TCRAP_Public/090924.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

           Thursday, September 24, 2009, Vol. 12, No. 189

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Sells Rosebud Shopping Center for AU$13.14 Mln
FAIRFAX MEDIA: Chairman May Step Down at the AGM in November
FINCHLEY CENTRAL: ASIC Obtains Court Order to Wind Up Firm
MERCURY BRANDS: Placed Into Receivership
SUNCORP METWAY: To Sell LJ Hooker Unit for AU$67 Million


C H I N A

SHANGHAI PUDONG: Wins Gov't. Approval to Launch Private Placement


H O N G  K O N G

AIG BANKING: Creditors' Proofs of Debt Due on October 19
ASHLEY 18: Creditors' Proofs of Debt Due on October 19
ASHLEY 199: Creditors' Proofs of Debt Due on October 19
ASIAN BUSINESS: Creditors' Proofs of Debt Due on October 20
BARSIDE INVESTMENTS: Creditors' Proofs of Debt Due on October 19

EVERKEEN CORPORATION: Placed Under Voluntary Wind-Up
GLOBAL EXCHANGE: Members' Final Meeting Set for October 19
JIN FANG: Creditors' Proofs of Debt Due on October 16
LUI HING: Creditors' Proofs of Debt Due on October 19
NOBLE GROUP: Moody's Reviews 'Ba1' Corporate Family Rating

SOUDRONIC (FAR EAST): Lam and  Toohey Step Down as Liquidators
SOPA GROUP: Creditors' Meeting Set for September 29
SUN RISE: Hung and Ming Step Down as Liquidators
SUN FUNG: Yu Kwong Fat Steps Down as Liquidator
TITAN PETROCHEMICALS: S&P Affirms 'CCC' Corporate Credit Rating

WORLD CITY: Placed Under Voluntary Wind-Up


I N D I A

ALM INDUSTRIES: ICRA Puts 'LBB+' Rating on Long Term Bank Debts
ARVS CONSTRUCTIONS: ICRA Rates INR80 Million Bank Lines at 'LB+'
PADMAVATI AGENCIES: ICRA Assigns 'LBB' Rating on INR30MM Term Loan
PUNJAB NATIONAL: To Acquire Stake in Kazakhtan's Metrokombank
SSIPL RETAIL: ICRA Places 'LBB' Rating on INR750MM Bank Debts

SURYALATA SPINNING: ICRA Rates INR510 Million Term Loan at 'LBB-'
TATA STEEL: Construction of Steel Plant to Start in December
* World Bank OK's US$4.3-Bln Loan for India's Economic Stimulus


I N D O N E S I A

BAKRIE LIFE: Has 1 Month to Settle Dispute with Customers
SEMEN GRESIK: Expects to Book 20% Increase in Full Year Profits


J A P A N

AIFUL CORP: To Cut 2,000 Jobs, Expects US$3.4-Bln Annual Loss
MAZDA MOTORS: Plans to Regain Southeast Asian Market Soon


K O R E A

HYNIX SEMICONDUCTOR: Hyosung Group Offers to Acquire 28% Stake
HYUNDAI MOTOR: To Sell 17.2% More Vehicle in 2009 in Europe


M A L A Y S I A

RANHILL BERHAD: Unit Receives Wind Up Petition


N E W  Z E A L A N D

BEAUMONT HOTEL: High Court to Hear Wind-Up Petition on October 12
AIR NEW ZEALAND: Passenger Traffic Down 3% in August 2009


S I N G A P O R E

OPTIMUM-3 INVESTMENTS: Creditors' Proofs of Debt Due on October 9
PETRORIG II: Court to Hear Wind-Up Petition on October 2
RENEWABLE ENERGY: Court to Hear Wind-Up Petition on October 2
ZHONGHUI HOLDINGS: Placed Under Judicial Management


T A I W A N

AMERICAN INT'L: Two Bidders Vie for Taiwan Unit


V I E T N A M

DOT VN: Executes Domains Registration Deal with Key-Systems


                         - - - - -


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


CENTRO PROPERTIES: Sells Rosebud Shopping Center for AU$13.14 Mln
-----------------------------------------------------------------
Centro Properties has sold its Rosebud Shopping Center for
AU$13.14 million to two Victorian-based private investors,
according to The Age.

The report says the Rosebud centre and one at Meadow Heights were
in the MCS18 syndicate, which is reportedly due to repay a
AU$31.42 million loan in December.

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centers.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centers
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                           *     *     *

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


FAIRFAX MEDIA: Chairman May Step Down at the AGM in November
------------------------------------------------------------
Ron Walker, chairman of Fairfax Media Ltd., is expected to step
down at the company's annual meeting in November, The Age reports.

The Age says Mr. Walker, who had pledged to stand for re-election
and serve until August, told BusinessDay Wednesday night he would
recommend Woolworths' former chief executive, Roger Corbett, as
his successor.

Bloomberg News reports that Mr. Walker will meet investors over
whether he should stand for re-election after two directors of
Australia's second-largest newspaper publisher called for his
departure.

Mr. Walker told Bloomberg that he and Mr. Corbett will meet with
institutional investors next week with a "majority" of
shareholders wanting him to stay for another full term.

According to The Age, long-standing divisions in the Fairfax
boardroom turned into outright hostilities last Thursday,
September 18, after Mr. Walker announced he would retire on
August 10 next year.

Bloomberg relates that Fairfax directors John B. Fairfax and his
son Nicholas, descendants of the family that founded the publisher
in 1831, said last week they would vote their 9.7% stake against
the chairman's re-election in November.

Mr. Fairfax has called for "renewal" on the board in light of the
company's lack of strategic direction and poor share price
performance, The Age notes.

The Age says Mr. Walker and his board allies responded by
challenging Mr. Fairfax's critical statement.  The Age relates the
five independent directors said they supported Mr. Walker.

The Age states that both the Fairfax and Walker factions claim
they have the support of major institutional investors in the
company.  The claims, The Age notes, will be tested next week when
Mr. Walker visits shareholders to canvass support for the
succession of Mr. Corbett.

                      Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

                       About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


FINCHLEY CENTRAL: ASIC Obtains Court Order to Wind Up Firm
----------------------------------------------------------
The Australian Securities and Investments Commission obtained a
Federal Court order in Perth to wind up Finchley Central Funds
Management.  Jennifer Low of Sheridans Chartered Accountants was
appointed by the Court as the liquidator for Finchley.

ASIC said the application to wind up the company arose from its
ongoing investigation into the conduct of Finchley and its
officers.

