TCRAP_Public/090923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, September 23, 2009, Vol. 12, No. 188

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Big Four Australian Banks Sell B&B Debt
CENTRO NP: Seeks to Modify Terms of 2026 and 2028 Senior Notes
STORM FINANCIAL: Macquarie Won't Pay 600 Victims
WESTPOINT GROUP: Former Adviser Banned for Three Years


C H I N A

CHINA MERCHANTS: Shareholder to Sell 170 Millions Shares in Bank
HUANENG POWER: Receives US$2.3-Bln Loan from Chinese Banks
* CHINA: Recovery Quickens as Investments, Lending Surge, Says ADB


H O N G  K O N G

AIR RIDER: Court Enters Wind-Up Order
CS INDUSTRIAL: Appoints Wai and Fun as Liquidators
DESCARTES GLOBAL: Appoints Provisional Liquidators
FORTUNE STAR: Appoints Wai and Fun as Liquidators
GOLDEN PATH: Court Enters Wind-Up Order

JADE ALLIANCE: Court Enters Wind-Up Order
JADE ALLIANCE: Court Enters Wind-Up Order
JADE ALLIANCE: Court Enters Wind-Up Order
KG INTELLIGENT: Court Enters Wind-Up Order
KOEX ELECTRONICS: Court Enters Wind-Up Order

KOGEN CORPORATION: Court Enters Wind-Up Order
POLYWIN GLOBAL: Court to Hear Wind-Up Petition on October 14
SHING TAI: Appoints Wai and Fun as Liquidators
SHUN HANG: Court Enters Wind-Up Order
WEALTH FAIR: Court Enters Wind-Up Order

WYNN RESORTS: Fitch Monitors 'B+' Issuer Default Rating
YGL INTERNATIONAL: Court Enters Wind-Up Order


I N D I A

ASIP PRIVATE: Low Net Worth Prompts CRISIL to Assign 'BB+' Rating
BAZARGAON PAPER: CRISIL Assigns 'B-' Ratings to Various Bank Debts
ISHWAR ISPAT: CRISIL Rates INR67.50 Million Cash Credit at 'BB+'
KINGFISHER AIRLINES: May Raise Up to US$175MM to Pay Down Debt
PSA SICAL: CRISIL Assigns "P4' Rating on INR550MM Bank Guarantee

* INDIA: ADB Lifts Growth Forecasts in 2009 and 2010 to 6% and 7%


J A P A N

HITACHI LTD: Former HR Manager Ordered Four Years Imprisonment
JAPAN AIRLINES: Creditors Seek to Separate Unprofitable Operations
JAPAN AIRLINES: To Slash 10% of Maintenance Jobs by March 2012


N E W  Z E A L A N D

BOB'S COVE: PFK Files First Receiver's Report
SOUTH CANTERBURY: S&P Puts 'BB+' Rating on CreditWatch Negative
* NEW ZEALAND: Out of Recession as GDP Grows 0.1% in June Qtr


P H I L I P P I N E S

* PHILIPPINES: ADB Sees Modest Economic Recovery in 2009-2010


S I N G A P O R E

AUVENTA PTE: Creditors' Proofs of Debt Due on October 19
EC CHEMICAL: Creditors' Proofs of Debt Due on September 30
ENRON CAPITAL: Creditors' Proofs of Debt Due on October 2
STRATEGEM TECHNOLOGIES: Court to Hear Wind-Up Petition on Oct. 2
ST-KN PTE: Creditors' Proofs of Debt Due on October 19


T A I W A N

HUA NAN: Moody's Withdraws 'D' Bank Financial Strength Rating


X X X X X X X X

MODINE MANUFACTURING: JPMorgan, Lenders Waive Technical Default
* Asia Poised to Lead Recovery from Global Slowdown, ADB Says
* ADB Revises Growth Prospects for Pacific in 2009
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BABCOCK & BROWN: Big Four Australian Banks Sell B&B Debt
--------------------------------------------------------
Martin Collins at The Australian reports that the big Australian
banks have quietly sold the bulk of their loans to Babcock & Brown
Limited to a range of hedge funds for between 20c and 30c in the
dollar.

According to the report, some two-thirds, or $2 billion of the
$3.1 billion in Babcock debt, is now owned by hedge funds, which
means McGrath Nicol is advising hedge funds rather than banks on
progress in liquidating Babcock & Brown.

The bank debt sales also effectively killed any hopes the top
executives at B&B had of being paid a reported $20 million if the
reorganization met several targets based on the percentage of
assets sold at certain discounts to the dollar, the report
relates.

The Australian notes the debt represents as much as an 80%
discount below most of those targets.

The move by the big banks, including Westpac, ANZ, CBA and NAB, to
offload their debt is a reflection that they have given up hope of
reviving what was once a $5 billion empire, The Australian says.

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the assets of the company.  Deloitte
said the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


CENTRO NP: Seeks to Modify Terms of 2026 and 2028 Senior Notes
--------------------------------------------------------------
Centro NP LLC has commenced a consent solicitation with respect to
amendments to the 1995 indenture governing various senior notes
issued by the Company.  The Consent Solicitation will expire at
5:00 P.M. (New York City Time) on September 29, 2009, unless
earlier terminated or extended:

                                         Consent Fee
             Outstanding                 Per US$1,000 Put Right
             Principal    Security       Principal    Repurchase
CUSIP No.   Amount       Description    Amount       Date
---------   -----------  -----------    -----------  ----------
64806Q AA2  $10,000,0007.97% Senior       $35.00     01/15/2014
                          Notes Due 2026

64806Q AD6  $25,000,000  7.65% Senior     $35.00     01/15/2014
                          Notes Due 2026

64806Q AF1  $10,000,000  7.68% Senior     $35.00     01/15/2014
                          Notes Due 2026

64806Q AG9  $10,000,000  7.68% Senior     $35.00     01/15/2014
                          Notes Due 2026

64806Q AK0  $25,000,000  6.90% Senior     $35.00     01/15/2014
                          Notes Due 2028

64806Q AL8  $25,000,000  6.90% Senior     $35.00     01/15/2014
                          Notes Due 2028

The Company is seeking to obtain the consent of the holders of the
Securities (i) to add a put repurchase right that will require the
Company to offer to repurchase (but not require the holders to
tender) the Securities for an amount equal to the principal amount
plus accrued and unpaid interest on January 15, 2014 (which is
between 12 and 14 years ahead of their 2026 and 2028 maturities),
(ii) to modify certain defined terms and covenants applicable to
the Securities to create a uniform method of calculating the
Company’s debt incurrence ratios with the other series of notes
issued by the Company and (iii) to modify the financial reporting
covenant in the indenture to make it consistent with the other
series of notes issued by the Company, which would permit the
Company to discontinue filing annual or other reports with the
Securities and Exchange Commission and instead deliver
substantially the same kind of information to the trustee under
the indenture (for continued availability to the holders of
Securities).  Upon receipt of the requisite consents (which may
occur prior to the Expiration Date), the Company intends to effect
the execution of the Supplemental Indenture containing the
amendments.

Subject to the terms and conditions of the Consent Solicitation,
the Company will make a cash payment of US$35.00 per US$1,000
principal amount of Securities for which the holder has validly
delivered (and not validly revoked at any time before the earlier
of the execution of the Supplemental Indenture and the Expiration
Date) a consent prior to the Expiration Date.  It is expected that
any payment due will be paid on the first business day following
the Expiration Date, or as soon as practicable thereafter.  The
Company will not be obligated to make any payments if the
requisite consents are not obtained or the other conditions to the
Consent Solicitation are not satisfied or waived on or before the
Expiration Date.

Unless the Consent Solicitation is terminated by the Company for
any reason before the Supplemental Indenture is executed, on the
terms and subject to the conditions of the Consent Solicitation,
the amendments will become operative upon the execution of the
Supplemental Indenture.

The complete terms and conditions of the Consent Solicitation are
set forth in the Consent Solicitation Statement and the
accompanying Consent Form that are being sent to holders of the
Securities.  Holders are urged to read the Consent Solicitation
documents carefully.  Copies of the Consent Solicitation Statement
and related Consent Form may be obtained from Global Bondholder
Services Corporation at (212) 430-3774 and (866) 470-3800 (toll
free).

BofA Merrill Lynch is the Solicitation Agent for the Consent
Solicitation.  Questions regarding the Consent Solicitation may be
directed to BofA Merrill Lynch at (980) 388-4603 (collect) and
(888) 292-0070 (toll free).

As reported by the Troubled Company Reporter on September 10,
2009, Centro NP 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.

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.

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.


STORM FINANCIAL: Macquarie Won't Pay 600 Victims
------------------------------------------------
Stuart Washington at The Sydney Morning Herald says Macquarie
Group has no public plans to compensate about 600 Storm Financial
clients despite evidence of failed systems in margin loans it made
to retirees and pensioners.  Macquarie Group maintains it has
"settled" with its Storm Financial clients, the Herald says.

"But BusinessDay has been contacted by several people introduced
to Macquarie Group margin loans who were sold out at loan-to-value
ratios of 97 per cent -- well above the maximum stated loan-to-
value ratio of 80 per cent," the Herald says.  "These former Storm
clients have argued they were never contacted by Macquarie Group
for a margin call as their shares plummeted last year."

