TCRAP_Public/090306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, March 6, 2009, Vol. 12, No. 46

                            Headlines

A U S T R A L I A

COCKATOO RIDGE: Plans To Raise Funds
COSSET INDUSTRIES: In Administration, Business Up for Sale
DRIVETRAIN SYSTEMS: Creditors May Liquidate Firm
HERRINGBONE: Sells Business to German Firm van Laack GmbH
* AUSTRALIA: On the Brink of Recession as GDP Shrinks in Q4


C H I N A

SANLU GROUP: Beijing Sanyuan's CNY616.5 Million Bid Wins
CHINA MINSHENG: May Buy More Stake in UCBH


H O N G  K O N G

ALLIANCE (FAR EAST): Court to Hear Wind-Up Petition on April 1
ASIA ALUMINUM: Liquidation May Give Debtholders Max. 16.91 cts/dlr
ASIAN DELIGHT: Court to Hear Wind-Up Petition on March 18
BRIGHT WIN: Court to Hear Wind-Up Petition on April 15
CLIMAX GRAPHIC: Court to Hear Wind-Up Petition on March 11

COSMOS WIN: Court Enters Wind-Up Order
DE CORO: Court to Hear Wind-Up Petition on April 22
GLORY RISE: Contributories' Meeting Set for March 10
GOLD VIEW: Court to Hear Wind-Up Petition on March 25
HENFAIR REMOTE: Court to Hear Wind-Up Petition on March 11

OASIS HONG KONG: Creditors' Proofs of Debt Due on March 31
PERFECTA DYEING: Court to Hear Wind-Up Petition on April 22
SUN KONG: Appoints Lees and Ng as Liquidators
TAT FAT: Court to Hear Wind-Up Petition on April 1
TECH-LINK: Court to Hear Wind-Up Petition on March 18


I N D I A

AUGUST VENTURES: Risk Exposure Prompts CRISIL's 'B' Rating
EASTERN MEDIA: CRISIL Rates Rs.25.0 Mln Cash Credit at 'BB-'
JAIDEEP ISPAT: CRISIL Puts 'BB' Ratings on Rs.30 Mln Term Loan
KRISHNA FERRO: CRISIL Assigns 'BB-' Ratings on Various Bank Loans
MAWANA SUGARS: CRISIL Rates Rs.2210 Mln Cash Credit Limit at 'B-'

RUCHI GLOBAL: CARE Assigns 'CARE BB+' Rating on LT Bank Facilities
RUCHI ACRONI: CARE Puts'CARE BB+' Rating on Short Term Loans
TANEJA DEVELOPERS: CARE Cuts Rating on LT Bank Loans to 'CARE BB+'
TANEJA DEVELOPERS: CARE Downgrades Rating on ST Bank Facilities
TATA POWER: May Have Hard Time Paying US$850MM Debt, Analyst Says

TATA STEEL: Moody's Downgrades Corporate Family Rating to 'Ba2'
TDI INFRASTRUCTURE: CARE Lowers LT Bank Loans Rating to 'CARE BB+'
* INDIA: Simple Instruments Rule Debt Markets, CRISIL Says


I N D O N E S I A

BANK DANAMON: Amex License Won't Be Affected by AEB's Closure
CENTRAL PROTEINAPRIMA: Moody's Cuts Corp. Family Rating to 'B3'
PT MEDCO: Moody's Downgrades Corporate Family Rating to 'B2'


J A P A N

ALL NIPPON: May Delay Start of a Discount Carrier
ALL NIPPON: To Acquire 33.5% Stake in Overseas Courier Service
GKL-JAC FOUR: Fitch Downgrades Ratings on Seven 2015 Bonds
HONDA MOTOR: May Seek Government Financing, Bloomberg News Says
NEC CORP: To Shut Down LCD Plant in Japan

NIHON KOSHUHA: Preparing to File for Bankruptcy
NOMURA HOLDINGS: To Raise US$3.2 Bln Through Common Stock Issue
TAKARA LEBEN: JCR Withdraws Preliminary 'BB' Rating on Shelf Reg.
TOYOTA MOTOR: U.S. Sales Down 40% in February
* JAPAN: Central Bank Buys US$455 Million of Corporate Debts


K O R E A

* KOREA: Number of Bankrupt Construction Firms Down in February
* KOREA:  Large Firms Debt to Equity Ratio Rises to 101.9%


M A L A Y S I A

ARK RESOURCES: Dec. 31 Balance Sheet Upside-Down by MYR15.23MM
TENGGARA OIL: Bailiff Auctioned Off Unit's Assets


N E W  Z E A L A N D

IRWIN INDUSTRIAL: Cuts Over 100 Jobs in Wellsford


P H I L I P P I N E S

AMERICAN INT'L: Scraps Sale of Philamlife After Add'l Govt. Aid


S I N G A P O R E

ARMADA SINGAPORE: Offers 32.5% Recovery for Some Creditors


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

COCKATOO RIDGE: Plans To Raise Funds
------------------------------------
Cockatoo Ridge Wines Ltd plans to raise funds through a share
placement to shareholders, the Advertiser reports.

The company said proceeds from a share placement would be used to
fund working capital and foster wine exports in the prevailing
favourable exchange rate in some key overseas markets.

According to the report, Cockatoo Ridge reported a AU$53 million
loss in the December half resulting from writedowns on the value
of its brand names and onerous wine contracts and from a 48 per
cent fall in sales to AU$9.5 million.

Managing director Peter Perrin, as cited by the report, has said
he was confident of the company trading through as demand
increased for bulk wine as a result of lower yields from the 2009
vintage.

Cockatoo Ridge Wines Limited (ASX:CKR) --
http://www.cockatooridge.com.au/--  is an Australia-based company
engaged in the distribution of bottled and bulk wine within
Australia and overseas.   CKR produces and sells Australian table
and sparkling wines domestically through an Australia-wide
distribution agreement and abroad, with a focus on Western Europe
and Asian markets.  The company operates in three segments:
packaged wine, this includes the bottling and packaging of wine
into the various labels under the CKR control for sale in
Australia and overseas; bulk wines, after the crushing and
processing of grapes at the Monash winery bulk wines sales are
made to customers in Australia and overseas, and other, which
includes storage and processing fees for the use of facilities in
Barossa Valley and Monash winery.  CKR's subsidiaries include
Cockatoo Ridge Pty Ltd, Cockatoo Ridge Sales Pty Ltd, Cockatoo
Ridge IP Pty Ltd, Playford Wine Holdings Pty Ltd, International
Vintners (Europe) Ltd and Australian Commercial Wines Pty Ltd.


COSSET INDUSTRIES: In Administration, Business Up for Sale
----------------------------------------------------------
Cosset Industries has called in administrators and will be up for
sale this week, the Advertiser reports.

BRI Ferrier partner Des Munro, as cited by the report, said a
"falling out" between directors and growing pains associated with
the five year old business caused the financial stress.

"It has the support of its main financier which is still
continuing to fund the business.  We think there's a lot of future
in it but we'll have to put it up for sale,'' Mr. Munro said.

Mr. Munro, the report relates, said director Andrew Townsend
resigned last week leaving Nicholas Wotton as sole director.
However, Mr. Townsend has registered his interest in buying the
company.

Based in Adelaide, South Australia, Cosset Industries --
http://www.cosset.com.au/-- is recycled products company.  The
company designs and manufactures environmental products including
bollards, street furniture, synthetic grass, wood composites and
landscaping materials.


DRIVETRAIN SYSTEMS: Creditors May Liquidate Firm
------------------------------------------------
The creditors of Drivetrain Systems International are expected to
make a decision on whether the company should go into liquidation,
ABC News reports.

If Drivetrain Systems will be liquidated, the Federal Government
will provide assistance to the company's staff, but will not cover
all of the AU$25 million they are owed, the report said.

As reported by the Troubled Company Reporter Asia Pacific on
March 2, 2009, Drivetrain's 222 workers in Albury have been laid
off without receiving their full entitlements.

The TCR-AP, citing the the SmartCompany, disclosed that Drivetrain
Systems was placed into receivership with debts of AU$30 million
to AU$40 million.  The company's production has been suspended for
weeks with its 400 workers stood down.

According to SmartCompany, receivers and manager Stephen Longley
from PricewaterhouseCooopers will assess the company's financial
position and attempt to sell the business as a going concern.

Drivetrain Systems, SmartCompany said, has been hit hard by the
collapse of Korean car maker SsangYong Motor.  Its customers in
India and Russia have also cut back in recent months, the report
notes.

Drivetrain Systems International is a car parts manufacturer.  The
company employs about 380 at Lavington in Albury and 20 in
Melbourne, Australia.


HERRINGBONE: Sells Business to German Firm van Laack GmbH
---------------------------------------------------------
The administrator of business suits and shirts retailer
Herringbone has said the company's assets have been sold to the
Australian arm of van Laack GmbH, 128-year-old German-based
clothing maker and seller, news.com.au reports.

"The transaction is a great outcome, with 37 jobs retained, and
having eliminated the debt, the company should be very successful
going forward," the report quoted BRI Ferrier voluntary
administrator Martin Green as saying.

According to the report, Herringbone director and co-founder John
Mutton said the sale would allow the brand to survive and prosper.

"Herringbone will remain based in Australia, retaining key
personnel and its distinct brand identity," Mr. Mutton said.

The report says financial details of the transaction remain
confidential.

The Troubled Company Reporter-Asia Pacific reported on Dec. 10,
2008, that Herringbone has gone into voluntary administration.
Martin Green of BRI Ferrier has been appointed as administrator to
the company.

Fashion Review related that Herringbone has recorded a 23 percent
decline in sales over the past two months compared to the same
period last year.

Herringbone -- http://www.herringbone.com/-- operates 13 boutique
stores throughout QLD, ACT, NSW and Victoria.


* AUSTRALIA: On the Brink of Recession as GDP Shrinks in Q4
-----------------------------------------------------------
Australia's economy shrank in December quarter for the first time
in eight years, signaling the country is on the brink of
recession, various reports say.

Figures released by the Australian Bureau of Statistics, as cited
by BusinessDay.com.au, showed Australia's gross domestic product
growth for the fourth quarter dipped 0.5 per cent, following a 0.1
per cent rise in the third quarter.

BusinessDay.com.au relates that excluding the farm sector, the
economy shrank by 0.8 per cent alone.

The main drags on the economy, BusinessDay.com.au notes, were a
slump in manufacturing, which looped 0.5 percentage points off the
quarterly growth rate, while property and services subtracted 0.3
percentage points.

BusinessDay.com.au states the economy expanded 0.3 per cent over
the year, less than expectations of a 1.2 per cent increase
according to a Bloomberg survey.

According to the Australian, Prime Minister Kevin Rudd gave a
strong indication Australia would drift into recession, saying
that recent data showed the nation "cannot continue to swim
against the global economic tide".

"Australia can reduce the impact, cushion the impact of the global
economic tide but we cannot stop it altogether," the Australian
quoted Mr. Rudd as saying.



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

SANLU GROUP: Beijing Sanyuan's CNY616.5 Million Bid Wins
--------------------------------------------------------
Beijing Sanyuan Foods Co Ltd has won the bidding for the core
assets of the Sanlu Group Co, Shanghai Daily reports.