The Troubled Company Reporter-Asia Pacific reported on Aug. 12,
2009, that ASIC commenced civil proceedings in the Federal Court
of Australia against Finchley Central.  ASIC was seeking orders
from the Court to have Finchley wound up and a liquidator
appointed to the company.

Finchley is the responsible entity of a registered managed
investment scheme known as Finchley Development Capital Funds
(FDCF).  Within FDCF there are two active trusts, which have
raised funds from retail investors:

   ** FDCF No. 2: 'The Gilead Trust', which presently has more
      than 600 members who have together invested in excess of
      AU$25 million, which has been on-lent as mezzanine finance
      to the developer of the Gilead Retirement Resort in
      New South Wales; and

   ** FDCF No. 3: 'The Riverside Trust', which presently has
      more than 300 members who have together invested in excess
      of AU$15 million, which has been on-lent as mezzanine
      finance to the developer of the Riverside Pier Hotel in
      Western Australia.

ASIC alleges that it is just and equitable that Finchley be wound
up by the Court because:

   ** Finchley and its officers have failed and continue to
      fail to comply with their obligations under the law; and

   ** a winding up order will allow FDCF, the Riverside Trust
      and the Gilead Trust to be overseen and supervised by an
      independent party which will assist in the protection of
      investors' interests.

Australian-based Finchley Central Funds Management Limited --
http://www.finchley.com.au/-- formerly Kebbel Funds Management
Limited, is an unlisted public company and has an Australian
Financial Services Licence authorizing it to act as a Responsible
Entity for a number of registered Managed Investment Schemes
issued by Finchley Central, the funds management arm of the
Finchley Group.


MERCURY BRANDS: Placed Into Receivership
----------------------------------------
The directors of Mercury Brands Limited said that Ian Carson and
Craig Crosbie of PBB have been appointed as receivers and managers
of Mercury Brands Limited and Mercury Brands Group Pty Ltd by
secured lender the Commonwealth Bank of Australia.

This is in response to the appointment of voluntary administrators
to Mercury Brands Group Pty Ltd on September 17, 2009.

"The receivers and managers have assumed control of the business
and assets of Mercury Brands and are working through the initial
stages of receivership with the directors and the administrator,"
the company said in a filing to the Australian Securities
Exchange.

Mercury Brands in July entered into an agreement with Biron
Capital Pty Ltd for an investment of approximately $2 million in
the Company.  Despite Mercury Brands meeting all of the pre-
conditions required to trigger this investment, Biron Capital has
to date not provided any funds and has been unable to provide the
Company with sufficient evidence that Biron Capital has access to
appropriate funding to complete the proposed investment.

"Global financial pressures and unfavorable exchange rate
fluctuations in 2008-2009 have had a major impact on the Company's
operating results.  Financial reports released by the Company to
date have indicated the need for additional funding to continue as
a going concern," Mercury Brands said.

                       About Mercury Brands

Based in Melbourne, Australia, Mercury Brands Limited (ASX:MCB) --
http://www.mercurybrands.com.au/-- formerly Austin Group Limited,
is engaged in designing, importing and wholesaling of clothing.
The Company has over 20 brands across Women's, Men's and
Children's wear, including Rochford, No Fear, Purr, French Kitty,
Kensie, Chip & Pepper, Crusty Demons, Billiecart, Milly and
Nuggets.  Effective August 11, 2008, Mercury Brands acquired
business assets of The Factoree Pty Ltd.  The Factoree is a
distributor and retailer of lifestyle fashion brands.


SUNCORP METWAY: To Sell LJ Hooker Unit for AU$67 Million
--------------------------------------------------------
Suncorp-Metway Ltd. is likely to sell its real estate chain LJ
Hooker for AU$67 million, The Australian reports.

The report notes Suncorp-Metway said it is in exclusive
discussions with LJ Hooker founder's grandson Janusz Hooker.

Mr. Hooker, who heads the Asian operations of US-based private
equity firm WP Carey, will expand the real estate chain through
Asia in a deal that could be finalised by the end of the week, The
Australian relates.

According to the report, Suncorp's residential property developer
customers and other industry insiders said clients were being
encouraged by the bank to find other lenders to refinance their
loans.

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in the business of
banking, insurance, investment and superannuation, focusing on
retail customers and small to medium businesses.  The Company's
banking division provides a range of banking services including
loans, savings and investment accounts, credit cards, foreign
currency services for retail and small- to medium-business
customers.  It includes general insurance group, which offers a
range of covers across Personal, Commercial, Workers Compensation
and CTP insurance.  Wealth Management covers life, super and
managed investments.  It also includes the funds management
activities of the Company.  Suncorp Metway Investment Management
Limited (SMIML) is a wholly owned subsidiary of Suncorp-Metway
Ltd.  It is responsible for wholesale investment management of the
Suncorp Group.  On April 15, 2008, the Company acquired Prophet
Financial Advice Pty Ltd.  On March 20, 2007, it acquired Promina
Group Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Fitch Ratings affirmed and removed from Rating
Watch Evolving Suncorp-Metway Limited's and Suncorp Metway
Insurance Limited's ratings.

These rating actions have been taken:

     -- Individual rating: affirmed at 'B', removed from RWE

     -- Support Rating Floor affirmed at 'BB+'; removed from RWE

At the same time, Fitch placed Suncorp's 'A+' Long- term Issuer
Default Rating on Negative Outlook, and SMIL's Insurer Financial
Strength Rating on Stable Outlook.  The actions follow Suncorp's
announcement that there has been a significant increase in bad
debts, which will affect H109 profits.  With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.


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


SHANGHAI PUDONG: Wins Gov't. Approval to Launch Private Placement
-----------------------------------------------------------------
The Shanghai Pudong Development Bank said it has received approval
from the China Securities Regulatory Commission to sell not more
than 1.14 billion new A-shares in a private placement, reports
MarketWatch.

The report relates the medium-size Chinese bank, in which
Citigroup Inc. owns a 3.8% stake, didn't say in its statement how
much it expects to raise.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                           *     *     *

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.


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


AIG BANKING: Creditors' Proofs of Debt Due on October 19
--------------------------------------------------------
The creditors of AIG Banking Insurance Services Limited are
required 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 12, 2009.

The company's liquidator is:

          Ip Chung Yuen
          Shanghai Industrial Investment Building
          14th Floor
          48 Hennessy Road
          Wanchai, Hong Kong


ASHLEY 18: Creditors' Proofs of Debt Due on October 19
------------------------------------------------------
The creditors of Ashley 18 Limited are required 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 8, 2009.

The company's liquidator is:

         Lam Ying Sui
         Allied Kajima Building, 10th Floor
         138 Gloucester Road
         Wanchai, Hong Kong


ASHLEY 199: Creditors' Proofs of Debt Due on October 19
-------------------------------------------------------
The creditors of Ashley 199 Limited are required 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 8, 2009.