Macquarie Group has made no commitment and refused to answer
questions about compensation or whether its margin loan systems
had failed in relation to Storm Financial clients, the Herald
says.

As reported by the Troubled Company Reporter-Asia Pacific on
September 18, 2009, The Herald Sun said the Australian Securities
and Investments Commission will continue its investigation into
the collapse of Storm Financial over the next six weeks before
deciding whether to pursue legal action.  ASIC chairman Tony
D'Aloisio on September 16 told the federal parliamentary that
inquiry into financial products and services that its probe into
Storm Financial was one of the largest in history.

"We felt that additional investigative work and legal analysis was
needed before the commission could be in a position to make
decisions, so we set the next six weeks for that additional work
to be completed." the report quoted Mr. D'Aloisio as saying.

The parliamentary inquiry is due to report by November 23, the
Herald Sun said.

                       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.


WESTPOINT GROUP: Former Adviser Banned for Three Years
------------------------------------------------------
The Administrative Appeals Tribunal has banned a former director
of Glenhurst Corporation Pty Ltd, Anthony Michael Kofkin, from
providing financial services for three years and holding an
Australian financial services license in relation to Westpoint
Group's collapse.

Mr. Kofkin provided financial services as a director of Glenhurst
Corporation Pty Ltd., which was based in Melbourne and held an AFS
licence from 1998 to 2007.  Glenhurst entered into liquidation on
January 17, 2008.

Mr. Kofkin was banned by the AAT following his appeal from a
banning order made by the Australian Securities and Investments
Commission.  The AAT's decision had regard to:

    * insufficient due diligence being undertaken by Mr. Kofkin
      prior to advising his clients to invest in Westpoint
      financial products;

    * the scale of his clients losses and the period of his
      conduct, between 2002 and 2005; and

    * the need to protect investors and maintain high standards
      in the financial advisory industry.

Mr. Kofkin provided advice to approximately 80 clients to invest
in products issued by the Westpoint Group of companies.  Those
clients suffered significant losses following the collapse of
Westpoint.

Since November 2007, Mr. Kofkin has been the Chief Executive
Officer of Churchill Morgan Global (CMG).  Mr. Kofkin and CMG were
both authorized representatives of Millenium3 Financial Services
Pty Ltd, which is part of the ING group of companies.

                            Background

Twenty-three licensed advisers, including Mr. Kofkin, four
unlicensed advisers, and one corporate entity who advised on
Westpoint products have been banned from providing financial
services.

In August 2008, ASIC commenced proceedings against Glenhurst
Corporation Pty Ltd on behalf of clients who had invested in
Westpoint products on the advice of Glenhurst.  As Glenhurst was
in liquidation, ASIC subsequently commenced proceedings against
the company's professional indemnity insurer QBE Insurance.

ASIC said it obtained court orders on January 28, 2009, for a
global mediation of all Federal Court actions commenced by ASIC,
including Glenhurst, for compensation arising from the failure of
the Westpoint group.  ASIC continues to participate in the
mediation of claims against Glenhurst and other financial services
licensees.

                        About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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


CHINA MERCHANTS: Shareholder to Sell 170 Millions Shares in Bank
----------------------------------------------------------------
Bloomberg News, citing the China Business News, reports that a
China Merchants Bank Co. shareholder plans to sell 170 million
shares in the lender.  The Shanghai-based newspaper didn’t
identify the shareholder, Bloomberg says.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

China Merchants Bank continues to carry Moody's Investors
Service's Baa3/P-3 long-term/short-term foreign currency deposit
ratings and D+ bank financial strength rating.  The ratings'
outlook remains stable.


HUANENG POWER: Receives US$2.3-Bln Loan from Chinese Banks
----------------------------------------------------------
Huaneng Power International, Inc., has received a SGD3.2 billion
(US$2.3 billion) bank loan to fund its acquisition of Tuas Power
in Singapore, Wan Zhihong at the China Daily reports.

The report says under an agreement signed on Sept. 21, Huaneng
will get SGD2.8 billion (US$2 billion) loan from Bank of China and
SGD400 million (US$300 million) loan from China Construction Bank.
The company will mainly use the money to pay for the loan it had
borrowed from overseas banks for the deal last year, the Daily
notes.

Huaneng, the report recalls, paid SGD4.24 billion (US$3 billion)
to buy Singapore's Tuas Power Ltd from Temasek in March 2008.

Huaneng Power International, Inc. (SHA:600011; NYSE:HNP) --
http://www.hpi.com.cn/-- is principally engaged in the
investment, planting, operation and management of power plants.
The Company's electricity generation business covers the Northeast
China Grid, the North China Grid, the Northwest China Grid, the
East China Grid, the Central China Grid and the South China Grid,
as well as grid in Singapore. During the year ended December 31,
2008, the Company together with its subsidiaries, generated
approximately 184.6 billion kilowatt-hours.  As of December 31,
2008, the Company wholly owned 17 operating power plants and had
controlling interests in 13 operating power plants and minority
interests in five operating power companies within China.  Its
power plants were located in 12 of China's provinces, including
Liaoning, Hebei, Henan, Gansu, Shandong, Shanxi, Jiangsu,
Zhejiang, Jiangxi, Hunan, Fujian and Guangdong, and in Shanghai
and Chongqing Municipalities.  It also had a wholly owned power
subsidiary in Singapore.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sept. 21,
2009, that Fitch Ratings downgraded Huaneng Power International,
Inc's Long-term foreign and local currency Issuer Default Ratings
and senior unsecured debt rating to 'BB+' from 'BBB', and its
Short-term foreign and local currency IDRs to 'B' from 'F3'.  The
Outlook is Stable.


* CHINA: Recovery Quickens as Investments, Lending Surge, Says ADB
------------------------------------------------------------------
After falling to its lowest rate in 20 years in the first quarter
of this year as a result of the global downturn, economic growth
in the People's Republic of China (PRC) rebounded in the second
quarter and is expected to record more than 8% in 2009 and 2010,
according to a major new report from the Asian Development Bank
(ADB).

The Asian Development Outlook 2009 Update (ADO Update), released
September 22, projects economic growth of 8.2% this year, with a
surge in bank lending and fixed asset investments pushing growth
1.2 percentage points higher than ADB's forecast in March.

The expected maintenance of the Government's fiscal stimulus and a
moderate recovery in the international economy in 2010 will lift
the PRC's growth rate next year to 8.9%, the report adds.

"The massive fiscal stimulus announced last year and the
aggressive monetary easing in 2009 has softened the blow of the
global slump on the economy," said Jong-Wha Lee, ADB's Chief
Economist.  "The 8% growth target for 2009 set by the Government
at the start of the year now looks within reach for developing
Asia's largest economy and, in 2010, it will be in sight of the
country's long-run sustainable growth range of about 9%."

The report says that growth accelerated to 7.9% in the second
quarter of 2009 from a low 6.1% in the first quarter, bringing
first half growth to 7.1%. The expansion in the first 6 months was
driven by investment, which contributed 6.2 percentage points of
the total.  Consumption contributed 3.8 percentage points, but was
offset by a 2.9 percentage point decline in net exports.

Fixed asset investment in real terms soared by 41.2% in the second
quarter, 27 percentage points above a year earlier, reflecting the
impact of the large fiscal stimulus and rapid credit expansion.
Investments in agriculture, infrastructure, and public funding for
projects related to health and social security all rose sharply.

A flood of new bank lending, fuelled by the Government's
expansionary monetary stance, was equivalent to around 50% of GDP
for the first half of the year, double the average level of the
previous two years. State-owned enterprises and large private
businesses were the major borrowers.

Industrial production regained momentum in the second quarter as
firms began to rebuild inventories after a significant destocking
during the worst of the crisis, in late 2008 and early 2009.
However, weak external demand and overcapacity in industries, such
as steel, cement, and machinery, saw total profits of enterprises
fall by 22.9% in the first five months of 2009.

The report says that in the second quarter of 2009, the PRC posted
its smallest trade surplus ($34.9 billion) in three years, the
result of a dramatic slump in exports and a slowdown in imports. A
vigorous increase in consumption was bolstered by strong growth in
real incomes in both urban and rural areas.

The ADO Update expects mild deflation to continue through most of
2009, but higher economic growth in 2010 will contribute to
inflation rising to a forecast 3%.

The major drivers of growth in 2010 will be infrastructure
investment, construction, and an expansion of consumption.  With
only a moderate recovery forecast for the international economy,
net exports are expected to make only a minor contribution to
growth.

The main risks to the outlook, the report notes, is a
significantly weaker recovery in the international economy than
currently foreseen, and, on the domestic front, an earlier than
expected exit from the Government's fiscal stimulus package, and
concerns that the flood of bank lending, if maintained for too
long, could trigger another round of severe monetary policy
tightening that would pull growth down again.

Asian Development Outlook, and Asian Development Outlook Update,
are ADB's flagship economic reports analyzing the economic
conditions and prospects in Asia and the Pacific, and are issued
in March and September, respectively.