According to the report, Beijing Sanyuan bought Sanlu at auction
held Wednesday, March 4, in north China's Hebei Province at the
Intermediate People's Court of Shijiazhuang, for CNY616.5 million
(US$90.1 million).

Beijing Sanyuan, the report relates, will acquire Sanlu's land use
rights, buildings, machinery and equipment as well as one of its
subsidiaries, the Linhe Dairy.

Shanghai Daily says that most of China's leading dairy makers,
including Inner Mongolia-based Mengniu Dairy Co and Yili
Industrial Group Co, did not participate in the bidding as it was
open only to firms not implicated in the melamine scandal.

Sanyuan Chairman Zhang Fuping, as cited by the report, said the
acquisition will help improve the company's product structure and
boost capacity for expansion.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2009, China Daily said Sanlu was declared bankrupt by a
Chinese local court on Feb. 12, 2009.

According to the Daily, the Intermediate People's Court of
Shijiazhuang, capital of the northern Hebei Province, accepted the
bankruptcy petition for Sanlu, who faced a CNY1.1 billion
(US$161 million) debt, last December.

The TCR-AP reported on Dec. 29, 2008 that the People's Daily
Online said according to Wang Jianguo, spokesman for the city
government of Hebei provincial capital Shijiazhuang, the petition
was made by the Heipingxi Road branch of Shijiazhuang City
Commercial Bank - a creditor of Sanlu.

Sanlu, according to the Daily Online, stopped production on
Sept. 12.  As of Oct. 31, the group recalled more than 10,000
tonnes of baby formula products worth nearly CNY1 billion.

On September 25, 2008, the Troubled Company Reporter-Asia Pacific
reported that the number of children in China affected by
melamine-contaminated milk has reached 53,000, with Sanlu's
products found to contain the highest levels of the chemical.
Melamine is used to make plastics and fertilizer, and can cause
kidney stones and lead to kidney failure when consumed.

                      About Beijing Sanyuan

Beijing Sanyuan Foods Co., Ltd. is principally engaged in the
manufacture and sale of milk and dairy products, under the brand
Sanyuan.  The company's major products include liquid milk series,
powdered milk series and cheese series.  The company distributes
its products mainly in the domestic market.  During the year ended
December 31, 2007, the company obtained approximately 48% of its
total revenue from Beijing City.  As of December 31, 2007, the
company had four major subsidiaries/associates.

                        About Sanlu Group

Sanlu Group Co is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.


CHINA MINSHENG: May Buy More Stake in UCBH
------------------------------------------
China Minsheng Banking Corp may further increase its stake in
California-based UCBH Holdings, China Daily reports citing a
company executive.

"If the price is appropriate, we will invest more in UCBH," China
Daily cited Dong Wenbiao, chairman of Minsheng, on the sidelines
of the annual session of the Chinese People's Political
Consultative Conference (CPPCC).  "But we have no other overseas
M&A plans this year."

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 23, 2008, Reuters said regulators have approved China
Minsheng's plan to raise its stake in California-based UCBH
Holdings to 9.9 percent from 4.9 percent for US$29.9 million.

China Minsheng, according to Reuters, bought a 4.9 percent stake
in UCBH in October 2008.

Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.

                          *     *     *

China Minsheng Banking Corporation Ltd continues to carry Fitch
Ratings individual rating of "D" and support rating at "4".



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

ALLIANCE (FAR EAST): Court to Hear Wind-Up Petition on April 1
--------------------------------------------------------------
A petition to have Alliance (Far East) Holding Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 1, 2009, at 9:30 a.m.

Mandatory Provident Fun Schemes Authority filed the petition
against the company on Jan. 22, 2009.


ASIA ALUMINUM: Liquidation May Give Debtholders Max. 16.91 cts/dlr
------------------------------------------------------------------
Asia Aluminum Holdings Ltd.'s senior debtholders may receive a
maximum of 16.91 cents on the dollar in the event the company is
is liquidated on an ongoing basis, Reuters reports, citing the
company's advisers, Evolution Watterson Securities Ltd.

Pay in kind (PIK) noteholders will receive 0.9 cent on the dollar,
the report relates.

On the other hand, if the company's liquidation resulted in
cessation of operations, senior note holders would get 3.88 cents
on a dollar while PIK noteholders would get 0.06 cent, the report
said.

                     Discounted Debt Buyback

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 4, 2009, The Wall Street Journal said the chairman of Asia
Aluminum pleaded with investors Monday to allow the company
to buy back US$1.2 billion in debt at a substantial discount.

According to the Journal, Chairman Kwong Wui Chun said unless
investors take the deal, the company's suppliers and creditors on
the mainland will move to push the company into bankruptcy.

The Journal related Mr. Kwong said he approached several entities
about a rescue but hasn't received the support needed to avoid the
buyback.

Bank of China Ltd. and China Construction Bank have agreed to
extend a lifeline, provided foreign debt holders comply with the
existing offer, the company said as cited by the Journal.

Bloomberg News related Mr. Kwong on Feb. 27 sent a letter to
investors offering his shares in Asia Aluminum's parent if
investors accept the bond buyback offer.

                         Tender Offer

As reported in the Troubled Company Reporter-Asia Pacific, on Feb.
13, Asia Aluminum and its parent AA Investments Company Limited
("AAI") said they intend to commence a tender offer and consent
solicitation for:

   -- any and all of Asia Aluminum's outstanding
      US$450,000,000 8.00% Senior Notes due 2011
      (the "AAH Notes");

   -- any and all of AAI's outstanding US$355,000,000 12.00%
      Senior PIK Notes due 2012 and AAI's outstanding
      US$180,000,000 14.00% Senior PIK Notes due 2012
      together, the "PIK Notes") as well as 1,706,987 Warrants
      originally issued with the PIK Notes ("Warrants"); and

   -- solicitation of consents to a one-time waiver of, and
      amendments to, certain of the provisions of, the indentures,
      as amended and supplemented, under which the AAH Notes and
      the PIK Notes were issued.

The Group expects to offer up to US$275 per US$1,000 principal
amount for AAH Notes and up to US$135 per US$1,000 principal
amount of PIK Notes including Warrants.

The AAH Notes and the PIK Notes are listed on the Singapore
Exchange Securities Trading Limited.

Currently, there are US$450,000,000 principal amount of AAH Notes
outstanding and US$727,529,000 principal amount of PIK Notes
outstanding (which amount includes PIK Notes issued as payment-in-
kind for interest).

Meanwhile, the Journal said bondholders will receive an extra
five cents if they tender their bonds before an early-bird
deadline of March 10.

On Feb. 26, Trade association EMTA and Aberdeen Asset Management
Plc hosted a call for holders of the 8 percent notes in which all
participants agreed not to sell at the offer price, Bloomberg News
says citing Bondcritic.com analyst Warut Promboon.

Since the tender offer was made, the Journal says investors have
been arguing that they don't have adequate information about the
company's financial health.

The company hasn't provided specific earnings figures for the six
months ended Dec. 31, the Journal noted.

For the offer to succeed, 100% of the PIK holders and 90% of the
high-yield bondholders must participate in the buyback, the
Journal said.

The International Herald Tribune stated Asia Aluminum has been
hit, like most resources companies, by falling demand.  But unlike
most, the news agency said the company bears a mountain of debt
dating from a leveraged management buyout.

In a statement last month, Asia Aluminum said "due largely to
adverse global macroeconomic conditions, the Group have
experienced declining revenues and cash flow as well as increasing
pressure on available working capital facilities at a
time when the Group need increased financing to enable their
aluminum rolled products manufacturing facility to begin
commercial production."

According to the statement, the deteriorating conditions have
adversely affected the Group's business in various ways,
including:

   -- a decline of approximately 20% in sales volume for the
      six months ended December 31, 2008 as compared to the same
      period in 2007;

   -- higher cost of sales per tonne;

   -- increased overall expenses as a result of preparing their
      aluminum rolled products manufacturing facility for
      commercial production;

   -- significantly longer accounts receivable days as many of
      their customers have also experienced constraints on
      working capital; and

   -- increasing difficulties maintaining sufficient sources
      of working capital financing.

             About Asia Aluminum Holdings Limited

Based in Kowloon, Hong Kong, Asia Aluminum Holdings Limited ---
http://www.asiaalum.com/--- makes aluminum extrusion and
stainless steel products serving the construction, transportation,
industrial, and home-improvement sectors.  It also provides design
and testing services for aluminum products and is building its
capabilities in the aluminum flat-rolled products sector.  Asia
Aluminum has five aluminum extrusion plants in Nanhai and another
in Zhaoqing.  Though it once was publicly traded, the company was
taken private by founder and chairman Kwong Wui Chun in 2006.
Asia Aluminum announced plans to go public again in 2009.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Asia Aluminum Holdings Ltd.
to 'CC' from 'B'.  The outlook is negative.  At the same time,
Standard & Poor's lowered its issue rating on the company's US$450
million senior unsecured notes due 2011 to 'C' from 'B-'.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, Moody's Investors Service downgraded to Caa1 from
B2 the corporate family rating (CFR) and to Ca from B3 the senior
unsecured note ratings of Asia Aluminum Holdings Ltd's.  The
outlook for the ratings remains negative.


ASIAN DELIGHT: Court to Hear Wind-Up Petition on March 18
---------------------------------------------------------
A petition to have Asian Delight Engineering Limited's operations
wound up will be heard before the High Court of Hong Kong on
March 18, 2009, at 9:30 a.m.

Chun Wo Construction and Engineering Company Limited filed the
petition against the company on January 14, 2009.

The Petitioner's solicitors are:

          Deacons
          Alexandra House, 5th Floor
          15 Chater Road
          Central, Hong Kong


BRIGHT WIN: Court to Hear Wind-Up Petition on April 15
------------------------------------------------------
A petition to have Bright Win Development Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 15, 2009, at 9:30 a.m.

China Construction Bank Corporation filed the petition against the
company on February 5, 2009.

The Petitioner's solicitors are:

          Vincent T.K. Cheung, Yap & Co.
          Central Building, Suite 1122, 11th Floor
          1-3 Pedder Street
          Central, Hong Kong
          Telephone: 2523 5022
          Facsimile: 2861 2944


CLIMAX GRAPHIC: Court to Hear Wind-Up Petition on March 11
----------------------------------------------------------
A petition to have Climax Graphic Arts Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on March 11, 2009, at 9:30 a.m.

Leung Oi Kwan filed the petition against the company on Jan. 7,
2009.

The Petitioner's solicitors are:

          Cheung & Liu
          C.M.A. Building, 25th Floor
          64 Connaught Road, Central
          Hong Kong


COSMOS WIN: Court Enters Wind-Up Order
--------------------------------------
On July 30, 2008, the High Court of Hong Kong entered an order to
have Cosmos Win Enterprises Limited's operations wound up.

The company's liquidators are:

          Chan Mo Po
          Chua Suk Lin Ivy


DE CORO: Court to Hear Wind-Up Petition on April 22
---------------------------------------------------
A petition to have De Coro Limited's operations wound up will be
heard before the High Court of Hong Kong on April 22, 2009, at
9:30 a.m.