The company's liquidator is:

         Lam Ying Sui
         Allied Kajima Building, 10th Floor
         138 Gloucester Road
         Wanchai, Hong Kong


ASIAN BUSINESS: Creditors' Proofs of Debt Due on October 20
-----------------------------------------------------------
The creditors of Asian Business Aviation Association Limited are
required to file their proofs of debt by October 20, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 7, 2009.

The company's liquidator is:

          Shin Ho Yin Anthony
          Melbourne Plaza, Room 2008
          33 Queen's Road Central
          Hong Kong


BARSIDE INVESTMENTS: Creditors' Proofs of Debt Due on October 19
----------------------------------------------------------------
The creditors of Barside Investments Limited are required 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 8, 2009.

The company's liquidator is:

          Chi Wai Tam
          Ocean Centre, 16th Floor
          Harbour City, Canton Road
          Kowloon, Hong Kong


EVERKEEN CORPORATION: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on September 9, 2009, the
shareholders of Everkeen Corporation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Yuen Ying Sun Kenneth
          Finance Building
          Unit 801, 8th Floor
          254 Des Voeux Road Central
          Hong Kong


GLOBAL EXCHANGE: Members' Final Meeting Set for October 19
----------------------------------------------------------
The members of Global Exchange Limited will hold their final
meeting on October 19, 2009, at 10:00 a.m., at Units C & D, 9th
Floor of Neich Tower, 128 Gloucester Road, in Wanchai, Hong Kong.

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


JIN FANG: Creditors' Proofs of Debt Due on October 16
-----------------------------------------------------
The creditors of Jin Fang Youth Education Fund Limited are
required to file their proofs of debt by October 16, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 9, 2009.

The company's liquidator is:

          Tam Chun Wan
          Wing On House
          Room 403, 4th Floor
          71 Des Voeux Road
          Central, Hong Kong


LUI HING: Creditors' Proofs of Debt Due on October 19
-----------------------------------------------------
The creditors of Lui Hing Hop Cheung Kee Finance Limited are
required 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 11, 2009.

The company's liquidators are:

           Chan Kim Chee
           Chiu Fan Wa
           1001 Admiralty Centre, Tower 1
           18 Harcourt Road
           Hong Kong


NOBLE GROUP: Moody's Reviews 'Ba1' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba1 corporate family and bond ratings of Noble Group
Ltd.  The rating action follows the announcement that Noble
expects to place a 14.96%-stake to China Investment Corporation
and also recognizes Noble's improving credit profile.

"The equity placement of about US$642 million will help strengthen
Noble's capital base as it continues to expand its operations.
This compares to total equity of US$2.4bn as of end-June 2009 and
improves its leverage on a pro-forma basis," says Elizabeth Allen,
a Moody's VP/Senior Credit Officer.

"The transaction should also foster further co-investment
opportunities between Noble and CIC," adds Allen, also Moody's
lead analyst for the company.

Moody's understands that Noble plans to use the proceeds for
general working capital needs, which will allow further room for
the company to pursue its asset-medium and pipeline strategy.

The rating action also takes into consideration Noble's steady
margin generation amid the severe market volatility since 2008,
and its ability to manage its scale through the recent economic
cycle while maintaining satisfactory credit and liquidity
profiles.

The rating review will focus on assessing Noble's 1) financial
leverage and liquidity positions over industry cycles; 2)
sustainability of the group's profitability; 3) investment
appetite; and 4) on-going risk management practices.

Moody's last rating action with regard to Noble occurred on 25
November, 2008, when the company's rating was affirmed with a
stable outlook.

Noble's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer,
including the company's i) business risk and competitive position
compared with its peers; ii) capital structure and financial risk;
iii) projected performance over the near to intermediate term; and
iv) management's track record and tolerance for risk.

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

Headquartered in Hong Kong and listed on the Singapore Stock
Exchange, Noble Group Ltd is mainly engaged in the sourcing and
distribution of a wide range of commodity products in agriculture,
energy and metals as well as the logistics management business. It
has over 70 offices in 42 countries including Argentina, Brazil,
Canada, Italy, Portugal, Spain, Switzerland, Turkey, and the
United States.


SOUDRONIC (FAR EAST): Lam and  Toohey Step Down as Liquidators
--------------------------------------------------------------
On September 9, 2009, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of Soudronic (Far East) Limited.


SOPA GROUP: Creditors' Meeting Set for September 29
---------------------------------------------------
The creditors of Sopa Group Limited will hold their meeting on
September 29, 2009, at 3:30 p.m., for the purposes mentioned in
Sections 241, 242, 243, 244, and 255A of the Companies Ordinance.

The meeting will be held at the office of BDO Financial Services
Limited, 25th Floor of Wing On Centre, 111 Connaught Road, in
Central, Hong Kong.


SUN RISE: Hung and Ming Step Down as Liquidators
------------------------------------------------
On September 8, 2009, Lo Wing Hung and Chung Wai Ming stepped down
as liquidators of Sun Rise Plastic Materials Company Limited.


SUN FUNG: Yu Kwong Fat Steps Down as Liquidator
-----------------------------------------------
On September 10, 2009, Yu Kwong Fat stepped down as liquidator of
Sun Fung Plastic Factory Limited.


TITAN PETROCHEMICALS: S&P Affirms 'CCC' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
corporate credit rating on Hong Kong-based Titan Petrochemicals
Group Ltd. (Titan) with a negative outlook.  At the same time,
Standard & Poor's also affirmed its 'CCC-' issue rating on Titan's
US$400 million, 8.5% senior unsecured notes due 2012.

The rating affirmation follows Titan's announcement on Sept. 18,
2009, that it plans to discuss a possible restructuring of notes
outstanding with noteholders.

"The move, in S&P's view, is a reflection of the company's
extremely tight liquidity due to its weak and volatile operating
performance," said Standard & Poor's credit analyst Lawrence Lu.
"It also suggests the funding difficulty the company is facing for
its capital intensive onshore storage and shipyard business."

Titan's first-half results were poor.  It reported revenue from
continuing operations of HK$770 million, 86% lower than a year
ago.  Titan also had a mid-year net loss of HK$53 million,
compared with a profit of HK$18 million a year ago.

The onshore storage and shipyard businesses both require heavy
funding to complete the construction.  The funding gap is about
HK$2 billion, according to the company.  As the company is
generating negative operating cash flow, the funding has to come
from external sources, Mr. Lu said.

