordinated
  Notes due 2015      05336XAF8  US$247,500,000  US$1,065.00
                                                  US$20.00*
                                               ---------
                                               US$1,085.00
  10-1/8% Senior
  Notes due 2013      05336XAD3  US$403,121,000  US$1,035.00
                      U05212AA0                   US$20.00*
                                               ---------
                                               US$1,055.00

  Senior Floating
  Rate Notes
  due 2013            05336XAE1  US$50,000,000     US$930.00
                                                  US$20.00*
                                               ---------
                                                 US$950.00
        * early tender premium

The tender offer will expire at 12:00 midnight, New York City
time, on October 1, 2009, unless extended or earlier terminated.
Holders of notes that are validly tendered at or prior to 5:00
p.m., New York City time, on September 17, 2009 and accepted for
purchase will receive the Tender Offer Consideration for such
series, plus the applicable early tender premium set forth in the
table above.  Holders of notes validly tendered after the Early
Tender Date but before the Expiration Date and accepted for
purchase will receive the applicable Tender Offer Consideration,
but not the Early Tender Premium.  All holders of notes who
validly tender their notes on or before the Expiration Date and
whose notes are accepted for purchase will receive the applicable
consideration set forth in the table above, plus accrued and
unpaid interest from the last interest payment date to, but not
including, the payment date.

If notes are validly tendered in the tender offer such that the
aggregate principal amount tendered exceeds the Maximum Tender
Amount, Avago Finance will accept for purchase, up to the Maximum
Tender Amount, notes in accordance with the Acceptance Priority
Level in numerical priority order.  Avago Finance will apply the
Maximum Tender Amount first to purchase the 11-7/8% Notes.  To the
extent any amounts remain in the Maximum Tender Amount after Avago
Finance purchases the 11-7/8% Notes, Avago Finance will then apply
the balance to purchase the 10-1/8% Notes, subject to proration,
if applicable, based on the aggregate principal amount of the 10-
1/8% Notes validly tendered, rounded down to the nearest integral
multiple of US$1,000.  To the extent any amounts remain in the
Maximum Tender Amount after Avago Finance purchases the 11-7/8%
Notes and the 10-1/8% Notes, Avago Finance will then apply the
balance to purchase the Floating Rate Notes, subject to proration,
if applicable, based on the aggregate principal amount of the
Floating Rate Notes validly tendered, rounded down to the nearest
integral multiple of US$1,000.

Payment for the 11-7/8% Notes validly tendered at or before the
Early Tender Date and accepted for purchase is expected to be made
promptly after the Early Tender Date.

Payment for (a) the 11-7/8% Notes validly tendered after the Early
Tender Date and at or before the Expiration Date and accepted for
purchase, and (b) the 10-1/8% Notes and the Floating Rate Notes
validly tendered at or before the Expiration Date and accepted for
purchase is expected to be made promptly after the Expiration
Date.

Tenders of the notes may be withdrawn at any time at or prior to
5:00 p.m., New York City time, on September 17, 2009, but may not
be withdrawn thereafter.

The consummation of the tender offer is not conditioned upon any
minimum amount of notes being tendered, but is conditioned upon
the satisfaction or waiver of the conditions set forth in the
Offer to Purchase.

Citi is the sole dealer manager of the tender offer.  Global
Bondholder Services Corporation has been retained to serve as the
depositary and information agent.

None of Avago Finance or its affiliates, its board of directors,
the dealer manager, the depositary and information agent or the
trustee for the notes, makes any recommendation as to whether
holders of the notes should tender or refrain from tendering the
notes.

                     About Avago Technologies

Headquartered both in San Jose, California, and in Singapore,
Avago Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/
--   is a semiconductor company, with approximately 6,500
employees worldwide.  Avago provides an extensive range of analog,
mixed-signal and optoelectronic components and subsystems to more
than 40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

Avago Technologies had total assets of US$1,775,000,000 against
debts of US$1,017,000,000 as of August 2, 2009.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 11, 2008, Standard & Poor's Ratings Services removed its
ratings on San Jose, Calif.- and Singapore-based Avago
Technologies Finance Pte. Ltd. and related entities, from
CreditWatch, where they were placed on Sept. 19, 2007, with
positive implications, and raised the company's corporate credit
rating to 'BB-' from 'B'.