Intesa Sanpaolo S.p.A. Hong Kong Branch filed the petition against
the company on February 16, 2009.

The Petitioner's solicitors are:

          Stephenson Harwood & Lo
          Bank of China Tower, 35th Floor
          1 Garden Road
          Central, Hong Kong
          Telephone: 2868 0789
          Facsimile: 2868 1504


GLORY RISE: Contributories' Meeting Set for March 10
----------------------------------------------------
The contributories of Glory Rise Limited will hold their meeting
on March 10, 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 contributories will be asked to decide whether
to apply to the court to convert the compulsory wind-up to be
conducted as a creditors' voluntary wind-up.


GOLD VIEW: Court to Hear Wind-Up Petition on March 25
-----------------------------------------------------
A petition to have Gold View Jewellery International Limited's
operations wound up will be heard before the High Court of
Hong Kong on March 25, 2009, at 9:30 a.m.

Macro Corporate Consultants Limited filed the petition against the
company on January 14, 2009.

The Petitioner's solicitors are:

         Wong & Company
         No. 579 Nathan Road, 16th Floor
         Kowloon, Hong Kong


HENFAIR REMOTE: Court to Hear Wind-Up Petition on March 11
----------------------------------------------------------
A petition to have Henfair Remote Control Technology Research &
Development Limited's operations wound up will be heard before the
High Court of Hong Kong on March 11, 2009, at 9:30 a.m.

Coulomb Electronics Limited filed the petition against the company
on December 15, 2008.

The Petitioner's solicitors are:

          Wilson Yeung & Co.
          Lippo Centre, Unit 3108, 31st Floor
          Tower 1, 89 Queensway
          Hong Kong


OASIS HONG KONG: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------------
The creditors of Oasis Hong Kong Airlines Limited are required to
file their proofs of debt by March 31, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Edward Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


PERFECTA DYEING: Court to Hear Wind-Up Petition on April 22
-----------------------------------------------------------
A petition to have Perfecta Dyeing, Printing & Weaving Works
Limited's operations wound up will be heard before the High Court
of Hong Kong on April 22, 2009, at 9:30 a.m.

Chong Hing Bank Limited filed the petition against the company on
February 5, 2009.

The Petitioner's solicitors are:

          Anthony Chiang & Partners
          Lippo Centre, 3903 Tower 2
          89 Queensway Central
          Hong Kong


SUN KONG: Appoints Lees and Ng as Liquidators
---------------------------------------------
On January 2, 2009, John Robert Lees and Mat Ng were appointed as
liquidators of Sun Kong Hing Engineering Limited.

The Liquidators can be reached at:

          John Robert Lees
          Mat Ng
          Hong Kong Club Building, 19th Floor
          3A Chater Road, Central
          Hong Kong


TAT FAT: Court to Hear Wind-Up Petition on April 1
--------------------------------------------------
A petition to have Tat Fat Engineering Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 1, 2009, at 9:30 a.m.

Liu Yin Kan filed the petition against the company on Jan. 23,
2009.

The Petitioner's solicitor is:

          V. Hau & Chow
          702 Aon China Building
          29 Queen's Road Central
          Hong Kong


TECH-LINK: Court to Hear Wind-Up Petition on March 18
-----------------------------------------------------
A petition to have Tech-Link T & E Limited's operations wound up
will be heard before the High Court of Hong Kong on March 18,
2009, at 9:30 a.m.

Wavecom Asia Pacific Limited filed the petition against the
company on January 5, 2009.

The Petitioner's solicitor is:

          Jones Day
          Edinburgh Tower, 29th Floor
          The Landmark
          15 Queen's Road Central
          Central, Hong Kong



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I N D I A
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AUGUST VENTURES: Risk Exposure Prompts CRISIL's 'B' Rating
----------------------------------------------------------
CRISIL has assigned its rating of 'B/Negative' to the Rs.136
million cash credit facility of August Ventures Pvt Ltd (AVPL).

The rating reflects AVPL's exposure to risks relating to reliance
on customer advances to fund construction activities, its limited
track record, and the slowdown in the real estate sector.  These
weaknesses are partially offset by the benefits that AVPL derives
from its presence in the high-end residential construction
segment.

Outlook: Negative

CRISIL believes that AVPL's sales will be impacted by the slowdown
in the real estate sector over the short to medium term.  The
rating may be downgraded if there is a significant slowdown in
sales, due to the adverse market conditions.  Conversely, the
outlook may be revised to 'Stable' if AVPL's financial risk
profile improves substantially, and the company maintains a steady
growth in sales.

                      About August Ventures

Incorporated in 2002, AVPL undertook its first construction
project in real estate in January 2008. Prior to this, the company
conducted marketing activity for a project of Venora Online Pvt
Ltd. AVPL's project, August Park, is a luxury residential project
with 168 flats.  The company has sub-contracted the construction,
plumbing, electrical, fire protection, and related work.  However,
AVPL purchases raw materials on behalf of the sub-contractors.


EASTERN MEDIA: CRISIL Rates Rs.25.0 Mln Cash Credit at 'BB-'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the
various bank facilities of Eastern Media Ltd (EML).

   Rs.25.0 Million Cash Credit        BB-/Negative (Assigned)
   Rs.205.0 Million Term Loan^        BB-/Negative (Assigned)
   Rs.20.0 Million Letter of Credit   P4 (Assigned)

   ^ Including proposed limit of Rs.6.5 Million

The ratings reflect pressures on EML's profitability on account of
losses in its FM radio division, and EML's recent entry into the
television segment.  The ratings also factor in EML's aggressive
growth plans, constraining its financial risk profile, and
exposure to fluctuations in economic cycles and newsprint prices.
These weaknesses are, however, partially offset by the benefits
that EML derives from the strong market position of its
publication, Sambad in Orissa, and from improving operating
efficiencies.

Outlook: Negative

CRISIL expects EML's financial risk profile to deteriorate over
the medium term on account of losses from its FM radio operations
and its aggressive growth plans.  In addition, its upcoming news
channel, Kanak TV, is also expected to report losses in the
initial years of its operations.  The ratings may be downgraded if
the quantum of losses exceed CRISIL's expectation leading to
significant deterioration in the financial risk profile of the
company.  Conversely, the outlook may be revised to 'Stable' if
the FM and television divisions of the company report sustainable
profits over the medium term.

                       About Eastern Media

Set up in 1984, EML has four printing centres in Orissa through
which it publishes Sambad, Orissa's leading Oriya daily in terms
of circulation and readership.  Recently, the company ventured
into the FM radio business, and is planning to launch a 24x7 news
channel in Oriya.  For 2007-08, (refers to financial year, April 1
to March 31), EML reported a profit after tax (PAT) of Rs.25.4
million on net sales of Rs.444 million for 2007-08, as against a
PAT of Rs.1.2 million on net sales of Rs.330 million for 2006-07.


JAIDEEP ISPAT: CRISIL Puts 'BB' Ratings on Rs.30 Mln Term Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Jaideep Ispat & Alloys Pvt Ltd (JIAPL).
   Rs.30 Million Term Loan              BB/Stable (Assigned)
   Rs.45 Million Cash Credit            BB/Stable (Assigned)
   Rs.5 Million Bank Guarantee          P4 (Assigned)
   Rs.29.1 Million Letter of Credit *   P4 (Assigned)

   * Including proposed facilities of Rs.24.1 Million.

The ratings reflect the expected deterioration in JIAPL's
financial risk profile because of its proposed large debt-funded
acquisitions and capital expenditure (capex) for a rolling mill.
The ratings also factor in the company's large working capital
requirements and vulnerability of its margins to fluctuation in
raw material prices.  These weaknesses are mitigated by the track
record, and the ability, of the promoters to infuse equity and
unsecured debt, and the company's established presence in the
steel ingot market.

For this rating exercise, CRISIL has combined the debt profiles
and cash flow protection measures of JIAPL and its associate Moira
Steels Ltd.

Outlook: Stable

CRISIL expects JIAPL's financial risk profile to weaken because of
the large planned debt-funded capex and acquisitions.  The outlook
may be revised to 'Positive' in case the company posts higher-
than-expected profitability and increases the equity funding in
the proposed acquisition and expansion.  Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected
capacity utilisation, which may deteriorate its operating margins,
or in case of any significant debt-funded capex or acquisition
over and above that expected.

                       About Jaideep Ispat

Incorporated in December 2004, JIAPL is in the business of
manufacturing steel and related alloys.  The company has a 36,000
tonnes per annum installed capacity at Pithampur, Madhya Pradesh,
to manufacture mild steel (MS) ingots.

JIAPL's has reported profit after tax (PAT) of Rs.13 million on
net sales of Rs.392 million in FY 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.6 million on
net sales of Rs.209 million in 2006-07 (refers to financial year,
April 1 to March 31).


KRISHNA FERRO: CRISIL Assigns 'BB-' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the
various bank facilities of Krishna Ferro Product Ltd (KFPL).

  Rs.65 Million Cash Credit Limits    BB-/Negative (Assigned)
  Rs.65 Million Term Loan             BB-/Negative (Assigned)
  Rs.20 Million Letter of Credit      P4 (Assigned)
                and Bank Guarantee

The ratings reflect the working capital intensive nature, and
small scale of KFPL's operations, and the company's low net worth,
and exposure to cyclicality in the end-user industry.  These
weaknesses are, however, partially offset by the company's
moderate business risk profile.

Outlook: Negative

CRISIL expects KFPL's business risk profile to weaken on account
of the current market scenario, marked by slowdown in demand for
steel, aluminium, and cement; the company's KFPL's financial risk
profile is also likely to deteriorate on account of proposed debt-
funded capital expenditure (capex).  The ratings may be downgraded
if the company reports low operating margins, or incurs large
debt-funded capital expenditure.  Conversely, the outlook may be
revised to 'Stable' if KFPL's revenues and profitability improve
considerably, or the financial risk profile improves as a result
of equity infusions.

                      About Krishna Ferro

Established and commissioned in 1985, KFPL is engaged in the
casting of iron, steel and alloys of various grades. The company's
facility at Mandiakudar (Orissa) has capacity to manufacture 2600
tonnes of cast iron, steel and alloys per annum. KFPL is managed
by Mr. H K Agarwal. For 2007-08, (refers to financial year, April
1 to March 31) KFPL reported a profit after tax (PAT) of Rs.7
million on net sales of Rs.144 million, as against a PAT of Rs.6
million on net sales of Rs.137 million for 2006-07.


MAWANA SUGARS: CRISIL Rates Rs.2210 Mln Cash Credit Limit at 'B-'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the various
bank facilities of Mawana Sugars Ltd (Mawana Sugars).

   Rs.2210 Million Cash Credit Limit *   B-/Negative (Assigned)
   Rs.4800.7 Million Term Loan           B-/Negative (Assigned)
   Rs.600 Million Bank Guarantee/        P4 (Assigned)
          Letter of Credit

   * Interchangeable with other bank facilities.