"Our 'CCC' corporate credit rating and 'CCC-' issue rating suggest
that the issuer is vulnerable to non-payment and is dependent on
favorable business, financial, and economic conditions to meet its
financial commitment on the obligation," he added.  In the event
of adverse business, financial, or economic conditions, such as
what Titan is currently facing, the issuer is not likely to have
the capacity to meet its financial commitment on the obligation.

The negative rating outlook reflects the risk of further
deterioration in Titan's already fragile credit profile and
liquidity that could stem from Titan's weak performance,
difficulties in turning around its operations in the next 12
months, and the uncertainty of funding arrangements for the
construction of its storage and shipyard operations.


WORLD CITY: Placed Under Voluntary Wind-Up
------------------------------------------
On September 10, 2009, the sole member of World City Theatres
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Lee King Yue
          Two International Finance Centre
          72-76th Floor
          8 Finance Street, Central
          Hong Kong


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


ALM INDUSTRIES: ICRA Puts 'LBB+' Rating on Long Term Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the long-term fund-based
bank facilities of ALM Industries Limited.  ICRA has also assigned
an 'A4+' rating to the short-term fund based bank facilities of
ALM.

The rating of ICRA reflects the company's track record of low
profitability, which coupled with significant turnover growth, has
necessitated higher working capital requirements thereby resulting
in negative cash generation during past years.  The incremental
funding requirement of the company has largely been met by
increased borrowings; though a part of the same was supported by
funding supports from the promoters.  As a result, the gearing of
the company stood at 2.95 times as on March 2009.  While a
significant portion of the total debt is accounted by working
capital, however low operating profitability coupled with high
interest expenses have resulted below average debt protection
indicators, as reflected in interest coverage of 1.69 times as on
March 2009.  The rating is also constrained on account of the
inherent business risk arising out of the company's presence in
buffalo meat export business, whereby it remains exposed to
social, political and disease out-break risks, however ICRA has
taken a comfort from the long operating history of the company and
experience of the promoters in this business.  Further the
company's track record of timely debt repayments is also a source
of comfort.

Going forward, ICRA expects the company to benefit from sufficient
growth opportunities in its business, however low operating
profitability coupled with high interest expenses will continue to
result in limited cash generation which is required to fund its
growth; thereby necessitating future funding support.  As a result
the capital structure and debt protection indicators of the
company are expected to remain at the current levels.

                       About ALM industries

ALM industries Limited is promoted by Mr Haji Fazlur Rehman and
was incorporated as ALM Leather Limited in 1996, which was later
renamed as ALM Industries limited in 2003.  The company has
operations primarily into export of buffalo meat and is one of the
largest exporters from India.  The company commenced operations in
1996 on Job work basis for exporters and later started its own
sales in domestic and export markets from 2001 onwards.  The
company's Plant is ISO & HACCP Certified, APEDA approved and A
Govt. recognized Star Export House.  The company has its own
slaughter house, which has an annual capacity 21000 MT of meat
production and 31500 TPA of meet freezing.


ARVS CONSTRUCTIONS: ICRA Rates INR80 Million Bank Lines at 'LB+'
----------------------------------------------------------------
ICRA has assigned an LB+ rating to the INR80 million bank lines of
ARVS Constructions Private Limited.

ICRA's non-investment grade rating factors in the highly
competitive nature of the industry, ACPL's modest scale of
operations and it's relatively low operating margins.  This
coupled with ACPL's high gearing levels (gearing of 3.47 times a
on March 31, 2009) has resulted in weak debt protection
indicators.  Further, ACPL's modest scale of operations and low
net-worth limit its ability to bid for larger and more complex
projects.  Going forward, ICRA expects ACPL's profitability to
remain under pressure owing to intense competition which is likely
to lead to modest cash accruals in the medium term.  The rating is
however supported by ACPL's healthy growth in turnover over the
past 3 years and positive outlook for the sector.

ARVS Constructions Private Limited, incorporated in 1996, is a
private limited company engaged in civil construction work in
power plants, commercial buildings, industrial buildings,
residential complexes, group housing societies etc. for various
clients in private sectors.  In FY2009 as per provisional numbers
provided by the company, it achieved a turnover of INR124.48
million and a PAT of INR4.05 million.


PADMAVATI AGENCIES: ICRA Assigns 'LBB' Rating on INR30MM Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR30 million term loans
and the INR114 million, fund-based limits of Padmavati Agencies
Private Limited, indicating inadequate-credit-quality.

The ratings are constrained by the low margins in the export-
import license trading business; relatively high gearing levels
and the stretched cash flow position due to low profit generation.
The ratings also reflect ICRA's expectation of continued losses in
the pre-primary education business in the short to medium term and
the vulnerability of the profitability of the company to adverse
regulatory changes with regard to Export-Import policies. However,
the rating favorably considers the established track record of the
company in the export import consultancy and trading business;
strong customer profile and significant growth in operating income
in the recent past.

Padmavati Agencies Private Limited was incorporated by Mr. Ramesh
Gathani in 1994 to provide consulting services to clients related
to export/ import and assist them in documentation work.  In the
year 2000, it started trading in the export incentive licenses but
is currently engaged in four different businesses: export/ import
consultancy; trading in export incentive licenses; playing the
role of a Clearing House Agent (CHA) for importers and running a
pre-primary school. During 2008-09, the company achieved net sales
of INR4022.32 million and net profit of INR19.88 million.


PUNJAB NATIONAL: To Acquire Stake in Kazakhtan's Metrokombank
-------------------------------------------------------------
Antara News, citing Asia Pulse, reports that the Punjab National
Bank is in the process of acquiring a stake in Kazakhstan-based
Metrokombank.

According to the report, sources said the talks are at a very
preliminary stage, as several things need to be looked into,
including regulatory approval.

The report says PNB, which has a representative office in Almaty,
has been looking for an acquisition in the oil-rich Central Asian
state.

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public sector commercial bank
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

                           *     *     *

Punjab National Bank continues to carry Moody's Investors Service
'Ba2' Foreign LT Bank Deposits ratings and 'D+' Bank Financial
Strength Rating.


SSIPL RETAIL: ICRA Places 'LBB' Rating on INR750MM Bank Debts
-------------------------------------------------------------
ICRA has assigned LBB rating to INR750.0 million fund-based limits
and INR70.0 million non-fund based limits of SSIPL Retail Limited.

The rating takes into account the intensely competitive nature of
the industry, the client concentration risk arising out of the
fact that SSIPL derives about two third of its revenues from two
clients namely Nike and Reebok and the risk of non-renewal of
contracts by its clients which can impact the company's future
profitability.   Moreover SSIPL had issued preference share
capital of INR172 million to a private equity investor named HBP
Holdings Limited which is already due for either redemption or
conversion into equity.  While assigning the rating, ICRA has
noted that the cash flows of the company are inadequate to meet
the repayment obligation if preference shareholder opts for
redemption.  Nevertheless the rating draw comfort from SSIPL's
experienced management, its reputed client base and its moderate
gearing levels.

