TCRAP_Public/091005.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

           Monday, October 5, 2009, Vol. 12, No. 196

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Four Former Directors Under ASIC Probe
BABCOCK & BROWN INFRA: To Launch AU$850-Mln Capital Raising
BABCOCK & BROWN POWER: NextEra Buys Three Wind B&P Wind Projects
CENTRO NP: Consent Solicitation for Senior Notes Moved to Tuesday
REDBANK PROJECT: S&P Retains 'CCC+' Long-Term Senior Secured Debt

SINO GOLD: Eldorado Takeover Bid Gets FIRB Approval
SMART SERIES: Fitch Assigns Ratings on Various 2009-1 Notes
SMART SERIES: Moody's Assigns Ratings on Series 2009-1 Notes
* AUSTRALIA: ASX Suspends 23 Firms for Late Annual Account Filing


B A H R A I N

AWAL BANK: Files For Chapter 15 Bankruptcy in New York
AWAL BANK: Voluntary Chapter 15 Case Summary


C H I N A

CHINA HEALTH: Dr. Kenneth Lee Appointed as CEO
CHINA HEALTH: Cancels Registration of Common Stock


H O N G  K O N G

BRIGHTY COMPANY: Court to Hear Wind-Up Petition on November 18
CARTOON FACTORY: Creditors' First Meeting Set for October 20
CHINA WAY: Releases Keung and Morris as Liquidators
CLUB MEDITERRANNE: Mee and Yee Cease to Act as Liquidators
DNM CONNECTIONS: Court to Hear Wind-Up Petition on October 28

ETERNAL FINE: Appoints Lam and Jong as Liquidators
GOLCONDA & ASSOCIATES: Court to Hear Wind-Up Petition on Nov. 18
GOLDEN REGENT: Shareholders' Final Meeting Set for October 27
INCORPORATED OWNERS: Court to Hear Wind-Up Petition on October 7
KOOLL INTERNATIONAL: Creditors & Contributories to Meet on Oct. 6

L&C LIGHTING: Court to Hear Wind-Up Petition on October 28
MAZI (HONG KONG): Mee and Yee Cease to Act as Liquidators
ROAST KITCHEN: Court to Hear Wind-Up Petition on October 28
SUNLIFE COSMETICS: Court to Hear Wind-Up Petition on November 11


I N D I A

BERICAP INDIA: ICRA Assigns 'LBB' Rating on INR87 Mln Term Loans
CAUVERY COFFEE: ICRA Rates INR57 million Term Loan at 'LB'
DN WIND: ICRA Assigns 'LB+' to INR190.3 Bank Facilities
KLENEPAKS LIMITED: Weak Profitability Cues ICRA 'LBB' Rating
NATIONAL PROTEIN: ICRA Assigns 'LBB+' Rating on INR100MM Loans

ORIENTAL BANK: Fitch Affirms Issuer Default Rating at 'BB+'
RIBA TEXTILES: Delay in Term Loan Repayment Cues ICRA 'LB' Rating
SRI NARASUS: ICRA Assigns 'LBB+' Rating on INR68.6MM Term Loans
SURYAJYOTI SPINNING: ICRA Rates INR907.2MM Term Loan at 'LBB'
TASA FOODS: ICRA Assigns 'LBB' Rating on INR84.8 Mln. Term Loans


I N D O N E S I A

PT Bank: Fitch Assigns Expected Rating on Subordinated Bonds


J A P A N

JAPAN COMMERCIAL: S&P Downgrades Ratings on 2007-1 Floating Notes
JCREF CMBS: Fitch Downgrades Ratings on Five 2007-1 Notes
JLOC 38: Fitch Downgrades Ratings on Various Classes of Notes
JLOC VII: S&P Junks Ratings on Class D Floating-Rate Notes
SPANSION INC: GE Financial Wants Payment of Administrative Claim

TAKEFUJI CORP: S&P Downgrades Counterparty Credit Ratings to 'B-'


K O R E A

HYUNDAI MOTOR: Auto Sales Up 61.3% in September
HYNIX SEMICONDUCTOR: Sues Hyundai Securities for KRW210 Billion


M A L A Y S I A

LITYAN HOLDINGS: Loan Default Totals MYR46.60 Mil. in Sept. 2009
TALAM CORP: Posts MYR0.2 Million Net Profit in Qtr. Ended July 31


N E W  Z E A L A N D

BLUE CHIP: Investors Lose Case Against GE; Founder Bankrupted
SOUTH CANTERBURY: Auditors Raise Concern on Credit Ratings Cut


S I N G A P O R E

JURONG HI-TECH: Creditors' Meeting Set for October 15
JURONG TECHNOLOGIES: Creditors' Meeting Set for October 15
NEC COMPUTERS: Creditors' Proofs of Debt Due on October 16


V I E T N A M

DOT VN: Vietbridge Serves as Internet Advertising Placement Agent


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A U S T R A L I A
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BABCOCK & BROWN: Four Former Directors Under ASIC Probe
-------------------------------------------------------
The Australian Securities and Investments Commission is
investigating four former directors of Babcock & Brown Ltd for
resigning from its board within weeks after the company went into
administration, The Sydney Morning Herald reports.

According to the report, the last four remaining directors
resigned on April 29 this year and left B&B without a functioning
board and directors.  The resignation, says the Herald, is
contrary to the requirements placed on the company by the
Corporations Act which states that a public company should have at
least three directors at any one time.

The four former B&B directors under ASIC probe are:

   -- chairman Elizabeth Nosworthy;
   -- deputy chairman Pat Handley;
   -- independent director Ian Martin; and
   -- chief executive Michael Larkin.

The former board colleagues are also currently under an
investigation by Deloitte into claims that the company may have
traded while insolvent from last November, the report says.

The Herald states that two of the former directors, Ms. Nosworthy
and Mr. Handley, have been alleged as having conflict of interest
between their intertwined roles as directors of both B&B and its
main operating subsidiary, Babcock & Brown International Pty Ltd.

                       About Babcock & Brown

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.


BABCOCK & BROWN INFRA: To Launch AU$850-Mln Capital Raising
-----------------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that Babcock & Brown Infrastructure Group is expected to launch a
AU$850 million (US$736 million) capital raising on Oct. 7 as part
of a AU$1.8 billion recapitalization to cut its debt.

According to Bloomberg, the newspaper said the infrastructure
fund, which is seeking to reduce borrowings of AU$9.4 billion,
will sell AU$600 million to institutions as well as AU$250 million
to existing shareholders.

The Review, as cited by Bloomberg, said BBI will also sign a deal
with Brookfield Asset Management Inc. for the Canadian fund
manager to inject AU$600 million into the infrastructure fund in
return for a cornerstone stake.

Bloomberg notes the Review said the infrastructure fund will also
sell a half-share in Dalrymple Bay Coal terminal, as well as all
of the PD Ports business in the U.K. to Brookfield for a further
AU$300 million.  The company may also sell further assets,
Bloomberg adds citing the Review.

                About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, Moody's Investors Service confirmed Babcock & Brown
Infrastructure Group's B1 corporate family rating and B2 senior
secured rating.  The outlook on the ratings is stable.


BABCOCK & BROWN POWER: NextEra Buys Three Wind B&P Wind Projects
----------------------------------------------------------------
NextEra Energy Resources, LLC, a subsidiary of FPL Group, Inc.
said it has entered into an agreement to purchase three operating
wind projects with a combined capacity of 184.5 megawatts (MW)
from Babcock & Brown Power.

Under the terms of the agreement, a wholly owned subsidiary of
NextEra Energy Resources will purchase three operating wind
projects for approximately US$352 million.  The projects included
in the transaction are:

   * 79.5-MW Majestic Wind Energy Center located in Carson
     County, Texas, northeast of Amarillo.  The Majestic
     project is comprised of 54 GE 1.5-MW turbines.  All
     of the output from this project is sold to Southwestern
     Electric Power Company, a subsidiary of AEP, under a
     long-term contract.

   * 54-MW Butler Ridge Wind Energy Center located in Dodge
     County, Wisconsin, northwest of Milwaukee.  The Butler
     Ridge project is comprised of 36 GE 1.5-MW wind turbines.
     A portion of the output from the project is sold to
     Wisconsin Public Power under a long-term contract.
     The remaining output is expected to be sold to Midwest
     utilities to serve their growing renewable portfolio
     standard requirements.

   * 51-MW Wessington Springs Wind Energy Center located in
     Jerauld County, South Dakota, south of Wessington Springs.
     The Wessington Springs project is comprised of 34 GE
     1.5-MW wind turbines.  All of the output from this project
     is sold to Heartland Consumer Power District under a
     long-term contract.

Approvals for the transaction are needed from federal agencies,
including the Federal Energy Regulatory Commission and Department
of Justice clearance under the Hart Scott Rodino Antitrust
Improvements Act of 1976.  The transaction is also subject to
other closing conditions.   NextEra Energy Resources expects to
complete the transaction by the end of 2009.  Upon closing, the
company will assume management and operation of all three wind
projects.  The acquisition is expected to be accretive to earnings
per share in 2010.

NextEra Energy Resources operates clean, emissions-free nuclear
power generation facilities in New Hampshire, Iowa and Wisconsin
as part of the FPL Group nuclear fleet, which is the third largest
in the U.S.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, The National Business Review said that BBP's share
price has been further buffeted by news that its AU$2.7 billion
debt will have to be renegotiated, in light of the company being
unable to attract an investment grade credit rating.  Babcock &
Brown Power, the Business Review related, is already in breach of
its interest cover covenant and is in talks with its banking
syndicates.

Babcock & Brown Power lost 96% of its market value last year and
was the worst performer in Australia's benchmark stock index in
2008, the Business Review noted.

Babcock & Brown Power posted a net loss of AU$148.98 million for
the year ended June 30, 2009, compared with a net loss of
AU$426.51 million from a year ago.

                    About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/--   is a power generation business.  The
company develops, operates and acquires generation portfolio.  As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the Company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd.  In March 2009, the
company sold its remaining interest in the Kwinana Power Station
to ERM Power Pty Limited.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


CENTRO NP: Consent Solicitation for Senior Notes Moved to Tuesday
-----------------------------------------------------------------
Centro NP LLC has extended the deadline for its previously
announced consent solicitation with respect to amendments to the
1995 indenture governing its outstanding 7.65%, 7.68% and 7.97%
senior notes due 2026 and its outstanding 6.90% senior notes due
2028.

The Consent Solicitation, previously scheduled to expire at 5:00
P.M. (New York City Time) on September 29, 2009, will now expire
(such time and date, as they may be extended, the “Expiration
Date”) at the earlier of (i) 5:00 P.M. New York City Time on
October 6, 2009, and (ii) 5:00 pm New York City Time on the date
that the Company has received valid consents sufficient to execute
the Supplemental Indenture.  The Company will make a public
announcement of the Effective Time at or prior to 9:00 a.m., New
York City time, on the next business day after the Effective Time.