The ratings reflect the weak financial risk profile of the company
and its exposure to risks related to high government regulation of
the sugar industry.  These rating weaknesses are mitigated by
Mawana Sugars' average business risk profile owing to its
integrated manufacturing facilities.

Outlook: Negative

Despite improvement in sugar prices, CRISIL expects Mawana Sugars'
profitability to be constrained by high sugarcane prices in Uttar
Pradesh (UP) and high interest costs, over the near to medium
term.  The rating may be revised downwards if the company is
unable to raise additional funds to support repayment of its debt
obligations.  Conversely, the outlook may be revised to 'Stable'
if the company's financials improve substantially on the back of
the significant increase in sugar prices.

                       About Mawana Sugars

Mawana Sugars, formerly Siel Ltd, is promoted by Mr. Siddharth
Shriram.  It is an integrated sugar manufacturer with cane
crushing capacity of 29,500 tonnes crushed per day.  It has a
capacity to produce 47 megawatts of exportable power and 120
kilolitres per day of ethanol.  The company also has capacities to
manufacture chlor-alkali chemicals such as caustic soda, caustic
flakes, chlorine, hydrogen, hydrochloric acid, stable bleaching
powder, and sodium hypochlorite.  Its sugar production units are
located at Mawana, Titawi, and Nanglamal in western UP.  Its
chemical unit is located at Rajpura in Punjab.

Mawana Sugars extended its financial year closing, and accordingly
for the 18-month period ended September 30, 2008, it reported a
net loss of Rs.1.67 billion on net sales of Rs.10.15 billion.  For
the quarter ended December 31, 2008 the company reported net loss
of Rs.240.2 million on net sales of Rs.1.40 billion as against a
net loss of Rs.325.4 million on net sales of Rs.1.05 billion in
the corresponding period of the previous year.


RUCHI GLOBAL: CARE Assigns 'CARE BB+' Rating on LT Bank Facilities
------------------------------------------------------------------
CARE assigned 'CARE BB+' (double B plus) rating to the long-term
bank facilities and 'PR 4' (PR four) rating to the short-term bank
facilities of Ruchi Global Ltd. (RGL) for aggregate amount of
Rs.190.50 crore including fund-based sanctioned limit of Rs.10
crore, non-fund based sanctioned limit of Rs 130.50 crore and
sanctioned/outstanding term loans of Rs.50 crore.

The ratings are constrained by its small size of operations, low
profit margins, fluctuating level of trading activities and
presence of other companies belonging to the Ruchi group having
similar businesses.  Potential volatility in margins in the
trading business further constrains the ratings.

RGL is a part of Ruchi Group based in Indore.  It is engaged in
trading of steel products, edible oil and agro commodities viz.
soya de-oiled cake and soya products among others.  The company
has been awarded 'Export House' status by Government of India.

Trading in steel products constituted 58% of the total income for
FY08 and the balance was from trading in other agro commodities.
Apart from trading, the company has 1.2 MW of wind farm project in
Tamil Nadu.  The revenue from sale of energy from wind power was
Rs.0.50 crore during FY08.

The company registered a total income of Rs.439 crore with a PAT
of Rs.3.90 crore in FY08 as compared to a total income of Rs.437
crore with a PAT of Rs.3.73 crore in FY07.


RUCHI ACRONI: CARE Puts'CARE BB+' Rating on Short Term Loans
------------------------------------------------------------
CARE assigned 'CARE BB+' (double B plus) rating to the long-term
bank facilities and 'PR 4' (PR four) rating to the short-term bank
facilities of Ruchi Acroni Industries Ltd. (RAIL) for an aggregate
amount of Rs.61.50 crore including fund-based sanctioned limit of
Rs.4 crore and non-fund based sanctioned limit of Rs.57.50 crore.

The ratings are constrained by its small size of operations, very
low profit margins, fluctuating level of trading activities and
presence of other companies belonging to the Ruchi group having
similar businesses.  Potential volatility in margins in the
trading business further constrains the ratings.

RAIL is a part of Ruchi Group based in Indore.  It is engaged in
trading of steel products, edible oil and agro commodities viz.
soya de-oiled cake and soya products among others.  It is an
authorized consignment agent (for Madhya Pradesh) of Rashtriya
Ispat Nigam Ltd., Vishakhapatanam and is also handling
consignments of steel products for other Ruchi Group companies.
Trading in steel products constituted 98% of the total income for
FY08 and the balance was from trading in other agro commodities.

The company registered a total income of Rs.251 crore with a PAT
of Rs.2.78 crore in FY08 as compared to a total income of Rs.277
crore with a PAT of Rs.1.09 crore in FY07.


TANEJA DEVELOPERS: CARE Cuts Rating on LT Bank Loans to 'CARE BB+'
------------------------------------------------------------------
CARE has downgraded the rating assigned to the Long term bank
facilities of Taneja Developers & Infrastructure (Panipat) Ltd
(TDIPL) from 'CARE BBB-' (Triple B minus) to 'CARE BB+'(Double B
plus).  Instruments with this rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
instruments carry high credit risk.

Further, CARE has also downgraded the rating assigned to the short
term bank facilities of Taneja Developers & Infrastructure
(Panipat) Ltd (TDIPL) from 'PR 3' (PR three) to 'PR 4' (PR four).
Instruments with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  SuchInstruments are susceptible to default.

The rating revision takes into account the delay in the project
monetization and high gearing levels which has increased the
financial risk profile of the company.  Further, higher debt
obligations in the near term and limited funding options available
with the company has exposed the company to liquidity and
refinancing risks in the short term.

Nevertheless, the rating continues to draw support from promoter's
experience in real estate sector and the current land reserves.
Going forward, the ability of company to check the uncertainties
of revenues and generate sufficient cash accruals to sustain the
operations and meet its commitments in an effective manner shall
be the key rating sensitivities.

Taneja Developers & Infrastructure (Panipat) Ltd. (TDIPL),
incorporated in Feb 2006, is a wholly owned subsidiary of TDIIL.
Prior to this, TDIPL was subsidiary of Taneja Developers &
Infrastructure Ltd. till Dec 2006. Subsequently, TDIPL became
subsidiary of TDIIL in Mar 2007.
The company draws strength from the promoter's experience in the
real estate sector who have close to two decade of experience in
the trade and financial support from holding company.  The TDI
group was founded and promoted by Mr. Devki Nandan Taneja who has
been engaged in real estate business for over two decades.

TDIPL is currently executing a project in Panipat. The company's
projects encompass development of integrated township, group
housing, commercial, hotel and IT park and office.  FY09 witnessed
lower than anticipated growth both in terms of project development
and project sales which have impacted the cash generation capacity
of the company.  This coupled with tighter credit availability and
near term financial obligations has weakened the credit risk
profile of the company.


TANEJA DEVELOPERS: CARE Downgrades Rating on ST Bank Facilities
---------------------------------------------------------------
CARE has downgraded the rating assigned to the Long term bank
facilities of Taneja Developers & Infrastructure Ltd (TDIL) from
'CARE BBB-' (Triple B minus) to 'CARE BB+'(Double B plus).
Instruments with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such instruments
carry high credit risk.

Further, CARE has also downgraded the rating assigned to the short
term bank facilities of Taneja Developers & Infrastructure Ltd
(TDIL) from 'PR 3' (PR three) to 'PR 4' (PR four).  Instruments
with this rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such Instruments are susceptible to default.

The rating revision takes into account the increased financial
risk profile of the company characterized by slowdown in the real
estate sector which has significantly affected the earnings
potential of the company.  Further, lower than anticipated cash
generation and limited funding options available in the market has
exposed the company to liquidity and refinancing risks in the
short term.  Nevertheless, the rating continues to draw support
from promoter's experience in real estate sector and the current
land reserves.  Going forward, the ability of company to check the
declining trend of revenues and generate sufficient cash accruals
to sustain the operations and meet its commitments in an effective
manner shall be the key rating sensitivities.

Taneja Developers & Infrastructure Ltd. (TDIL) incorporated in
Nov. 1999, is a 100% subsidiary of TDI Infrastructure Ltd. (TDIIL)
and is currently executing four projects of which two are in
Mohali and one each in Moradabad and Meerut.

The company draws its strength from the promoter's experience in
the real estate sector who have close to two decade of experience
in the trade and financial support from holding company.  The TDI
group was founded and promoted by Mr. Devki Nandan Taneja who has
been engaged in real estate business for over two decades.
TDIL is currently executing four projects, viz. two in Mohali and
one each in Moradabad and Meerut.  The company's projects
encompass development of integrated township, group housing,
commercial, malls, hotel and IT/ITES Parks.

The total operational income of the company for FY08 was Rs.20.36
cr with PBILDT and PAT of Rs.3.96 cr and Rs.2.20 cr respectively.
With relatively higher growth in debt levels, overall gearing
stood at 27.84x as on March 31, 2008.  FY09 has witnessed
considerable slowdown in the real estate sector which had affected
the cash generation capacity of the players including TDIL. This
decline in cash generation capacity coupled with near term
financial obligations has adversely impacted the credit risk
profile of the company.


TATA POWER: May Have Hard Time Paying US$850MM Debt, Analyst Says
-----------------------------------------------------------------
Tata Power Co. may face difficulties repaying the US$850 million
debt used to buy for the 30% stake in two Indonesian mines owned
by PT Bumi Resources, Bloomberg News reports citing Shruti Mehta,
an analyst at Mumbai-based Finquest Securities Pvt.

"Given the fall in coal prices, we think it will be difficult for
Tata Power to service the US$850 million debt used for acquiring
the mining assets," the report quoted the analyst as saying.

However, in response to e-mailed questions from Bloomberg News,
the company said that it doesn't expect to have difficulties
repaying loans as coal prices are expected to stay above US$70-
US$72 a ton.

"Since many existing coal contracts were priced in the last three
to six months, if the coal prices remain below US$60-US$65 for the
next six months it may put pressure on servicing of the loans
taken at our investment subsidiary level for the acquisition of
interest in Indonesian coal mines," Bloomberg News quoted the
company's statement as saying.

                        About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk consumers
in the Mumbai metropolitan area.  The company operates four
thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these supply
power to the Mumbai licence area.  The company also has a plant
that supplies power to Tata Steel.  In addition, Tata Power has an
81-MW independent power project at Belgaum that sells power to
Karnataka Power Transmission Corporation Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2008, Moody's Investors Service changed the outlook for
Tata Power Company's (TPC) Ba3 corporate family rating and B1
senior unsecured bond ratings to stable from negative.


TATA STEEL: Moody's Downgrades Corporate Family Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Tata Steel Ltd to Ba2 from Ba1.  Moreover, the rating
remains on review for possible further downgrade.

"The rating action reflects the deteriorating operating
performance of the company, as a result of the dramatic reversal
apparent in steel industry dynamics following, in turn, a sharp
fall in demand and prices," says Ivan Palacios, a Moody's
AVP/Analyst.

"The weakening in Tata Steel's operating performance has impacted
its financial strength, and its credit metrics are expected to
deteriorate beyond the comfort levels anticipated at the time of
the completion of its acquisition of Corus in 2007," adds
Palacios.