SSIPL Retail Limited was incorporated in October 1994 as Moja
Shoes Private Limited and subsequently changed its name to SSIPL
Retail Private Limited in Aug 2006 and to SSIPL Retail Limited in
May 2008.  The company was promoted by Mr. Rishab Soni, Mr. Sunil
Taneja and Mr. Ashok Mathur.  In FY07 and FY08 the company
attracted private equity investments which reduced the promoters'
stake in the company to 57%.  SSIPL is involved in manufacturing
of footwear for international brands like Nike and Reebok.  It
also has the retailing rights for Nike merchandise, distribution
rights for Levi footwear and franchisee.


SURYALATA SPINNING: ICRA Rates INR510 Million Term Loan at 'LBB-'
-----------------------------------------------------------------
ICRA has assigned "LBB-" rating to INR510.0 million term loan and
INR251.5 million fund based facilities of Suryalata Spinning Mills
Limited.  ICRA has also assigned an A4 rating to INR5.5 million
non-fund based facilities of SSML.

The assigned ratings factor in company's weak financial risk
profile characterized by high gearing and stretched coverage
indicators, customer concentration and vulnerability to prevalent
intense competition given the commoditized nature of the grey
synthetic yarn.  Any wide fluctuation in the polyester staple
fiber cost as witnessed during 2008-09 can affect operating margin
considerably in the absence of pricing power in a fragmented
industry.  The ratings also factor in the proposed debt funded
capacity expansion by the company.  The ratings however,
favourably factor in promoters' experience in the spinning
industry, company's established relationship with its agents and
fiscal incentives offered by the Andhra Pradesh State Government.
ICRA draws comfort from the reduced repayment obligations post
rescheduling of term loans in October 2008.

Suryalata Spinning Mills Limited was incorporated in 1983 and is
engaged in production of 100% grey synthetic yarn.  The company
has two spinning facilities in Mahaboobnagar district of Andhra
Pradesh with an aggregate installed capacity of 59,328 spindles.
As part of the family settlement, the company's spinning facility
in Ramtek, Maharashtra, with an installed capacity of 28,080
spindles was demerged into a new company Suryaamba Spinning Mills
Limited with effect from June 30, 2007.


TATA STEEL: Construction of Steel Plant to Start in December
------------------------------------------------------------
Tata Steel Ltd said the land acquisition process for the proposed
Rs.21,000-crore steel plant in Orissa's Kalinganagar would be
completed soon and work would start by December, The Economic
Times reports.

"We hope that the land issues will be resolved soon.  We hope to
start work on the project by December," the report quoted Binay
Kumar Singh, vice-president of the Orissa project, as saying.

According to the Times, Tata Steel has been facing stiff
resistance from local residents against acquiring land for the
six-million-tonne per annum project.  The mega project suffered a
major setback Jan. 2, 2006, when 13 tribals were killed in a
police firing, the report recalls.

The report says Tata Steel needed 3,500 acres for the project and
the government has allotted 3,040 acres.  But the company is yet
to take physical possession of the land due to resistance from the
local residents.

                      About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


* World Bank OK's US$4.3-Bln Loan for India's Economic Stimulus
---------------------------------------------------------------
The World Bank on Tuesday approved four projects worth US$4.3
billion to India, designed to support the Government's
infrastructure agenda and bolster its economic stimulus program.

"After a period of high economic growth -- which reached 9.7% in
2006-07 -- the onset of the global financial crisis in 2008 saw
India's growth rate fall to about 5-6% in the fourth quarter of
2008-09.   Although there is uncertainty about the pace of the
economic recovery, current trends suggest that a growth rate of
between 5.5 and 6.5 percent for 2009-10 is realistic," the World
Bank said in a statement.

World Bank Country Director for India, Roberto Zagha, said "This
is a crucial time to support India."

"While the worst of the crisis seems to be behind us, doubts
linger about the strength of the comeback, partly because the
strength of the global recovery is uncertain.  Today's support
will help maintain credit growth and continued infrastructure
investments.  Supporting infrastructure is particularly important
during the current crisis, not just to sustain the domestic
economy at a time of reduced global demand, but even more to lay
the foundations for stronger future growth," Mr. Zagha said.

The US$2 billion Banking Sector Support Loan will provide
budgetary support to the Government of India, helping it maintain
its broad economic stimulus program by enhancing the capital of
select public sector banks, the statement said.  As a result of
the global financial crisis, private and foreign banks have slowed
their lending and deposit taking, increasing demand on public
sector banks.  This loan will help maintain credit growth levels,
support social banking and employment growth, and help strengthen
the economic recovery ahead.

Sustaining high growth and making it more inclusive is one of
India's most formidable challenges.  Central to this is the need
to improve its physical infrastructure.  India's roads, railways,
ports, airports, communication, and above all, power supply, are
urgently in need of investment.  The US$1.2 billion loan to the
India Infrastructure Finance Company Ltd. (IIFCL) is designed to
support its role to catalyze private financing for public-private
partnerships in (PPPs) in infrastructure and stimulate the
development of a long-term local currency debt financing market.

"This loan will help IIFCL increase the availability of long-term
finance for infrastructure projects across a range of sectors
including roads, power, airports, and ports," said Mr. S.S. Kohli,
Chairman and Managing Director, IIFCL.

Continuing its 15 years support to the Powergrid Corporation of
India, the country's national electricity transmission company,
the Bank also approved US$1 billion for the Fifth Power System
Development Project.  It is designed to help address India's acute
deficit of power.  Almost half of Indian households (44 percent)
do not have access to electricity.  The loan will help Powergrid
strengthen five transmission systems in the northern, western and
southern regions of the country.  This will facilitate the
transfer of power from energy surplus regions to towns and
villages in under-served regions of the country. The Bank has
supported Power Grid since its inception, during which time the
company has nearly tripled its transmission network to become the
world's largest electricity transmission system operator.

"This loan will enable Powergrid to strengthen the existing
transmission system as well as expand  the Indian national grid
which will help the Government of India achieve its objective of
‘Power for All by 2012'," said Mr. S.K. Chaturvedi, Chairman and
Managing Director, Powergrid.

Lastly, the Bank approved US$150 million for the Andhra Pradesh
Rural Water Supply and Sanitation Project, designed to improve
water supply and sanitation services in 2,600 villages across 6
districts of the state.  It aims to provide piped water to 2.1
million people and extend sanitation services to 1 million people
who currently do not have access.