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


AIR RIDER: Court Enters Wind-Up Order
-------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Air Rider International Logistics Limited's operations
wound up.


CS INDUSTRIAL: Appoints Wai and Fun as Liquidators
--------------------------------------------------
On August 28, 2009, Li Wan Wai and Tsang Lai Fun were appointed as
liquidators of CS Industrial Company Limited.

The Liquidators can be reached at:

          Li Wan Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building, Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8433


DESCARTES GLOBAL: Appoints Provisional Liquidators
--------------------------------------------------
On August 21, 2009, Messrs. John Robert Lees and Colum Sebastian
Joseph Bancroft were appointed as provisional liquidators of
Descartes Global Asset Management Limited.

The provisional liquidators can be reached at:

         John Robert Lees
         Colum Sebastian Joseph Bancroft
         John Lees & Associates Limited
         Henley Building, 20th Floor
         5 Queen's Road Central
         Hong Kong


FORTUNE STAR: Appoints Wai and Fun as Liquidators
-------------------------------------------------
On August 28, 2009, Li Wan Wai and Tsang Lai Fun were appointed as
liquidators of Fortune Star Development Company Limited.

The Liquidators can be reached at:

          Li Wan Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building, Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8433


GOLDEN PATH: Court Enters Wind-Up Order
---------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Golden Path Investment Limited's operations wound up.


JADE ALLIANCE: Court Enters Wind-Up Order
-----------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Jade Alliance Limited's operations wound up.


JADE ALLIANCE: Court Enters Wind-Up Order
-----------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Jade Alliance Metal Limited's operations wound up.


JADE ALLIANCE: Court Enters Wind-Up Order
-----------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Jade Alliance Steel Limited's operations wound up.


KG INTELLIGENT: Court Enters Wind-Up Order
------------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have KG Intelligent Systems Limited's operations wound up.


KOEX ELECTRONICS: Court Enters Wind-Up Order
--------------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Koex Electronics Limited's operations wound up.


KOGEN CORPORATION: Court Enters Wind-Up Order
---------------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Kogen Corporation Limited's operations wound up.


POLYWIN GLOBAL: Court to Hear Wind-Up Petition on October 14
------------------------------------------------------------
A petition to wind up the operations of Polywin Global Limited
will be heard before the High Court of Hong Kong on October 14,
2009, at 9:30 a.m.

Leung Tak Shing filed the petition against the company on
August 10, 2009.


SHING TAI: Appoints Wai and Fun as Liquidators
----------------------------------------------
On August 28, 2009, Li Wan Wai and Tsang Lai Fun were appointed as
liquidators of Shing Tai Engineering Limited.

The Liquidators can be reached at:

          Li Wan Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building, Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8433


SHUN HANG: Court Enters Wind-Up Order
-------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Shun Hang Ki Engineering Company Limited's operations
wound up.


WEALTH FAIR: Court Enters Wind-Up Order
---------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Wealth Fair Technologies Limited's operations wound up.


WYNN RESORTS: Fitch Monitors 'B+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings is closely monitoring potential credit
considerations for the 'B+' Issuer Default Rating of Wynn Resorts,
Ltd. and its subsidiaries following the company's recent filing
with the Hong Kong Stock Exchange and revision to its U.S. credit
agreement.

Despite minimal near-term capital needs, Wynn has filed an
application with the Hong Kong Stock Exchange in connection with
a possible equity listing.  On Sept. 19, 2009, the company
determined that its proposed offering could raise roughly
$1.4-$1.6 billion in connection with a sale of 25% of a Macau
subsidiary.  In addition, Wynn Las Vegas, LLC, revised its credit
agreement on Sept. 10, 2009, to allow a secured note issuance of
up to $500 million until March 31, 2010.  This analysis is
provided so that investors and market participants understand how
Fitch is currently viewing the considerations of these potential
transactions.

            Considerations Related to the Flow of Funds

As of June 30, 2009, nearly $200 million of cash was held at Wynn
Resorts, roughly $70 million at Wynn LV LLC, and approximately
$810-$825 million at Wynn Resorts (Macau), SA (Wynn Macau SA).
The only project under construction is Encore Macau, which had
roughly $340 million left on its $650 million budget as of
June 30, 2009, so the project is fully funded with cash on hand.
Excluding the project capex, Wynn Macau SA is generating
comfortably more than $200 million of annual free cash flow (FCF).
Wynn LV LLC completed Encore Las Vegas in December 2008 and has
only minimal residual construction payables left to pay.  After
that, Fitch believes that Wynn LV LLC may be able to generate a
thin amount of FCF, depending on the impact of the CityCenter
opening later this year.

The Macau credit facilities include a mandatory prepayment
provision in the event of an equity issuance.  However, lenders
have the right to not require prepayment, and a change in
corporate structure, in part to allow the equity issuance, was
permitted by lenders in July 2009 and noted in the Information
Pack that was filed on Sept. 11, 2009.  If Wynn Macau SA is not
required to prepay the credit facilities with the potential equity
proceeds, the additional funds may be able to support future
growth initiatives, such as a Cotai Strip development.

Wynn's Las Vegas credit profile is significantly weaker than Macau
and financial covenants will resume in 2011, with leverage
required to be 6.5 times as of June 30, 2011, stepping down to
6.0x by Dec. 31, 2011.  Based on Fitch's current operating
outlook, it is highly unlikely Wynn LV LLC will be in compliance
with the leverage covenant in 2011 without additional support.

Fitch estimates that the parent company, Wynn Resorts, will be
able to generate about $60 million annually from Wynn Macau SA
management/royalty fees that it could use to support the Wynn LV
LLC credit.  So depending on property performance and the impact
of the Encore Macau opening in the first half of 2010 (1H'10),
Fitch estimates Wynn Resorts can receive on the order of
$100-$150 million in management/royalty fees from Wynn Macau SA
in 2009-2010.

In addition, Wynn Resorts can receive dividends from Wynn Macau
SA, subject to its credit facility's net leverage covenant
(currently 5.0x, which eventually steps down to 3.5x on Dec. 31,
2012).  Wynn Resorts applied all of its U.S. net operating losses
against a cash dividend of $1.072 billion from Wynn Group Asia in
November 2008, and the company also used most of its foreign tax
credits related to the repatriation of Wynn Macau SA's earnings.

Tax Implications:

In order to move cash back to the U.S. tax efficiently, Fitch
believes that Wynn Resorts would be able to use additional NOLs
from its Las Vegas operations that began accumulating in 2009.
Wynn LV LLC recorded a $142 million net loss in 1H'09.  Operating
losses at Wynn LV LLC are likely to continue to accumulate for the
next few years unless and until the company reduces debt at that
subsidiary.  That should enable the company to repatriate at least
some earnings from Macau tax-efficiently.  Wynn Macau SA generated
net income of roughly $265 million in 2008 and $117 million in
1H'09.  Fitch estimates the company will likely be able to use
NOLs and/or foreign tax credit carry-forwards to tax-efficiently
repatriate Macau earnings on the order of $400-$600 million in
2009-2010 depending on property performance and the impact of the
Encore Macau opening in 1H'10.

The company is accumulating foreign tax credit carry-forwards
related to the difference between the tax it pays in Macau (39% of
revenues in lieu of income tax) and the 35% U.S. tax rate on
income.  As of Dec. 31, 2008, it had accumulated $698 million in
foreign tax credit carry-forwards, although it took a valuation
allowance that offset most of this, resulting in a net foreign tax
credit balance of $71 million as of the end of 2008.  The
valuation allowance is based on whether or not the company
believes it is 'more likely than not' to realize the future
deferred tax benefits.  Therefore, if the outlook for the
realization of the deferred tax benefits changes, the valuation
allowance would likely be reversed to the extent the company can
use a greater portion of the foreign tax credit carry-forwards.
The assumptions used to determine the valuation allowance can
change, and it seems possible that a potential Cotai development
in Macau supported by an equity issuance and/or Aqueduct
development in New York could alter the determination of how much
future deferred tax benefits the company is likely to use.  If
that is the case, significantly more of the foreign tax credits
could become available for use by the company, subject to
expiration.

The consideration relating to whether or not the company could
move any funds from an equity issuance back to the U.S. tax-
efficiently and use its NOLs and/or foreign tax credits is based
on the relative classification of the transaction as ordinary
income or capital.  To the extent the transaction is deemed
ordinary income, the company could use the NOLs or foreign tax
credit carry-forwards to minimize the tax liability.  Any portion
deemed a capital gain would be subject to taxation upon
repatriation.  Given the complex legal structure that is being
revised through multiple transactions as indicated in the
Information Pack, the potential tax classification of a subsidiary
equity issuance in Hong Kong is unclear.