The Company believes that the consent payment of $35 per $1,000
principal amount of Securities to consenting noteholders and the
ability to shorten the maturity by 12 to 14 years, combined,
offers tremendous value to those noteholders holding the
Securities.  Additionally, if the proposed amendments with respect
to the debt incurrence covenant are not adopted, once the Company
has ceased to experience the unusually large non-cash charges that
it has recently experienced, the Company would once again be able
to incur debt under the indenture without any amendment being
required.

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 23,
Centro NP commenced a consent solicitation with respect to
amendments to the 1995 indenture governing various senior notes
issued by the Company:

                                         Consent Fee
             Outstanding                 Per $1,000   Put Right
             Principal    Security       Principal    Repurchase
CUSIP No.   Amount       Description    Amount       Date
---------   -----------  -----------    -----------  ----------
64806Q AA2  US$10,000,000  7.97% Senior    US$35.00     01/15/2014
                          Notes Due 2026

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

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

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

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

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

The Company seeks 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.

As reported by the TCR 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.


REDBANK PROJECT: S&P Retains 'CCC+' Long-Term Senior Secured Debt
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CCC+' long-term
rating on Redbank Project Pty Ltd.'s senior secured debt remains
on CreditWatch with negative implications, where it was initially
placed on May 29, 2009.  S&P believes Redbank's continuing weak
liquidity could be exacerbated by potential poor operations over
the next three-to-six months.  Furthermore, S&P is yet to receive
copies of the revised terms and conditions of the working capital
and liquidity facilities that were subject to review by the
project's lenders at the end of June 2009, although Redbank has
represented that the lenders have informally agreed to extend the
facilities, subject to terms still to be documented by the
lenders.  S&P also note that the project has triggered the cash-
sweep covenants under debt documents.

"Due to operating and maintenance costs associated with the
project's forced outage in July 2009, Redbank's liquidity remains
weaker than expected," Standard & Poor's credit analyst Parvathy
Iyer said.  "S&P's analysis of the project's updated forecasts
found that Redbank has limited headroom to withstand any potential
prolonged plant outage and a rise in operating costs in the near
term.  Mitigating this risk is Redbank's representation that it
has some flexibility to manage the forecast planned outage and
associated high costs in October 2009, given additional
maintenance works were carried out during the July outage.
However, if any potential major forced or planned outages were to
occur over the next three months and the cash flow impact is not
remedied through equity support in a timely manner, S&P believes
it could lead to use of the project's debt service reserve and a
potential breach of the default covenants under Redbank's debt
documents as early as March 2010."

In S&P's opinion, any major plant outage over the next three
months that leads to pressure on Redbank's cash flow and
liquidity, and is not remedied in a timely manner through equity
support, could see Redbank's senior secured debt rating lowered by
one or more notches.  The Redbank debt rating could also be
lowered if the project's working capital and liquidity facilities
were not renewed as represented.

Ms. Iyer added: "The CreditWatch could be resolved by the end of
calendar 2009, pending review of Redbank's operations, the revised
terms and conditions of the working capital and liquidity
facilities, and the project's liquidity position.  The rating
outlook on Redbank's debt is unlikely to return to stable until
cash flow improves sufficiently to end the project's cash-sweep
position and a sustainable operational track record is
demonstrated."

Redbank is a special-purpose entity that owns and operates a 135
megawatt waste-coal-fired power plant in the Australian state of
New South Wales (AAA/Stable/A-1+).  Redbank is 100% owned by the
listed and unrated Babcock & Brown Power Ltd. and the project has
a power purchase hedge agreement with Energy Australia (the New
South Wales state-owned electricity distribution business) for the
majority of the power plant's output.


SINO GOLD: Eldorado Takeover Bid Gets FIRB Approval
---------------------------------------------------
Sino Gold Mining Ltd. said that the Australian Foreign Investment
Review Board has granted unconditional approval for Eldorado Gold
Corp.'s takeover bid.

Accordingly, the FIRB condition in clause 3.1(a) of the Scheme
Implementation Deed between Sino Gold and Eldorado has now been
satisfied, Sino Gold said in a statement to Australian stock
exchange today, October 5, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2009, Sino Gold Mining Ltd. and Eldorado Gold Corp. have
signed a Scheme Implementation Deed under which Eldorado proposes
to acquire all of the issued and outstanding shares in Sino Gold
that it does not currently own via a Scheme of Arrangement under
Australian law.

The companies have stated that consideration for the transaction
will be Eldorado shares, with Sino Gold shareholders offered 0.55
Eldorado shares for each Sino Gold share they own.  The
transaction values Sino Gold at approximately AU$2.2 billion
(CDN$2.0 billion).

                        About Eldorado Gold

Based in Canada, Eldorado Gold Corporation (TSE:ELD) --
http://www.eldoradogold.com/-- is a gold producer engaged in gold
mining and related activities including exploration, development,
extraction, processing and reclamation.  The Company owns and
operates the Kisladag gold mine (Kisladag) in Turkey and the
Tanjianshan gold mine (TJS) in China, and is also developing gold
projects in Turkey and Greece, as well as an iron ore project in
Brazil.

                          About Sino Gold

Sino Gold Mining Limited -- http://www.sinogold.com.au -- is an
Australia-based company.  The principal activities of the Company
are mining and processing of gold ore, and sale of recovered gold,
and exploration and development of mining properties.  The Jinfeng
Gold Mine is located in Guizhou Province in southern China.

                           *     *     *

The company incurred three consecutive annual net losses of
AU$103.8 million, AU$23.5 million and AU$20.1 million for the
years ended December 31, 2008, 2007, and 2006, respectively.


SMART SERIES: Fitch Assigns Ratings on Various 2009-1 Notes
-----------------------------------------------------------
Fitch Ratings has assigned expected ratings to the SMART Series
2009-1 Trust automotive and equipment lease receivables-backed
securitization by Macquarie Leasing Pty Limited (Macquarie
Leasing):

  -- AU$47.0 million Class A-1 'F1+';

  -- AU$225.0 million Class A-2 'AAA'; Outlook Stable; Loss
     Severity rating at 'LS1';

  -- AU$20.8 million Class B 'AA'; Outlook Stable; Loss Severity
     rating at 'LS2';

  -- AU$15.2 million Class C 'A'; Outlook Stable; Loss Severity
     rating at 'LS2';

  -- AU$3.2 million Class D 'BBB'; Outlook Stable; Loss Severity
     rating at 'LS4'; and

  -- AU$2.4 million Class E 'BB'; Outlook Stable; Loss Severity
     rating at 'LS4'.

The notes will be issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2009-1 Trust (the issuer).  The SMART
Series 2009-1 Trust is a legally distinct trust established
pursuant to a master trust and security trust deed.

"With this being the second Australian ABS transaction in recent
weeks, there is growing confidence that investor demand is re-
emerging and the Australian securitization market will continue to
grow during 2009," says Adam Daman, Analyst with Fitch's
Structured Finance team.

At the cut-off date, the total collateral pool consisted of 9,785
automotive and equipment lease receivables totaling approximately
AU$316.8 million with an average size of AU$32,376.  The pool is
comprised of automobile (91.6%) and equipment (8.4%) lease
receivables originated by Macquarie Leasing to Australian
residents across the country.  The pool comprises fully amortizing
principal and interest leases, some with balloon amounts payable
at maturity.  The majority of leases are novated contracts (62.7%)
where the lease is novated to the employer in salary packaging
arrangements.  The balloon payment varies depending on asset type.
However, the weighted average balloon payment for the portfolio is
27.6%.

The expected 'F1+' ratings assigned to the Class A-1 notes and the
expected 'AAA' ratings assigned to the A-2 notes are based on the
quality of the lease collateral; the 15% credit enhancement
provided by the subordination of the Class B, C, D, E, F and
seller notes; the excess spread available to cover losses; the
liquidity reserve equivalent to the greater of (i) 1.0% of the
aggregate invested amount of the outstanding notes, or (ii)
AUD300,000; the interest rate swap provided by Macquarie Bank Ltd
(rated 'A+'/Outlook Stable/'F1'); and Macquarie Leasing's
underwriting and servicing capabilities.

The expected ratings on the Class B, C, D, and E notes are based
on all the strengths supporting the Class A notes, excluding their
credit enhancement levels.

Final ratings are contingent upon receipt of final documents
conforming to information already received.


SMART SERIES: Moody's Assigns Ratings on Series 2009-1 Notes
------------------------------------------------------------
Moody's Investors Service has assigned these provisional long-term
and short-term ratings to notes issued by SMART Series 2009-1
Trust:

* AU$47 million Class A-1 Notes, Assigned (P)P-1
* AU$225 million Class A-2 Notes, Assigned (P)Aaa
* AU$20.8 million Class B Notes, Assigned (P)Aa1
* AU$15.2 million  Class C Notes, Assigned (P)A1
* AU$3.2 million Class D Notes, Assigned (P)Baa1
* AU$2.4 million Class E Notes, Assigned (P)Ba3
* AU$3.2 million Class F Notes, Assigned (P)B3

The AU$3.2 million Seller Notes are not rated by Moody's.

The transaction is a securitization of a portfolio of Australian
commercial hire purchase agreements, chattel mortgages, finance
leases and novated leases secured by motor vehicles and other
commercial equipment originated by Macquarie Leasing Pty Limited.
In broad terms SMART Series 2009-1 Trust replicates the structures
seen in previous SMART transactions sponsored by Macquarie.

In order to fund the purchase price of the revolving portfolio,
SMART Series 2009-1 Trust will issue eight classes of notes.  The
notes will be repaid on a sequential basis in the initial stages
(until the subordination percentage increases from the initial
15.0% to 19.9%) and during the tail end of the transaction.  At
all other times, the structure will follow a pro rata repayment
profile.  This principal paydown structure is a departure from
past SMART transactions and other comparable structures in the
Australian ABS market.

The provisional ratings take account of, among other factors, the
credit enhancement provided by the mezzanine and junior notes,
initially equal to 15% in the case of the Class A Notes.  This
compares favorably with the 10% credit support commensurate with
the Aaa rating in Moody's view.  The ratings also take into
account the 1.0% liquidity reserve, which addresses the risk of
temporary interest shortfall and servicer disruption, and the
experience of Macquarie in servicing auto and equipment lease
portfolios.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
notes by the legal final maturity.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction.  Upon a conclusive review of
the final versions of all the documents and legal opinions,
Moody's will endeavour to assign a definitive rating to the
transaction.  A definitive rating may differ from a provisional
rating.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


* AUSTRALIA: ASX Suspends 23 Firms for Late Annual Account Filing
-----------------------------------------------------------------
Blair Speedy at The Australian reports that the Australian
Securities Exchange on October 1 suspended the shares of 23
companies after they failed to lodge their annual accounts for
2008-09 by the September 30 deadline.