The loans (Banking sector and Powergrid) from the International
Bank for Reconstruction and Development (IBRD) have a 30 year
maturity including a 5-year grace period.  The IBRD loan to IIFCL
has a 28 year maturity including a 7.5-year grace period.

The credit from the International Development Association (IDA),
the World Bank's concessionary lending arm, carries a 0.75%
service fee, a 10-year grace period, and a maturity of 35 years.


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


BAKRIE LIFE: Has 1 Month to Settle Dispute with Customers
---------------------------------------------------------
The Capital Market and Financial Institutions Supervisory Agency
(Bapepam-LK) has granted PT Asuransi Jiwa Bakrie, or Bakrie Life,
the one month period it had requested to settle a dispute with
customers unable to cash in their investments, The Jakarta Post
reports.

The Post relates that the supervisory body launched an
investigation into Bakrie Life after the company's customers
complained to Bapepam-LK they had not been able to cash in their
investment funds since late last year -- worth about IDR400
billion (US$41.22 million) -- as they were locked in a product
called Diamond Investa.

According to the Post, the customers said the product's impressive
high returns, 1.5% higher than gains derived from bank deposits,
had lured them into purchasing the product.  But since the
infamous stock market crash in October 2008, customers have been
unable to cash in their investment funds, the report notes.

The Post notes that the Association of Indonesian Life Insurers
(AAJI) has acknowledged the dispute between the company and its
customers, and has said it is willing to help out and facilitate
any efforts to settle the issue.

The Jakarta Globe reported last week that Bapepam-LK said Bakrie
Life should not seek investors to take over the company until it
settled a IDR400 billion (US$40.4 million) debt to clients in an
insurance-investment scheme.

The Globe, citing media reports, said the Bakrie group has been
attempting to sell the insurance company to new investors.

Bakrie Life is one of the Bakrie Group's units that specialize in
the life insurance sector.  It was established in 1996 in Jakarta,
Indonesia.


SEMEN GRESIK: Expects to Book 20% Increase in Full Year Profits
---------------------------------------------------------------
The Jakarta Post reports that PT Semen Gresik expects to book at
least IDR1.5 trillion (US$151 million) in net profits in the
second half of the year, around the same level it posted in the
first six months, as lower costs have compensated for more modest
growth in sales.

According to the report, Semen Gresik President Director Dwi
Soetjipto said that if achieved, this would bring full-year
profits to above IDR3 trillion, which would represent more than
20% growth from a year earlier when the firm recorded IDR2.52
trillion in net profits.

The Post says Semen Gresik predicts that its sales volume may only
grow by up to 3% this year to reach 18 million tons.  The company,
according to the Post, also expects single-digit growth in revenue
at between 6 and 7 percent this year.

Separately, the Jakarta Post says that Navin Sonthalia has been
appointed as the company's new vice president director, replacing
Heru Djojo Adiningrat.

PT Semen Gresik Tbk (JAK:SMGR) -- http://www.semengresik.com/ina/
-- is an Indonesia-based cement company.  The Company's products
include ordinary Portland cement type I, II, III and V; Portland
Pozzalana cement, a hydraulic cement developed by grinding
clinker, gypsum and pozzolanic materials; Portland composite
cement; Super Mansory cement; oil well cement class G high sulfate
resistant, and special blended cement.  It has seven subsidiaries
which are engaged in cement manufacturing, cement packaging and
distribution, limestone and clay mining, and the real estate
operations.  The Company's production facilities are located at
Gresik and Tuban in East Java, Indarung in West Sumatera and
Pangkep in South Sulawesi and have a current capacity of 17.1
million tons cement annually.

                           *     *     *

PT Semen Gresik Tbk continues to carry Moody's Investors Service
"Ba2" senior unsecured debt rating.


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


AIFUL CORP: To Cut 2,000 Jobs, Expects US$3.4-Bln Annual Loss
-------------------------------------------------------------
Finbarr Flynn at Bloomberg News reports that Aiful Corp. said it
plans to cut as many as 2,000 jobs and expects a full-year loss as
customer claims for interest refunds increase.

Citing Aiful's statement to the Tokyo Stock Exchange, Bloomberg
discloses the company expects a loss of JPY311 billion (US$3.4
billion) for the year ending March 31, reversing an earlier profit
forecast of JPY8.1 billion.  According to Bloomberg, the Kyoto-
based lender will seek to reduce its workforce through an early
retirement plan.

Bloomberg notes Aiful expects JPY12 billion in annual savings from
the reorganization.  The job cuts will cost JPY8.9 billion, the
report notes.

Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/--  is
a Japan-based financial service provider.  The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts.  Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates.  Headquartered in Kyoto, the Company has 29
subsidiaries and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 22, 2009,  Moody's Investors Service downgraded to B3
from Ba2 the long-term senior unsecured debt rating and unsecured
medium term note rating of Aiful Corporation and kept the rating
under review for possible further downgrade.  In addition, Aiful's
issuer rating was downgraded to Caa1 from Ba2, and kept on review
for possible further downgrade.

Standard & Poor's Ratings Services also lowered its long-term
counterparty credit rating on Aiful Corp. to 'CC' from 'BB'.  At
the same time, Standard & Poor's removed the rating from
CreditWatch, where it had been placed with negative implications
on Sept. 14, 2009, to reflect the risks over cash flow
deterioration.  The outlook is negative.  Standard & Poor's also
lowered its senior unsecured rating on the company's debt to 'CCC'
from 'BB', and revised the CreditWatch status to developing from
negative.  The short-term counterparty rating, which was not
placed on CreditWatch, was lowered to 'C' from 'B'.  The rating
action is based on an announcement by Aiful that the company is
preparing to ask for a delay in the repayment of its bank
borrowings through ADR procedures.


MAZDA MOTORS: Plans to Regain Southeast Asian Market Soon
---------------------------------------------------------
Mazda Motor Corp. is set to launch a massive effort to soon regain
Southeast Asian market after abandoning the regional market for
years, Kornelius Purba at The Jakarta Post reports.

According to the report, Mazda recently invited a group of
journalists from Indonesia, Malaysia and Thailand to its
headquarters in Hiroshima to attend the corporation's Brand Forum,
the first time the company had invited journalists from this
region.

The report says the forum was a part of the company's ambitious
goal to re-enter the regional market after abandoning the 10-
member Association of Southeast Asian Nations (ASEAN) for several
years.

Meanwhile, the Post says Mazda will market its Mazda 2 model in
Indonesia at the end of this year.