The extent of the negative impact on its financial profile is
greatest at Tata Steel UK, which is likely to experience stress in
its financial covenants in 2009, and could require support in the
form of an equity injection from Tata Steel India to enable it to
rebalance its capital structure.

However, Moody's believes that Tata Steel India's operations,
which have enjoyed low costs and high margins, are not immune to
the challenging nature of the market environment.  In Q3 (Oct-Dec
2008), Tata Steel India's EBITDA dropped by around 57% from Q2 to
US$306 million.

This figure compares with a total debt balance at Tata Steel India
of around US$5.6 billion as of December 2008, thereby constraining
in turn, its financial capacity to support Tata Steel UK if the
latter's operation does not improve.

The Moody's review will focus on (a) the plan to resolve expected
covenant compliance issues at Tata Steel UK, (b) the impact on the
financial profile of the group of a possible worsening in the
operating environment, and (c) the assessment of Tata Steel
India's ability and willingness to support Tata Steel UK, if
required.

Moody's last rating action on Tata Steel was taken on 12 January,
2009, when Moody's placed the company's rating on review for
possible downgrade.

Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for its European steel operations,
which principally consists of the Corus group.  For the year ended
March 2008, Tata Steel UK contributed more than two thirds of the
group's liquid steel output, and generated 76% of its revenues and
49% of its EBITDA.

Tata Steel Ltd is an integrated steel company headquartered in
Mumbai.  After the acquisition of Corus in 2007, Tata Steel became
the world's sixth largest steelmaker with an annual production
capacity of around 29.9 million tons of crude steel.


TDI INFRASTRUCTURE: CARE Lowers LT Bank Loans Rating to 'CARE BB+'
------------------------------------------------------------------
CARE has downgraded the rating assigned to the Long term bank
facilities of TDI Infrastructure Ltd (TDIIL) from 'CARE BBB'
(Triple B) to 'CARE BB+'(Double B plus).  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations. Such facilities carry high credit
risk.

Further, CARE has also downgraded the rating assigned to the short
term bank facilities of TDI Infrastructure Ltd (TDIIL) from 'PR 3'
(PR three) to 'PR 4' (PR four).  Facilities with this rating would
have inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.

The rating revision takes into account the increased financial
risk profile of the company characterized by slowdown in the real
estate sector which has significantly affected the earnings
potential of the company.  Further, lower than anticipated cash
generation and limited funding options available in the market has
exposed the company to liquidity and refinancing risks in the
short term.  Nevertheless, the rating continues to draw support
from promoter's experience in real estate sector and the current
land reserves.  Going forward, the ability of company to check the
declining trend of revenues and generate sufficient cash accruals
to sustain the operations and meet its commitments in an effective
manner shall be the key rating sensitivities.

TDIIL, the flagship company of group, was incorporated in 1997 as
Intime Promoters Pvt. Ltd. and name subsequently changed to TDI
Infrastructure Pvt. Ltd in 2006.  The name has again been changed
to TDIIL on Feb 5, 2008.  TDIIL is closely held by promoters and
associate companies.

The TDI group was founded and promoted by Mr. Devki Nandan Taneja
who has been engaged in real estate business for over two decades.
TDIIL is currently executing two townships projects at Kundli and
Indore, besides, three projects in JV at Gurgaon, Sonepat and
Agra.  The company's projects encompass development of integrated
township, group housing, commercial and IT/ITES Parks.

The total operational income of the company for FY08 was Rs.355 cr
with PBILDT and PAT of Rs.103 cr and Rs.44 cr respectively.  With
relatively higher growth in debt levels, overall gearing stood at
2.46x as on March 31, 2008.  However, FY09 witnessed reversal
of trends of real estate market and company' sales suffered due to
sluggish demand.

Tightening of credit availability as well as weaker capital market
sentiments led to paucity of funds thus affecting the scaling up
of operations.  Delayed realization from project sales coupled
with immediate debt obligations have further led to deterioration
of credit risk profile of the company.


* INDIA: Simple Instruments Rule Debt Markets, CRISIL Says
----------------------------------------------------------
CRISIL's analysis of debt issuances, in December 2008 and January
2009, reveals that "Simple" instruments continued to dominate the
market.  This appears to be an extension of the shift in
composition first observed by CRISIL in November 2008, when
"Complex" and "Highly Complex" instrument issues declined
dramatically.  In CRISIL's opinion, the apparent investor
preference for lower complexity instruments is probably due to the
continuing uncertainty in the business environment and financial
markets.

CRISIL's previous commentary on the level of complexities in debt
market issuances had revealed an 80 per cent decline in the
issuance of 'Complex' and 'Highly Complex' instruments, in the
course of just a month, between November and October 2008.  This
had followed the meltdown in the equity markets, tight liquidity
in the debt market, expectation of an economic slowdown and
watchful lending by banks.

The annexure provides CRISIL's Complexity Levels classifications
for domestic debt issues in December 2008 and January 2009, using
data available from the National Securities Depository Ltd and the
National Stock Exchange of India Ltd.  This pro-bono service from
CRISIL categorises financial products into three categories:
'Simple', 'Complex', and 'Highly Complex', based on the ease of
identifying and understanding their risks.

According to the data analysed by CRISIL, a total of 233 debt
instruments were issued in December 2008 and 150 in January 2009.
A majority of instruments issued in December 2008 (68 per cent)
and January 2009 (83 per cent) were 'Simple' instruments, in line
with the mix observed in November 2008 (82 per cent).
Interestingly, while the relatively sophisticated "Complex" and
Highly Complex" instruments made a modest recovery in December
2008, up to a 32% share from the 18% in November 2008, they
declined again in January 2009, to levels observed in November
2008.  According to S.Venkataraman, Senior Director, CRISIL
Research, "The lower total debt issuances and as well as the high
share of 'Simple' instruments in January may be partly due to the
prevalent expectations that interest rates in the economy would
further decline."

'Simple' instruments largely comprise commercial paper and
certificates of deposit, and fixed coupon bearing non-convertible
debentures.  In December 2008 and January 2009, 'Complex'
instruments were almost entirely accounted for by floating and
fixed rate debentures with put and call options, while 'Highly
Complex' instruments entirely comprised equity linked debentures.
Pass-through certificates (PTCs) related to securitisation
transactions which were a significant component of 'Highly
Complex' issuances in October 2008, have been virtually absent
from the market since then.

CRISIL Complexity Levels are aimed at providing market observers
and regulators a framework to easily discern and analyse trends in
complexity levels of financial products.   This commentary is part
of CRISIL's continuing endeavour to provide investors a regular
update on the trends in complexity levels of debt market
issuances.



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

BANK DANAMON: Amex License Won't Be Affected by AEB's Closure
-------------------------------------------------------------
The closure of American Express Bank in Indonesia (AEB) will not
affect Bank Danamon's license to manage the Amex credit card
business in Indonesia, The Jakarta Post reports citing Bank
Danamon's card business head Subba Vaidyanathan.

The closure will not affect Amex credit card holders, the news
agency relates.

The report notes that Amex credit card and AEB are two different
business units of the American Express Company.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


CENTRAL PROTEINAPRIMA: Moody's Cuts Corp. Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and senior secured bond rating of PT
Central Proteinaprima.  At the same time, PT Moody's Indonesia has
downgraded CPP's national scale issuer rating to Ba1.id from
Baa2.id.  The outlook on all ratings is negative.

"The rating action reflects expectations of a weak financial
performance by CPP -- against the backdrop of the global economic
downturn -- which would result in a high likelihood of non-
compliance on its financial covenants in relation to certain
interest coverage ratios in the near term," says Ken Chan, a
Moody's Vice President.

Although there is a likelihood of creditors granting waivers on a
temporary basis, the company requires continual forbearance or a
relaxation of its financial covenants over the next few quarters.
Nevertheless, the current tightness of the credit market adds
uncertainty to such expectations.

"Moody's believes that the operating environment in 2009 will
remain challenging, especially in the US, with demand and pricing
pressures apparent," says Chan, "Projected EBITDA interest
coverage remains weak at below 2 times over the next 2 years."

On the other hand, the ratings continue to reflect the company's
well-established and integrated production facilities, and its
leading positions in the shrimp export market and Indonesia's
shrimp / fish feed industry, including full traceability for its
frozen shrimp products.

The negative outlook reflects the challenging character of the
operating environment over the medium term, as well as the
company's tight liquidity position and, as indicated, the
heightened risk of non-compliance on its financial covenants in
the near term.

Upward rating pressure is limited, given the negative outlook.
However, the outlook could revert to stable if creditors are
willing to enter into a forbearance agreement to waive any
technical breach of the company's financial covenants over the
next few quarters, or relax these covenants.

Downward rating pressure will emerge if there is a high likelihood
that the company will fail to obtain waivers from its creditors
for its breach of its financial covenants.  Another possible cause
of downward rating pressure would be a further deterioration in
the company's business performance and liquidity position, such
that EBITDA/Interest stays below 1.0x.

The last rating action was on December 16, 2008 when the ratings
of CPP were downgraded to B2 and placed under review for further
possible downgrade.

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production.  Its products also include poultry feed,
day-old chicks and probiotics.


PT MEDCO: Moody's Downgrades Corporate Family Rating to 'B2'
------------------------------------------------------------
Moody's has downgraded PT Medco Energi Internasional Tbk's
corporate family rating to B2 from B1 and its senior unsecured
rating (Senior 8.75% bonds due 2010 issued by MEI Euro Finance
Limited) to B3 from B2.  The outlook for the ratings is negative.

These rating actions complete the rating review for possible
downgrade initiated on November 3, 2008, following the loss of
revenue and cash flows from an expiration of a Technical
Assistance Contract with PT Pertamina.

"The rating downgrade principally reflects Medco's reduced
production base, high expenditure necessary to sustain production
levels, and weakening operating cost profile," says Kathleen Lee,
a Moody's VP/Senior Analyst and lead analyst for the company.

"While Medco's B2 rating takes into account its competitive cost
position and extensive experience in Indonesia's E&P operating
environment, it also acknowledges a lack of committed long-term
bank funding to fund both its upcoming debt maturities (amounting
to over US$290 million) and capital expenditure (estimated to cost
approximately US$300-350 million) over the next 12 months," says
Lee.

Moody's also notes that Medco had cash reserves of US$340 million
as at end-December 2008 (from its disposal of PT Apexindo and
Tuban in 4Q2008).  However, the rating agency expects Medco to
engage in an intense drilling program to maintain production which
is expected to result in negative cash flows in 2009 due to
sharply depressed energy prices.  This will result in debt
outpacing reserve and production growth, which will in turn
further weaken the company's leverage profile.

"The downgrade in ratings also factors in Moody's concerns about
Medco's ability to sustain its earnings and cash flow generation
in the medium-term, given the declining productivity of its mature
oil fields and continuing high production levels.  This amounts to
24 million barrels of oil equivalent per annum, which is among the
highest of its B-rated exploration and production (E&P) peers.  In
addition, the company has failed to make any material progress in
monetizing its gas assets," says Lee.

"In addition, its recent overseas expansion entails higher
business risks given the company's inexperience in these new
markets," she adds.