Therefore, Fitch currently maintains a cautious view regarding
any near-term benefit to the Wynn LV LLC credit from the Hong
Kong equity issuance.  Moreover, the company may be able to
provide adequate support to Wynn LV LLC through existing means
anyway.  As indicated above, Fitch believes the company could
probably move back to the U.S. roughly $500-$750 million of
Wynn Macau SA earnings and management fees in 2009-2010 in a
tax efficient manner.  Those funds combined with the nearly
$200 million in cash currently at the parent company gives the
company ample flexibility to reduce the $2.57 billion of Wynn LV
LLC debt as of June 30, 2009, in Fitch's view.  That could support
debt reduction at Wynn LV LLC to the $1.6-$1.8 billion range by
2011, which implies that EBITDA would probably need to be in the
$250-$300 million range to comply with the 6.0x-6.5x leverage
covenant in 2011.  Although that level of Las Vegas EBITDA is
slightly above Fitch's current expectation, and well above the
LTM June 30, 2009 level of about $203 million, an unlimited equity
cure provision from an April 2009 amendment to the credit
agreement reduces covenant compliance concern in 2011.

                   Potential U.S. Debt Issuance

The 2011 credit outlook would also improve with the potential for
up to $500 million in a senior secured issuance at Wynn LV LLC.
The fifth amendment to the Wynn LV LLC credit agreement from
Sept. 10, 2009, permits an issuance until March 31, 2010, but
requires that at least 75% of potential net proceeds be used to
pay down the credit facilities, which mature in 2012-2013 and had
roughly $900 million outstanding as of June 30, 2009.  Therefore,
a secured issuance would be mostly leverage neutral, but since it
will take out a substantial portion of the bank group's exposure,
negotiating additional financial covenant amendments becomes much
easier, if needed.  If a potential senior secured issuance were at
least a five-year term, it would push back the next material
inflection point in Wynn LV LLC's already attractive maturity
schedule to 2014, when the $1.6 billion First Mortgage Notes are
due.

                          Rating Outlook

Fitch continues to maintain a cautious outlook regarding potential
deleveraging for corporate gaming operators in general and Wynn
specifically, which is a factor in the company's 'B+' IDR.  While
Wynn's underlying credit profile and solid liquidity supports
meaningful debt reduction, attractive growth opportunities, such
as developments on the Cotai Strip in Macau or Aqueduct in New
York (for which the company is currently a bidder), could restrict
near-term credit improvement.  That said, if these transactions
were completed, Fitch would view them positively.

The IDRs of the parent and subsidiaries are currently linked, in
part because Fitch believes Wynn currently has adequate
flexibility with respect to the flow of funds relative to
subsidiary needs.

Fitch currently rates Wynn with a Stable Outlook:

Wynn Resorts

  -- IDR 'B+'.

Wynn LV LLC

  -- IDR 'B+';
  -- $697 million senior secured bank credit facility 'BB/RR2';
  -- $1.6 billion senior secured first mortgage notes 'BB/RR2'.

Wynn Macau SA

  -- IDR 'B+';
  -- $1.5 billion senior secured bank credit facility 'BB+/RR1'.


YGL INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have YGL International Logistics Company Limited's operations
wound up.


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


ASIP PRIVATE: Low Net Worth Prompts CRISIL to Assign 'BB+' Rating
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable/P4+' to the bank
facilities of ASIP Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR120 Million Cash Credit Limits  BB+/Stable (Assigned)
   INR250 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect ASIP's small scale of operations in the civil
construction business, low net worth, and the working-capital-
intensive nature of its operations.  These weaknesses are,
however, partially offset by ASIP's healthy revenue growth and
strong order book.

Outlook: Stable

CRISIL believes that ASIP will benefit from the strong growth
prospects of the civil construction industry.  The outlook may be
revised to 'Positive' if ASIP strengthens its business profile by
enhancing its revenue diversity, while maintaining current
operating margins.  Conversely, any large additional debt-funded
capital expenditure or acquisition, leading to deterioration in
the company's financial risk profile, may drive a revision in
outlook to Negative'.

                            About ASIP

Set up as a partnership concern in 2000, ASIP Pvt Ltd converted to
a private limited company in 2005.  The company undertakes civil
construction activities, such as construction of roads, canals and
dams, and buildings, and erection of windmills.  The company has
completed projects in Karnataka, Madhya Pradesh, Maharashtra and
Andhra Pradesh.  ASIP reported a profit after tax (PAT) of INR41
million on net sales of INR757 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR9
million on net sales of INR411 million for 2007-08.


BAZARGAON PAPER: CRISIL Assigns 'B-' Ratings to Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Bazargaon Paper & Pulp Mills Private Limited.  The
ratings reflect the weak financial risk profile, and the company's
weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR52.50 Million Cash Credit     B-/Negative (Assigned)
   INR7.50 Million Standby Line     B-/Negative (Assigned)
                      of Credit
   INR17.00 Million Term Loan*      B-/Negative (Assigned)
   INR2.00 Million Bank Guarantee   P4 (Assigned)

   * includes proposed amount of INR0.4 million

The ratings also factor in BPPM's moderate scale of operations and
exposure to the cyclicality in the paper industry.  The impact of
these weaknesses is mitigated by the group's established market
presence.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of BPPM, Decor Paper Mills Ltd, Apex Paper
Mills, and New Bombay Paper Mills Pvt Ltd.  This is because these
entities have strong intra-group operational linkages, are under a
common management, and are in the same line of business.

Outlook: Negative

CRISIL expects BPPM's financial risk profile to remain weak over
the medium term, given its capex plans and weak liquidity.  The
rating may be downgraded if there is steep deterioration in the
company's financial risk profile, because of lower-than-expected
sales and profitability.  Conversely, the outlook may be revised
to 'Stable' if the company's financial risk profile improves,
supported by an increase in its scale of operations and
profitability or improvement in capital structure.

                       About Bazargaon Paper

Bazargaon Paper & Pulp Mills Private Limited is a private limited
company incorporated in 1983 by Surjabhan Agarwal, Jai Prakash
Agarwal, and Sushil Kumar Agarwal.  It commenced commercial
operations in 1988.  BPPM manufactures kraft paper ranging from
100 to 200 grams per metre (GSM) of single layer and having burst
factors of 16+ to 24+, which is used as a key ingredient in the
manufacture of boxes having industrial applications.  The company
has an installed capacity of 90 tonnes per day (32,400 tonnes per
annum [tpa]).  BPPM's manufacturing facilities are located in
Nagpur, Maharashtra, and the manufacturing cycle is of 24 hours.
The main markets for the company are Indore, Bhopal, Himachal
Pradesh, Nagpur, Hyderabad, Bengaluru, and Chennai. It plans to
undertake a capex programme to enhance its capacity to 36,000 tpa,
at a total estimated cost of INR50 million.

BPPM, on a standalone basis, reported a provisional profit after
tax (PAT) of INR6.3 million on net sales of INR296 million for
2008-09 (refers to financial year, April 1 to March 31), against a
PAT of INR5.2 million on net sales of INR275 million for 2007-08.
The group, on a consolidated basis, reported a provisional PAT of
INR17 million on net sales of INR910 million for 2008-09, against
a PAT of INR9.7 million on net sales of INR477 million for
2007-08.


ISHWAR ISPAT: CRISIL Rates INR67.50 Million Cash Credit at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Ishwar Ispat Industries Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR67.50 Million Cash Credit      BB+/Stable (Assigned)
   INR32.50 Million Proposed Long    BB+/Stable (Assigned)
          Term Bank Loan Facility

The rating reflects Ishwar's weak financial risk profile marked by
low net worth and moderate gearing, and its limited market share
and vulnerability to cyclicality in the steel industry.  These
weaknesses are partially offset by Ishwar's moderate business risk
profile, backed by its increasing operating efficiencies.

Outlook: Stable

CRISIL believes that Ishwar will maintain a stable business risk
profile on the back of its improving operating efficiencies.  The
outlook may be revised to 'Positive' if the company is successful
in integrating its operations, and registers higher-than-expected
revenues and profitability.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large, debt-funded
capital expenditure.

                        About Ishwar Ispat

Based in Raipur (Chhattisgarh), Ishwar was incorporated in 2005 by
Mr. Anil Patel.  It manufactures angles of 12 inches, and has
capacity of 36,000 tonnes per annum (tpa).  The company is
currently in the process of setting up an induction furnace of
30,000 tpa capacity, at an investment of around INR50 million, of
which, INR35 million is expected to funded through debt, and the
balance through internal accruals.  Ishwar reported a profit after
tax (PAT) of INR8 million on operating income of INR414 million
for 2007-08 (refers to financial year, April 1 to March 31), as
against a Net Loss of INR9 million on operating income of
INR149 million for 2006-07.


KINGFISHER AIRLINES: May Raise Up to US$175MM to Pay Down Debt
--------------------------------------------------------------
Saikat Chatterjee at Bloomberg News reports that Kingfisher
Airlines Ltd. may raise as much as US$175 million selling shares
and global depository receipts to repay debt.

Citing Ravi Nedungadi, chief financial officer of the airline’s
parent UB Group, in an interview with UTV television channel,
Bloomberg relates that the carrier may seek between US$80 million
and US$100 million in a rights offer and a further US$60 million
to US$75 million selling GDRs.

Mr. Nedungadi, as cited by Bloomberg, said Kingfisher has INR60
billion ($1.2 billion) of debt, almost a third of it coming from
payments made to purchase new aircraft.