According to the Post, Yuji Nakamine, Mazda's managing executive
officer and general manager of the overseas sales division, said
the company was attempting to re-establish a strong presence in
the regional market, although it realized the car's brand name
image was weak because of its long absence from the streets, in
Indonesia's case, for the last three years.

The Post relates Mazda Motor Indonesia (MMI) president director
Yoshiya Horigome acknowledged the negative perceptions on how the
will the market respond, especially as the car brand has been
practically absent on the roads for such a long period of time.

Mr. Horigome said his company has taken major measures in the last
three years to meet consumers' demands, including after sales
service improvements, the report notes.

                         About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'BB' long-term corporate
credit rating on Mazda Motor Corp., reflecting increased pressure
on the company's profitability and cash flow amid ongoing
turbulence in global auto markets.  At the same time, Standard &
Poor's affirmed its long-term corporate credit and 'BB+' senior
unsecured debt ratings on Mazda.


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


HYNIX SEMICONDUCTOR: Hyosung Group Offers to Acquire 28% Stake
--------------------------------------------------------------
Hyosung Group has made an offer to buy a 28% stake in Hynix
Semiconductors.

"Out of the 40 companies to which we have sent an invitation for
bids, one company has submitted a letter of intent," said Korea
Exchange Bank (KEB), leading shareholder of Hynix.  Hyosung Corp
was the only company who has submitted a letter of intent for the
stake in Hynix.

Hyosung, focused on textiles and machinery, is the medium-size
conglomerate in Korea, with assets of KRW8.4 trillion, while
Hynix's total assets are KRW13.3 trillion.  It raised doubts over
the bid made by Hyosung that it may not have enough financial
resources to buy Hynix as the acquisition may require at least
KRW4 trillion.

Hyosung shares plunged by 15% after it submitted a bid to buy a
major stake in chip maker Hynix as analysts concerned about the
cost of the acquisition, and the relative lack of meaningful
business synergies in the deal.

KEB said it would proceed with the sale process to name a
preferred bidder by end-November.

As reported in the Troubled Company Reporter-Asia Pacific on
September 8, 2009, Hynix Semiconductor will invite bids on the
sale of a combined 28% stake in the company.

The stake sale, which is estimated to be worth KRW4.5 trillion
(US$3.65 billion), is being managed by Credit Suisse Ltd., Woori
Investment & Securities Co. and state-run Korea Development Bank.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings affirmed Hynix Semiconductor Inc.'s
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, the
agency downgraded the ratings for its outstanding senior unsecured
debt to 'B'/'RR5' from 'B+' and removed it from RWN.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.


HYUNDAI MOTOR: To Sell 17.2% More Vehicle in 2009 in Europe
-----------------------------------------------------------
Yonhap News reports that Hyundai Motor Company said it aims to
sell 17.2% more vehicles in 2009 in the European market than last
year due to rising demand for small cars.

The news agency, citing company officials, said Hyundai plans to
sell 336,000 vehicles in Europe this year, compared with 286,610
units sold in 2008.

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

                           *     *     *

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


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


RANHILL BERHAD: Unit Receives Wind Up Petition
----------------------------------------------
Ranhill Berhad furnished Bursa Malaysia Securities Berhad with
details of the winding-up petition served against Ranhill
Engineers and Constructors Sdn Bhd, a wholly owned subsidiary of
the Company.

The petition was filed by Kim Loong Crane & Transportation Sdn
Bhd.  KLTSB was appointed as subcontractor for the Teluk Salut
190mw Combined Cycle Conversion Power Station Project in Sabah.

The Company advised that a winding-up petition was presented in
the High Court Kota Kinabalu, Sabah, on July 20, 2009, against
Ranhill Engineers and was served on August 24,2009, for a claim
MYR133,219.96 plus interest at the rate of 8.0% from the date of
judgment until full settlement is disputed by REC.

Ranhill said REC has instructed its Solicitors to file an
application to oppose the Plaintiff's Petition in the High Court
at Kota Kinabalu, Sabah.

Based on the unaudited fourth quarter results of Ranhill as at
June 30, 2009, the total cost of investment in REC amounts to
MYR1,712,000.00.

The petition has been fixed for hearing on October 7, 2009.

                       About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On Dec. 11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Malaysia-based Ranhill Bhd and removed it from CreditWatch with
negative implications.  The outlook is negative.


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


BEAUMONT HOTEL: High Court to Hear Wind-Up Petition on October 12
-----------------------------------------------------------------
The Mataura Licensing Trust has filed a High Court application to
put Beaumont Hotel 2008 Ltd. into liquidation, the Otago Daily
Times reports.

The report says the court will hear the application on October 12.

Beaumont Hotel 2008 Ltd is owned by Contact Energy and leased back
to managers.


AIR NEW ZEALAND: Passenger Traffic Down 3% in August 2009
---------------------------------------------------------
Air New Zealand Ltd. said it carried 924,000 passengers in August,
down 3.0% on the same month last year.  Demand (RPKs) was down
10.7% and capacity (ASKs) was reduced by 13.4% increasing the
Group load factor by 2.4 percentage points.

Short haul passenger numbers were down by 0.6% compared to August
last year.  In the domestic market, demand was up 4.2% on last
year and the load factor rose to 76.3% as capacity was reduced by
3.8%.  Tasman/Pacific capacity was reduced by 14.5% primarily
through downsizing to smaller aircraft and the withdrawal of Trans
Tasman flights from Hamilton and Dunedin which contributed to the
load factor increasing the by 6.5 percentage points.

Long haul passenger numbers decreased by 16.4% on last year.
Capacity on the Asia/Japan/UK routes was reduced by 24.0% which
enabled loads on these routes to remain inline with last year at
79.6%, despite a 24.1% drop in demand.  Load factors on North
America/UK routes were also similar to last year with demand
reducing by 8.6% on 7.9% less capacity.

Group-wide yields for August were down 11.1% on the same month
last year.  Short haul and long haul yields were both down by
12.7%.  Removing the impact of foreign exchange, Group-wide yields
were down 14.6%.

                       About Air New Zealand

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

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


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


OPTIMUM-3 INVESTMENTS: Creditors' Proofs of Debt Due on October 9
-----------------------------------------------------------------
Optimum-3 Investments Pte. Ltd., which is in liquidation, requires
its creditors to file their proofs of debt by October 9, 2009, to
be included in the company's dividend distribution.

The company's liquidator is:

          Don M Ho, FCPA
          c/o Don Ho & Associates
          Certified Public Accountants
          Corporate Advisory & Recoveries
          Equity Plaza 20 Cecil Street #12-02
          Singapore 049705


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

Petromena ASA filed the petition against the company on
September 11, 2009.