According to the report, among the companies suspended from
quotation were:

   -- Admiralty Resources;
   -- Celtex;
   -- Western Desert Resources;
   -- Fulcrum Equity;
   -- software minnow Azurn;
   -- Auto parts wholesaler Allomak;
   -- Rockeby Biomed .

The Australian says the roster of suspended stocks was dominated
by small-cap mineral exploration and technology companies.


=============
B A H R A I N
=============


AWAL BANK: Files For Chapter 15 Bankruptcy in New York
------------------------------------------------------
Stewart Hey of Charles Russell LLP, as external administrator of
Awal Bank BSC of Bahrain, made a voluntary petition under
Chapter 15 for the bank in the U.S. Bankruptcy Court for the
Southern District of New York after Central Bank of Bahrain placed
the bank in administration on July 30, 2009, citing that the bank
(i) had become insolvent; and (ii) would cause damage to the
financial services industry if the bank continued to provide
regulated financial services.

Mr. Hey said that, earlier this year, the bank began experiencing
a liquidity squeeze, brought on in part, by the global economic
crisis.  A group of the bank's major creditors agreed to enter
into a standstill agreement while the bank attempted to
restructure its debt by late May 2009, he related.  The creditors
are Abu Dhabi Islamic Bank; Calyon; Coomerzbank/Dresnder; ( Gulf
International Bank; and HSBC, Mr. Hey noted.

The bank has ceased to operate as a going concern since it was
place into administration, Mr. Hey states.

According to papers filed with the Court, the CBB has asked that
Mr. Hey identify the outstanding claims of creditors and develop
proposal for satisfying those claims to the extent permitted by
the realizable assets of the bank.

In the petition, the bank listed both assets and debts more than
US$1 billion.

Based in Bahrain Awal Bank BSC is principally an investment
company that provide wholesale banking services in Bahrain
including the acceptance of deposits and the making of loans.


AWAL BANK: Voluntary Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Petitioner: Stewart Hey
                       Charles Russell LLP
                       As external administrator of Awa Bank BSC

Chapter 15 Debtor: Awal Bank BSC
                   The Manama Centre, Government Avenue
                   P.O. Box 1735
                   Kingdom of Bahrain

Chapter 15 Case No.: 09-15923

Type of Business: The Debtor is principally an investment company
                  that provide wholesale banking services in
                  Bahrain including the acceptance of deposits and
                  the making of loans.

Chapter 15 Petition Date: September 30, 2009

Court: Southern District of New York (Manhattan)

Judge: Allan L. Gropper

Chapter 15 Petitioner's Counsel: Christine H. Chung, Esq.
                                 christinechung@quinnemanuel.com
                                 Quinn Emanuel Urquhart Oliver &
                                 Hedges, LLP
                                 51 Madison Avenue, 22nd Floor
                                 New York, NY 10010
                                 Tel: (212) 849-7000
                                 Fax: (212) 849-7100

Estimated Assets: More than US$1 billion

Estimated Debts: More than US$1 billion


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


CHINA HEALTH: Dr. Kenneth Lee Appointed as CEO
----------------------------------------------
China Health Care Corporation reports that on September 25
Dr. Kenneth K. Lee was appointed as the Chief Executive Officer
for the Company effective immediately.

Doctor Xiu-Shang Cheng was appointed as the Executive Chairman for
the Company effective immediately.

Effective immediately, Faith Lam resigned as the Company's Acting
Chief Executive Officer, Mr. Lam will continue as Vice President
(Accounting & Procurement) and Acting Chief Financial Officer.

Dr. Lee -- M.D. (USA), MBA (USA), MPH (USA), CMCM (USA), CPE
(USA), FAAFP (USA) -- has 20 plus years of senior healthcare
experiences from the various sectors of the healthcare industry in
the U.S.A and P.R.C. Dr. Lee's M&A experiences started with LBO of
a U.S. single specialty group practice and eventual growth and
strategic vertical integration with the seventh largest faith
based hospital system in USA to form a 125-physicians Integrated
Delivery System Primary Care Network.  Dr. Lee is also experienced
in small hospital start-up in Asia through his tenure as the Chief
Operating Officer for University Hospital in Macao whereby he
commissioned the Western medicine division.  Dr. Lee's other USA
senior hospital experiences included serving as the Board of
Managers for Northern Ohio Alliance for Health, Ltd, an eleven
hospitals coalition in Northwestern Ohio, to provide managed care
leadership.

Before joining UPMG and served as the Chief Operating Officer, he
was the Founder and Chief Executive Officer of American-Sino
Internationalization Consulting and Managing, Ltd, a PRC WOFE.  He
also served as Medical Director of Huashan Hospital American-Sino
OB/GYN Services in Shanghai and Senior Management Consultant for
ASOG in Beijing.  Prior to moving to China, he was the Regional
Care Management Medical Director for United Health Group, the
largest USA health insurance company.  Dr. Lee is further
experienced in training international physician to American
standard of care through his tenure as the Director of accredited
residency training program in Chicago with the Resurrection
Healthcare System.

Dr. Lee is board certified in Family Medicine, Medical
Administration and Managed Care in the United States.  Dr. Lee
obtained his medical degree from Medical University of Ohio and
his dual Master degrees in business administration and public
health from University of South Florida.

Doctor Xiu-sheng Cheng -- B.M. (P.R.C. Fudan), MBA (P.R.C. Fudan)
-- has over 26 years of China healthcare experiences in clinical
medicine, healthcare administration and management for various
hospitals, health bureau administrative organizations and medical
foundations.  Prior to 2003, he was the Executive Vice Secretary-
General and one of the Founders of International Medical Network
Center of the China Medical Foundation whereby he put together a
national network of 280 Chinese hospitals.  Doctor Cheng was also
the Deputy General Manager of Shanghai Distance Learning Medical
Network Co., Ltd., and the Information Center of Shanghai Health
Bureau. Doctor Cheng was the Vice President of American Brother
Industrial Co., Ltd. and concurrent board member and Vice
President of Shanghai Huawang Technic & Trade Co., Ltd.  In the
early 1990s, he undertook the positions of Doctor-in-charge and
Deputy Director in Health Bureau administrative organizations and
Class3A hospitals.

Doctor Cheng graduated from the top Fudan University in Shanghai
with a Bachelor degree of Social Medicine and Healthcare
Administration and a MBA degree of Healthcare Economics.

There are no family relationships with Dr. Lee or Mr. Cheng or any
of the Company's other directors and officers.

The Company has not been a party to any transaction, proposed
transaction, or series of transactions in which the amount
involved exceeds the lesser of US$120,000 or 1% of the average of
the company's total assets at year end for the last two completed
fiscal years and in which, to the Company's knowledge, Dr. Lee or
Mr. Cheng has had or will have a direct or indirect material
interest.

                      About China Health Care

China Health Care Corp. provides consultancy services to the VIP
Maternity & Gynecological Centers in the People's Republic of
China.  These services are provided in conjunction with Johns
Hopkins International, LLC, a U.S. based healthcare provider, and
based upon a Consultancy Agreement with JHI.  The Company is
currently under contracts to provide consultancy services to a
total of five VIP Birthing Centers in the PRC and to manage a
private hospital in Macau.

                        Going Concern Doubt

Samuel H. Wong & Co., LLP, in South San Francisco, California,
raised substantial doubt about China Health's ability to continue
as a going concern after auditing the Company's financial results
for the years ended September 30, 2008, and 2007.  The auditor
noted that the Company continued to incur losses and working
capital deficiencies.

China Health Care's balance sheet at June 30, 2009, showed total
assets of US$1.47 million and total liabilities of US$7.06
million, resulting in a stockholders' deficit of about US$5.59
million.


CHINA HEALTH: Cancels Registration of Common Stock
--------------------------------------------------
China Health Care Corporation filed with the Securities and
Exchange Commission a Form 15 to cancel the registration of its
common stock.

China Health Care Corp. provides consultancy services to the VIP
Maternity & Gynecological Centers in the People's Republic of
China.  These services are provided in conjunction with Johns
Hopkins International, LLC, a U.S. based healthcare provider, and
based upon a Consultancy Agreement with JHI.  The Company is
currently under contracts to provide consultancy services to a
total of five VIP Birthing Centers in the PRC and to manage a
private hospital in Macau.

                        Going Concern Doubt

Samuel H. Wong & Co., LLP, in South San Francisco, California,
raised substantial doubt about China Health's ability to continue
as a going concern after auditing the Company's financial results
for the years ended September 30, 2008, and 2007.  The auditor
noted that the Company continued to incur losses and working
capital deficiencies.

China Health Care's balance sheet at June 30, 2009, showed total
assets of US$1.47 million and total liabilities of US$7.06
million, resulting in a stockholders' deficit of about US$5.59
million.


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


BRIGHTY COMPANY: Court to Hear Wind-Up Petition on November 18
--------------------------------------------------------------
A petition to wind up the operations of Brighty Company Limited
will be heard before the High Court of Hong Kong on November 18,
2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on September 7, 2009.

The Petitioner's solicitors are:

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


CARTOON FACTORY: Creditors' First Meeting Set for October 20
------------------------------------------------------------
The creditors of The Cartoon Factory HK Limited will hold their
first meeting on October 20, 2009, at 3:30 p.m., at the 2nd Floor
of Wing Yee Commercial Building, 5 Wing Kut Street, in Central,
Hong Kong.

At the meeting, the creditors will be asked to:

   -- to decide whether to apply to the court for the appointment
      of a person to be the liquidator in place of the provisional
      liquidator; and

   –- determine whether an application is to be made to the court
      for the appointment of contributories and creditors to a
      committee of inspection.


CHINA WAY: Releases Keung and Morris as Liquidators
---------------------------------------------------
On September 3, 2009, Stephen Liu Yiu Keung and Robert Armor
Morris were released as liquidators of China Way Properties
Limited.


CLUB MEDITERRANNE: Mee and Yee Cease to Act as Liquidators
----------------------------------------------------------
On September 16, 2009, Natalia Seng Sze Ka Mee and Cynthia Wong
Tak Yee stepped down as liquidators of Club Mediterranee
Management Asia Limited.


DNM CONNECTIONS: Court to Hear Wind-Up Petition on October 28
-------------------------------------------------------------
A petition to wind up the operations of DNM Connections Company
Limited will be heard before the High Court of Hong Kong on
October 28, 2009, at 9:30 a.m.

Cheng Sik Wang filed the petition against the company on
August 26, 2009.


ETERNAL FINE: Appoints Lam and Jong as Liquidators
--------------------------------------------------
On September 4, 2009, Messrs. Rainier Hok Chung Lam and Victor Yat
King Jong were appointed as liquidators of Eternal Fine
Engineering Limited.

