---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, March 19, 2009, Vol. 12, No. 55

                            Headlines

A U S T R A L I A

SEIZA AUGUSTUS: S&P Cuts Rating on Class D of 2007-1 Notes to BB-
SKYAIRWORLD: Placed in Voluntary Administration


C H I N A

UNITED EAGLE: Receives CNY200 Mln. Capital Injection


H O N G  K O N G

ASIA ALUMINUM: Moody's Cuts Rating to 'Ca', Outlook Still Negative
ASIA ALUMINUM: Provisional Liquidators Cue S&P's 'D' Rating
ASIA ALUMINUM: Provisional Liquidators Appointed
BRIDISCO: Appoint Sutton and Yu as Liquidators
CENTRAL CHINA ET AL: John Robert Lees Steps Down as Liquidator

CHEUNG FAT: Members Pass Resolution During Meeting
CLARET COMPANY ET AL: Members' Meeting Set for April 16
COMMON EMPIRE: Creditors' Proofs of Debt Due on April 13
EURO GARMENT: Final General Meeting Set for April 15
HOP LIK: Members' Meeting Set for April 15

IN GOOD: Placed Under Voluntary Wind-Up
JTJ INDUSTRIAL: Members' Meeting Set for April 15
LEVA (HONG KONG): Placed Under Voluntary Wind-Up
METASOLV SOFTWARE: Members' Meeting Set for April 21
NEW WORLDWIDE: Members and Creditors to Meet on April 15

ORIENT AIR: Law Kai Lo Steps Down as Liquidator
ORIENTAL ENTERPRISES: Members' Meeting Set for April 14
SUN KEE: Members and Creditors to Meet on April 15


I N D I A

ICICI BANK: Plans to Spin Off ATMs and PoS
SATYAM COMPUTER: Loses 46 Customers to Rival, Economic Times Says
SRI SNS: Delay in Term Loan Payment Cues CRISIL's "D" Rating
SUNSHIELD CHEMICALS: CRISIL Puts 'B-' Ratings on Various Loans
TATA MOTORS: Inks Car Financing Deal With Three More Indian Banks

VENUS GARMENTS: CRISIL Junks Rating on Rs.363.8 Mln. Term Loan
* INDIA: Economy to Face Downturn Until May 2010, Survey Shows


I N D O N E S I A

PRIMA INREKSA: CV Cisarua Revokes Bankruptcy Litigation
PT CENTRAL: Fitch Puts 'B' on Neg. Watch on Potential Breaches
SEMEN GRESIK: May Acquire 40% Stake in Regional Rival


J A P A N

ALPINE ELECTRONICS: To Slash 2,500 Workers; Expects to Post Loss
CV THERAPEUTICS: Astellas Withdraws US$1.1 Bln Hostile Bid
JMAC4 TRUST: Moody's Changes Ratings on Various Classes of Notes
MAZDA MOTOR: Plans to Apply Government Loan
MITSUBISHI MOTORS: S&P Gives Negative Outlook; Affirms 'B+' Rating

TOSHIBA CORPORATION: To Freeze Annual Wage Hike for Six Months
* JAPAN: 3 Regional Banks to Receive JPY121 Bln in Public Funds
* JAPAN: To Increase Gov't Bond Purchases to JPY1.8 Tril.


M A L A Y S I A

HO HUP: Wants Plan Filing Deadline Extended Until Sept. 30
NEPLINE BHD: Lender Seeks Payment of $12 Million Loan
PECD BERHAD: Court Grants Winds Up Order Against Unit
PILECON ENG'G.: Extraordinary General Meeting Set for March 31


N I G E R I A

UNION BANK: Fitch Affirms IDR at 'B+' As Profit Hikes 85.8%


P H I L I P P I N E S

MARIWASA SIAM: Gets Reprieve on Loan Repayments


S I N G A P O R E

MAGNETAR FINANCIAL: Creditors' Proofs of Debt Due on April 16
NEO INVESTMENT: Creditors' Meeting Set for March 24
TOSHALI MARKETING: Final Meeting Slated for April 20


T A I W A N

NANYA TECHNOLOGY: Not Discussing Capital Reduction, Board Says
PROMOS TECHNOLOGIES: More Than 50% Investors Agree on Tender Offer


                         - - - - -



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

SEIZA AUGUSTUS: S&P Cuts Rating on Class D of 2007-1 Notes to BB-
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on the
Class C, M, and D notes issued by Seiza Augustus 2007-1 Trust and
affirmed the ratings on the Class A, B, E, and F notes.

These downgrades reflect Standard & Poor's expectations of the
future performance of the underlying portfolio of residential and
small-ticket commercial property loans, which may be affected by a
rapidly slowing Australian economic environment and softening
property market.  Following the transfer to a new servicer,
additional detailed information has come to light regarding the
origination and valuation standards, in particular the portfolio's
concentration of properties in troubled areas with poor
recoverability.  Due to these factors, S&P believes the portfolio
has greater sensitivity to default and may experience poorer
recovery from the security properties.

Consequently, the ratings on the Class C and D notes have been
lowered by one notch to reflect S&P's revised opinion of the
credit quality of the underlying portfolio.  On the other hand,
S&P affirmed the Class A and B notes because S&P believes they
currently have sufficient credit support built-up through
amortization to weather further performance deterioration at their
current rating levels.  In addition, there are no changes to the
ratings on the Class E and F notes as their current ratings
already reflect the vulnerable credit quality of these notes.

The Class M notes are effectively net-interest-margin notes that
receive their interest and scheduled amortization amount pari-
passu with the Class C notes from interest collections.
Consequently, the rating on the Class M notes was lowered to 'A-',
in line with the downgrade on the Class C notes.

                         Ratings Lowered

Transaction                        Class   Rating to   Rating from
Seiza Augustus Series 2007-1 Trust   C       A-          A
Seiza Augustus Series 2007-1 Trust   M       A-          A
Seiza Augustus Series 2007-1 Trust   D       BB-         BB

                        Ratings Affirmed

        Transaction                         Class   Rating
        -----------                         -----   ------
        Seiza Augustus Series 2007-1 Trust   A       AAA
        Seiza Augustus Series 2007-1 Trust   B       AA
        Seiza Augustus Series 2007-1 Trust   E       CCC+
        Seiza Augustus Series 2007-1 Trust   F       CCC-


SKYAIRWORLD: Placed in Voluntary Administration
-----------------------------------------------
Queensland carrier SkyAirWorld has collapsed, owing creditors more
than AU$40 million and left 140 staff with little chance of
getting their full entitlements, the Australian Business reports.

According to a report posted in Watoday.com.au, the carrier called
in a voluntary administrator, Peter Lucas, just days after GE
Capital's aircraft leasing arm, GECAS, repossessed the carrier's
five Embraer aircraft.

In February, Watoday.com.au recalls, SkyAirWorld sacked 40 staff
from its 140 workforce and grounded three of its five aircraft.

The carrier, Watoday.com.au says, will almost certainly not fly
again as its only remaining assets include tools, spare parts and
an air operator's certificate.