Bloomberg notes Mr. Nedungadi said Kingfisher will bring in a
strategic partner if government rules permit.  According to the
report, Mr. Nedungadi said the company hasn’t pursued expressions
of interest made by foreign airlines as Indian government rules
don’t permit overseas carriers from buying stakes in local
airlines.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


PSA SICAL: CRISIL Assigns "P4' Rating on INR550MM Bank Guarantee
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to the bank guarantee
facility of PSA SICAL Terminals Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR550 Million Bank Guarantee     P4+ (Assigned)

The rating reflects the susceptibility of PSA SICAL's margins to
changes in regulations on tariffs chargeable on loading/unloading
activities at the Tuticorin port, as decided by Tariff Authority
of Major Ports (TAMP), and increasing yearly royalty payments to
the Tuticorin Port Trust (TPT).  These weaknesses are mitigated by
the company's established presence and operating efficiencies in
the container-handling business, and continuing managerial support
from PSA International Pte Ltd, Singapore (rated 'AA/Stable/-' by
Standard & Poor's).

PSA SICAL was set up in July 1998 as a joint venture (JV) between
PSA India Pte Ltd (PSA India; holding a 57.5% equity stake), South
India Corporation (Agencies) Ltd (SICAL; 37.5%), and Nur
Investments and Trading Pte Ltd (NITPL; 5%).  PSA SICAL entered
into a 30-year build, operate, and transfer (BOT) agreement with
TPT on July 15, 1998, for the development and maintenance of the
seventh berth at the Tuticorin port as a container terminal.  PSA
SICAL has been executing container-handling operations at the
seventh berth since December 1999.  On March 31, 2009, PSA India
acquired NITPL's share in PSA SICAL, thereby increasing its
shareholding in the JV to 62.50%, with the remaining 37.50% stake
being held by SICAL.

PSA SICAL reported a net profit of INR26.7 million on net income
from services of INR924 million in 2008 (refers to calendar year,
January 1 to December 31), as against a net profit of INR158
million on net income from services of INR869 million in 2007.


* INDIA: ADB Lifts Growth Forecasts in 2009 and 2010 to 6% and 7%
-----------------------------------------------------------------
An increase in public spending, a quicker than expected return of
capital inflows, stronger industrial production, and signs of
improved business confidence will lift economic growth to 6% in
India this year, up from an earlier estimate of 5%, the Asian
Development Bank said in a major new report.

The Asian Development Outlook 2009 Update (ADO Update), released
September 22, said that while agricultural output for 2009 is
expected to remain stunted and exports weak, adroit economic
management in the form of fiscal stimulus packages and
accommodative monetary policy has minimized damage from the global
financial crisis and is supporting a relatively strong economic
expansion again.

The report forecasts growth of 7% for 2010, also an upward
revision from the 6.5% projection in March when ADB launched the
flagship annual economic publication ADO 2009.

"The Government's strong fiscal stimulus, complementing the
Reserve Bank of India's aggressive monetary policy easing, has
successfully brought last year's economic slowdown to an end,"
said ADB Chief Economist Jong-Wha Lee.

Growth in the first quarter of 2009 reached 6.1%, a modest rise on
the previous two quarters, with the upturn reflecting a recovery
in industrial growth to 5% from less than 2% in the previous six
months.  Company net profits grew strongly and external commercial
borrowing rose 19% in June, the highest expansion since September
2008. Weak agricultural output in the 2nd and 3rd quarter is
likely to weigh on growth, although the report says a rebound is
expected in the final quarter.

The report notes that growth for 2009 will continue to be driven
by government expenditure, with the combination of countercyclical
fiscal policies and renewed investor confidence expected to
sustain an expansion in private consumption and investment. The
impact of difficult weather conditions on rural incomes and
consumption will be partly offset by budgetary programs to aid
households in the countryside and possible supplementary support.

In 2010, better rainfall, a rebound in exports as the recession
ends in industrial economies, and stronger investor confidence
will underpin a further improvement in the economic growth rate.

The ADO Update notes that while the public expenditure-led growth
strategy remains appropriate given global economic weakness, the
growing federal and state government deficits are not sustainable
in the long run. The Government recognizes the need to act and has
announced plans to cut the federal deficit to 5.5% of gross
domestic product in 2010 and 4.0% in 2011, supported by tax
changes and expected improvements in the economy.

The report says one downside risk to the outlook for the economy
is financial crowding out of private investment as a result of the
Government's stimulus program. This risk is most likely to arise
in 2010, and underscores the need for the Government to follow
through on its plans to make fiscal adjustments.

Another potential threat is that domestic food price inflation may
create a dilemma for monetary management in 2009 as the Reserve
Bank of India seeks to keep inflation expectations in check, but
not to choke off a recovery. Bad weather conditions are likely to
put upward pressure on food prices in the coming months, although
late monsoonal rains appear to be filling water reservoirs to an
adequate level to insure a reasonable winter crop harvest which
provides some relief.

High food prices have a heavy effect on the poor and the
Government stands ready to cushion the impact by using its large
foodgrain stocks and by importing essential commodities.

Asian Development Outlook, and Asian Development Outlook Update,
are ADB's flagship economic reports analyzing the economic
conditions and prospects in Asia and the Pacific, and are issued
in March and September, respectively.


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


HITACHI LTD: Former HR Manager Ordered Four Years Imprisonment
--------------------------------------------------------------
Joel Rosenblatt at Bloomberg News reports that a former Hitachi
Ltd. human resources manager in the U.S. was sentenced to almost
five years in prison after he pleaded guilty to defrauding the
company’s health plan of US$6.1 million.

According to Bloomberg, U.S. District Judge Colleen McMahon in
New York on Tuesday, September 22, ordered Dennis M. Dowd, 53, of
Yorktown Heights, to serve four years and nine months in prison.
Mr. McMahon also ordered Mr. Dowd to pay Hitachi America $7.5
million in restitution, Bloomberg says.

Bloomberg, citing the U.S. Attorney’s Office in New York, says
Mr. Dowd worked for Hitachi America, directed insurance payments
to an account not authorized by the company and used more than
US$3 million for his personal expenses.

Mr. Dowd in March pleaded guilty to health care fraud and money
laundering, the report recalls.

Hitachi America is a unit of Hitachi Ltd.

As reported in the Troubled Company Reporter-Asia Pacific, citing
Bloomberg News, Hitachi Ltd said its net loss will narrow this
fiscal year after the company booked tax writedowns in the
previous period.

Bloomberg News said that according to the Tokyo-based company,
net loss will contract to JPY270 billion (US$2.78 billion) in the
12 months ending March 31, 2010, from a record JPY787.3 billion
deficit a year earlier, while operating profit will probably fall
76 percent to JPY30 billion as sales decline 11 percent to JPY8.9
trillion.

Bloomberg News related Hitachi said it had JPY390 billion in tax-
related writedowns last fiscal year, disposing of all such
obligations.  The company will probably book a charge of
JPY200 billion, including JPY100 billion for reorganization and
JPY50 billion to reflect losses at the semiconductor unit, Renesas
Technology Corp., Bloomberg News cited Takashi Miyoshi, an
executive vice president at Hitachi, as saying.

According to Bloomberg News, the company in March said it's
cutting jobs and separating its automotive systems and consumer
units to trim costs by JPY500 billion this fiscal year and weather
the global recession.

                       About Hitachi Ltd

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- is engaged
in developing a diversified product mix ranging from electricity
generation systems to consumer products and electronic devices.
The Company has seven segments: Information & Telecommunication
Systems, Electronic Devices, Power & Industrial Systems, Digital
Media & Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.


JAPAN AIRLINES: Creditors Seek to Separate Unprofitable Operations
------------------------------------------------------------------
Lenders to Japan Airlines Corp. are likely to ask the government
to separate unprofitable portions of the company, John Letzing at
MarketWatch reports citing the Nikkei business daily.

According to the report, the daily said JAL's creditors, including
the Development Bank of Japan, are pressing for a move to separate
the carrier's profitable operations and routes from those that are
losing money, and to cut personnel to streamline the company and
facilitate an infusion of public funds.

The Nikkei, as cited by MarketWatch, said lenders are reluctant to
provide additional loans under current rehabilitation plans.

MarketWatch notes the daily said JAL's lenders also want the
government to establish "emergency legislation" that would allow
for a restructuring of its roughly JPY800 billion (US$8.7 billion)
in consolidated, interest-bearing debt.

                     International Routes Cut

Reuters, citing the Nikkei business daily, reports that Japan
Airlines is planning to abolish about 60% of international routes
at Kansai International Airport.  Reuters notes the business daily
said JAL is slated to scrap a total of about 21 international
routes.

According to Reuters, the daily said that in addition to the
already announced elimination of flights between Kansai airport
and London, JAL plans to discontinue service to South Korea's
Incheon International Airport, Singapore and Hanoi, Vietnam at the
end of fiscal 2009.

Reuters relates the Nikkei said the airline plans to slash 29
routes within Japan.

                         Inaccurate Reports

Meanwhile, Bloomberg News reports that Japan Airlines, which is
seeking its fourth government bailout since 2001, said reports
about its reorganization and financial status aren’t accurate.

“Reports of the current financial state of the company and its
reorganization are inconsistent with the facts,” Bloomberg cited
Japan Airlines in a statement to the Tokyo Stock Exchange.