The Liquidators can be reached at:

          Rainier Hok Chung Lam
          Victor Yat King Jong
          Pricewaterhouse Coopers
          Prince's Building, 22nd Floor
          Central, Hong Kong


GOLCONDA & ASSOCIATES: Court to Hear Wind-Up Petition on Nov. 18
----------------------------------------------------------------
A petition to wind up the operations of Golconda & Associates
Limited will be heard before the High Court of Hong Kong on
November 18, 2009, at 9:30 a.m.

Chan Kam Chung filed the petition against the company on
September 14, 2009.

The Petitioner's solicitors are:

          Chung Fong & Co.
          No. 99 Hennessy Road
          Suite 1502, 15th Floor
          Wanchai, Hong Kong


GOLDEN REGENT: Shareholders' Final Meeting Set for October 27
-------------------------------------------------------------
The shareholders of Golden Regent Holdings Limited will hold their
final meeting on October 27, 2009, at 10:00 a.m., at Unit 3, 20th
Floor of Golden Centre, 188 Des Voeux Road, in Central, Hong Kong.

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


INCORPORATED OWNERS: Court to Hear Wind-Up Petition on October 7
----------------------------------------------------------------
A petition to wind up the operations of The Incorporated Owners of
Nos. 526 and 528 Jaffe Road will be heard before the High Court of
Hong Kong on October 7, 2009, at 9:30 a.m.

Tapbo Construction Company Limited filed the petition against the
company on August 3, 2009.

The Petitioner's solicitors are:

          Pansy Leung Tang & Chua
          Regent Centre, 21st Floor
          88 Queen's Road Central
          Hong Kong


KOOLL INTERNATIONAL: Creditors & Contributories to Meet on Oct. 6
-----------------------------------------------------------------
The creditors and contributories of Kooll International
Consolidated Services Limited will hold their meeting on
October 6, 2009, at 3:00 p.m. and 4:00 p.m., respectively, at the
11th Floor of China Hong Kong Tower, in 8 Hennessy Road,
Hong Kong.

Anthony Nedderman is the company's provisional liquidator.


L&C LIGHTING: Court to Hear Wind-Up Petition on October 28
----------------------------------------------------------
A petition to wind up the operations of L&C Lighting (H.K.)
Limited will be heard before the High Court of Hong Kong on
October 28, 2009, at 9:30 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on August 21, 2009.

The Petitioner's solicitor is:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


MAZI (HONG KONG): Mee and Yee Cease to Act as Liquidators
---------------------------------------------------------
On September 17, 2009, Natalia Seng Sze Ka Mee and Cynthia Wong
Tak Yee stepped down as liquidators of Mazi (Hong Kong) Limited.


ROAST KITCHEN: Court to Hear Wind-Up Petition on October 28
-----------------------------------------------------------
A petition to wind up the operations of Roast Kitchen Limited will
be heard before the High Court of Hong Kong on October 28, 2009,
at 9:30 a.m.

Qiu Jingguang filed the petition against the company on August 26,
2009.


SUNLIFE COSMETICS: Court to Hear Wind-Up Petition on November 11
----------------------------------------------------------------
A petition to wind up the operations of Sunlife Cosmetics
(Hong Kong) Limited will be heard before the High Court of
Hong Kong on November 11, 2009, at 9:30 a.m.

The Bank of East Asia, Limited filed the petition against the
company on September 7, 2009.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          Wing On Central Building, 7th Floor
          26 Des Voeux Road Central
          Hong Kong


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


BERICAP INDIA: ICRA Assigns 'LBB' Rating on INR87 Mln Term Loans
----------------------------------------------------------------
ICRA has assigned LBB rating to the INR87 million term loans and
INR130.7 million cash credit facilities of Bericap India Private
Limited.  ICRA has also assigned A4 rating, to the INR130.7
million non-fund based limits which are interchangeable with cash
credit with no sub limits.

The rating is constrained by BIPL's accumulated losses, weak
financial indicators, stretched liquidity profile, small scale of
operations, and the competitive environment prevailing in the
industry.  The assigned ratings take into account the strong
position of parent Bericap GmBH Holding in global plastic closure
market and the favorable growth drivers in Indian market for
plastic closures. BIPL has long standing relationship with major
customers like Hindustan Coca Cola Beverage Limited (HCCBL) and
PepsiCo.  With the change in management control since early this
year, there has been a greater focus on cost rationalization and
operational restructuring leading to turnaround in operating
performance.

                        About Bericap India

Bericap India Private Limited was incorporated in 2001 as a
JV between Essel Propack and Germany based Bericap GmBH. As of
30.06.2009, Bericap holds 88.43% while Essel holds rest with
Bericap planning to buy out rest of stake from Essel by
October 2009.  BIPL started production of closures at Murbad Dist-
Thane (Maharashtra) in 2001 and in 2007 the manufacturing facility
was shifted to Talegaon MIDC in Pune district.  BIPL have an
installed capacity of 1000 million closures p.a. with six
injection molding machines, in house printing facility for closure
branding and a QA lab to carry out various mandatory tests
required for food packaging.


CAUVERY COFFEE: ICRA Rates INR57 million Term Loan at 'LB'
----------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR57 million Term Loan
and 'A4' rating to the INR193 million Fund Based Limits of Cauvery
Coffee Traders.

The ratings take into account the cyclicality inherent in the iron
and steel industry which results in volatile profitability and
cash flows, high counter-party risk evident from the recent
devolvement of the customer's Letter of Credit and sales
concentration mainly in China.  The rating is also constrained by
the stressed credit profile of the firm characterized by losses at
operating levels in FY2009, high gearing levels and incidence of
delay in debt servicing.  However, the ratings draw comfort from
the long experience of the promoters in the trading business.

Cauvery Coffee Traders, a partnership firm, is a 100% EOU engaged
in the export of coffee, iron ore and bauxite.  The firm was
established in 1993 and for the last few years, iron ore fines
export have constituted almost entirely to its total sales.  The
Fe (iron) content of the fines sold by the firm is generally 63%.
In FY2009, the company had a net loss of INR49.9 million on an
operating income of INR607.5 million.


DN WIND: ICRA Assigns 'LB+' to INR190.3 Bank Facilities
-------------------------------------------------------
ICRA has assigned an 'LB+' to the INR190.3 million, fund and non-
fund based bank limits (INR160.3 million term loan and INR30
million cash credit) of DN Wind Systems India Private Limited.
ICRA has also assigned an A4 (pronounced A four) rating to the
INR40 million bank limits (Letter of Credit/ Bank Guarantee) of
DNWS.

The assigned rating reflects the high market and execution risks
that the company is exposed to with delays in project execution
and no orders currently.  The company's funding structure is also
highly leveraged, which combined with the delay in project
completion has resulted in delays towards servicing principal
obligations for its term loan.  The company has proposed to
restructure its loans to defer principal repayment until 2010.

The rating favorably considers a long track record of the
promoters in the heavy fabrication industry and the stable long-
term demand prospects of the wind power industry in India, with
government incentives and effort towards increasing reliance on
renewable sources of energy.  It also incorporates the potential
locational advantage owing to proximity to prospective wind farms.
This is likely to lead to savings in transportation costs, which
form a significant portion of overall costs for the OEMs.

DN Wind Systems India Private Limited was started by Mr. Dhananjay
Budhale and Mr. Nitin Wadikar in 2008 with the aim to tap the
growing wind power generation market in 2008.  The company is
currently setting up its facility at Petwadgaon near Kolhapur in
Maharashtra to manufacture towers used to hoist wind turbines in
application.  DNWS aims to manufacture 18 towers per month at this
facility for windmills ranging from 0.6MW to 2 MW. A part of the
capacity is also planned to be dedicated towards manufacturing
heavy engineering components.  The two promoters of the company
have more than 15 years of experience in the business of heavy
engineering and automobile ancillary manufacturing at Kolhapur.


KLENEPAKS LIMITED: Weak Profitability Cues ICRA 'LBB' Rating
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR100 million Cash Credit
facility and an A4 rating to the INR20 million Non Fund based
limits of KlenePaks Limited.

The ratings reflect KPL's weak profitability due to low product
differentiation and presence in an extremely fragmented industry,
exposure to volatile polymer prices, and weak bargaining power
with suppliers as bulk of the purchases are from Reliance
Industries and GAIL.  The risks are, however, partially mitigated
by the company's satisfactory financial risk profile characterized
by low gearing levels, predominance of cash sales resulting in
limited working capital requirement, moderate ability to pass
through rising polymer prices, albeit with a time lag, and its
position as one of the largest manufacturers of polymer fabrics in
South India, although the benefits are limited because of extreme
fragmentation in the industry.

KlenePaks Limited, a manufacturer of HDPE/PP fabric, was founded
in 1970 and is fully owned by the members of the Sipani family.
The company currently has two manufacturing units in Bangalore,
located in Arakere and Jigni, employing about 295 looms in
aggregate. KPL is one of the largest manufacturers of HDPE/PP
fabric in South India, and plans to increase capacity by setting
up another unit in Maddur, near Mysore.

During 2008-09, the company achieved net sales of INR1,317.7
million, with a net profit of INR5 million.


NATIONAL PROTEIN: ICRA Assigns 'LBB+' Rating on INR100MM Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating, to the INR100 million term
loans and the INR200 million cash credit facility of National
Protein & Solvent Ltd.  ICRA has also assigned a short term rating
of A4+, to the INR120 million non-fund based bank limits of NPSL.

The ratings are constrained by the high competitive intensity in
the edible oil industry and its presence mainly in the bulk
segment resulting in low margins, vulnerability of the company's
profitability to price fluctuations and changes in import duty,
exposure to cyclicality of feedstock, it's relatively weak
financial profile and high volatility in past profitability.
However, the ratings favorably consider NPSL's promoters' long
track record in the edible oils industry and its established
market position in mustard oil and de-oiled cake segment in
Gujarat.

National Protein & Solvent Ltd was incorporated in 1994 and
commenced commercial production of edible oils in the FY96.  It is
promoted by three families i.e. Patel family, Bhavsar family and
Modi family.  The Board of directors consists of 9 directors with
three representatives from each family.  The Company is a closely
held public limited company, with entire holding in the hands of
promoters, their friends and relatives.  The group entered the
edible oil business in 1989 by setting up Welcome Proteins and has
significant experience in this business.  The company owns an oil
mill, solvent extraction plant and oil refining facilities at both
of its plants located at Mehsana and Alwar.  NPSL is engaged
primarily in the manufacturing of Mustard/Rapeseed oil,
Mustard/Rapeseed de-oiled cakes and Solvent extraction oil and has
capacity to refine all types of crude edible oils, except for palm
oil.  The company currently has annual capacity of 80000 MT seed
crushing, 120000MT solvent extraction and 60000MT of oil refining.


During FY 2009, the company reported operating income of INR1483
million and profit after tax of INR10 million.