Mr. Lucas, as cited by the Australian, said a party was interested
in the company's remaining assets, the fate of which he hoped to
know by the end of the week.

Backed by Australian, New Zealand and British businessmen,
Watoday.com.au states, SkyAirWorld began flying three years ago
with the aim of tapping the mining industry's demand for charter
flights to the outback.  It later began commercial flights within
Queensland and between Brisbane and Honiara, capital of the
Solomon Islands, according to Watoday.com.au.



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

UNITED EAGLE: Receives CNY200 Mln. Capital Injection
----------------------------------------------------
Privately-owned carrier United Eagle Airline Co Ltd has received a
CYN200 million capital injection from state-owned Sichuan Airlines
Co Ltd, the China Knowledge reports citing China Business News.

United Eagle's shareholders, China Knowledge relates, has approved
the capital injection plan and decided to appoint executives from
the Sichuan Airlines to be the new chairman and new general
manager.

The report says Sichuan Airlines will own a controlling 76% shares
in United Eagle, which will be transformed into a state-controlled
company, after the plan injection.

According to the report, United Eagle was one of the many domestic
privately-owned airlines that suffered significant losses amid the
global financial crisis, with a debt ratio of over 90%.

China Knowledge notes that the CNY200 million-capital injection
will help the troubled airline ease financial problems and cut its
debt ratio below 80%.

United Eagle Airlines Co Limited is a privately-owned airline
based in Chengdu, Sichuan, People's Republic of China.  It
operates domestic passenger services and its main base is Chengdu
Shuangliu International Airport.



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

ASIA ALUMINUM: Moody's Cuts Rating to 'Ca', Outlook Still Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa1 the
corporate family rating and to C from Ca the senior unsecured
rating of Asia Aluminum Holdings Ltd.  The outlook for the ratings
remains negative.

"The rating downgrade follows the announcement that the holders of
AAH's senior unsecured notes and the PIK notes of its parent, Asia
Aluminum Investment, have rejected the group's debt restructuring
plan, and that Ferrier Hudson has been appointed provisional
liquidator for the group," says Wonnie Chu, a Moody's Analyst.

"The rating action reflects the expected low recovery prospect for
AAH's creditors.  The C rating of the senior unsecured notes
reflects their subordinate status to debt obligations at AAH's
operating subsidiaries," says Chu, also Moody's Lead Analyst for
the company.

"Meanwhile, the negative outlook reflects the high degree of
uncertainty over the corporate restructuring and liquidation
process," she adds.

The last rating action was on February 16, 2009, when the
company's corporate family rating was downgraded to Caa1 from B2
and senior unsecured bond to Ca from B3 with a negative outlook.

Asia Aluminum Holdings Ltd, founded in 1992, is the largest
manufacturer of aluminum extrusion products in Asia, with 360,000
metric tons annual design capacity.  The company also expects to
fully commence its 400,000 MT flat-rolled product facility by
FY2009.

AAH was privatized in May 2006.  The new holding company, Asia
Aluminum Investment, is controlled by Mr. Kwong Wui Chun, the
founder and chairman of AAH.


ASIA ALUMINUM: Provisional Liquidators Cue S&P's 'D' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Asia Aluminum Holdings Ltd. to 'D' from 'CC'.  At
the same time, S&P also lowered its issue rating on the company's
US$450 million senior unsecured notes due 2011 to 'D' from 'C'.

"Our downgrades follow the announcement by Ferrier Hodgson on
March 16, 2009, that two of its executive directors have been
appointed provisional liquidators of the Asia Aluminum Group,
including Asia Aluminum Holdings Ltd.," said Standard & Poor's
credit analyst Bei Fu.  "According to its criteria, S&P assign a
'D' rating when a company has defaulted or it is in bankruptcy or
being liquidated.  In S&P's opinion, the company may fail to meet
its other obligations as they come due."

In a tender offer document dated Feb. 16, 2009, the company
disclosed that its consolidated cash and bank balances totaled
Hong Kong dollar (HK$) 702.8 million, but it had HK$12.39 billion
in total liabilities as at the end of 2008 (figures are
unaudited).  These liabilities excluded its outstanding payment-
in-kind notes totaling US$727.5 million (which includes PIK notes
issued as payment-in-kind for interest).


ASIA ALUMINUM: Provisional Liquidators Appointed
------------------------------------------------
Tom Kohn at Bloomberg News reports that Asia Aluminum Holdings Ltd
named provisional liquidators after some bondholders opposed a
debt-restructuring plan.  The High Court in Hong Kong has
appointed Ferrier Hodgson as provisional liquidators to the
company.

Citing Asia Aluminum in an e-mailed statement, Bloomberg News
relates Ferrier Hodgson is “undertaking an urgent assessment of
the financial position and operations” of the company.

Bloomberg News says directors Vincent Fok and Rod Sutton will lead
the review.

Meanwhile, FinanceAsia reports that subsequent to the appointment
of provisional liquidators, Asia Aluminum has terminated its
tender offer.

                     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 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).

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
reported citing Bondcritic.com analyst Warut Promboon.

Since the tender offer was made, the Journal said 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.

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.



BRIDISCO: Appoint Sutton and Yu as Liquidators
----------------------------------------------
On February 26, 2009, the creditors of Bridisco (Hong Kong)
Limited appointed Roderick John Sutton and Fok Hei Yu as the
company's liquidators.

The Liquidators can be reached at:

          Roderick John Sutton
          Fok Hei Yu
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


CENTRAL CHINA ET AL: John Robert Lees Steps Down as Liquidator
--------------------------------------------------------------
On March 9, 2009, John Robert Lees stepped down as liquidator of:

   -- Central China I.T. Limited;
   -- Central China International Limited;
   -- Chainstoreonline.net Limited;
   -- Excel Talent Enterprise Limited;
   -- Honor Unity Development Limited; and
   -- Mansfield Limited.

The company's former Liquidator can be reached at:

          John Robert Lees
          John Lees & Associates Limited
          1904 Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


CHEUNG FAT: Members Pass Resolution During Meeting
--------------------------------------------------
During the final general meeting held on March 6, 2009, the
members of Cheung Fat Piece-Goods Limited resolved that the
company's books and papers be placed in the custody of the
liquidators.


CLARET COMPANY ET AL: Members' Meeting Set for April 16
-------------------------------------------------------
A meeting will be held on April 16, 2009, at the the 27th Floor of
Alexandra House, 18 Chater Road, in Central, Hong Kong, for the
members of:

   -- Claret Company Limited at 10:00 a.m.; and
   -- Kar Ha Development Company Limited at 10:30 a.m.

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


COMMON EMPIRE: Creditors' Proofs of Debt Due on April 13
--------------------------------------------------------
The creditors of Common Empire Investment (Hong Kong) Limited are
required to file their proofs of debt by April 13, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

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


EURO GARMENT: Final General Meeting Set for April 15
----------------------------------------------------
Euro Garment Trading Co., Limited will hold their final general
meeting on April 15, 2009, at 10:00 a.m., at 703 of Hang Bong
Commercial Centre, in 28 Shanghai Street, Kowloon.