As reported by the Troubled Company Reporter on September 22,
2009, Bloomberg said JAL has hired Merrill Lynch Japan Securities
Co. to advise on its search for partners and investments.  Merrill
Lynch will evaluate the carrier's value and select a partner who
can help replenish its capital.

As reported by the TCR on Sept. 15, 2009, AMR Corp. and Delta Air
are in separate talks with Japan Airlines to forge an expansive
joint venture with the carrier.  The Wall Street Journal said that
American Airlines would also consider taking a minority stake in
JAL, although any such investment would likely be capped at
hundreds of millions of dollars.  Delta is also negotiating to
acquire a minority stake of around US$300 million in JAL.  The
Journal relates that Delta wants JAL to join its rival SkyTeam
alliance.

                       About Japan Airlines

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

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

                          *     *     *

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

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


JAPAN AIRLINES: To Slash 10% of Maintenance Jobs by March 2012
--------------------------------------------------------------
Naoko Fujimura at Bloomberg News, citing the Nikkan Kogyo
newspaper, reports Japan Airlines Corp. will cut about 600 jobs,
or 10% of workers, at its four maintenance units by the year
ending March 2012.  The Nikkan Kogyo newspaper did not say where
it got the information, Bloomberg says.

According to Bloomberg, JAL will merge maintenance companies on
Oct. 1 and cut routes.

Japan Air, which has received three government bailouts since
2001, is in talks with Delta Air Lines Inc. and Air France-KLM on
selling stakes, according to people familiar with the
negotiations.


As reported by the Troubled Company Reporter on September 22,
2009, Bloomberg said JAL has hired Merrill Lynch Japan Securities
Co. to advise on its search for partners and investments.  Merrill
Lynch will evaluate the carrier's value and select a partner who
can help replenish its capital.

As reported by the TCR on Sept. 15, 2009, AMR Corp. and Delta Air
are in separate talks with Japan Airlines to forge an expansive
joint venture with the carrier.  The Wall Street Journal said that
American Airlines would also consider taking a minority stake in
JAL, although any such investment would likely be capped at
hundreds of millions of dollars.  Delta is also negotiating to
acquire a minority stake of around $300 million in JAL.  The
Journal relates that Delta wants JAL to join its rival SkyTeam
alliance.

                       About Japan Airlines

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

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

                          *     *     *

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

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


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


BOB'S COVE: PFK Files First Receiver's Report
---------------------------------------------
PFK Corporate Recovery & Insolvency, the receiver for Bob's Cove
development, has completed its first report on the company.
According to National Business Review's Jazial Crossley, PFK's
report reveals that:

     -- First ranking mortgagee the New Zealand Guardian Trust is
        owed AU$5,223,000 for the development.

     -- The second mortgagee holder Strategic Nominees is owed
        AU$10,221,595.

     -- Unsecured creditors Highgate Trust Reid & McKenzie are
        owed AU$4 million for the project.

     -- Three claims have been lodged from unsecured creditors
        regarding debts totaling AU$108,335.

PFK is continuing the receivership process, which is still in
early stages, National Business Review notes.

National Business Review says John Reid, Bob's Cove director and
shareholder, has told receivers the first stage of the development
was held back by a year and a half while approval was delayed,
which caused large interest costs.  By the time titles could be
issued, the rural residential section market had collapsed.

PFK's report indicates the company’s only known assets are the
development land at Bob’s Cove and associated intellectual
property such as consents, plans, drawings etc. and a back blade
tractor which is held by Otago Machinery for sale.

Bob's Cove is a rural residential 94-lot development by father-son
developer duo Kelly and Dan McEwan.  It was placed into
receivership June 2009 after the McEwans were bankrupted earlier
in the year and no sections at the subdivision were sold off the
plans, National Business Review says.  Dan McEwan, who was
declared bankrupt February 2009, was responsible for the financial
management of the project.


SOUTH CANTERBURY: S&P Puts 'BB+' Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'BB+' long-term rating on New Zealand-based finance company, South
Canterbury Finance Ltd. on CreditWatch with negative implications.
This rating action follows S&P's concern that SCF's risk profile
has increased since S&P lowered the ratings on the company on
Aug. 13, 2009.  A CreditWatch Negative listing by Standard &
Poor's implies a one-in-two likelihood of the rating being lowered
within the next three months.

S&P's concerns center on increasing pressure on liquidity; still-
weak asset quality; and governance matters including, but not
limited to, related party exposures.  Since its ratings were
lowered, SCF has ceased allotting securities under its existing
debenture prospectus (unrated by Standard & Poor's), provided
market guidance of an increase to its unaudited net after-tax loss
for fiscal 2009 to NZ$69 million, and had two of its four
directors resign with pending replacements.  These negative
developments have occurred against a backdrop of a major
restructuring and recapitalization initiative that SCF has said it
will announce in coming weeks.

"The CreditWatch action reflects S&P's view that, with no
debenture prospectus in the public domain, SCF's funding
flexibility and liquidity are undermined at the 'BB+' rating
level, at least in the short term," Standard & Poor's credit
analyst Derryl D'silva said.  Technically, SCF does not have
access to the new and reinvested debenture funds, which reside in
a trust account.  This increases pressure on SCF's funding and
liquidity.  Furthermore, SCF's liquidity levels are modest after
the company's decision to shift its holdings of liquid assets from
cash to higher-risk and higher-yield investments, and in related-
party entities of uncertain credit-standing.  Additionally, U.S.
private placement (facility is unrated by Standard & Poor's)
investors continue to review their funding support for SCF, which,
if resulted in a requirement to repay the facility, has the
potential to significantly exacerbate liquidity concerns and cause
a downward revision of the rating by multiple notches, potentially
into the 'B' rating category.  Should U.S. private placement
investors continue their funding support for SCF, downward rating
pressure is likely to be less severe.

"The ratings may be lowered by one or more notches should SCF's
debenture prospectus remain out of the market on or soon after
Sept. 30, 2009, or should the confluence of actual or potential
liquidity concerns that affect the company cause us to consider
that SCF's financial strength is no longer congruent with S&P's
'BB' category rating," said Mr. D'silva.  "Negative ratings
momentum could also occur if the company were to announce any new
adverse developments that could affect its audited 2009 financial
statements."

The 'BB+' rating continues to reflect S&P's view that SCF's
primary shareholder, Mr. Allan Hubbard, will remain committed to
providing timely support to SCF if required.  If SCF's credit
profile deteriorates, evidence of the shareholder's support would
be required to keep the rating at 'BB+'.  If support is not
forthcoming, or is not sufficient to afford debenture- and bond-
holders confidence, it is likely the company will be immediately
downgraded.

The ratings could be taken off CreditWatch Negative within a
matter of weeks if:

* SCF is able to demonstrate its ability to re-access the
  debenture-investor market with no long-term negative effects
  impacting on its debenture profile;

* Its audit and subsequent fiscal-2009 audited financial
  statements reveal no new material adverse findings concerning
  its financial strength;

* It is able to source two or more highly qualified independent
  directors to help address weaknesses in SCF's financial strength
  profile and guide the company through a major restructure and
  recapitalization; and

* More generally, Standard & Poor's gains greater confidence that
  the support of private placement investors and bankers as well
  as debenture investors will be retained.

The CreditWatch could be longer lasting if Standard & Poor's has
uncertainties regarding SCF's restructure and recapitalization
plans after they are announced.  Even so, Standard & Poor's
expects the CreditWatch to be resolved in no more than 90 days.

Even if SCF were able to satisfactorily address these rating
pressures, at best -- after the CreditWatch is resolved -- it is
likely the rating would be affirmed with a negative outlook,
reflecting near-term pressures on SCF's financial profile, and
medium-term uncertainty concerning restructuring and
recapitalization initiatives.  An alleviation of negative rating
pressures is not likely until SCF can address liquidity, asset
quality, and governance concerns.


* NEW ZEALAND: Out of Recession as GDP Grows 0.1% in June Qtr
-------------------------------------------------------------
New Zealand’s economy has emerged from its worst recession in
three decades, unexpectedly expanding for the first time in six
quarters on rising consumer spending and exports of logs and dairy
products, Tracy Withers at Bloomberg News reports.

Statistics New Zealand said that economic activity, as measured by
Gross Domestic Product (GDP), was up less than 0.1% in the June
2009 quarter.  This growth in economic activity follows five
quarters of contraction in the New Zealand economy.

Activity in the primary industries was up 1.5% in the June 2009
quarter, mainly driven by forestry and logging (up 8.0%).  The
increase in forestry and logging production was related to an
increase in exports of logs to the People's Republic of China.

Activity in the goods-producing industries contracted 0.5% in the
June 2009 quarter. The manufacturing (down 1.3%) and construction
(down 1.9%) industries both declined.  A 5.9% increase in
electricity, gas and water partly offset these declines.

Activity in the services industries was flat this quarter.
Service industries that increased were real estate and business
services (up 1.5%) and communications (up 1.7%).  Offsetting these
increases were declines in wholesale trade (down 2.1%), transport
and storage (down 3.3%), and government administration and defense
(down 0.4%).