ORIENTAL BANK: Fitch Affirms Issuer Default Rating at 'BB+'
-----------------------------------------------------------
Fitch Ratings has affirmed India's Oriental Bank of Commerce
Ltd.'s Long-term foreign currency Issuer Default Rating at 'BB+',
Individual at 'C/D', Support Rating at '3' and Support Rating
floor at 'BB-'.  The Outlook is Stable.

OBC's Long-term rating reflects its weaker performance, compared
to the higher-rated Indian banks, after the merger with Global
Trust Bank in FY05.  The ratings also reflect OBC's high Tier I
ratio which provides comfort as its asset quality could come under
pressure given its rapidly increased restructured loans and higher
concentration risk.  Fitch notes that the ratings could come under
pressure if this capital cushion is eroded due to rapid loan
growth and falling profitability.

OBC's return on assets increased to 0.9% in FY09 from 0.4% in FY08
on the back of GTB's accumulated losses fully provided.  While
fee-based income and trading profits (13% and 16% of operating
income in FY09, respectively) have supported the bank's RoA, net
interest margins has fallen to 2.2% in FY09 (FY05: 3.7%), as loans
are financed largely by high cost bulk deposits.  While NIM could
increase, given the reduced interest cost on bulk deposits
combined with a focus on higher yielding SMEs, OBC's profitability
could be adversely affected by higher credit costs.

The bank's absolute NPLs decreased in FY09 by 17%, partially on
account of regulatory guidelines stating that restructured loans
are allowed to be classified as 'standard'.  OBC's asset quality
is expected to deteriorate given its restructured assets at 7% of
total advances at end-June 2009 (which are higher than the system
median of 4.3%).  Furthermore, the bank's concentration risk is
higher given the exposure to the sensitive commercial real estate
segment of 7% of loans and higher single-party concentrations.
OBC's stress tolerance is lower since its pre-impairment operating
profit (1.4% of average total assets), which is lower than most
government banks, makes it vulnerable to spikes in credit costs.
However, OBC's specific and general provision coverage at 85% of
gross NPLs in FY09 along with its capital cushion (end-June 2009
Tier I ratio: 9.1%) enhances its ability to absorb any significant
asset quality shocks.

OBC has a pan-India network with 1,407 branches as it gained
further presence in south India after merging with GTB.  The bank
used to predominantly lend to corporates, but has recently
increased focus on retail and SMEs (about 30% of total loans).


RIBA TEXTILES: Delay in Term Loan Repayment Cues ICRA 'LB' Rating
-----------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR100.7 million Term loans
of Riba Textiles Limited.  ICRA has also assigned an A4 rating to
the INR159.0 million fund based/non-fund based facilities of RTL.

The rating is constrained by RTL's delay in repayment of term loan
liabilities and frequent production stoppages due to labor
problems at its Sonepat plant.  The rating also factors in RTL's
relatively large capex plan for setting up another unit at Panipat
to expand capacity and shift production from existing plant at a
time when textile industry is experiencing considerable demand
slowdown.  The rating however, draws comfort from RTL's presence
in value added Jacquard towels, geographic diversification over
the years which mitigate the risk from seasonality of demand and
established relationship with global brands such as Metro, BigW
and TK Maxx.

Riba Textiles Limited incorporated in 1989 as a private limited
company, was subsequently converted into a public limited company
in 1994.  The company came out with a public issue (IPO) in 1996.
The company is a 100% Export Oriented Unit (EOU), ISO 9001
certified and a recognized export house. RTL is engaged in
manufacturing of terry towels such as beach and bath towels.  RTL
manufactures for globally renowned brands like TK Maxx, Metro,
Sears, BigW, Loblaws etc.  The company commenced its operation
with an initial capacity of 250 Metric Tonnes per annum (MTPA) in
1992 and has been gradually increasing its production capacity
since then.  The current capacity of the company is 3230 MTPA.


SRI NARASUS: ICRA Assigns 'LBB+' Rating on INR68.6MM Term Loans
---------------------------------------------------------------
ICRA has assigned LBB+ rating to INR 68.6 million term loans and
INR460 million fund based limits of Sri Narasus Coffee Company
Limited.  ICRA has also assigned A4+ rating to INR245 million fund
based limits and INR 25 million non fund based limits of NCCL.

NCCL's ratings are constrained by the stretched financial profile
of the company characterized by high gearing of 3.1 times as on
March 31, 2009, high working capital intensity and strained
liquidity position.  The company maintains large inventory and
debtor levels leading to high utilization of working capital
funds. Gearing is further stretched by significant profit
withdrawal by the promoters till 2008-09 leading to low networth
for the company.  The high working capital intensity and interest
charges have led to strained liquidity position of the company
with negative fund flow from operations for the past few years.
With the coffee prices on a cyclical uptrend, the margins of NCCL
may get impacted; however till 2008-09, on account of effective
procurement and pricing flexibility the company has been able to
maintain stable margins.  The company faces competition from
unorganized segment in the Roasted & Ground (R&G) coffee segment
and intense competition from majors like Tata Coffee and CCL
products (continental) in the instant coffee segment. The rating
also takes into consideration NCCL's geographical concentration in
a single state (Tamil Nadu).  The demand risk is mitigated to an
extent on account of strong presence of the Narasus brand in Tamil
Nadu with an effective market share of 45%.  The company has plans
to enter into new markets to improve revenue growth which would
require higher marketing costs and in turn may lead to impact on
profitability.

ICRA notes that the NCCL has been converted from a partnership
firm into a public limited company with effect from April 1, 2009.
Hence the reported gearing (as on March 31, 2009) considers the
partners' capital as part of networth. After the conversion to a
limited company, ICRA has been provided with an undertaking by the
company, whereby the erstwhile partners' capital would be
accounted as part of shareholder's funds in the books of NCCL.

                         About Sri Narasus

Sri Narasus Coffee Company Limited (NCCL), managed by
Mr. Sivanantham and his family, has been in the coffee business
for the past 80 years.  NCCL is into both Roasted & Ground (R&G)
coffee and instant coffee with revenues of INR1.47 billion in
2008-09.  It is the market leader in the R&G segment in Tamil Nadu
with a market share of 45% and exports instant coffee to several
Asian and European countries.


SURYAJYOTI SPINNING: ICRA Rates INR907.2MM Term Loan at 'LBB'
-------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR 907.2 million term loan and
INR 750 million fund based limits of Suryajyoti Spinning Mills
Limited.  ICRA has also assigned A4 rating to INR 121.2 million
fund based limits and INR 90 million non fund based limits of
SSML.

The assigned ratings primarily reflect the stretched financial
profile of the company with high gearing and weak profitability
margins.  The textile industry is going through a cyclical
downturn characterized by weak demand conditions and high
competitive pressures, especially with the oversupply situation in
standard count cotton yarns which had led to fall in margins in
the last two financial years.  SSML's capital structure is highly
leveraged with gearing at 3.4x levels as of March 31, 2009 leading
to weak coverage metrics with interest coverage levels at 2.5x and
NCA/Total Debt at 5%.  The ratings also factor in the project
risks associated with the company's new venture in cotton fabric
segment with the project having witnessed considerable delays till
now. SSML also faces significant refinancing risk on account of
high debt repayments due in the medium term for the debt taken to
fund the establishment of the fabric segment.  The ratings are
supported by the experience of the promoters in the spinning
industry, its presence across a diversified product range in yarn
insulating it from demand decline in any particular segment, its
entry into newer markets supporting its revenues and profitability
and also its operating efficiency resulting in lower but stable
margins.

For the first quarter ended June 2009, the Company has reported
operating profit and net profit of INR65 million and INR16 million
respectively on an operating income of INR 590 million.

Suryajyoti Spinning Mills Limited is a leading producer of
different types of yarn in Andhra Pradesh.  Incorporated in 1983
by Mr. R K Agarwal, the company is into manufacturing of various
counts, mostly lower and medium counts of cotton and also
synthetic yarn at its various manufacturing locations around
Hyderabad.  With a spindlage capacity of 86,560 distributed across
three spinning units, the company manufactures carded and combed
variety of cotton yarn and various blends of synthetic yarn (PSF,
VSF, PC, PV).  In 2006-07, SSML entered into an arrangement with
Pangea (a leading Italian fabric manufacturer), to setup a
manufacturing unit for premium cotton segment at a capital
expenditure of INR1.35 billion. SSML (70%) and Pangea (30%)
together have floated a company, Pangea India, for marketing of
coated fabrics in the Indian and Asian market.


TASA FOODS: ICRA Assigns 'LBB' Rating on INR84.8 Mln. Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR84.8 million Term loans
and INR10 million non fund based limits of Tasa Foods Private
Limited.  ICRA has also assigned an 'A4' rating to INR102.5
million fund based limits.

The rating takes into account Group's efficient procurement
network and distribution setup, increasing demand for mango pulp
and other processed fruits and vegetables in India and export
markets.  Ratings are however constrained by stretched capital
structure position of Tasa Foods which is characterized by high
gearing of 3.7x as of March 31, 2009, seasonality in operations on
account of raw material availability which leads to low capacity
utilization for most part of the year and susceptibility of
earnings to exchange rate fluctuations.  Since the project is
still to witness full capacity, financial indicators like gearing
are expected to remain high in medium term.  Tasa Food's
profitability is vulnerable to supply risk associated with raw
material availability which is exposed to agro climatic conditions
impacting the availability and cost.  The risk is, however partly
mitigated by rich experience of promoters in sourcing and
marketing of fruits in southern region. ICRA also notes that the
fruits and vegetables processing industry is highly fragmented
leading to significant competition.

Tasa Foods Pvt Ltd was incorporated in 1999 as a Merchant
Exporting Company for the export of mango pulp. Earlier the
business model was to procure mangoes and get the pulp made by
other units on job work basis.  They exported the pulp after that.
In the year 2007-08 they set up a Mango Pulp Canning unit at
Chitoor, Andhra Prdeash.  Later, in 2009, they have set up aseptic
packaging unit for pulps and concentrate manufacturing at the same
location.  They mainly target European countries and Middle East
countries.  Their sister concerns – RMM Foods, is already in the
same line of business and they are running a mango pulp cannin,
aseptic packaging and packaging unit at Chitoor.

During 2008-09, Tasa Foods reported a profit after tax (PAT) of
INR4.9 million on net sales of INR164 million, as against a PAT of
INR0.6 million on net sales of INR44.6 million for 2007-08.


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


PT Bank: Fitch Assigns Expected Rating on Subordinated Bonds
------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'AA+(idn)' to PT
Bank Rakyat Indonesia (Persero) Tbk's proposed five and 10 year
subordinated bond amounting to a maximum of IDR3 trillion.  The
final rating on the issue is contingent on the receipt of final
documents conforming to information already received.  A full list
of BRI's affirmed ratings is included at the end of this release.