The Petitioner's solicitors are:

          Messrs. Ang & Partners
          79 Robinson Road
          #22-00, CPF Building
          Singapore 068897


RENEWABLE ENERGY: Court to Hear Wind-Up Petition on October 2
-------------------------------------------------------------
A petition to wind up the operations of Renewable Energy
International Pte Ltd will be heard before the High Court of
Singapore on October 2, 2009, at 10:00 a.m.

Kurt Peter Schrothm filed the petition against the company on
September 4, 2009.

The Petitioner's solicitor is:

          Infinitus Law Corporation
          158 Cecil Street
          #07-00 The Spazio
          Singapore 069545


ZHONGHUI HOLDINGS: Placed Under Judicial Management
---------------------------------------------------
On September 15, 2009, the High Court of Singapore entered an
order to place Zhonghui Holdings Ltd. under judicial management.

Zhonghui Holdings Ltd. filed the petition against the company on
August 11, 2009.

The company's judicial managers are:

           Goh Thien Phong
           Chan Kheng Tek
           PricewaterhouseCoopers LLP
           8 Cross Street #17-00 PWC Building
           Singapore 048424


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


AMERICAN INT'L: Two Bidders Vie for Taiwan Unit
-----------------------------------------------
Primus Financial Holdings Ltd. -- along with partner China
Strategic Holdings Ltd. -- and Chinatrust Financial Holding Co.
are the bidders left for American International Group Inc.'s
Taiwan unit, Nan Shan Life Insurance Co., Aries Poon and Perris
Lee at The Wall Street Journal report, citing people familiar with
the matter.

A source said that the bidders had raised their offer prices for
Nan Shan Life, according to The Journal.  Primus Financial co-
chief executive Wing-Fai Ng said in August that the company had
offered US$1.3 billion for Nan Shan Life.  As reported by the TCR
on September 1, 2009, Chinatrust Financial offered US$1.4 billion
for the unit.  The Journal quoted a source as saying, "The bids
are still going on.  AIG hasn't decided yet."  Citing people
familiar with the matter, The Journal states that the deal could
fetch more than US$2 billion.

The Journal relates that at the end of August, the list of bidders
for Nan Shan Life included:

     -- Primus-China Strategic partnership;
     -- Chinatrust;
     -- Cathay Financial Holding Co.; and
     -- Fubon Financial Holding, which was partnering with U.S.
        private-equity firm Carlyle Group L.P.

According to The Journal, the four corporate bidders had passed
the first round of bids in early July, but after that round,
investment bank Morgan Stanley -- which is running the sale
process -- told private-equity bidders that they needed to partner
with domestic financial institutions to continue bidding.  People
familiar with the matter said that Cathay Financial was allowed to
go solo, the report states.  The report, citing sources, says that
the forced partnership between bidders and continuing
disagreements about price led private-equity funds like Bain
Capital LLC, MBK Partners Ltd., and Oaktree Capital Management LLC
to withdraw bids.

The sources, The Journal states, said that Cathay Financial and
Fubon Financial hadn't received official notification from AIG
that they were out of the race.

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
US$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as US$182.5 billion.  AIG has sold a number
of
its subsidiaries and other assets to pay down loans received, and
continues to seek buyers of its assets.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group.  AIG's subordinated debt rating has been downgraded to Ba2
from Baa1.  The rating outlook for AIG is negative.  This rating
action follows AIG's announcement of net losses of US$62 billion
for
the fourth quarter and US$99 billion for the full year of 2008,
along with a revised restructuring plan supported by the U.S.
Treasury and the Federal Reserve.  This concludes a review for
possible downgrade that was initiated on September 15, 2008.


=============
V I E T N A M
=============


DOT VN: Executes Domains Registration Deal with Key-Systems
-----------------------------------------------------------
Dot VN, Inc., on September 16, 2009, executed an Industry Domains
Registration Agreement with Key-Systems GmbH, a German limited
liability company.

Under the terms and conditions of the Industry Domains Agreement,
Key-Systems will provide the technical services, including but not
limited to hardware and software, in the creation and
commercialization of Dot VN's 24 industry specific sub-domain
names.  Key-Systems will host the registration platform, maintain
the database and provide data security.

In addition, Key-Systems will be a master reseller of Dot VN's
Industry Domains selling registrations through their network of
1,400 global resellers.  The Industry Domains Agreement has a term
of five years.

                       Going Concern Opinion

The Company acknowledges it has had limited revenues from the
marketing and registration of '.vn' domain names as it operates in
this single industry segment.  Consequently, the Company has
incurred recurring losses from operations.  In addition, the
Company has defaulted on US$612,500 of convertible debentures that
were due January 31, 2009 and currently has not negotiated new
terms or an extension of the due date on the Defaulted Debentures.
These factors, as well as the risks associated with raising
capital through the issuance of equity or debt securities creates
uncertainty as to the Company's ability to continue as a going
concern.

The Company's plans to address its going concern issues include:

     -- Increasing revenues of its services, specifically within
        its domain name registration business segment through:

        * the development and deployment of an Application
          Programming Interface which the Company anticipates will
          increase its reseller network and international
          distribution channels and through direct marketing to
          existing customers both online, via e-mail and direct
          mailings, and

        * the commercialize of pay-per-click parking page program
          for '.vn' domain registrations;

     -- Completion and operation of the IDCs and revenue derived
        from the IDC services;

     -- Commercialization and Deployment of certain new wireless
        point-to-point layer one solutions; and

     -- Raising capital through the sale of debt or equity
        securities.

There can be no assurance that the Company will be successful in
its efforts to increase revenues, issue debt or equity securities
for cash or as payment for outstanding obligations.  Capital
raising efforts may be influenced by factors outside of the
control of the Company, including, but not limited to, capital
market conditions.

The Company is in various stages of finalizing implementation
strategies on a number of services and is actively attempting to
market its services nationally in Vietnam.  As a result of capital
constraints it is uncertain when it will be able to deploy the
Application Programming Interface or construction of the IDCs.

Chang G. Park, CPA, from San Diego, California, expressed on
July 24, 2009, substantial doubt about Dot VN's ability to
continue as a going concern after auditing the company's financial
results for the years ended April 30, 2009 and 2008.  The auditing
firm reported that the company experienced losses from operations.

At July 31, 2009, the Company had total assets of US$2,269,335 and
total liabilities of US$11,791,040.  At July 31, 2009, the Company
had total shareholders' deficit of US$9,521,705.

                           About Dot VN

Dot VN, Inc. (OTCBB: DTVI) -- http://www.DotVN.com-- provides
Internet and Telecommunication services for Vietnam.  The Company
is currently developing initiatives to offer Internet Data Center
services and Wireless applications.


                         *********

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 ***