Moody's also believes that weak credit markets will continue to
hamper Medco from developing, expanding, resuscitating and/or re-
balancing its asset portfolio, which requires significant capital
expenditure.  Meanwhile, alternative liquidity plans, consisting
of an asset divestment program, are likely to first undergo
prolonged negotiations due to difficult market conditions.

The B3 senior unsecured rating has been notched down from the B2
corporate family rating reflecting material structural and legal
subordination. This is a result of the preponderance of secured
debt at the operating company level.

The outlook for the ratings is negative in view of Medco's high
liquidity requirements, owing to high capex outlay over the next
12-18 months, from 1) reserve replacement plans in overseas
markets; 2) commercialization of gas reserves and expansion into
LNG production which would require significant capital over the
medium term; and 3) uncertainty surrounding an extension to the
validity of its Block A PSC contract beyond August 2011, which
could delay its gas monetization program.

The negative outlook also reflects expectations of increasing
leverage on Medco's reserves and production as it pursues a
significantly debt-funded growth capital program.  It additionally
takes into account the likelihood that the company's finding &
development cost will be higher for 2008 than in previous years
given its low success in developing its acreage.

An upgrade in the ratings is unlikely given the negative outlook.

However, Medco's ratings could be lowered if 1) quarterly
production trends were to falter; 2) it is unable to secure
funding for its sustenance and expansion/downstream capital
expenditures; 3) proceeds from the disposal of Apexindo and Tuban
assets were not applied to its May/July debt reduction; 4) its
reinvestment parameters weaken (as evidenced by 3-year F&D cost
rising above $20/boe); 5) its financial profile weakens (as
evidenced by Adjusted Debt/Proved Developed Reserves rising above
$11/boe); 6) there are revisions to profit sharing schemes in its
existing contracts; and/or 7) it fails to obtain extensions to its
Block A and Bawean PSC contracts prior to their respective
expiries in 2011.

The previous rating action was taken on November 3, 2008, when
Medco's corporate family and unsecured debt ratings were placed on
review for possible downgrade.

Headquartered in Jakarta, Medco is a predominantly oil & gas E&P
company with additional operations in drilling, downstream oil &
gas activities and power generation.  Through its acquisition of
Novus Petroleum of Australia in 2004, Medco gained a platform to
expand overseas, to the US, Middle East (including Libya, Tunisia,
Oman and Yemen) and Cambodia.

Its international assets, which are mostly at exploration stages,
remain small and accounted for just 3% of proved reserves and 2%
of annual production in 31 December, 2007.  Its annual production
capacity is approximately 18.4 mmboe and 46.4 million cubic feet
of gas.

The company reported sales of US$1,313 million for the twelve
months ending September 30, 2008.



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

ALL NIPPON: May Delay Start of a Discount Carrier
-------------------------------------------------
All Nippon Airways Co Ltd may delay the start of a discount
airline it planned to begin as early as this month as overseas
travel demand drops at the fastest rate in more than five years,
Chris Cooper at Bloomberg News reports.

According to the report, Junichiro Miyagawa, a director of
corporate planning at All Nippon, said the company is waiting for
"the appropriate moment to make a decision" as the world economy
declines and tight credit markets make raising funds difficult.

Bloomberg News relates the airline planned to create the new
carrier before Tokyo's Haneda airport opens a fourth runway next
year and increases the number of flights from domestic and foreign
carriers it can handle.

Meanwhile, the report says ANA is planning to cut 9 percent of its
international flights, mostly service to China.  The airline will
also lower frequencies on 10 domestic routes to trim flights
within Japan by about 5 percent in the year starting April 1, the
report adds.

According to Bloomberg News, All Nippon had 18 percent fewer
international passengers in December, the sharpest drop since
June 2003, when outbreaks of SARS and bird flu led to a 33 percent
drop in international passengers, compared with a year earlier.

                      Annual Loss Expected

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2009, Bloomberg News said ANA may incur a JPY9 billion
(US$101 million) net loss for the year ending March 31, compared
with an earlier projected profit of JPY17 billion.  The carrier
also lowered its operating profit forecast and revenue estimates.

Bloomberg News related the airline also lowered its full-year
operating profit forecast to JPY8 billion from JPY55 billion
predicted earlier.  ANA, Bloomberg News said, reduced its full-
year revenue forecast to JPY1.4 trillion compared with an earlier
forecast of JPY1.46 trillion.

                    About All Nippon Airways

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/--  is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.


ALL NIPPON: To Acquire 33.5% Stake in Overseas Courier Service
--------------------------------------------------------------
All Nippon Airways Co Ltd said it will take a 33.5 % stake in
Overseas Courier Service (OCS), a move which will make the airline
the majority shareholder in the Tokyo-based international parcel
delivery and forwarding company by the end of this month.

The share transfer will link ANA's mainly Asian-based cargo
network with the collection, customs-clearance and ground-delivery
prowess of OCS, and will form a strategic base for the growth of
ANA's international parcel delivery service within the overall
development of its cargo operations, the company said in a
statement.

In July 2007, ANA and OCS developed a joint door-to-door delivery
service to provide high-speed, high-quality and reliable
international deliveries, primarily between Japan and China.  This
further development in their relationship will help underpin ANA's
overnight Asia parcel delivery service from its new cargo hub in
Okinawa, in southern Japan, when it opens in October this year,
contributing to greater speed and reliability of operations, and
moving ANA closer to being a regional player in the cargo
integrator field.

Cargo is the third of ANA's core businesses, alongside domestic
and international passenger operations.

                      Annual Loss Expected

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2009, Bloomberg News said ANA may incur a JPY9 billion
(US$101 million) net loss for the year ending March 31, compared
with an earlier projected profit of JPY17 billion.  The carrier
also lowered its operating profit forecast and revenue estimates.

Bloomberg News related the airline also lowered its full-year
operating profit forecast to JPY8 billion from JPY55 billion
predicted earlier.  ANA, Bloomberg News said, reduced its full-
year revenue forecast to JPY1.4 trillion compared with an earlier
forecast of JPY1.46 trillion.

                    About All Nippon Airways

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/--  is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.


GKL-JAC FOUR: Fitch Downgrades Ratings on Seven 2015 Bonds
----------------------------------------------------------
Fitch Ratings has downgraded seven classes of G.K.L-JAC Four
Funding's (L-JAC4) bonds due May 2015 and removed them from Rating
Watch Negative.  The remaining five classes of bonds have been
affirmed and the Outlooks on these are Stable.  Simultaneously,
the ratings and outlooks of the two classes of trust beneficiary
interests have been affirmed.

The full list of rating actions is:

  -- JPY18.78 billion* Class A2 Bonds downgraded to 'BB'
     from 'BBB-' (BBB minus); Outlook Stable;

  -- JPY4.28 billion* Class B2 Bonds downgraded to 'BB'
     from 'BBB-' (BBB minus); Outlook Stable;

  -- JPY4.0 billion* Class C2 Bonds downgraded to 'BB' from
     'BBB-' (BBB minus); Outlook Stable;

  -- JPY1.1 billion* Class D2 Bonds affirmed at 'BBB';
     Outlook Stable;

  -- JPY1.0 billion* Class D3A Bonds downgraded to 'BB'
     from 'BBB-' (BBB minus); Outlook Stable;

  -- JPY2.3 billion* Class D3B Bonds downgraded to 'BB'
     from 'BBB-' (BBB minus); Outlook Stable;

  -- JPY0.46 billion* Class E2 Bonds affirmed at 'BBB-'
     (BBB minus); Outlook Stable;

  -- JPY1.2 billion* Class E3 Bonds downgraded to 'BB' from
     'BBB-' (BBB minus); Outlook Stable;

  -- JPY0.29 billion* Class F2 Bonds affirmed at 'BB+';
     Outlook Stable;

  -- JPY1.1 billion* Class F3 Bonds downgraded to 'BB' from
     'BB+'; Outlook Stable;

  -- JPY0.29 billion* Class G2 Bonds affirmed at 'BB';
     Outlook Stable;

  -- JPY0.4 billion* Class G3 Bonds affirmed at 'BB';
     Outlook Stable; and Interest (dividend)-only Classes X1**
     and X2** TBIs affirmed at 'AAA'; Outlook Stable.

* As of March 3, 2009

** X-1 TBIs: interest (dividend)-only class

X-2 TBIs: in addition to interest (dividend), trust principal
payments on the fractional principal amount on the underlying
loans and cash reserves.

In the higher rating level scenarios, Fitch has confirmed there is
one underlying loan for which the existence of the advance
provider was viewed as essential in supporting the original
ratings.  Based on recent actions by the transaction parties and
the fact that the replacement procedures are underway, Fitch
considers that there is a high possibility that the trustee will
enter into a new advance agreement.  However, considering the
capability of the expected new advance provider to perform its
obligations, the agency has downgraded the ratings, with the
assumption that there is no advancing provider in this
transaction.

As for the interest rate swap counterparty, negotiations with
prospective counterparties are ongoing, and Fitch considers the
possibility of the trustee entering into a new swap agreement as
high.  However, the agency assumed no swap provider was in place
in its latest analysis, and so the likelihood of further
downgrades is small, even if no replacement swap is entered into.

The rating actions reflect the change of status and foreseeable
outcome of proceedings in the replacement of counterparties to the
transaction.  This follows the Lehman Brothers Group bankruptcy in
September 2008, rather than a result of the performance of the
transaction and its underlying assets.

In this transaction, Lehman Brothers Special Financing Inc.,
guaranteed by Lehman Brothers Holdings Inc., acts as the interest
swap counterparty, and Lehman Brothers Japan Inc acts as the
advance provider.  To date, the replacement of both the interest
rate swap counterparty and advance provider have not been
completed.  However, the transaction parties are continuing to
negotiate with potential counterparties for both roles, and
procedures for the replacement of both are in progress.  As
indicated in the releases issued on October 28, 2008, "Fitch:
L-JAC4 & L-JAC5 Remain on RWN; Possible Rating Actions Outlined",
and on December 1, 2008, "Fitch: 5 L-JAC4 Bonds Downgraded; 7
Remain on RWN", the rating actions are a result of the agency's
expectation of the replacement of the advancing agent.

The ratings address the timely payment of interest and ultimate
repayment of principal by legal final maturity for all bond
classes.  The ratings on the interest (dividend)-only Class X1 and
Class X2 TBIs address only the likelihood of receiving interest
payments, while principal on the related TBIs remains outstanding,
as per L-JAC4 trust agreement.

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.


HONDA MOTOR: May Seek Government Financing, Bloomberg News Says
---------------------------------------------------------------
Honda Motor Co. may ask to borrow money from Japan's government to
lend to U.S. car buyers, Bloomberg News reports.

The amount of the loans and timing of the request to the state-
owned Japan Bank for International Cooperation haven't yet been
determined, the news agency cited spokeswoman Akemi Ando as
saying.

The automaker, which is suffering from a 38 percent plunge in U.S.
auto sales in February, has JPY986 billion in bonds coming due
this year, the report discloses citing data compiled by Bloomberg.

The company may request at least JPY10 billion (US$102 million)
from the government, the report relates citing the Nikkei
newspaper.