As per Fitch's rating methodology, the issue rating is rated one
notch below the issuer's National Long-term rating and reflects
its subordination to senior obligations.  Meanwhile, the
affirmations of BRI's ratings reflect its strong underlying
profitability, higher but well-reserved NPLs, which should
continue to provide a strong buffer against the effects of more
challenging economic conditions.

"The bank's strong profitability is underpinned by its largely
unchallenged position as a leading bank for micro-lending in
Indonesia and should help cushion the impact of higher credit
costs," says Julita Wikana, Associate Director with the agency's
Financial Institutions Group.  BRI's ratings also take into
account its majority state-ownership and size.  However, any
significant weakening in the bank's capital position and/or asset
quality, such that impairment risk on capital increases, may exert
pressure on the bank's National and Individual ratings.

The moderate rise in the gross NPL ratio to 3.7% at end June 2009
(end-2008: 2.8%) reflects a weakening in asset quality across all
major segments amid the challenging economic conditions.  However,
this is below the industry average of 4.5%.  The bulk of the
weakening occurred in the corporate, medium and small commercial
business segments, while NPLs in BRI's core micro and consumer
lending remained low at less than 2% during 2008-H109.  BRI
continued to maintain provision cover at 153% of NPLs at end-June
2009.

Profitability remained among the highest in the industry with pre-
tax ROA at 3.8% in H109, reflecting strong lending yields on its
micro-credits as well as the bank's strong deposit franchise.
However, NIM continued to decline to 8.9% in H109 (2007: 9.6%) due
mainly to higher funding costs as the portion of lower cost of
demand/savings continued to decline.  Rapid expansion in loan
assets have reduced Tier 1 CAR to 13.3% at end-June 2009 (total
CAR at 14.7%).  Fitch notes that there have been efforts to
conserve capital through a lower dividend payout and a focus on
expansion in lower risk-weighted loan assets.  The proposed Rupiah
subdebt is expected to increase Total CAR by about 2%.  BRI
intends to maintain Total CAR at a minimum of 12% in the medium-
term.

BRI's ratings have been affirmed:

  -- Long-term foreign currency Issuer Default Rating at
     'BB'/Stable Outlook;

  -- Short-term foreign currency IDR at 'B';

  -- National Long-term rating at 'AAA(idn)'/Stable Outlook;

  -- Individual Rating at 'C/D';

  -- Support Rating at '3'; and

  -- Support Rating Floor at 'BB-'.

BRI is Indonesia's oldest bank, established in 1895 with the
widest domestic distribution network.  It remains majority-owned
by the Indonesian government (56.8% at end-June 2009).  It is the
second-largest bank by assets in Indonesia (11.4% of system assets
at end-June 2009).


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


JAPAN COMMERCIAL: S&P Downgrades Ratings on 2007-1 Floating Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to E floating-rate notes issued under the Japan Commercial
Real Estate Funding CMBS 2007-1 G.K. transaction and removed the
ratings from CreditWatch with negative implications, where they
had been placed on July 6, 2009.  At the same time, Standard &
Poor's affirmed its 'AAA' ratings on class A and class X TK
Distribution.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes B to E of JCREF CMBS 2007-1, on CreditWatch with
negative implications.

Two of the transaction's underlying loans (representing a combined
24.1% or so of the total issuance amount of the notes) and one
specified bond (representing about 22.2% of the total issuance
amount of the notes) are due to mature by the end of August 2010
and are "loans considered to be in default," as stated in the
aforementioned report.  Accordingly, Standard & Poor's has
reviewed the property management reports for the properties
backing the "loans considered to be in default," and met with the
arranger.

S&P is downgrading classes B to E because S&P has lowered its
assumptions with respect to the recovery amounts from the
collateral properties backing the aforementioned "loans considered
to be in default" (two loans and one specified bond), in light of
their location and type, based on the possibility that the loans
may not be redeemed by their respective maturity dates and the
properties may need to be liquidated.

The rating affirmation on class A reflects credit support provided
by the subordinate tranches to the upper-level tranches through
the transaction's senior/subordinate structure.

Standard & Poor's intends to continue to monitor progress in the
repayment of the underlying "loans considered to be in default,"
as well as the performance and recovery prospects of the related
collateral properties backing those loans.

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

JCREF CMBS 2007-1 is a multi-borrower CMBS transaction.  The notes
were originally secured by five nonrecourse loans and four
specified bonds extended to nine obligors.  The nonrecourse loans
and specified bonds were initially backed by 56 real estate
properties or real estate trust certificates.  The transaction was
arranged by Barclays Capital Japan, and Premier Asset Management
Co.  is the transaction servicer.

            Ratings Lowered, Off Creditwatch Negative

                      JCREF CMBS 2007-1 G.K.
  JPY58.2 billion commercial mortgage backed floating rate notes
                             due 2015

  Class  To   From            Initial Issue Amount   Coupon Type
  -----  --   ----            --------------------   -----------
  B      AA-  AA/Watch Neg    JPY6.2 bil.            Floating Rate
  C      BBB  A/Watch Neg     JPY5.3 bil.            Floating Rate
  D      BB   BBB/Watch Neg   JPY4.7 bil.            Floating Rate
E       B-   BBB-/Watch Neg  JPY2.7 bil.            Floating Rate

                         Ratings Affirmed

  Class              Rating   Initial Issue Amount   Coupon Type
  -----              ------   --------------------   -----------
A                    AAA      JPY39.3 bil.           Floating Rate
X (TK Distribution)  AAA


JCREF CMBS: Fitch Downgrades Ratings on Five 2007-1 Notes
---------------------------------------------------------
Fitch Ratings has downgraded five classes of notes issued by JCREF
CMBS 2007-1 GK due December 2015, affirmed the Class X TK
Investment, and removed all classes from Rating Watch Negative,
following the implementation of the recently published criteria
for Japanese CMBS surveillance.  Full details of the rating
actions are:

  -- JPY38.1 billion* Class A notes downgraded to 'AA-' from
     'AAA'; off RWN; Outlook Negative;

  -- JPY6.1 billion* Class B notes downgraded to 'BBB' from 'AA';
     off RWN; Outlook Negative;

  -- JPY5.3 billion* Class C notes downgraded to 'BB' from 'A';
     off RWN; Outlook Negative;

  -- JPY4.7 billion* Class D notes downgraded to 'B' from 'BBB';
     off RWN; Outlook Negative;

  -- JPY2.7 billion* Class E notes downgraded to 'CCC' from
     'BBB-'; off RWN; assigned a Recovery Rating of 'RR4'; and

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

  * as of September 30, 2009

The class A through E notes have been downgraded to reflect
Fitch's concern over potential recovery amounts from the
underlying assets backing the transaction, given that any recovery
activity will likely occur under stressed market conditions; this
is despite the fact that no underlying asset has matured or gone
into default to date.  In its analysis and in line with the
recently published criteria, Fitch has adopted values for the
properties which are on average 28.9% lower than the initial
value.  This takes into account the remaining time to maturity for
each underlying asset.  For some properties where past cash flow
performance has been significantly below Fitch's initial
expectations or where operational structures have differed from
the agency's initial assumptions, cash flow expectations have been
revised downwards.  Fitch has maintained its initial cash flow
analysis for other properties, including those that have
underperformed in the past but where cash flow deterioration is
considered temporary and/or is showing clear signs of recovery.

The 'AA-' rating assigned to the Class A notes indicates the
credit level of this class positioned at the lower end of the
category, but clearly above the 'A' range.

For the one liquidation-type underlying asset that has not sold a
property to date, Fitch's analysis has been revised, assuming no
property dispositions occurs during the remaining underlying asset
term, and also taking into account the state of the current real
estate market and documented terms to the underlying asset.

Negative Outlooks on the class A to E notes have been assigned
over concerns regarding the continued uncertainty surrounding the
Japanese real estate market, in addition to performance volatility
concerns on a number of properties identified in the review.

The ratings on the dividend-only Class X TK Investment address
only the likelihood of receiving dividend payments, while
principal on the related underlying assets remain outstanding.

This transaction was originally a securitization of nine
underlying assets of either non-recourse loans or TMK specified
bonds, ultimately backed by 56 commercial properties located
throughout Japan.  To date, no underlying asset has been fully
repaid but two collateral properties have been sold.  Maturity
dates of the underlying assets are well-diversified, ranging from
less than six months to some maturing more than four years from
now.

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


JLOC 38: Fitch Downgrades Ratings on Various Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded three classes of notes from JLOC 38
LLC due April 2016 and removed them from Rating Watch Negative
following the implementation of the recently published criteria
for Japanese CMBS surveillance.  Full details of the rating
actions are:

  -- JPY54.23 billion* Class A downgraded to 'A' from 'AAA';
     off RWN; Outlook Stable;

  -- JPY5.52 billion* Class B downgraded to 'BBB' from 'AA';
     off RWN; Outlook Negative;

  -- JPY5.20 billion* Class C downgraded to 'BB' from 'BBB+';
     off RWN; Outlook Negative;

  -- JPY4.85 billion* Class D 'C'; remains on RWN; Recovery
     Rating of 'RR4'; and

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

  * as of September 30, 2009

Classes A, B, and C have been downgraded following revisions to
the values of all the underlying properties.  In line with
recently published criteria, Fitch has revalued the underlying
collateral properties in accordance with the respective loan
status and time to loan maturity.  Assuming dispositions under
stressed market conditions, Fitch adopted values for the
underlying properties that are 33.0% lower on average than its
initial valuations for the purpose of this review.  The recent
cash flow performance of some properties has been lower than
Fitch's initial expectations, and as a result, it has revised
downwards its cash flow expectation for the properties.  The
agency has maintained its initial cash flow analysis for the other
properties.

Negative Outlooks for classes B and C have been assigned due to
the continued uncertainty about the Japanese commercial real
estate market and the commercial real estate finance environment.
The Stable Outlook for assigned to class A reflects Fitch's
expectation of an improvement in the credit enhancement level as
repayment from loans will be applied sequentially.

At closing, the notes were backed by 34 loans ultimately secured
by 105 commercial real estate properties in Japan.  Six loans have
been fully repaid.  This brings the total number of loans backing
the transaction to 28, secured by a total of 98 properties and
sales proceeds.  Currently, eight loans are in special servicing,
of which one loan is facing imminent loss as recovery from the
collateral property is expected to be below the outstanding
balance of the senior loan amount.

The ratings on the interest-only class X address only the
likelihood of receiving interest, while principal on the related
classes remain outstanding.

Note that the reports have been published simultaneously and are
intended to be read in conjunction with each other.  The criteria
report describes the approach and framework of the methodology,
and the special report details the application and assumptions
adopted for the 2009 surveillance review.