At the meeting, Law Si Yenn, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


HOP LIK: Members' Meeting Set for April 15
------------------------------------------
The members of Hop Lik Container (HK) Limited will hold their
final meeting on April 15, 2009, at 9:30 a.m., at Rooms 1901-2 of
Park-In Commercial Centre, in 56 Dundas Street, Kowloon.

At the meeting, Lee Kwok On Alexander, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


IN GOOD: Placed Under Voluntary Wind-Up
---------------------------------------
On March 5, 2009, a written resolution was passed to voluntarily
wind up the operations of In Good Care (China) Limited.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


JTJ INDUSTRIAL: Members' Meeting Set for April 15
-------------------------------------------------
The members of JTJ Industrial Limited will hold their final
meeting on April 15, 2009, at 3:00 p.m., at Block E, 3rd Floor of
Wang Cheing Building, in 251 Reclamation Street, Kowloon.

At the meeting, Tang Sau Wah, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


LEVA (HONG KONG): Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on March 3, 2009, the
members of Leva (Hong Kong) Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

          Heng Poi Cher
          4304
          China Resources Building, 43rd Floor
          26 Harbour Road
          Wanchai, Hong Kong


METASOLV SOFTWARE: Members' Meeting Set for April 21
----------------------------------------------------
The members of Metasolv Software (Hong Kong) Limited will hold
their final general meeting on April 21, 2009, at 11:00 a.m., at
the 20th Floor of Prince's Building, in Central, Hong Kong.

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


NEW WORLDWIDE: Members and Creditors to Meet on April 15
--------------------------------------------------------
The members and creditors of New Worldwide Corporation Limited
will hold their meeting on April 15, 2009, at 10:05 a.m. and
10:30 a.m., respectively, at Unit 2, 8th Floor of Kingsford
Industrial Centre, No. 13 Wang Hoi Road, in Kowloon Bay, Kowloon.

At the meeting, Tseng Yih Sun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


ORIENT AIR: Law Kai Lo Steps Down as Liquidator
-----------------------------------------------
On March 6, 2009, Law Kai Lo stepped down as liquidator of Orient
Air (HK) Limited.

The company's former Liquidator can be reached at:

          Law Kai Lo
          Greatmany Centre, 20th Floor
          111 Queen's Road East
          Wanchai, Hong Kong


ORIENTAL ENTERPRISES: Members' Meeting Set for April 14
-------------------------------------------------------
The members of Oriental Enterprises Company Limited will hold
their final meeting on April 14, 2009, at 11:00 a.m., at Room 210
of East Ocean Centre, 98 Granville Road, in Tsimshatsui East,
Kowloon.

At the meeting, Chan Chor Ming, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUN KEE: Members and Creditors to Meet on April 15
--------------------------------------------------
The members and creditors of Sun Kee AV Co, Limited will hold
their meeting on April 15, 2009, at 10:00 a.m. and 10:15 a.m.,
respectively, at Unit 2, 8th Floor of Kingsford Industrial Centre,
No. 13 Wang Hoi Road, in Kowloon Bay, Kowloon.

At the meeting, Tseng Yih Sun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.



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

ICICI BANK: Plans to Spin Off ATMs and PoS
------------------------------------------
ICICI Bank Ltd is planning to spin off its automated teller
machines (ATMs) and point-of-sale (PoS) terminals, the Economic
Times reports.

The report says the bank has sought bids from banking technology
companies and private equity players for participating in the
proposed entity.

Citing an unnamed source, the Times relates that Visa, FSS, Total
Systems Services, KKR-owned First Data Corporation, Blackstone-CMS
joint venture, Venture Infotek and a few private equity investors
have shown interest in partnering with ICICI Bank.

The bank has more than 4,000 machines and more than two lakh PoS
terminals, the Times discloses.

"Banks should look at deals like this since ATM management is not
really a core-banking activity.  ICICI Bank could be looking at
its existing ATMs because when it had scaled up its network
(before 2000), outsourcing had not really caught on,"
Mani Mamallan, chief marketing officer, C-Edge, a joint venture
between SBI and TCS, was quoted by the report as saying.

According to the Times, a separate unit, which specialises in
installing and managing ATMs, will be able to deploy new machines
at a much faster rate.

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 21, 2008, Fitch Ratings affirmed ICICI Bank Ltd.'s Long-
term Foreign Currency Issuer Default Rating at 'BBB-, Short-term
Foreign Currency IDR at 'F3' and Support Rating Floor at 'BBB-'.
Simultaneously the Individual rating and Support ratings were
affirmed at 'C' and '2', respectively, although both these ratings
face downward pressure.  The agency also affirmed its Long-
term senior debt rating at 'BBB-' and Long-term rating of its
perpetual hybrid debt and Upper Tier 2 subordinated debt at 'BB'.
The Outlook is Stable.


SATYAM COMPUTER: Loses 46 Customers to Rival, Economic Times Says
-----------------------------------------------------------------
Satyam Computer Services has lost around 46 outsourcing contracts
to rival tech firms such as TCS, Wipro, IBM and Accenture, the
Economic Times reports.

The Times says top customers such as semiconductor firm Applied
Materials, Kansas State Bank, Telstra, Emerson, Nissan, State Farm
Insurance and Sony apart from dozens others have either moved out
their projects completely, or are in the process of migrating
current Satyam work to other outsourcing vendors, as these clients
seek to mitigate the operational risks by working with more stable
vendors.

"Abu Dhabi Bank is among the recent customers to have moved out of
Satyam, the bank has shifted its work to 3i Infotech, taking the
total client exits to around 46," the Times cited a person
familiar with the developments as saying.

Separately, The Australian IT reports that Telstra has dropped
Satyam from an applications support contract believed to be worth
$32 million a year.

Satyam's IT contracts with Telstra will be picked up by EDS, the
The Australian IT relates citing unnamed sources.

According to the Australian IT, Telstra declined to confirm or
deny having dropped Satyam, saying the decision about its supply
arrangements with individual vendors would not be announced to the
media.

In addition, the Australian IT relates Satyam's fallout from the
scandal has also led National Australia Bank to re-evaluate its
relationship with the outsourcer.

The Australian IT says NAB has delayed plans to send several core
technology functions to Satyam's Indian operations.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees (US$1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon Rs200
million (US$4.1 million) a month out of the company, The Financial
Times said in a report last month.

                          About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SRI SNS: Delay in Term Loan Payment Cues CRISIL's "D" Rating
------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the Rs.268.7 million term
loan facilities of Sri SNS Charitable Trust (SNS).  This is
because SNS has delayed in its term loan instalment payment, which
was to be paid to Central Bank of India.