The expenditure measure of GDP, released concurrently with the
production measure, was up 0.4% in the June 2009 quarter.
Household consumption expenditure, which measures the volume of
spending by New Zealand households, was up 0.4%.  This increase in
household spending was driven by non-durables (mainly motor fuel)
and services. Household spending on durable items fell.

Export volumes were up 4.7% in the June 2009 quarter, with exports
of dairy and wood products the main contributors.  Import volumes
decreased 3.8% in the same period, with the largest declines in
intermediate goods, and machinery and plant equipment.  The
combination of higher exports, lower imports, and a decline in
manufacturing led to a large, $1.1 billion run down in
inventories.


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


* PHILIPPINES: ADB Sees Modest Economic Recovery in 2009-2010
-------------------------------------------------------------
The Asian Development Bank said that economic activity in the
Philippines will pick up in the second half of 2009, and reach
modest growth rates in 2010.

The Asian Development Outlook 2009 Update (ADO Update), released
September 22, said the economy will expand 2.2% in the second half
of the year, up from a lower-than-expected 1% in the first half of
2009.  The report projects full year growth in 2009 at 1.6%,
slightly below the ADB's March projection of 2.5%, rising to 3.3%
in 2010.

A sharper than anticipated slowdown in private consumption in the
first half of 2009, coupled with a slump in exports and weak
investment environment, has cut the growth rate more than
expected, the report added.

"There were positive factors, though, such as the steady growth in
remittances and business process outsourcing services, stability
in domestic financial markets and strength in external liquidity
position," said Neeraj Jain, Country Director of ADB's Philippines
Country Office. "Recent improvements in business and consumer
sentiment are also encouraging."

Activity is expected to pick up in the latter half of this year
and improve again next year, the report says, supported by the
Government's fiscal stimulus measures and the gradual global
recovery.

Merchandise exports are projected to edge higher as overseas
demand improves.  Imports will also pick up, in line with stronger
private consumption and the restocking of inventories.  Steadily
rising remittance inflows and a surplus in trade services, mainly
from the business process outsourcing sector, will keep the
current account in surplus.

A key risk to the 2010 outlook is a weaker-than-anticipated global
economic recovery.  That would hurt exports, foreign investment
inflows, and consumer and business sentiment which, while showing
early signs of improvement, remain fragile, the report says.

It adds that uncertainties leading up to the General Elections in
May 2010 will likely keep private investment subdued. On the other
hand, domestic demand is expected to strengthen, supported by
election spending, a gradual global recovery, and a lift in
consumer and business sentiment, assuming a smooth election and
transition in government in May.

The updated forecasts assume that the monetary stance would
gradually tighten in 2010, with the timing depending on inflation
and growth trends.

The report is forecasting an annual average inflation of 3.2% this
year, and 4.5% for 2010, lower than the earlier forecasts.

Asian Development Outlook, and Asian Development Outlook Update,
are ADB's flagship economic reports analyzing the economic
conditions and prospects in Asia and the Pacific, and are issued
in March and September, respectively.


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


AUVENTA PTE: Creditors' Proofs of Debt Due on October 19
--------------------------------------------------------
Auventa Pte. Ltd., which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by October 19,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Chia Lay Beng
          1 Scotts Road #21-08 Shaw Centre
          Singapore 228208


EC CHEMICAL: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
EC Chemical Technologies (S) Pte Ltd, which is liquidation,
requires its creditors to file their proofs of debt by
September 30, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Yin Kum Choyc
         c/o K C Yin & Co
         Certified Public Accountants, Singapore
         100 Tras Street
         #16-01 Amara Corporate Tower
         Singapore 079027
         Telephone: 6323 1613
         Facsimile: 6323 1763


ENRON CAPITAL: Creditors' Proofs of Debt Due on October 2
---------------------------------------------------------
Enron Capital And Trade Resources Singapore Pte Ltd, which is in
creditors' voluntary liquidation, requires its creditors to file
their proofs of debt by October 2, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Goh Thien Phong
          c/o PricewaterhouseCoopers LLP
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


STRATEGEM TECHNOLOGIES: Court to Hear Wind-Up Petition on Oct. 2
----------------------------------------------------------------
A petition to wind up the operations of Strategem Technologies Pte
Ltd will be heard before the High Court of Singapore on October 2,
2009, at 10:00 a.m.

Sentinel Developments Limited filed the petition against the
company on September 3, 2009.

The Petitioner's Solicitors are:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


ST-KN PTE: Creditors' Proofs of Debt Due on October 19
------------------------------------------------------
ST-KN Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by October 19,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


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


HUA NAN: Moody's Withdraws 'D' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Taiwan Corporation has withdrawn its national scale
ratings on Hua Nan Commercial Bank, Ltd.  Moody's has withdrawn
these ratings for business reasons.  This action does not reflect
a change in the creditworthiness of the issuer.  HNCB's global
scale ratings are unaffected.

The rating withdrawal follows Moody's decision to reorganize
certain aspects of its business in Asia, including the closing of
its offices in Taiwan and Indonesia.

These ratings have been withdrawn:

* HNCB: Aa2.tw national scale long-term bank deposit rating
  (negative outlook) and TW-1 national scale short-term deposit
  rating (stable outlook).

These ratings are unaffected:

* HNCB: D bank financial strength rating, A3 local and foreign
  currency long-term deposit rating, and P-1 local currency and
  foreign currency short-term deposit rating.  The outlook of
  these ratings is negative.

Moody's last rating action with respect to HNCB was taken on June
18, 2009, when the outlook of certain ratings was changed from
stable to negative.

Hua Nan Commercial Bank, headquartered in Taipei, Taiwan, is a
wholly owned subsidiary of Hua Nan Financial Holdings Co., Ltd.
HNCB had assets of NT$1.7 trillion and shareholders' equity of
NT$79.8 billion as of end-June 2009 on a consolidated basis.


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


MODINE MANUFACTURING: JPMorgan, Lenders Waive Technical Default
---------------------------------------------------------------
Modine Manufacturing Company on September 15, 2009, entered into
these agreements:

     -- Second Amendment to Credit Agreement amending the Amended
        and Restated Credit Agreement, as amended, with JPMorgan
        Chase Bank, N.A. (successor by merger to Bank One, NA
        (main office Chicago)), a national banking association,
        as Swing Line Lender, as LC Issuer and a lender and as
        Agent and Bank of America, N.A., M&I Marshall & Ilsley
        Bank, Wells Fargo Bank, N.A., Dresdner Bank AG
        (Commerzbank AG), U.S. Bank, National Association and
        Comerica Bank

        See http://ResearchArchives.com/t/s?4540

     -- Waiver and Third Amendment to Note Purchase Agreement
        (2006) amending the Note Purchase Agreement dated as of
        December 7, 2006, as amended, pursuant to which the
        Company issued US$50,000,000 of 5.68% Senior Notes,
        Series A due December 7, 2017 and $25,000,000 of 5.68%
        Senior Notes, Series B due December 7, 2017

        See http://ResearchArchives.com/t/s?4541

     -- Waiver and Third Amendment to Note Purchase Agreement
        (2005) amending the Note Purchase Agreement dated as of
        September 29, 2005, as amended, pursuant to which the
        Company issued US$75,000,000 of 4.91% Senior Notes due
        September 29, 2015

        See http://ResearchArchives.com/t/s?4542

The Company entered into the September 15 Amendments to waive
certain events of default existing under the Credit Agreement, the
2006 Note Purchase Agreement and the 2005 Note Purchase Agreement
and amend other provisions of the Credit Agreement, the 2006 Note
Purchase Agreement and the 2005 Note Purchase Agreement.

Pursuant to the terms of the September 15 Amendments:

     -- A technical default involving the Company's commitment to
        increase the capital of Modine Thermal Systems (Changzhou)
        Co., Ltd. in the aggregate amount of $1,500,000 was waived
        and the amount of such capital increase was applied
        against the Company's basket for permitted loans and
        advances;

     -- A technical default resulting from the Company's optional
        principal prepayment under the Credit Agreement that
        reduced the aggregate outstanding principal amount of the
        advances to US$82,000,000 was waived.  To the extent that
        optional principal prepayments reduce the advances below
        US$94,000,000, the Company is required to deposit such
        sums into a cash collateral account for the benefit of the
        Lenders and the holders of the 2006 Notes and the 2005
        Notes.  Upon the effectiveness of the September 15
        Amendments, the Company borrowed $12,000,000 and deposited
        that amount in a cash collateral account;

     -- The Company may acquire a Dutch holding company and
        conduct these transactions:

           (i) sell Modine UK Dollar, Limited, a wholly owned
               subsidiary of the Company, to the Dutch holding
               company;

          (ii) transfer its beneficial interest in Modine Korea,
               LLC, also a wholly owned subsidiary of the Company,
               to the Dutch holding company; and

         (iii) sell its wholly owned subsidiary, Modine Austria
               Holding GmbH, to Modine Holding GmbH, also a wholly
               Owned subsidiary of the Company.