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


JLOC VII: S&P Junks Ratings on Class D Floating-Rate Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' from 'B+' its
rating on JLOC VII Ltd.'s class D floating-rate structured notes
and removed the rating from CreditWatch with negative
implications, where it had been placed on April 30, 2009.  The
aforementioned rating was lowered to 'B+' from 'BBB+' and kept on
CreditWatch negative on July 28, 2009.  Standard & Poor's also
affirmed its ratings on classes C and X.  The class A and B notes
have already been redeemed.  The JPY20.1 billion notes issued
under this transaction were issued on July 23, 2003.

The transaction's remaining underlying loan (representing about
8.2% of the initial total issuance amount of the notes) has
already defaulted.  The rating actions on class D are based on
S&P's opinion that the recovery prospects of the related
collateral property look increasingly uncertain given the progress
of collection from that property.  S&P affirmed the rating on
class C, given the recovery prospects of the related collateral
property.

The transaction's remaining underlying loan is backed by only one
property occupied by a single restaurant.  Given that the property
is occupied by a single tenant, S&P needs to monitor rent payments
that are used to make interest payments on the notes.

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

JLOC VII Ltd. is a multi-borrower CMBS transaction.  The notes
were initially secured by nine nonrecourse loans extended to seven
borrowers.  The nonrecourse loans are ultimately backed by 27 real
estate properties.  The transaction was arranged by Morgan Stanley
Japan Securities Co. Ltd., and the transaction servicer is Premier
Asset Management Co.

             Rating Lowered, Off Creditwatch Negative

                           JLOC VII Ltd.
    JPY20.1 billion floating-rate structured notes due May 2011

        Class   To    From           Initial issue amount
        -----   --    ----           --------------------
        D       CCC   B+/Watch Neg   JPY1.2 bil.

                         Ratings Affirmed

     Class   Rating   Initial issue amount
     -----   ------   --------------------
     C       AAA      JPY1.8 bil.
     X*      AAA      JPY20.1 bil. (initial notional principal)

                         * Interest-only


SPANSION INC: GE Financial Wants Payment of Administrative Claim
----------------------------------------------------------------
GE Financial Services Corporation, as administrative agent,
security agent, and secured lender, for itself and on behalf of
members of a committee of secured creditors of Spansion Japan
Limited, seeks allowance and payment of administrative expense
claims arising from postpetition conduct of Debtor Spansion LLC.

The Spansion Japan Secured Lenders are senior secured lenders to
Spansion Japan under a Senior Facility Agreement dated as of
March 30, 2007.

Stuart M. Brown, Esq., at Edwards Angell Palmer & Dodge LLP, in
Wilmington, Delaware, counsel for GE Financial Services
Corporation, relates that since the Petition Date, Spansion LLC
has used Spansion Japan, its Japanese affiliate, as a personal
piggy bank, misappropriating assets of Spansion Japan without
providing adequate compensation, manipulating receivables that
are the collateral of the Spansion Japan Secured Lenders,
operating under the pretense that an executory contract with
Spansion Japan has been amended postpetition in favor of Spansion
LLC, and otherwise denuding Spansion Japan of assets.

According to Mr. Brown, Spansion LLC has surreptitiously prepared
to use Spansion Japan's propriety information and know-how --
taken by Spansion LLC postpetition while Spansion Japan was under
the protection of the Japanese courts -- to transfer to the
Debtors' manufacturing facility in Austin, Texas, wafer and die
production provided by Spansion Japan.

Mr. Brown asserts that Spansion LLC's systematic plundering of
Spansion Japan postpetition for its own benefit constitutes,
among other things, conversion by Spansion LLC of the collateral
of the Spansion Japan Secured Lenders, and the breach of direct
contractual obligations to GE and Spansion Japan Secured Lenders,
creating administrative claims in an amount yet to be determined.

Pursuant to an Amended and Restated Foundry Agreement dated as of
March 30, 2007, between Spansion Japan and Spansion LLC, Spansion
Japan manufactures wafers and dies that are purchased by Spansion
LLC and used in the assembly of Spansion Group's Flash memory
product.

Mr. Brown relates that prior to the Petition Date, Spansion LLC,
largely through the Foundry Agreement, made Spansion Japan a
captive and controlled it for its own benefit.

Moreover, Mr. Brown tells the Court that in May 2009, Spansion
LLC spearheaded a drive to force a price-reduction amendment to
the Foundry Agreement that would reduce Spansion Japan's revenues
by approximately $160 million with no corresponding benefit to
Spansion Japan.  Mr. Brown asserts that because the revenue
stream under the Foundry Agreement secure the advances made by
the Spansion Japan Secured Lenders, the purported amendment was a
direct pospetition attack on the Spansion Japan's Secured
Lenders' collateral and converted their property interests for
the benefit of Spansion LLC.  Spansion LLC's proposed amendment,
however, gives Spansion Japan nothing in return for the massive
price reduction, other than a promise that Spansion LLC will
negotiate a revised Foundry Agreement, Mr. Brown adds.

Mr. Brown avers that by acting as if the Foundry Agreement has
been amended to the benefit of Spansion LLC, and by not paying
what it owes, Spansion LLC has received valuable postpetition
benefit in the form of reduced prices enhancing Spansion LLC's
estate at the direct and substantial expense of Spansion Japan
and Spansion Japan Secured Lenders.

Other transfers of goods in the ordinary course have been made by
Spansion Japan to Spansion LLC postpetition, and payment for the
value of those assets has not been made causing direct damage to
GE and the Spansion Japan Secured Lenders, Mr. Brown asserts.

In addition, Mr. Brown says the Debtors have blocked Spansion
Japan's access to the Spansion Group's SAP business software
system and related hardware, which Spansion Japan needs in order
to operate.  Mr. Brown asserts that this postpetition conduct by
Spansion LLC to deny Spansion Japan necessary operational systems
has had a direct, negative impact on the collateral and interest
of the Spansion Japan Secured Lenders.

               Documents to Be Filed under Seal

In a separate filing, GE and the Spansion Japan Secured Lenders
seek the Court's approval to file under seal a copy of the
Foundry Agreement in support of their Administrative Claim.  They
assert that the document sought to be filed under seal because
contains confidential, propriety, and sensitive information
concerning the business operations of Spansion LLC and Spansion
Japan, and intellectual property, research, development, and
methods used in the conduct of that business.

                      About Spansion Inc.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


TAKEFUJI CORP: S&P Downgrades Counterparty Credit Ratings to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty rating on Takefuji Corp. and its rating on
outstanding senior unsecured bonds (straight bonds) issued by
Takefuji by five notches to 'B-' from 'BB+'.  The ratings remain
on CreditWatch with negative implications, where they were placed
on Sept. 14, 2009, reflecting weakening cash flows.

The ratings action reflects the fact that Takefuji's cash flow is
deteriorating more severely than expected, due to revisions made
to the company's repayment schedule after it hit early redemption
triggers.  In addition, the company has seen large cash outflows
due to refunds of overcharged interest, while fund raising has
been constrained.  Given that the consumer finance industry is
still facing severe business conditions with limited prospects of
an early recovery, Takefuji's debt servicing ability has become
more susceptible to changes in the business and financing
environment.

As of June 30, 2009, Takefuji's leverage ratio was lower than its
peers, with an operating loan balance of JPY798.4 billion and
interest-bearing debt of JPY328.7 billion.  In addition, liquidity
at hand, which is the sum of cash and deposits and short-term
loans through repurchase agreements, stood at JPY86.9 billion,
covering debt maturing within one year.  However, its low stock
price and the deterioration of its credit profile have increased
Takefuji's debt repayment burden over the next 12 months to a
greater degree than S&P anticipated when the previous downward
rating action was taken on June 15, 2009.  Currently, investors
have put options on JPY70 billion of outstanding convertible
bonds, which are increasingly likely to be exercised in June 2010.
Moreover, some of Takefuji's other debts have experienced payment
schedule changes after also hitting early redemption acceleration
triggers.  This has lead to an even larger rise in the company's
near-term repayment amount.  If Takefuji is able to raise funds as
planned, it should be able to repay its near-term debt by using
liquidity at hand and reducing operating loans.  However, if
Takefuji is unable to raise funds as planned, cash flow could
deteriorate further and liquidity at hand could decrease.

Standard & Poor's equalizes its long-term counterparty rating on
Takefuji with its rating on the senior unsecured bonds issued by
the company, due to the following two factors: 1) Takefuji raises
a large portion of its funds by issuing bonds, except for
securitization funding, and there are, therefore, only minor
benefits from restructuring certain types of debt other than
bonds, such as borrowings.  As a result, it is difficult to
discern differences in default probabilities among debts; and 2)
there is no clear difference in the expected loss given default
(LGD) from one unsecured debt to another, because only a limited
portion of assets are pledged as collateral.

Standard & Poor's will resolve the CreditWatch status after
confirming Takefuji's cash flow trends for the next two months.
In the consumer finance industry, even major players continue to
face severe business conditions due to the continued high level of
refunds of overcharged interest and uncertainties over the amended
Money Lending Business Law that will be fully implemented by mid-
2010.  In addition, Aiful Corp.'s (SD/--/SD) decision to enter
alternative dispute resolution (ADR) may boost the number of
claims against Takefuji for refunds of overcharged interest or
worsen Takefuji's funding conditions further.  The ratings may be
lowered if the company's cash flow deteriorates more than S&P
forecast or if there is a growing probability of an event related
to outstanding debt that would be regarded as a default under
Standard & Poor's rating criteria.  Conversely, the ratings may be
affirmed if cash flow deterioration is in line with its current
estimates.

                           Ratings List

                            Downgraded

                           Takefuji Corp.

                              To                 From
                              --                 ----
Counterparty Credit Rating   B-/Watch Neg/--    BB+/Watch Neg/--
Senior Unsecured             B-/Watch Neg       BB+/Watch Neg


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


HYUNDAI MOTOR: Auto Sales Up 61.3% in September
-----------------------------------------------
Yonhap News Agency reports that Hyundai Motor Co. said its
September vehicle sales increased 61.3% from a year earlier on
higher demand at home and overseas.

The news agency relates the company said domestic sales reached
68,570 units last month, up 118% from a year earlier, while
exports rose 50% to 238,611 units.

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.


HYNIX SEMICONDUCTOR: Sues Hyundai Securities for KRW210 Billion
---------------------------------------------------------------
The Korea Times reports that Hynix Semiconductor is suing Hyundai
Securities, seeking KRW210 billion in compensation for damages.

The Times notes the Seoul Central District Court last week said
Hynix, formerly known as Hyundai Electronics, suffered great
losses on the purchase of shares of Hyundai Investment and Trust,
which was made on a promise by Hyundai Securities that it would
cover any losses.

Hynix, now under the control of creditors, argued that Hyundai
Securities should be held responsible for the losses it incurred,
the Times relates.

Reuters recalls in that in July 1997, Hynix Semiconductor signed
an agreement to sell 13 million shares of a Korea-based asset
management company to Canadian Imperial Bank of Commerce, or CIBC,
and repurchase the shares afterwards.  At the same time, says
Reuters, Hyundai Securities Chairman sold the shares of its asset
management unit to Hyundai Securities, at the cost of compensating
Hynix Semiconductor for possible losses in the CIBC deal.