                         About the Trust

SNS was set up in 1997 by Dr. S N Subramanian, Dr. S Rajalakshmi
and Dr. V S Veluswamy.  The trust runs two engineering colleges,
one arts and science college, and one bachelor of education
college, in Coimbatore, Tamilnadu.  For 2007-08 (refers to
financial year, April 1 to March 31), SNS reported a profit after
tax (PAT) of Rs.37.7 million on a turnover of Rs.154.8 million, as
against a PAT of Rs.19.7 million on a turnover of Rs.97.8 million
for 2006-07.


SUNSHIELD CHEMICALS: CRISIL Puts 'B-' Ratings on Various Loans
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of Sunshield Chemicals Ltd (Sunshield).

   Rs.131.0 Million Term Loan           B-/Stable (Assigned)
   Rs.91.5 Million Cash Credit *        B-/Stable (Assigned)
   Rs.45.0 Million Letter of Credit     P4 (Assigned)
   Rs.17.5 Million Bank Guarantee       P4 (Assigned)

   * Interchangeable with Packing Credit to the extent of
     Rs.80.0 Million

The ratings reflect Sunshield's weak financial risk profile and
small scale of operations.  These rating weaknesses are, however,
mitigated by the benefits that Sunshield derives from the vast
experience of its promoters.

Outlook: Stable

CRISIL expects Sunshield's financial risk profile to remain
constrained on account of low profitability and weak liquidity
profile.  The outlook may be revised to 'Positive' if the
company's capital structure improves significantly, backed by
higher-than-expected internal accruals.  Conversely, the outlook
may be revised to 'Negative' if unfavourable business conditions
further weaken the company's financial risk profile, and impact
its debt-servicing ability.

                         About Sunshield

Sunshield was incorporated by Mr. Satish Kelkar in 1986 as a
private limited company.  In 1995, the company was listed on
Bombay Stock Exchange (BSE), following an initial public offering.
During 2004-05 (refers to financial year, April 1 to March 31),
Mr. Amit Choksey acquired a controlling stake in Sunshield. The
company manufactures organic chemicals such as tri hydroxy ethyl
isocyanurate (THEIC), ethylene oxide condensate (EOC),
antioxidants and other specialty chemicals at its plant at Raigad
(Maharashtra).  These organic chemicals find application in
industries such as rubber, plastic, polymers, lubes/oil, and wire
enamel.

Sunshield reported a net loss of Rs.5.4 million on revenues of
Rs.461.1 million for 2007-08, as against a net loss of Rs.32.8
million on revenues of Rs.373.1 million for 2006-07.


TATA MOTORS: Inks Car Financing Deal With Three More Indian Banks
-----------------------------------------------------------------
Tata Motors Limited said it has entered into an understanding with
another three Indian banks to provide financing to consumers of
its full range of passenger vehicles.

The three Indian banks are:

   -- the State Bank of Travancore

      Under the agreement, the State Bank of Travancore offers
      car loans up to 85% of the on road price, for tenure
      ranging up to 7 years, at a very competitive rate.  SBT
      is offering car loans at rates frozen at 10% up to
      May 15, 2010, for loans sanctioned on or before April 30,
      2009.

      The facility will be available at all branches of State
      Bank of Travancore and 470 sales touch points of Tata
      Motors.

   -- the State Bank of Bikaner and Jaipur

      State Bank of Bikaner and Jaipur offers car loans up to
      85% of the on road price, for tenure ranging up to 7
      years, at a very competitive rate.  SBBJ is offering car
      loans at rates frozen at 10% up to May 31, 2010, for loans
      sanctioned on or before May 31, 2009.

      The facility will be available at all branches of State
      Bank of Bikaner and Jaipur and 470 sales touch points
      of Tata Motors.

   -- Andhra Bank

      Andhra Bank offers car loans up to 90% of invoice, for
      tenure ranging up to 6 years, at a very competitive rate
      of 11.75% repayable in 36 months, and 12% repayable in
      > 36 months.  For the women's segment, a 0.50% concession
      in the rate of interest will be given.

      The facility will be available at all branches of Andhra
      Bank and 470 sales touch points of Tata Motors.

Tata Motors said these tie-ups will provide a single window for
both cars as well as car loans and will make car buying easier for
customers.

The Troubled Company Reporter-Asia Pacific on Mar. 10, 2009,
reported that Tata Motors said it entered into an understanding
with three Indian banks to provide financing to consumers of its
full range of passenger vehicles.

The three Indian banks are Punjab National Bank, Bank of India and
the State Bank of Patiala.

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B3 from B1.  The outlook
remains negative.

"The rating change reflects TML's limited financial flexibility,
high gearing as well as imminent refinancing risk in the context
of weak market conditions in India and overseas," says Elizabeth
Allen, a Moody's Vice President/Senior Credit Officer.

"The significant decline in sales volume challenges the company's
ability to achieve cash flow and profitability breakeven and thus
a reliance on debt funding," says Allen.

The TCR-AP reported on July 9, 2008, that Standard & Poor's
Ratings Services kept its 'BB' corporate credit rating on India's
Tata Motors Ltd. On CreditWatch with negative implications,
pending finalization of the long-term financing plans for funding
the company's purchase of Jaguar and Land Rover from Ford Motor
Co. (B/Watch Neg/--).  At the same time, Standard & Poor's ratings
on all Tata Motors' rated debt remain on CreditWatch with negative
implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.


VENUS GARMENTS: CRISIL Junks Rating on Rs.363.8 Mln. Term Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Venus Garments (India) Ltd.

   Rs.363.8 Million Term Loan        C (Assigned)

   Rs.290.0 Million Export Packing   P4 (Assigned)
     Credit/Pre Shipment Credit in
     Foreign Currency

   Rs.80.0 Million Stand by Line     P4 (Assigned)  
                   of Credit  

   Rs.110.0 Million Letter of        P4 (Assigned)
        Credit/Bank Guarantee

The ratings reflect significant expected losses on derivative
contracts for Venus Garments over the medium term, the company's
weak financial risk profile, and its exposure to risks related to
customer concentration and fluctuations in foreign currency rates.
These weaknesses are mitigated by extensive industry experience of
the firm's promoters, their stable business relationships with
global retailers, and the firm's comfortable operating
efficiencies.

                      About Venus Garments

Set up in 1999 by Mr. Anil Jain, Venus Garments manufactures and
exports readymade garments. It has eight production units: six in
Ludhiana (Punjab) and two in Tirupur (Tamil Nadu).  The firm's
products include polo shirts, T-shirts, jogging suits, sweat
shirts, thermal wear, and sweaters.  More than 90 per cent of the
products are exported, primarily to the US, Mexico, and Canada.
The firm also owns around 50 factory outlets in North India where
it sells export rejects. In 2007-08 (refers to financial year,
April 1 to March 31), Venus Garments' promoters incorporated UV&W
Products Ltd to open retail stores to sell organic cotton clothing
products of Venus Garments in the domestic market.  For 2007-08,
Venus Garments reported a profit after tax (PAT) of Rs.38 million
on net sales of Rs.1889 million, as against a PAT of Rs.34 million
on net sales of Rs.1715 million in the preceding year.