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


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


AUSTRALIA


ADVANCE HEAL-NEW       AHGN         16933460.19    -8226075.95
ALLOMAK LTD            AMA          40685785.47    -5913422.67
ALLSTATE EXPL-PP       ALXCC        16169603.20   -50619940.96
ALLSTATE EXPLORA       ALX          16169603.20   -50619940.96
ARC EXPLORATION        ARX          58544299.40   -15958771.93
AUSMELT LTD            AET          10421943.80    -1558622.35
AUSTAR UNITED          AUN         508844538.84  -310055789.75
AUSTRAILIAN Z-PP       AZCCA        77741918.88    -2566335.24
AUSTRALIAN ZIRC        AZC          77741918.88    -2566335.24
BIRON APPAREL LT       BIC          19706736.59    -2220069.65
BISALLOY STEEL G       BIS          54556820.43    -7472108.44
CHEMEQ LIMITED         CMQ          25194855.59   -24254413.72
CITY PACIFIC LTD       CIY         171501648.08    -6383353.75
EIRCOM HOLDINGS        ERC        7606555987.32  -533212434.19
ELLECT HOLDINGS        EHG          18245003.37   -15487781.92
HYRO LTD               HYO          21498880.13   -14825700.09
MAC COMM INFR-CD       MCGCD      8104415200.76  -103343256.49
RESIDUAL ASSC-EE       RAGXF       597329874.01  -126963316.48
RUBICON AMERICA        RAT         649532285.57  -100605696.94
RUBICON EUROPE T       REU         553099503.30  -252490904.13
TOOTH & CO LTD         TTH         108860665.87   -69404500.26
VERTICON GROUP         VGP          14221690.08   -24604525.15
VOYAGER RESOURCE       VOR         105239382.56  -190859513.39


CHINA

ALONG TIBET CO-A       600773       10645458.33    -1260472.65
AMOI ELECTRONI-A       600057      205714958.88  -171265179.25
ANHUI KOYO GROUP       979          60010204.49   -52445757.65
BAO LONG ORIENTA       600988       16803610.56    -3002433.31
CHANG LING GROUP       561          42473545.73   -10486849.69
CHENGDE DIXIAN-B       200160       52878580.08   -15925439.90
CHENGDU UNION-A        693          53505027.19    -5241722.53
CHINA EAST AIR-A       600115    10663617937.55  -669018244.31
CHINA EAST AIR-H       670       10663617937.55  -669018244.31
CHINA KEJIAN-A         35           80524769.63  -182184709.66
CHINESE.COM LOGI       805          12869661.54   -10094949.57
CITIC GUOAN VI-A       600084      348889601.71  -125227226.74
DANDONG CHEM F-A       498         102526072.10  -107860689.36
DONGGUAN FANGD-A       600656       64150753.72    -8735494.67
DONGXIN ELECTR-A       600691       20608187.18    -5028635.72
GAOXIN ZHANGTO-A       2075        124776592.95   -19821585.47
GUANGDONG HUAL-A       600242       19373034.05    -2325690.04
GUANGDONG KEL-A        921         650072211.91  -103760527.20
GUANGMING GRP -A       587          45859984.22   -44684252.23
GUANGXI BEISHE-A       600556      110503178.27  -144424566.92
GUANGXIA YINCH-A       557          19526916.97   -37073597.54
HEBEI BAOSHUO -A       600155      133526389.53  -358418197.58
HEBEI JINNIU C-A       600722      227141182.32  -223794072.17
HISENSE ELEC-H         921         650072211.91  -103760527.20
HUATONG TIANXI-A       600225       34542670.84   -29942511.88
HUDA TECHNOLOG-A       600892       20055498.84    -2392277.80
HUNAN ANPLAS CO        156          53136755.69   -81141655.20
HUNAN AVA HOLDIN       918         219048363.26   -78476613.98
JIAOZUO XIN'AN-A       719          14229704.96    -7806228.22
NINGBO YIDONG-H        8249         55690342.44   -22047522.03
QINGHAI SUNSHI-A       600381       53430938.15   -26418232.17
SHANG HONGSHENG        600817       17195946.36  -397044828.42
SHANG LIANHUA-A        600617       16629332.66    -2816699.77
SHANG LIANHUA-B        900913       16629332.66    -2816699.77
SHANGHAI WORLDBE       600757      218813789.33  -118596184.73
SHENZ CHINA BI-A       17           27968310.96  -264106065.10
SHENZ CHINA BI-B       200017       27968310.96  -264106065.10
SHENZ SEG DASH-A       7            75454296.33    -6832811.09
SHENZHEN DAWNC-A       863          28806239.39  -155220111.20
SHENZHEN KONDA-A       48          198370122.93   -14709825.62
SHENZHEN SHENXIN       34           25649329.38  -166918478.37
SHIJIAZHUANG D-A       958         247135076.94   -47057598.59
SICHUAN DIRECT-A       757         130066883.28  -118258912.10
SUNTEK TECHNOL-A       600728       36252073.49   -23232714.83
TAIYUAN TIANLO-A       600234       49936366.67   -24269532.79
TIANJIN MARINE         600751       82399198.24   -30394356.74
TIANJIN MARINE-B       900938       82399198.24   -30394356.74
TIBET SUMMIT I-A       600338       72677899.02   -13527522.12
TOPSUN SCIENCE-A       600771      183535542.89  -132134649.22
WINOWNER GROUP C       600681       11441386.17   -70778286.86
WUHAN BOILER-B         200770      425205467.18   -59127896.04
WUHAN GUOYAO-A         600421       11224148.10   -38404923.54
XIAMEN OVERSEA-A       600870      316697544.56  -153952891.08
YUEYANG HENGLI-A       622          37450378.86   -15337096.06
YUNNAN MALONG-A        600792      157520417.89    -3274324.93
ZHANGJIAJIE TO-A       430          47476905.56    -6608204.52