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.


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


LITYAN HOLDINGS: Loan Default Totals MYR46.60 Mil. in Sept. 2009
----------------------------------------------------------------
In a regulatory filing with Bursa Malaysia Securities Bhd, Lityan
Holdings Berhad disclosed the status of its default on its credit
facilities as of September 30, 2009.

As of September 30, 2009, Lityan Holdings owes its creditors
MYR46.60 million in aggregate:

                                             Total Principal and
   Lender             Type of Facility       Interest in Default
   ------             ----------------       -------------------
RHB Bank Berhad       Overdraft Facility           MYR375,595.85
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility              753,056.48
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit             27,518,743.46
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-            16,297,474.27
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility            1,656,833.66
                      of MYR1 million           ----------------
                                                MYR46,601,703.72

The three subsidiaries of Lityan, namely Lityan Systems Sdn.
Berhad, Digital Transmission Systems Sdn. Bhd. and Lityan (L)
Incorporated who have defaulted in various credit facilities to
the financial institutions are not major subsidiaries of the
Company.

In addition, Lityan had obtained the requisite approvals from the
Scheme Creditors, namely secured and unsecured creditors for the
Proposed Restructuring Scheme involving, inter alia, the Proposed
Scheme of Arrangement with Creditors at the Court Convened Scheme
Creditors Meeting held on September 30, 2009, at the Ballroom 1,
Tropicana Golf & Country Resort, Jalan Kelab Tropicana, in
Petaling Jaya Selangor.

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

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


TALAM CORP: Posts MYR0.2 Million Net Profit in Qtr. Ended July 31
-----------------------------------------------------------------
Talam Corp Bhd reported net profit of MYR200,000 for the quarter
ended July 31, 2009, compared with a net profit of MYR26.62
million in the same quarter in 2008.

The company reported revenue of MYR41.99 million for the quarter
ended July 31, 2009, 25.27% lower than the corresponding quarter
of the preceding year.  The decrease was mainly due to lower
progress billings generated from the developments projects during
the current quarter under review.

As of July 31, 2009, the Company's unaudited balance sheet showed
total assets of MYR3.05 million, total liabilities of MYR2.33
million and stockholders' equity of MYR720,857.

The Company's unaudited balance sheet as of July 31, 2009, showed
strained liquidity with MYR1.50 million in total current assets
available to pay MYR1.69 million in total current liabilities.

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

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


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


BLUE CHIP: Investors Lose Case Against GE; Founder Bankrupted
-------------------------------------------------------------
The National Business Review reports that a Whangarei couple has
lost its bid to have its Blue Chip related mortgage struck out.

According to NBR, retirees Bruce and Dorothy Bartle claimed their
mortgage, arranged after the couple invested with failed company
Blue Chip, was approved because of fraudulent documents.

In the judgment obtained by NBR on September 30, Justice Tony
Randerson struck out claims against GE Custodians and Tasman
Mortgages.

NBR notes Paul Dale, lawyer representing the Bartles, said the
case would “almost definitely go to appeal”.  Mr. Dale confirmed
he would be pushing ahead with similar such cases despite the
setback, NBR says.

The High Court action, heard earlier this year, was being seen as
a test case by dozens of other victims of the Blue Chip collapse,
accoridng to The New Zealand Herald.

                         Founder Bankrupted

Separately, The National Business Review reports that Blue Chip
boss Mark Bryers has been bankrupted.  NBR says Mr. Bryers was
bankrupted at the High Court at Auckland on October 1, 2009.

Mr. Bryers, according to NBR, was defended by lawyer Aaron
Nicholls in the proceeding brought by Cook Nelson St Leasehold,
which is owed NZ$1.94 million.

NBR discloses that creditors in support of the bankruptcy
included:

   -- GE Finance (owed more than $400,000);
   -- Bridgecorp (owed more than $47 million); and
   -- Westpac (owed more than $11 million).

The total value owed by the creditors seeking Mr. Bryers'
bankruptcy was about $85 million, NBR notes.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


SOUTH CANTERBURY: Auditors Raise Concern on Credit Ratings Cut
--------------------------------------------------------------
South Canterbury Finance Limited disclosed that the audit of the
group financial statements for year ended June 30, 2009, has been
completed.

The group's audited net loss after tax for the 2009 financial year
is $50.4 million.  This compares positively to the preliminary
unaudited loss of $69 million announced on August 28, 2009.  The
reduction in the reported loss is mostly due to non-monetary fair
value adjustments made under NZ International Financial Reporting
Standards.  Loan losses and provisions against impaired loans are
at a similar level to those included in the Company's preliminary
announcement.

SCF said the completion of the year end audited financial
statements took longer than earlier expected as the Company's
auditor was peer-reviewed following a request by the New Zealand
Institute of Chartered Accountants.

South Canterbury Finance's Chairman Allan Hubbard acknowledged
that the result for the past year was very disappointing in an
extremely challenging market.

“While the group had to take account of significant losses and
provisions on loans and investments totaling $122.9 million before
tax, we were encouraged that the group made an underlying trading
profit of $32.3 million in the year to June 30.”

Following the completion of the audit of its financial statements,
the Company is required to give notice pursuant to the notes
issued in its US$100 million private placement that it is in
breach of certain covenants under the notes.  As a consequence,
noteholders now have the right by majority vote to require
repayment of the notes immediately.

South Canterbury Finance said it is in discussions with the
noteholders seeking a favorable resolution to the position and
will make an announcement upon resolution.

As announced earlier, South Canterbury Finance's owner, Southbury
Group has appointed Forsyth Barr and Harmos Horton Lusk as
advisors to assist in the restructuring of the group and
recapitalization of South Canterbury Finance.

“Completion of the audited financial statements has been a key
step in our restructuring plans. We look forward to announcing
details of our plans and the appointment of new independent
directors as soon as we are able to,” Mr. Hubbard said.

                          Going Concern Doubt

The New Zealand Herald relates that the annual report also
included an opinion from SCF's auditors, Woodnorth Myers & Co,
that there was a "fundamental uncertainty" about South Canterbury
Finance's status as a 'going concern' because of the risk that US
lenders may withdraw a NZ$153 million private placement in the
wake of South Canterbury's downgrade to a sub-investment grade BB+
credit rating by Standard and Poor's.

S&P subsequently put that rating on "creditwatch negative" review
for possible further downgrades of multiple notches because of
concerns about liquidity and related party lending, the Herald
says.

According to the Herald, auditor Woodnorth Myers said there was a
"fundamental concern" about South Canterbury Finance's status as a
going concern because of the risk that US lenders may withdraw
their loans after the credit rating downgrade, although it said it
believed South Canterbury could resolve the situation with a
capital raising, due to be announced in mid-October.

"The validity of the going concern assumption on which the
financial statements are prepared may depend on the successful
conclusion of these matters. If the matters were unable to be
satisfactorily resolved, this could have a significant impact on
the liquidity of the group, and the recoverable amount of certain
assets," Woodnorth Myers was quoted by the Herald as saying.

The Herald states that the release of the audited accounts means
SCF can now lodge a new prospectus and investment statement so it
can start taking in new money again.  According to the Herald,
following its credit rating downgrade from Standard and Poor's on
August 13 from BBB- to BB+, new investments have not been allotted
to debentures and have been held in a trust account controlled by
Trustees Executors on behalf of investors.  This means the funds
have not been lent on by SCF, the Herald notes.

                      Credit Ratings Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
September 23, 2009, Standard & Poor's Ratings Services placed its
'BB+' long-term rating on 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.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.


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


JURONG HI-TECH: Creditors' Meeting Set for October 15
-----------------------------------------------------
The creditors of Jurong Hi-Tech Industries Pte Ltd will hold their
first meeting on October 15, 2009, at 3:00 p.m.,

The company's judicial managers are:

          Tam Chee Chong
          Keoy Soo Earn
          c/o Deloitte & Touche LLP
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


JURONG TECHNOLOGIES: Creditors' Meeting Set for October 15
----------------------------------------------------------
The creditors of Jurong Technologies Industrial Corpn Ltd will
hold their first meeting on October 15, 2009, at 3:00 p.m.,

The company's judicial managers are:

          Tam Chee Chong
          Keoy Soo Earn
          c/o Deloitte & Touche LLP
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


NEC COMPUTERS: Creditors' Proofs of Debt Due on October 16
----------------------------------------------------------
The creditors of Nec Computers Singapore Pte Ltd are required to
file their proofs of debt by October 16, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower, 18th Floor
          Singapore 048583


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


DOT VN: Vietbridge Serves as Internet Advertising Placement Agent
-----------------------------------------------------------------
Dot VN, Inc., has signed a partnership agreement with Vietbridge
LLC of Chicago, Ill., to act as the Company's sales agent for
online advertising for its stable of web portals.

In the agreement, Vietbridge will assist Dot VN in developing a
full-service Internet advertising program, including reselling Dot
VN's Internet advertising services to its client base; providing
content, images and materials for the web portals; assisting the
Company in conducting market research; and responding to customer
inquiries.

"Since our online marketing pages have been receiving over
one million views per day on average, we wanted to direct this
valuable growing number of visitors to more relevant and
interesting content by developing dynamic, informative and
entertaining sites," said Thomas Johnson, CEO of Dot VN, Inc.  "By
working closely with Vietbridge to promote and market our sites,
we are confident that we can create and manage the top 'go-to'
Internet portals serving the Southeast Asian region."

Henry Leong founded Vietbridge LLC in 2002.  Vietbridge acts as a
link for global companies by introducing them to the country of
Vietnam through projects such as joint venture partnerships,
investments, financing services, importing/exporting, marketing
and advertising. Vietbridge LLC has provided advertising sales for
clients such as SuncasTV, an IPTV company with Asian programming
based in Arlington Heights, Ill,; Maivoo LLC of Chicago, Ill., an
online news and web content provider for the Vietnamese
communities in the U.S. and Vietnam; and www.tin247.com, a
Vietnamese online news company based in Hanoi, Vietnam.

"We are looking forward to this relationship with Dot VN in order
to create marketing opportunities and sponsorships for Dot VN's
web portals," said Vietbridge CEO Henry Leong. "We firmly believe
in Vietnam's economic growth—it is the right country at the right
time for investment. We are confident in Dot VN's ability to
develop
technological advancements on multiple levels to support and
encourage this growth."

Vietnam is the second fastest growing economy in the world, with a
population of over 86 million people and a literacy rate over 90
percent.  The U.S.-based International Data Group (IDG) forecasts
that the Vietnamese IT market's spending will reach nearly U.S.
$2.2 billion this year and over $3.5 billion in 2013 to become the
IT market with the highest growth rate in Southeast Asia.

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


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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
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