* INDIA: Economy to Face Downturn Until May 2010, Survey Shows
--------------------------------------------------------------
The corporate sector expects the period of downturn in the Indian
economy to continue till May 2010 before bouncing back in response
to the fiscal and monetary policy stimulus and abatement of
recession in the international economy, an ASSOCHAM Business
Barometer (ABB) Survey of 237 CEOs has revealed.

In the ABB Survey, 84 per cent of the CEOs polled across various
business segments were unanimous about the view that poor Business
Confidence in India may extend till the middle of the next year.

Around 77 per cent of the industry heads believed that the growth
rebound would be faster and sooner in India than the developed
economies of US and Europe, said the ASSOCHAM President,
Mr. Sajjan Jindal while quoting findings of ABB Survey.

The ABB Survey "Economic Outlook for India" was based on the
responses from 237 CEOs and Managing Directors across fifteen
sectors at small, medium and large scale level companies. The
survey was done during the month of February.

Spill over of world recession into Indian economy enhanced by the
tight monetary policy has hit the aggregate demand hitting the
growth rate severely.  The industrial production has slipped into
negative zone.   Huge job cuts across various sectors have
worsened the situation, added Mr. Jindal.

The key driving factors for end of slowdown in India cited by the
ABB respondents included reduction of repo rate and reverse repo
rates infusing liquidity in the markets, government in terms of
improved fiscal spending and fall in inflation providing cushion
to the industry in terms of reduced cost.

The industry expects the economic activity to pick momentum after
the elections as the stalled projects would resume and fresh
budgetary allocations would further boost the economy. The
combined impact of these factors would be felt after the end of
the fiscal 2009-10.

Even as the growth rate is expected to turn northwards again by
next year, the industry heads do not expect the commodity price
boom to materialize by the time.  Almost 68 per cent of the survey
respondents believed that it would take long time for the excess
capacity built during the boom time to be fully utilized.

The foreign trade scenario is expected to worsen in coming months
despite the depreciating Rupee and incentives announced by the
government.  Around 62 per cent of the CEOs expect the growth rate
to remain in negative zone as there are bleak chances for the
recovery of consumption rate in US.

About 60 per cent of the Indian GDP is domestic consumption and
the percentage contribution of exports is 23 per cent.  Hence,
even as it would be difficult for the export sector to revive by
the end of this year, the Indian economy may regain its lost
momentum in response to government investments and domestic
consumption.

The Real estate sector has faced stagnant demand due to tight
monetary policy followed by the Reserve Bank and decline in
economic activity.  While the home loan rates have come down
subsequent to deduction of policy rates by the central bank, the
ABB respondents stated that the sector would enter the growth
trajectory once the whole economy started growing. They expect the
sector to revive by the end of the year 2010.

The investment scenario in the Indian economy has also taken the
hit as both domestic as well as foreign investment dipped due to
credit crunch and declining demand.  As many as 73 per cent of the
CEOs polled by the ABB expect the investments to recoup by the end
of the year 2009 as domestic consumption potential would pull the
investors to the economy.

Later this month, the Federal Reserve Chairman has expressed his
optimism over the chances of the US recession getting over by the
end of 2009 if the numerous rescue and stimulus programs work as
intended.  However, the ABB respondents believed that in most
circumstances, the US economy to revive only by the end of the
year 2010.

The Associated Chambers of Commerce and Industry of India
(ASSOCHAM), India's premier apex chamber covers a membership of
over 2 lakh companies and professionals across the country.  It
was established in 1920 by promoter chambers, representing all
regions of India.



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

PRIMA INREKSA: CV Cisarua Revokes Bankruptcy Litigation
-------------------------------------------------------
CV Cisarua has revoked its bankruptcy litigation against PT Prima
Inreksa Industries (PII) after reaching an amicable settlement on
the latter's outstanding debt, The Jakarta Post reports.

Citing Suyud Margono, lawyer for Cisarua, the report relates PII
had paid its US$163,046 debt to Cisarua after reaching a peaceful
settlement as a result of  mediation.

“Based on the peaceful settlement, Cisarua has agreed to revoke
its bankruptcy suit logged with the Jakarta commercial court”
the report quoted Mr. Margono as saying.

PII has still a US$37.25 million outstanding debt to Bank Negara
Indonesia (BNI), report discloses.

CV Cisarua and BNI initially filed the suit together because under
the existing regulations, bankruptcy litigation requires at least
two companies to act jointly as plaintiffs, the report notes.

The report, citing data from the Industry Ministry, adds that
last year, PII also had debts amounting to US$8 million to its
suppliers.

PII was one of the six Indonesian companies manufacturing sport
shoes for Adidas Group before the partnership ended last year,
the report states.


PT CENTRAL: Fitch Puts 'B' on Neg. Watch on Potential Breaches
--------------------------------------------------------------
Fitch Ratings has placed Indonesia's PT Central Proteinaprima
Tbk's 'B' Long-term foreign currency Issuer Default Rating and
senior unsecured ratings on Rating Watch Negative.

The RWN assignment reflects Fitch's concern over the impact of
potential breaches of CPP's bank loan covenants, which require the
company to maintain its debt to equity ratio at below 2.5x and
EBITDA/interest cover above 2.0x.  On March 13, 2009, BAPEPAM-LK
(Indonesia's Capital Market Supervisory Agency) announced that
CPP's extraordinary shareholder meeting (held on Nov. 28, 2008) -
which had approved the conversion of the company's convertible
debt into equity as part of a rights issue - was invalid because
it was non-quorate.  The rights issue was subsequently completed
in December 2008, resulting in a IDR1.75 trillion increase in the
company's total equity.  CPP's articles of association confirmed
that the increase in equity had been approved by the Ministry of
Justice.  Although it is not yet clear whether the company's
rights issue will be invalidated, in Fitch's estimation, the
company will likely breach the Debt to Equity ratio covenant in
the event BAPEPAM-LK's decided to cancel the rights issue.  Fitch
notes that CPP's management team believes this is unlikely to
happen.

Moreover, demand for shrimp is not expected to recover due to the
ongoing global economic recession in the main consuming countries
such as the US, Europe and Japan.  As such, in FY09 Fitch
anticipates that the company could potentially breach its interest
coverage ratio in respect of facilities from certain banks.

The agency believes that given the high reliance of the company on
short-term bank loans to finance its working capital, any
unfavorable reaction by its lenders to any covenant breach would
be extremely detrimental to the company's liquidity profile.
However, Fitch notes that in such a scenario there is a
possibility the banks may grant a waiver or relax the financial
covenants on a temporary basis.

Fitch expects to resolve the RWN after clarification is provided
on the rights issue ruling and/or when Q109 financial statements
become available.  Additionally, the agency will consider any
further guidance provided by the company regarding its plans to
remedy any potential breach of its financial covenants.  If a
breach of one or both of the covenants does occur, then the agency
would most likely downgrade the company's rating by at least by
one notch, with the potential for a further downgrade being
contingent on the reaction of its lenders.