HONG KONG

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


INDONESIA

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


INDIA

ALCOBEX METALS         AML          35670319.03   -22443296.68
APPLE FINANCE          APL          70832103.73   -29253849.19
ASHIMA LTD             ASHM         59922403.11   -47153581.06
BAKELITE HYLAM         BKLT         13911138.88   -12867352.60
BALAJI DISTILLER       BLD          51161385.13   -38383503.30
BELLARY STEELS         BSAL        512415670.40  -101442229.54
BHAGHEERATHA ENG       BGEL         22646453.72   -28195273.09
CFL CAPITAL FIN        CEATF        20637497.85   -48884440.84
COMPUTERSKILL          CPS          14896780.89    -7560054.57
CORE HEALTHCARE        CPAR        185364966.99  -241912027.81
DCM FINANCIAL SE       DCMFS        16540889.84   -10988851.47
DIGJAM LTD             DGJM         98769193.78   -14623833.58
DISH TV IND-PP         DITVPP      422081403.33  -127614551.41
DISH TV INDIA          DITV        422081403.33  -127614551.41
DUNCANS INDUS          DAI         164653351.85  -220922929.88
EMTEX INDS INDIA       EMTX         11807105.53   -44405235.51
GALADA POWER & T       GCC          10899606.76   -27849464.86
GANESH BENZOPLST       GBP          77840261.61   -41865917.86
GLOBAL BOARDS          GLB          25154303.78     -793024.17
GSL INDIA LTD          GSL          37040429.61   -42340564.58
GUJARAT SIDHEE         GSCL         59440728.18     -660003.43
GUJARAT STATE FI       GSF          30159595.18  -234918081.46
HANJER FIBRES          HJF          10720699.56     -310044.87
HARYANA STEEL          HYSA         10831176.59    -5909008.81
HFCL INFOTEL LTD       HFCL        233136050.86   -59728545.83
HIMACHAL FUTURIS       HMFC        633329926.05  -104792044.71
HINDUSTAN PHOTO        HPHT         93725753.93 -1229352757.43
HMT LTD                HMT         206932743.85  -263572925.12
ICDS                   ICDS         13300348.69    -6171079.46
INDIA FOILS LTD        IF           48457142.32   -38013960.39
INTEGRAT FINANCE       IFC          57729537.53   -52297155.04
JCT ELECTRONICS        JCTE        122542558.60   -49996834.55
JD ORGOCHEM LTD        JDO          14537402.78   -69753846.55
JENSON & NIC LTD       JN           15734678.26   -92089109.12
JIK INDUS LTD          KFS          20633171.50    -5623616.49
JK SYNTHETICS          JKS          20208078.76    -2171303.89
JOG ENGINEERING        VMJ          50080964.36   -10076436.07
KALYANPUR CEMENT       KCEM         37538318.01   -41771703.35
LLOYDS FINANCE         LYDF         36822038.19   -10290725.19
LLOYDS STEEL IND       LYDS        358940191.85   -83135016.16
MILLENNIUM BEER        MLB          39726352.09     -732186.48
MILTON PLASTICS        MILT         26114050.07   -42391324.19
NATH PULP & PAP        NPPM         13588844.93   -39126079.65
NICCO UCO ALLIAN       NICU         38788084.34   -61659313.00
NOVA PETROCHEM         NVPC         44390476.41     -925948.57
ORIENT PRESS LTD       OP           16699814.52      -94789.33
PANCHMAHAL STEEL       PMS          51024827.03     -325116.26
PANYAM CEMENTS         PYC          38841457.46     -641194.41
PARASRAMPUR SYN        PPS         111971290.89  -317111727.95
PAREKH PLATINUM        PKPL         61081050.43   -88849040.15
PEACOCK INDS LTD       PCOK         14682895.47   -18138660.88
PIRAMAL LIFE SC        PLSL         32054795.68    -3725239.05
POLAR INDS LTD         PLI          17540987.69   -24687678.21
PRECISION CONTAI       PCLL         10013065.56    -3669728.21
RAMA PHOSPHATES        RMPH         34066789.55    -1192495.62
RATHI ISPAT LTD        RTIS         44555929.56    -3933592.50
REMI METALS GUJA       RMM          82273746.28    -1650461.11
ROLLATAINERS LTD       RLT          22965755.05   -22244556.92
ROYAL CUSHION          RCVP         29192373.45   -73115309.68
RPG CABLES LTD         RPG          51431409.37   -20192930.18
SEN PET INDIA LT       SPEN         13283611.52   -25431862.10
SHALIMAR WIRES         SWRI         30588221.25   -63772177.80
SHAMKEN COTSYN         SHC          23127927.75    -6172791.93
SHAMKEN MULTIFAB       SHM          60546590.60   -13260108.95
SHAMKEN SPINNERS       SSP          42180451.29   -16764934.64
SHARDA ISPAT LTD       SHIL         16179943.38    -5040578.35
SHREE RAMA MULTI       SRMT         81405835.45   -64134056.23
SIDDHARTHA TUBES       SDT          92929926.47   -10719543.54
SIL BUSINESS ENT       SILB         12461159.02   -19961202.41
SOUTHERN PETROCH       SPET       1543609373.57   -35609423.98
SPICE COMMUNICAT       SPCM        263692459.52   -19679192.67
STI INDIA LTD          STIB         44107456.00     -300149.59
TAMILNADU TELE         TNT          11680819.22    -3373123.87
TATA TELESERVICE       TTLS        793627684.28   -74636840.33
TRIVENI GLASS          TRSG         34542881.89    -6209872.78
UNIWORTH LTD           WW          178225972.59  -131624807.91
USHA INDIA LTD         USHA         12064900.61   -54512967.31
WINDSOR MACHINES       WML          14500894.45   -28144999.02
WIRE AND WIRELES       WNW         102422193.22   -37057061.49