Based in Japan, Honda Motor Co., Ltd. -- http://world.honda.com/
-- develops, produces and manufactures a variety of motor
products, ranging from small general-purpose engines to specialty
sports cars that incorporate Honda's internal combustion engine
technology.  Honda's business segments are motorcycle business,
automobile business, financial services business, and power
product and other businesses.  Approximately 96% of Honda's
overseas sales are made through its principal foreign sales
subsidiaries, which distribute Honda's products to local
wholesalers and retail dealers.  Sales of Honda motorcycles,
automobiles and power products in Japan are made through different
distribution networks.  Honda's products are sold to consumers
primarily by independent retail dealers throughout Japan.


NEC CORP: To Shut Down LCD Plant in Japan
-----------------------------------------
NEC LCD Technologies Ltd., a subsidiary of NEC Corp, plans to shut
down its liquid crystal display plant in Kagoshima Prefecture and
transfer some employees to a factory in Akita Prefecture, the
Japan Times reports citing Kyodo News.

Japan Times says NEC Corp. is being forced to cut LCD production
for industrial and medical machines due to the recession.

According to the International Herald Tribune, NEC LCD's Kagoshima
plant will close at the end of December 2009, and production will
be moved to its Akita plant in northern Japan.  Staffing will be
reduced from 1,190 to about 600 by the end of March 2010, mainly
through a voluntary retirement program, the Herald Tribune
relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2009, ComputerWorld said NEC Corp. will lay off 20,000
workers, close factories and withdraw from some business areas as
a result of the poor economic conditions.

According to ComputerWorld, NEC will lay off 9,500 staff in Japan,
cut 9,000 workers overseas, and offer early retirement for a
further 450 domestic staff.

The Associated Press related that the job cuts, which include
nearly 7 percent of the company's permanent work force, will be
completed by March 2010 and are part of a broader plan to restore
the company's profitability.

NEC, AP disclosed, also aims to cut JPY80 billion in overhead
costs at struggling semiconductor subsidiary NEC Electronics over
the next two fiscal years.

                      Third Quarter Results

The Associated Press reported that the company posted a third
quarter net loss of JPY130 billion, compared to a JPY5.2 billion
net loss reported in the same period a year earlier.  Revenue for
the fiscal third quarter was down slightly at JPY948 billion from
JPY1.05 trillion a year earlier.

By segment, AP said, electronic parts and semiconductor operations
took the worst beating, with sales falling nearly 30 percent on
declining demand for personal computers and display, as well as
semiconductors for automobiles.  Mobile and networking businesses
also suffered because of falling investment by service providers,
the AP noted.

According to AP, NEC expects a net loss of JPY290 billion for
the fiscal year ending March 31, a steep plunge into the red from
the JPY15 billion net profit projected in October.  The company
also cut its sales estimate to JPY4.2 trillion for the full fiscal
year, compared with the previous forecast of JPY4.6 trillion.

                         About NEC Corp.

NEC Corporation (TYO:6701) -- http://www.nec.com/-- is a Japan-
based manufacturer.  The Information Technology (IT)/Network (NW)
Solution segment provides system integration, support and
outsourcing services for government offices and communication
companies.  It also develops, designs and sells hardware,
software, network systems and broadcasting systems, among others.
The Mobile/Personal Solution segment develops, designs and sells
cellular phones and personal computers, as well as provides
Internet service under the name BIGLOBE.  The Electronic Device
segment develops, designs, manufactures, and sells electronic
products, including large-scale integrated circuits, general
devices, system memories, color liquid crystal displays,
capacitors, relays and lithium-ion secondary batteries.  In
addition, the Company is also engaged in the development, design,
manufacturing and sale of monitors and liquid crystal projectors.
On October 1, 2008, it dissolved and liquidated a subsidiary,
Changsha NEC Telecommunications Co., Ltd.


NIHON KOSHUHA: Preparing to File for Bankruptcy
-----------------------------------------------
Nihon Koshuha Co Ltd, an auto parts maker for the Toyota Motor
Corp. group, has suspended operations and is preparing to file for
bankruptcy due to funding difficulties and falling orders, the
Japan Times reports citing Teikoku Databank Ltd.

According to the report, the credit research agency said Nihon
Koshuha had liabilities of about JPY2.62 billion as of the end of
last March.

The company, the Japan Times says, logged about JPY11.34 billion
in sales for fiscal 2007.


NOMURA HOLDINGS: To Raise US$3.2 Bln Through Common Stock Issue
---------------------------------------------------------------
Bloomberg News reports Nomura Holdings Inc. said it will raise
JPY312.8 billion  (US$3.2 billion) in its first sale of common
stock in 20 years by offering shares at a 3 percent discount to
their latest price.

The company will sell 750 million shares to local and overseas
investors at JPY417 apiece, the report says citing a statement
filed at the Ministry of Finance.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2009, Bloomberg News said Nomura, after posting JPY492.4
billion net loss for the nine months ended December 31, 2008, said
it will raise about JPY291.2 billion (US$3.1 billion) by issuing
716.4 million new common shares to investors in Japan and overseas
to replenish capital.

The company will sell as many as 375 million shares overseas and
another 341.4 million in Japan in its first sale of new common
stock in two decades, Bloomberg News said citing filings to the
Ministry of Finance.

Nomura can raise as much as JPY302 billion if demand is
sufficient, based on an over-allotment clause stated in the filing
obtained by the news agency.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
28, 2009, Nomura recorded a JPY264.4 billion impairment of
investments in subsidiaries and affiliates on unconsolidated
financial statements for the year ending March 31, 2009.

According to the firm, the impairment is mainly due to a decrease
in the net asset value of shares of a derivative entity in Europe
and a subsidiary investing in a US fund management firm.

Nomura also recorded an JPY88.4 billion impairment charge on its
investments in the shares of equity-method investees in its
consolidated financial statements for the third quarter of the
fiscal year ending March 31, 2009.

The impairment, according to the firm, is the cumulative amount
for the current fiscal year ending March 31, 2009, and includes
the JPY23.3 billion impairment recorded in the first quarter.

The firm said the impairment is due mainly to a decline in the
share price of a US fund management firm which a US subsidiary of
Nomura invests in.

Nomura incurred a JPY399.5 billion (US$4.4 billion) pre-tax loss
in the third quarter of the fiscal year ending March 31, 2009, on
net revenue of JPY49.7 billion (US$547 million).

                   About Nomura Holdings Inc.

Headquartered in Tokyo, Japan, Nomura Holdings Inc. (NYSE:NMR) --
http://www.nomura.com/-- incorporated on December 25, 1925, is a
securities and investment banking firm in Japan and has worldwide
operations.  Nomura is a holding company.  The services it
provides include trading, underwriting, and offering securities,
asset management services, and others.  As of March 31, 2008, it
operated offices in about 30 countries and regions, including
Japan, the United States, the United Kingdom, Singapore and Hong
Kong through its subsidiaries.  The Company's customers include
individuals, corporations, financial institutions, governments and
governmental agencies.  Nomura operates in five business
divisions: domestic retail, global markets, global investment
banking, global merchant banking and asset management.  In
February, 2007, Nomura acquired Instinet Incorporated.

In October 2008, Nomura announced that it has closed the
acquisition of most parts of Lehman Brothers' Asia Pacific
franchise, including Hong Kong, Singapore, Australia, India,
Thailand, as well as Japan.  Effective October 1, 2008, Nomura
acquired Lehman Brothers Holdings Inc.'s European equities and
investment-banking business, and decided not to take on the fixed-
income unit.  On September 30, 2008, Lehman Brothers Holdings Inc.
announced that the acquisition of its Asia operations by Nomura
does not include structured products transactions, done by the
Wall Street firm in India.  On October 7, 2008, Nomura announced
the acquisition of three more affiliates of Lehman Brothers in
India, including the business process outsourcing (BPO) unit in
Powai.  The acquisition covers Lehman Brothers Services India,
Lehman Brothers Financial Services (India) and Lehman Brothers
Structured Finance Services.


TAKARA LEBEN: JCR Withdraws Preliminary 'BB' Rating on Shelf Reg.
-----------------------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has withdrawn its
preliminary BB rating on the shelf registration of Takara Leben
that is valid for two years effective from February 2, 2008 with
maximum amount being JPY30 billion in accordance with the issuer's
filing of statement of withdrawal of the shelf registration on
February 27, 2009.

Shelf Registration: preliminary BB (Withdrawn)
Maximum: JPY30 billion
Valid: two years effective from February 2, 2008


TOYOTA MOTOR: U.S. Sales Down 40% in February
---------------------------------------------
Toyota Motor Corp.'s U.S. sales dropped a record 40% in February
as the recession cut industrywide demand to the lowest since
December 1981, Bloomberg News reports.

In the last quarter, Toyota's vehicle sales in the U.S. plunged 31
percent, Bloomberg News relates.

As reported yesterday in the Troubled Company Reporter-Asia
Pacific, The Associated Press said Toyota's financing unit is in
talks with a Japanese government-backed bank on possible lending.

The AP said Kyodo News and NHK TV had reported, without
identifying sources, that Toyota's auto loan unit, Toyota
Financial Services, had asked for a JPY200 billion (US$2 billion)
government loan.

A spokesman for the unit, as cited by the AP, said the talks with
the Japan Bank for International Cooperation were among the
various ways being studied to gain funding.

According to Bloomberg News, Toyota is seeking loans from the
Japanese government as private investors demand up to 50 percent
more in interest for the company's debt.

The carmaker, Bloomberg News said, expects a net loss of JPY350
billion.

The Toyota City, Japan-based company has JPY2.34 trillion in loans
and bonds maturing this year, according to data compiled by
Bloomberg.

                          About Toyota

Toyota Motor Corporation (TYO:7203) -- http://toyota.jp/--
primarily conducts automobile, financial and other businesses.
Its business segments are automotive operations, financial
services operations and all other operations.  Its automotive
operations include the design, manufacture, assembly and sale of
passenger cars, minivans and trucks and related parts and
accessories.  Toyota's financial services business consists
primarily of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles.  Its financial
services also provide retail leasing through the purchase of lease
contracts originated by Toyota dealers.  Related to Toyota's
automotive operations is its development of intelligent transport
systems (ITS).  Toyota's all other operations business segment
includes the design and manufacture of prefabricated housing and
information technology related businesses, including an e-commerce
marketplace called Gazoo.com.  The Company acquired CENTRAL MOTOR
CO., LTD. on October 1, 2008.


* JAPAN: Central Bank Buys US$455 Million of Corporate Debts
------------------------------------------------------------
Mayumi Otsuma at Bloomberg News reports the Bank of Japan bought
JPY44.9 billion (US$455 million) in corporate bonds from lenders
in its first purchase of the securities, less than the offered
amount.

According to the report, the central bank said Wednesday it
offered to buy JPY150 billion of the bonds from financial
institutions as part of a program unveiled last month to channel
funds to companies amid a deepening recession.

The bank accepted all the bids from lenders at an average interest
rate of 0.76 percent and is restricting the purchases to debt
rated at least A that matures within a year, the report says.

The bank plans to buy as much as JPY1 trillion of the securities
from lenders through the end of September, the report discloses.