Founded in 1980 by the Charoen Pokphand Group, a conglomerate
engaged in agro-industrial and aquaculture businesses in Thailand,
CPP is one of the world's largest shrimp producers and processors.
The Jiaravanon family, which is the controlling shareholder of
CPG, has a majority beneficial interest in the company.


SEMEN GRESIK: May Acquire 40% Stake in Regional Rival
-----------------------------------------------------
PT Semen Gresik may acquire a 40% stake in a regional rival as
domestic demand slows and the global economic recession makes
assets cheaper, The Jakarta Post reports.

“At the moment, prices are cheap.  We don’t want to lose
momentum”, the report quoted Semen Gresik President Director Dwi
Soetjipto as saying.

Citing Mr. Dwi, the report says the targets for the expansion
plans are cement companies located in the Philippines, Vietnam and
Malaysia.

So far, the company has selected six firms as possible acquisition
targets, the report relates citing Semen Gresik Vice President
Heru Adiningrat.

The acquisition plan has forced the company to again revise its
capital expenditure plan budget to be spent between 2009 and 2012,
which had been previously revised down to US$1.3 billion, from
US$1.6 billion earlier, the report adds citing Mr. Dwi.

According to the report, the company's acquisition plan aims to
help it retain its revenue growth amidst an expected decline in
growth of local demand this year.

The company planned to hold a shareholders' meeting in May to seek
approval for the plan, the report notes citing Mr. Adiningrat.

                         About Semen Gresik

PT Semen Gresik Tbk is the largest cement player in Indonesia
with a 46% market share.  It has a total production capacity of
16.9 mtpa with facilities located in Tuban, Padang and Tonasa.
As of June 2007, SGG was 51% owned by the government and 24.9%
by the Rajawali Group, with the remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.




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

ALPINE ELECTRONICS: To Slash 2,500 Workers; Expects to Post Loss
----------------------------------------------------------------
Japan Today reports that Alpine Electronics Inc said Tuesday it
will slash 2,500 workers worldwide by September due to a sharp
fall in orders amid sluggish sales of automobiles.

Alpine, the report relates, said it will no longer renew contracts
of 800 temporary workers in Japan.

Japan Today says the company will also cut its executives'
remuneration by 20-35% from April, increasing its current
renumeration cut of 15-20%.

In addition, the report discloses Alpine has revised downward its
earnings projection for fiscal 2008 ending March 31.

According to the report, the company now expects to post a group
net loss of JPY9.5 billion, against its previous forecast released
in February of JPY1.5 billion group net loss.

Alpine Electronics, Inc. -- http://www.alpine.com/-- is a Japan-
based manufacturing company.  The company is mainly engaged in the
manufacture and sale of automobile audio systems, including car
audio systems designed for iPod, digital power amps, speakers and
original equipment manufacturing (OEM) car audio systems, as well
as information and communications systems, including navigation
systems, high-resolution monitor systems and OEM navigation
systems.  The company is a subsidiary of Alps Electric Co., Ltd.
and has 34 subsidiaries and eight associated companies.


CV THERAPEUTICS: Astellas Withdraws US$1.1 Bln Hostile Bid
----------------------------------------------------------
Astellas Pharma Inc. abandoned its US$1.1 billion hostile bid for
CV Therapeutics Inc. after the U.S. company agreed to a higher
offer from Gilead Sciences Inc., Bloomberg News reports.

Astellas (TYO:4503) is a Japan-based company engaged in the
manufacturing and sale of pharmaceuticals and related products.
The Company offers its pharmaceuticals to both domestic and
overseas markets including Japan, North America, Europe and Asia.
In addition, the Company is also engaged in real estate business.
The Company has 64 consolidated subsidiaries and three associated
companies.

In statement Monday, Astellas said it will terminate its US$16.00
per share offer for CV Therapeutics and will not propose directors
for the CV Therapeutics Board of Directors or make any other
proposals at CV Therapeutics’ 2009 annual meeting.

Astellas also said in the statement it intends to withdraw a
related lawsuit in the Delaware Chancery Court against CV
Therapeutics and its directors.

Astellas decided to walk away from its Feb. 27 tender offer after
CV Therapeutics agreed to Gilead’s US$1.4 billion takeover on
March 12, Bloomberg News relates.

"Astellas is a disciplined acquirer and does not see value for
Astellas stockholders in CV Therapeutics at the price level of the
sale announced on March 12," the Japanese company said in the
March 16 statement.

The drugmaker began pursuing CV Therapeutics in September 2007,
Bloomberg News says citing regulatory documents filed by the U.S.
company on March 12.

                       About CV Therapeutics

Headquartered in Palo Alto, California, CV Therapeutics Inc.
(NasdaqGM: CVTX) -- http://www.cvt.com/-- is a biopharmaceutical
company focused on applying molecular cardiology to the discovery,
development and commercialization of novel, small molecule drugs
for the treatment of cardiovascular diseases.  CV Therapeutics
Ltd. is the company's European subsidiary based in the United
Kingdom.

                          *     *     *

For three months ended Sept. 30, 2008, the company posted net loss
of US$25.3 million compared with net loss of US$34.2 million for
the same period in the previous year.  For nine months ended
Sept. 30, 2008, the company posted net loss of US$61.5 million
compared with net loss of US$146.8 million for the same period in
the previous year.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$391.9 million and total liabilities of US$617.5 million,
resulting in total stockholders' deficit of US$225.6 million.


JMAC4 TRUST: Moody's Changes Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has changed the ratings of the Class C
through E trust certificates of JMAC4 Trust.  The final maturity
of the certificates will take place in February 2013.

The rating actions are:

  -- Class C: Downgraded to Baa2 from A2 and placed under review
     for possible downgrade; A2 placed under review for possible
     downgrade on December 12, 2008

  -- Class D: Downgraded to Ba2 from Baa2 and placed under review
     for possible downgrade; Baa2 placed under review for possible
     downgrade on December 12, 2008

  -- Class E: Downgraded to B3 from Ba2 and placed under review
     for possible downgrade; Ba2 placed under review for possible
     downgrade on December 12, 2008

JMAC4 Trust, effected in March 2006, represents the securitization
of 16 non-recourse loans backed by real estate.  Eleven of the
non-recourse loans have been paid in full, and the transaction is
currently secured by five non-recourse loans backed by 12
properties and prepaid principal in the trustee's account.

On December 12, 2008, Moody's had placed under review for possible
downgrade the rating of the transaction's Class C through E trust
certificates, because of the need to reconsider the credit quality
of the remaining collateral for the non-recourse loans.

On the same day, one of the loans became subject to special
servicing due to the commencement of a relevant party's formal
insolvency proceedings. The special servicer has prepared an asset
business plan for the specially serviced loan, which it has
submitted to the controlling class of noteholders for review.

The rating actions reflect Moody's growing concern about the
collateral recovery of the specially serviced loan and the credit
quality of other remaining collateral for the non-recourse loans.
The rating agency will continue to monitor the collateral recovery
of the specially serviced loan and the credit quality of other
remaining collateral for the non-recourse loans, to decide whether
to confirm or downgrade the ratings of the Class C through E trust
certificates.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


MAZDA MOTOR: Plans to Apply Government Loan
-------------------------------------------
Mazda Motor Corp. plans to apply for government aid as it consumes
cash, Bloomberg News reports.