JAPAN

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


KOREA

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


MALAYSIA

HARVEST COURT          HAR          10626827.67    -6604210.03
LITYAN HLDGS BHD       LIT          18071124.04   -29261166.90
NEPLINE BHD            NL           20464406.20   -25108761.81
NIKKO ELECTRONIC       NIKKO        10890137.48    -8147304.11
PECD BHD               PECD        247769002.01  -363970343.69
WONDERFUL WIRE         WW           11594594.78   -14561593.40
WWE HOLDINGS BHD       WWE          66753912.87     -904694.18


NEW  ZEALAND

DOMINION FINANCE       DFH         258902749.12   -55312405.88


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO       ASA          11992958.61   -11223940.95
ADVANCE SCT LTD        ASCT         69486218.18   -11959064.78
CARRIERNET GLOBA       CARG         14286897.57      -17258.04
CHUAN SOON HUAT        CSH          31243269.09   -16230153.11
FALMAC LTD             FAL          10288220.94    -6460596.18
HL GLOBAL ENTERP       HLGE         93947954.45   -12514151.49
INFORMATICS EDU        INFO         23073311.96     -831837.63
JURONG TECH IND        JTL          98760092.87  -227275152.06
LINDETEVES-JACOB       LJ          155633719.48   -88389478.73
OCEAN INTERNATIO       OCEAN        61659790.45   -13720371.73
PACIFIC CENTURY        PAC          21863868.37    -2767499.46
SUNMOON FOOD COM       SMOON        18725666.00   -10079386.91
TT INTERNATIONAL       TTI         293865103.05   -37711583.27
WESTECH ELECTRON       WTE          28290170.94   -12855750.98


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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