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

* KOREA: Number of Bankrupt Construction Firms Down in February
---------------------------------------------------------------
The number of insolvent construction firms in Korea declined in
February to 24 from 28 in the same period last year, KBS News
reports, citing data from the Construction Association of Korea
and the Korea Specialty Contractors' Association.

According to the report, February's figure is nearly 48% lower
compared to January when 46 builders went bankrupt.

The decline was the result of the government's move to boost
social infrastructure, the report said, citing the associations.


* KOREA:  Large Firms Debt to Equity Ratio Rises to 101.9%
----------------------------------------------------------
Large South Korean firm's debts have recently been rising due to
an unfavorable business environment amid the global economic
slump, KBS News reports.

The report says the debt to equity ratio for domestic
conglomerates surpassed the 100-percent mark for the first time
last year since 2003.

According to KBS, the ratio for the country's top ten
conglomerates stood at 101.9 percent late last year, up 20
percentage points year-on-year.



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

ARK RESOURCES: Dec. 31 Balance Sheet Upside-Down by MYR15.23MM
--------------------------------------------------------------
ARK Resources Berhad's unaudited balance sheet as of Dec. 31,
2008, went upside down by MYR15.23 million, on total assets of
MYR10.66 million and total liabilities of MYR25.89 million.

The company's balance sheet at of December 31, 2008, also showed
strained liquidity with MYR10.30 million in total current assets
available to pay MYR25.89 million in total current liabilities.

For the quarter ended December 31, 2008, the company posted a
net loss of MYR3.99 million on zero revenues, compared with a net
profit of MYR78.87 million on MYR1.61 million in revenues recorded
in the same quarter in 2007.

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

                          *     *     *

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


TENGGARA OIL: Bailiff Auctioned Off Unit's Assets
-------------------------------------------------
As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 4, 2009, Tenggara Oil Bhd disclosed that the Johor Bahru
Sessions Court Distress Application No. 54-24 of 2008 (4) had
granted an order to Pelabuhan Tanjung Pelepas Sdn Bhd ("PTP" or
"Bailiff") to  issue a Writ of Distress against Tenggara
Lubricant.

The Writ of Distress orders were granted due:

   -- to the outstanding rental for the period of 12 months
      from July 2007 to June 2008 amounting to MYR205,920
      and for the period still continuing; and

   -- failure to hand over vacant possession of the property
      known as part of PTD 2500, Mukim Tanjung Kupang, Pelepas
      Free Zone of Tanjung Pelepas, Gelang Patah, Johor.

On January 28, 2009, the company's solicitor received a copy of
the order dated January 13, 2009.  The property had been sealed by
the Bailiff on January 28, 2009.

In an update, Tenggara Oil said that all movable assets of
Tenggara Lubricant Sdn Bhd located in the premise were auctioned
off at MYR50,000.00 through a public auction conducted by a
licensed auctioneer appointed by the Bailiff on February 12, 2009.

                       About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.



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

IRWIN INDUSTRIAL: Cuts Over 100 Jobs in Wellsford
-------------------------------------------------
Irwin Industrial Tools Ltd will lay off 105 of the 162 staff at
its Wellsford plant in the first week of April, Stuff.co.nz
reports.

The report recalls Irwin Industrial announced in February that it
was closing down unprofitable production lines, representing 75
percent of its capacity.

According to the report, operations manager Michael Kelly said
last month that difficult trading conditions over recent years, a
high and volatile New Zealand dollar, and falls in the U.S.
building market were responsible for the company's decision.

Irwin Industrial Tools --  http://www.irwintools.co.nz/index.html
-- manufactures and distributes professional grade hand tools and
power tool accessories worldwide for trade professionals.



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

AMERICAN INT'L: Scraps Sale of Philamlife After Add'l Govt. Aid
---------------------------------------------------------------
Doris Dumlao at the Philippine Daily Inquirer reports that AIG
won't sell Philippine American Life and General Insurance
(Philamlife) after the U.S. government AGREED to provide AIG about
US$30 billion in fresh funds.

Citing people familiar with the matter, Philippine Daily Inquirer
states that AIG said in an internal advisory it will fold
Philamlife under American International Assurance (AIA) Co. Ltd.,
the holding company for Asian units.  According to the report,
bidders for the unit have been notified of AIG's change of plan.

Analysts, Philippine Daily Inquirer relates, said that AIG must
have decided it wasn't in its best interest to rush the sale of
its profitable units as the tough financial environment has
depressed the valuation of the assets.  Philippine Daily Inquirer,
citing market sources, reports that AIG may not have been happy
with the bids submitted for Philamlife.  The report states that
the bidders include the Bank of the Philippine Islands and Banco
de Oro Unibank, which was in partnership with foreign
institutions.  The fresh funds from the U.S. government also
removed the urgency of closing a deal, says the report.

According to Philippine Daily Inquirer, analysts said that AIG
might still consider selling Philamlife in case it gets a very
good offer in the future.

Philippine Daily Inquirer quoted an analysts at a foreign stock
brokerage house as saying, "If the price is too low, it may be
better to operate the companies themselves.  Whether it's a good
decision or not, it remains to be seen."  AIG reportedly wanted to
raise at least P36 billion from the sale of Philamlife and its
affiliates, says Philippine Daily Inquirer.  The report states
that a deal to sell AIG's Philippine consumer finance units
bundled into AIG Philam Savings was earlier sealed in favor of
East West Bank for about US$48.5 million, a premium over their
combined book value of P1.6 billion.

                About American International

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

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on Sept. 8, 2008, to
US$4.76 on Sept. 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On Sept. 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, US$40 billion of newly issued
AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had US$1.022 trillion in total consolidated
assets and US$950.9 billion in total debts.  Shareholders' equity
was US$71.18 billion, including the addition of US$23 billion of
consideration received for preferred stock not yet issued.



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

ARMADA SINGAPORE: Offers 32.5% Recovery for Some Creditors
----------------------------------------------------------
Armada (Singapore) Pte offered to pay some creditors 32.5 cents on
the dollar over five years as it seeks to reorganize, Bloomberg
reported.

Chan Sue Ling of Bloomberg said the Company will also repay debt
owed to some creditors completely as they become due, Armada said
in a March 2 Singapore court filing.

The debt reorganization plan, which still needs approval, didn't
detail individual payments to the 66 creditors listed in the court
document.

The Troubled Company Reporter, citing Bloomberg News, reported on
January 19 that Judge James Peck of the U.S. Bankruptcy Court for
the Southern District of New York granted interim approval to
Armada's petition for protection from creditors under Chapter 15.

Approval of the Chapter 15 petition would allow Armada to
reorganize in Singapore and protects it from U.S. lawsuits.

Armada announced January 6 that it has been granted leave to
convene a creditors' meeting to vote on a proposed Scheme of
Arrangement pursuant to Section 210 of the Companies Act of the
Republic of Singapore that will protect its assets and maximize
funds available to creditors as it restructures its business
operations.

                    About Armada Singapore

Armada (Singapore) Pte. Ltd. -- http://www.armadagroup.com/-- is
a privately owned holding company incorporated and based in
Singapore.  It is one of the world's leading dry bulk shipping
companies.  It provides ocean transportation services to a variety
of major raw material and commodity shippers and consumers located
throughout the globe.

Armada filed for bankruptcy protection under Chapter 15 of the
U.S. Bankruptcy Code on January 7, 2009, to seek recognition of
its bankruptcy proceedings in Singapore and imposition of the
automatic stay to protect its assets while it restructures (Bankr.
S.D. N.Y. Case No. 09-10105).  The petitioner's counsel is Barbra
R. Parlin, Esq., at Holland & Knight, LLP, in New York.  In its
bankruptcy petition, Armada estimated assets and debts of US$100
million to US$500 million.



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

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

                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     448602007.58   -261905005.38
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ERG LIMITED                 ERG     180731676.67    -11205963.43
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    2357299968.00   -237600000.00
JAMES HARDIE-CDI            JHX    2357299968.00   -237600000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
MAC COMM INFR-CD            MCGCD  8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
REAL GOLD MINING         000246      34172339.37      -299845.13
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
SUNTIME INTERN-A         600084     355378023.17   -100009910.49
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63


HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
EMPEROR ENTERTAI          8078       35493733.40     -2976735.60
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68


INDIA

ALCOBEX METALS             AML       27036820.49    -16751727.41
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV IND-PP             DITVPP   229160606.28     -8850096.00
DISH TV INDIA              DITV     229160606.28     -8850096.00
DUNCANS INDUS               DAI      164653351.9    -220922929.9
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
LML LTD                     LML      86798822.39    -27966179.74
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      29016063.42     -8041060.32
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      37212505.22    -39286774.25
KARWELL INDONESI           KARW      22659332.94     -1923983.20
MULIA INDUSTRIND           MLIA     390764740.82   -411484148.40
PANCA WIRATAMA             PWSI      30758367.68    -30598686.04
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12520821.69    -19874326.35
STEADY SAFE TBK            SAFE      15620539.46     -3202860.09
SURABAYA AGUNG             SAIP     266838941.8     -80136284.80
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      16404917.89    -11637278.20


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      56468378.86    -18149241.94
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PACIFIC HD CO              8902    2822421445.26    -55823540.44
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67


KOREA

COSMOS PLC               053170      19306498.60     -4948161.34
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
FATOMENT                 025460      28429133.98    -13916561.10
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      18221252.73    -32166924.53
MEDIACORP INC            053890      53306304.99    -32219360.77
ORICOM INC               010470      82645454.13    -40039161.33
SEJI CO LTD              053330      37246628.39      -311069.32
SINJISOFT CORP           078700      12760558.03    -21014927.26
STARMAX CO LTD           017050      73128066.52     -5536410.53
TONG YANG MAGIC          023020     355147750.92    -25767007.75


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       25339141.27    -43055041.82
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     166876683.58   -185014663.41
PECD BHD                   PECD     377122467.92   -295360985.56
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      77132198.94    -30611028.96
BENGUET CORP 'B'            BCB      77132198.94    -30611028.96
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       18177825.52    -7877731.57
CHUAN SOON HUAT             CSH       39144678.93    -7539646.47
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE      105185881.93    -8816485.24
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      192873034.63   -73862882.72
SUNMOON FOOD COM           SMOON      50854971.18    -1574709.82


TAIWAN

CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       79432385.61   -69382388.28
BANGKOK RUB-NVDR          BRC-R       79432385.61   -69382388.28
BANGKOK RUBBER-F          BRC/F       79432385.61   -69382388.28
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       62534877.53    -6947140.27
MALEE SAMPR-NVDR        MALEE-R       62534877.53    -6947140.27
MALEE SAMPRAN-F         MALEE/F       62534877.53    -6947140.27
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F          DMARK/F       15715462.27   -10102519.69
THAI-DENMARK-NVD      DMARK-R         15715462.27   -10102519.69
UNIVERSAL STARCH            USC       86972750.14   -49004706.42
UNIVERSAL S-NVDR          USC-R       86972750.14   -49004706.42
UNIVERSAL STAR-F          USC/F       86972750.14   -49004706.42


                         *********

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

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

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



                            *********


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

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

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

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

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





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