The report, citing Mazda’s financial services division's General
Manager Nobuyoshi Tochio, relates that the company may apply to
the Japan Bank for International Cooperation and Development Bank
of Japan for loans to bolster its cash position.

“We can’t sell bonds right now.  The market isn’t functioning.
Conditions are really bad”, Mr. Tochio was quoted by the Bloomberg
News as saying.

“It’s hard for Mazda to raise money from the capital markets,
because it needs to give a premium to sell bonds with the current
rating”, the report quoted Shinsei Securities Co.'s senior analyst
Yasuhiro Matsumoto as saying.

The company’s BB rating by Standard & Poor's may be cut if the
company fails to cut debt over the next two years, the report adds
citing Mr. Matsumoto.

Mr. Matsumoto told Bloomberg News that few banks will offer new
loans to Mazda under the current economic condition.

“Mazda is going to be on a tightrope even with loans from the
government”, Mr. Matsumoto adds.

                        About Mazda Motor

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

                          *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.


MITSUBISHI MOTORS: S&P Gives Negative Outlook; Affirms 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
the outlook on its 'B+' long-term corporate credit rating on
Mitsubishi Motors Corp., reflecting the increased likelihood, in
S&P's view, of a prolonged deterioration in the company's
financial performance.  Amid the ongoing turbulence in global auto
markets, Mitsubishi Motors' financial performance has sharply
worsened.  This is due in large part to anemic sales in certain
areas, such as Russia, that had contributed materially to the
company's earnings over the past few years.  At the same time,
Standard & Poor's affirmed its long-term corporate credit and
'BB-' senior unsecured debt ratings on Mitsubishi Motors.

Due to a rapid decline in sales and the negative effects of the
strengthened yen, Mitsubishi Motors has forecasted operating
income of JPY5 billion and net losses of JPY60 billion for fiscal
2008 (ending March 31, 2009).  This marks a substantial decline
from operating income of JPY108.6 billion and net income of
JPY34.7 billion generated by the company in the previous fiscal
year (ended March 31, 2008).  For the nine months through Dec. 31,
2008, cash flow at Mitsubishi Motors' automotive operations was
adversely affected by weakened profitability and an increased
working capital burden, with free cash flow standing at negative
JPY109.3 billion.  Although tight inventory management through
sharp production cuts could somewhat support cash flow in and
after the final quarter of fiscal 2008 (Jan. 1 to March 31, 2009),
S&P expects free cash flow to be substantially negative for the
full fiscal year.  Standard & Poor's expects profitability and
cash flow levels at Mitsubishi Motors to remain under considerable
pressure in fiscal 2009 (ending March 31, 2010), as global
economies and auto markets are not expected to recover soon.  As a
result, the company's financial profile, after having shown an
improvement in the past few years, is likely to deteriorate going
into fiscal 2009.

Standard & Poor's believes that the downside risk to Mitsubishi
Motors' operating performance could remain high over the next two
to three years, due to its weaker competitive position relative to
its global peers and its limited financial resources.  Substantial
sales declines in emerging markets, including Russia, have also
had a considerable negative impact on the company's business.

Standard & Poor's may lower its ratings on Mitsubishi Motors if
the company is unable to reverse its current trend of generating
negative free cash flow, and if this trend leads to further
deterioration in the company's financial profile in fiscal 2009.
S&P continue to incorporate the support the company receives from
three core Mitsubishi group companies into the ratings on
Mitsubishi Motors.  The companies, which are all deeply involved
in plans to revitalize Mitsubishi Motors, include Mitsubishi Heavy
Industries Ltd. (BBB+/Stable/--), Mitsubishi Corp. (A+/Stable/A-
1), and Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1).
Standard & Poor's expects the level of support from these
companies to remain unchanged for the time being.  Given the
increasing uncertainty in the global auto industry, however, S&P
will reflect any change in the level of backing offered by the
group companies in S&P's ratings on the company.

The long-term senior unsecured debt rating continues to be one
notch higher than the long-term corporate credit rating,
reflecting the lower default risk of the company's debt than its
bank loans.  This is based on Standard & Poor's expectation of
debt forgiveness by creditor banks in case of a default.  At the
same time, the rating reflects the relatively weak seniority of
the rated unsecured bonds, as Standard & Poor's believes that high
priority liabilities make up a relatively large proportion of the
company's total assets.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Action

                      Mitsubishi Motors Corp.


                                   To                 From
                                   --                 ----
Corporate Credit Rating            B+/Negative/--     B+/Stable/--
Senior Unsecured (1 issue)        BB-


TOSHIBA CORPORATION: To Freeze Annual Wage Hike for Six Months
--------------------------------------------------------------
Toshiba Corp. plans to freeze wages for the first six months of
the business year that starts April 1 in light of its rapidly
deteriorating earnings, the Japan Times reported citing Kyodo
News.

According to the report, industry sources said Toshiba told its
labor union of the plan to freeze regular wage hikes based on its
pay scale or a table for basic wages.

The pay scale, Japan Times notes, provides for automatic wage
increases for certain workers every year, based on seniority and
length of service.

Industry sources have said Toshiba also wants to reject the
union's demand to raise the pay scale's level by JPY4,500 per
month, Japan Times adds.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 4, 2009, Toshiba reported a net loss of JPY121.1 billion for
the third quarter ending December 2008, compared to a JPY80.5
billion profit it booked in the same period in 2007.

For the current quarter, the company also posted a consolidated
operating loss of JPY158.8 billion, compared with a JPY42.1
billion operating profit in the same period last year.  Toshiba's
consolidated sales for the third quarter declined 79 percent to
JPY1.49 trillion.

Toshiba said the company's operating loss worsened as the
recession, influenced by the accelerating global financial crisis
since September 2008, took electronic devices heavily into the red
and caused significant declines in digital products and home
appliances, even though social infrastructure remained in the
black.

Bloomberg News reported Toshiba said its net loss will probably
reach JPY280 billion (US$3.1 billion) in the 12 months ending
March 31, compared with profit of JPY127.4 billion a year earlier.
In September, Bloomberg News said, Toshiba forecast it would
generate net income of JPY70 billion this fiscal year.

                    About Toshiba Corporation

Toshiba Corporation is a Japan-based manufacturer involved in five
business segments. The Digital Products segment offers cellular
phones, hard disc devices, optical disc devices, liquid crystal
televisions, camera systems, digital versatile disc (DVD) players
and recorders, personal computers (PCs) and business phones, among
others. The Electronic Device segment provides general logic
integrated circuits (ICs), optical semiconductors, power devices,
large-scale integrated (LSI) circuits for image information
systems and liquid crystal displays (LCDs), among others. The
Social Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.