        The transfers among the Company and its subsidiaries are
        Excluded Sales for purposes of mandatory prepayments of
        Asset Sale Net Proceeds; and

     -- The existing loan between the Company and Modine Korea,
        LLC may remain outstanding after the disposition of Modine
        Korea, LLC to a third party in the event such transaction
        occurs.

On September 18, 2009, the Company entered into these agreements:

     -- Third Amendment to the Credit Agreement amending the
        Credit Agreement

        See http://ResearchArchives.com/t/s?4543

     -- Fourth Amendment to the 2006 Note Purchase Agreement

        See http://ResearchArchives.com/t/s?4544

     -- Fourth Amendment to the 2005 Senior Note Agreement

        See http://ResearchArchives.com/t/s?4545

The Company entered into the September 18 Amendments to amend
certain provisions of the Credit Agreement, the 2006 Note Purchase
Agreement and the 2005 Note Purchase Agreement in anticipation of
the Company's public offering of common stock, $0.625 par value
per share.

Pursuant to the terms of the September 18 Amendments:

     -- Certain financial covenants were modified so the amount of
        cash restructuring charges that may be added back to
        Consolidated Net Income for covenant purposes will be
        increased by US$20,000,000, permitted capital expenditures
        will be increased by US$5,000,000 for the current fiscal
        year, and any amount of unused capital expenditure for the
        current fiscal year (not to exceed US$5,000,000) may be
        carried over to the next fiscal year, and the amount of
        off balance sheet liabilities for sale leasebacks after
        February 17, 2009 and the interest component of such sale
        leasebacks that are excluded from total debt and interest
        expense for covenant purposes is increased from
        US$20,000,000 to US$30,000,000;

     -- The funds in the cash collateral account described in the
        provisions of the September 15 Amendments will be
        released; and

     -- The terms of the documents, other than certain conforming
        definitions, become effective automatically on the date of
        the closing of the Offering, subject to certain
        conditions.

                          About Modine

Modine Manufacturing Company -- http://www.modine.com/-- with
fiscal 2009 revenues of US$1.4 billion, specializes in thermal
management systems and components, bringing heating and cooling
technology and solutions to diversified global markets.  Modine
products are used in light, medium and heavy-duty vehicles,
heating, ventilation and air conditioning equipment, off-highway
and industrial equipment, refrigeration systems, and fuel cells.
The Company employs roughly 7,000 people at 32 facilities
worldwide in 15 countries.


* Asia Poised to Lead Recovery from Global Slowdown, ADB Says
-------------------------------------------------------------
Developing Asia is proving to be more resilient to the global
downturn than was initially thought, the Asian Development Bank
said in a new major report.

The Update to ADB's flagship annual economic publication, Asian
Development Outlook (ADO) 2009, released on September 22,
forecasts economic expansion in developing Asia to come in at 3.9%
in 2009, up from the 3.4% expected in March when the ADO 2009 was
released.  In 2010, the growth projection is likewise upgraded to
6.4% from 6.0%. Stronger growth in East Asia and South Asia
underpinned the improved prospects.

"Despite worsening conditions in the global economic environment,
developing Asia is poised to lead the recovery from the worldwide
slowdown," said ADB Chief Economist Jong-Wha Lee.

Firm action by many governments and central banks, the relatively
healthy state of financial systems prior to the global crisis, and
the rapid turnaround in the region's larger, less export-dependent
economies, all enhanced developing Asia's growth prospects.
However, there are notable divergences in the outlook across
subregions and across economies.

Economic growth in East Asia is upgraded to 4.4% in 2009, from the
3.6% projected in ADO 2009.  In the People's Republic of China,
aggressive monetary easing and the massive fiscal stimulus package
rolled out by the Government bolstered the region's largest
economy, which is now expected to grow by 8.2% in 2009 and 8.9% in
2010, up from the March forecast of 7% and 8% respectively.  A
shallower contraction in the Republic of Korea is also expected on
the back of effective fiscal stimulus measures.  Meanwhile, the
economies of Hong Kong, China and Taipei, China are likely to
shrink more sharply on account of the severe drop in the demand
for their exports.

Prospects for South Asia improved to 5.6% this year, up from the
ADO 2009 forecast of 4.8% as the outlook for five of the eight
subregional economies were upgraded. The subregion's limited
reliance on trade partly shielded it from the adverse effects of
the global slump. Emerging signs of a recovery in private business
confidence and a continued large fiscal stimulus announced in the
July 2009 budget helped bolster India's projected economic
expansion to 6.0% this year, upgraded from 5% in March. Bleaker
prospects are projected for the Maldives, on account of weak
tourism receipts, and for Pakistan and Sri Lanka due to tight
domestic demand and the weak global economy.

Aggregate growth in Southeast Asia is projected to slow to 0.1%
this year, compared to expectations of 0.7% growth in ADO 2009.
The more positive outlook for Indonesia and Viet Nam failed to
offset the deteriorating prospects for the more open (Malaysia and
Thailand) and smaller (Brunei Darussalam and Cambodia) economies
in the subregion.

Projections for Central Asia are much bleaker now than in ADO 2009
due to lower commodity prices, a deeper downturn in the Russian
Federation (the subregion's main trade and financial partner), and
weaker capital inflows, investments, and remittances. Growth is
forecast to slow to 0.5% this year, compared to the March forecast
of 3.9%. Kazakhstan's economy is expected to shrink to -1.0% in
2009, as it grapples with a fallout from a banking crisis and
lower oil prices.

Economic expansion in the Pacific Islands is slightly downgraded
to 2.8% this year compared with 3.0% in ADO 2009, largely as a
result of falling incomes from remittances and tourism.

"The improved regional outlook should not make developing Asian
economies complacent. A protracted global slowdown or the hasty
withdrawal of stimulus packages can degrade the region's ongoing
recovery," said Dr. Lee.

To develop more resilient economies, developing Asia should
broaden the scope and structure of its openness. Reducing its
vulnerability to external shocks requires policy makers to tackle
the geographically unbalanced structure of its trade, capital
flows, and movement of workers.

By promoting closer economic linkages within the region and a more
balanced internal economic structure with a bigger role for
domestic demand, policy makers in developing Asia will be able to
achieve rapid yet stable growth for the region.

Asian Development Outlook, and Asian Development Outlook Update,
are ADB's flagship economic reports analyzing the economic
conditions and prospects in Asia and the Pacific, and are issued
in March and September, respectively.


* ADB Revises Growth Prospects for Pacific in 2009
--------------------------------------------------
Economic growth in the Pacific will slow sharply in 2009, with
five economies in the region expected to contract as the global
economic slump continues to erode incomes from tourism and
remittances, according to a major new report from the Asian
Development Bank.

The Asian Development Outlook 2009 Update (ADO Update) released
September 22, projects growth for the 14 island economies to slow
to 2.8%, down from 5.2% in 2008.  Only the region's mining and
petroleum exporters -- Papua New Guinea (PNG) and Timor-Leste, and
Vanuatu, a key reformer in the area of private sector oriented
growth -- are expected to grow at a reasonable rate in 2009.  The
Cook Islands, Fiji Islands, Palau, Samoa, and Tonga are all
projected to contract.  Solomon Islands is now expected to record
no growth because log exports are declining sharply.

ADO Update slightly downgrades an earlier ADB estimate of 3% for
full-year growth in the Pacific region. The revision to the March
forecast is mainly driven by a less optimistic forecast for Timor-
Leste, from 12% to 8%, after it trimmed public spending to more
sustainable levels since the easing of world oil prices.

The report says that, since March, PNG's prospects have improved
slightly to 4.5%, as export earnings benefit from a faster than
anticipated recovery in key commodity prices.  Growth forecasts
for Vanuatu have also been revised up to 4% for 2009, reflecting
strength in tourism and signs of an improvement in domestic
demand.

In 2010, ADO Update forecasts that the region will benefit from
improved prospects in the international economy. The report says a
modest recovery is considered achievable if the Pacific continues
to pursue private sector development reform activities such as
increasing access to finance opportunities, reforming state-owned
enterprises, and involving the private sector participation in the
delivery of essential services.

However, much of the overall growth of 3.1% is likely to be
accounted for by the region's two biggest economies, Papua New
Guinea and Timor-Leste, which are expected to be bolstered by
higher average global oil and mineral prices.  Excluding Papua New
Guinea and Timor-Leste, the rest of the region will grow at just
0.8%, assuming a slow, gradual pickup from tourism and remittances
and the implementation of effective policy responses to this
year's slowdown.

"The beginning of a modest economic recovery will be within the
reach of most Pacific economies during 2010," says S.Hafeez
Rahman, Director General of ADB's Pacific Department. "Sustainable
economic recovery will require concerted action by the region's
governments.”

Lower prices this year for imported fuel and food have trimmed
inflation forecasts for the region and provided some relief to
vulnerable groups that were seriously hurt by high prices in 2008.
The report projects inflation will slow to an average 6.1% this
year, down from 9.5% in 2008.  However, the report warns that a
recent rise in crude oil prices may push up inflation in the
remainder of the year.

Asian Development Outlook, and Asian Development Outlook Update,
are ADB's flagship economic reports analyzing the economic
conditions and prospects in Asia and the Pacific, and are issued
in March and September, respectively.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***