* JAPAN: 3 Regional Banks to Receive JPY121 Bln in Public Funds
---------------------------------------------------------------
The Japanese government has decided to inject a total of JPY121
billion into three second-tier regional banks to help them
recapitalize and increase lending to small businesses having
trouble raising funds, Japan Today reports citing the Financial
Services Agency.

The agency, as cited by Japan Today, said the three regional banks
are:

   -- North Pacific Bank;
   -- Minami Nippon Bank; and
   -- Fukuho Bank.

These banks, the report says, will receive public funds by the end
of March.


* JAPAN: To Increase Gov't Bond Purchases to JPY1.8 Tril.
---------------------------------------------------------
Bloomberg News reports the Bank of Japan will increase its
government bond purchases from banks each month to JPY1.8 trillion
(US$18.3 billion) from JPY1.4 trillion.  The move comes a day
after the BOJ outlined plans to provide subordinated loans to
banks, the report says.

The report relates Japan's central bank has been buying government
bonds since 1989 and increased them in December to JPY1.4 trillion
a month from JPY1.2 trillion.

According to Bloomberg News, Japan's public debt is more than 170
percent of gross domestic product, which the Organization for
Economic Cooperation and Development estimates the highest in the
industrialized world.

In January, the report recalls the BOJ started buying commercial
paper to improve companies’ access to short-term funding.  Last
month it extended the asset-purchase program to one-year corporate
bonds as well as stocks owned by banks, the report adds.

As the world's second- largest economy shrank at an annual 12.1
percent pace last quarter, Prime Minister Taro Aso is preparing
his third stimulus package to revive the economy.  Bloomberg News
relates Prime Minister Aso last week said he'd draft a new
spending package to add to the JPY10 trillion pledged since he
became Japan's leader six months ago.



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

HO HUP: Wants Plan Filing Deadline Extended Until Sept. 30
----------------------------------------------------------
Ho Hup Construction Berhad asked the Bursa Securities to extend
the period to finalize and submit its regularization plan to the
Securities Commission and other approving authorities for six
months from March 31, 2009 to September 30, 2009.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                         *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected; and

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


NEPLINE BHD: Lender Seeks Payment of $12 Million Loan
-----------------------------------------------------
Nepline Berhad has been served with a writ of summons and
statement of claim by Export-Import Bank of Malaysia Berhad for
these claims:

   * the sum of US$10,809,053.33 for the Term Loan I due
     and outstanding as at December 15, 2008;

   * the sum of US$2,180,692.37 for the Term Loan II due
     and outstanding as at December 19, 2008;

   * further interest on the sum of US$10,809,053.33 at the
     rate of 2% per annum above Prescribed rate(as per the
     plaintif's letter of offer dated July 26, 2006) from
     December 16, 2008, to the date of full payment;

   * further interest on the sum of US$2,180,692.37 at the
     rate of 2% per annum above Prescribed rate(as per the
     plaintif's letter of offer dated July 26, 2006) from
     December 20, 2008, to the date of full payment;

   * cost on solicitor and client basis; and

   * other reliefs as the Court deems fit.

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhad had on Jan. 9, 2009, been served with a notice for
the appointment of a Receiver over the charged assets of Nepline
Berhad pursuant to three (3) Debentures dated Sept. 12, 2007, with
Bank Pembangunan Malaysia Berhad.


PECD BERHAD: Court Grants Winds Up Order Against Unit
-----------------------------------------------------
PECD Berhad disclosed in a regulatory filing that the Shah Alam
High Court had on January 20, 2009 granted an order to wind up
Arif Cerah Sdn. Bhd. (ACSB) under the provision of the Companies
Act, 1965.

ACSB is a wholly owned subsidiary of PECD Jaya Holdings Sdn. Bhd.
(Receivers and Managers appointed), which in turn is 70%
subsidiary of the company.  The remaining 30% is currently held by
Putrajaya Holdings Sdn. Bhd.

The wind up Order was noted by the company on March 13, 2009, upon
being notified of the same by the company Secretary of ACSB.  The
notification by the liquidator was served on the directors and
company secretary of ACSB at their respective place of residence.

Under the winding up order, the Official Receiver, Malaysia was
been appointed as the liquidator.

On January 23, 2009, the Ministry of Housing and Local Government
had issued a direction for the business of ACSB in respect of the
housing development in Precinct 11 to be assumed by Putrajaya
Homes Sdn. Bhd.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 13, 2008, ACSB was served with a wind-up petition by L'Grande
Development Sdn Bhd.  The petition was heard before the High Court
of Shah Alam on January 20, 2008.

The Petitioner had claimed for a sum equivalent to MYR1.12
million, which was allegedly due and payable by Arif Cerah
as at April 18, 2008, plus costs arising out of the petition to be
paid out of the assets of Arif Cerah.

                       About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                          *     *     *

Malaysian Rating Corp. Bhd downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.
The rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


PILECON ENG'G.: Extraordinary General Meeting Set for March 31
--------------------------------------------------------------
Pilecon Engineering Berhad will hold an extraordinary general
meeting (“EGM”) on Tuesday, March 31, 2009, at 10:00 a.m., at
Dewan Bunga Raya, No. 2, Jalan U1/26, Seksyen U1, Hicom-
Glenmarie Industrial Park, 40150 Shah Alam, in Selangor Darul
Ehsan.

At the meeting, the members will be asked to:

   -- consider and to pass the resolution on the proposed
      disposal of up to 5,100,000 ordinary shares of
      MYR1.00 each in Equiventures Sdn Bhd (“ESB Shares”) to
      MMC Corporation Berhad (“MMC”) and/or parties nominated
      by it at a cash consideration of MYR9.37 per ESB Share
      or for a total cash consideration of up to MYR47,787,000
      via the acceptance of the conditional take-over offer
      pursuant to the Malaysian Code on Take-Overs and Mergers,
      1998 by Maybank Investment Bank Berhad (formerly known
      as Aseambankers Malaysia Berhad), on behalf of MMC, to
      acquire all the remaining 10,200,000 ESB Shares not
      already owned by MMC and Aliran Ihsan Resources Berhad,
      being the party acting in concert with MMC;

   –- authorize the Directors of the company to give effect
      to the proposed disposal and to execute all necessary
      documents to give effect to and implement the proposed
      disposal with full power to assent to any conditions,
      modifications, variations, revaluations and/or amendments
      (if any) as may be imposed or required by the Securities
      Commission, Bursa Malaysia Securities Berhad, or other
      relevant authorities (provided always that the conditions,
      modifications, variations, revaluations and/or amendments
      (if any) are not to the detriment of the members of the
      company); and

   -- authorize the directors of the company to take all
      steps and do all acts and things in any manner as they
      may deem necessary or expedient in connection with the
      proposed disposal.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.



=============
N I G E R I A
=============

UNION BANK: Fitch Affirms IDR at 'B+' As Profit Hikes 85.8%
-----------------------------------------------------------
Fitch Ratings says Union Bank of Nigeria Plc's Issuer Default
Ratings, National Ratings and Support Rating Floor have been
affirmed based on the perceived level of support that the bank
would receive from the sovereign ('BB-' (BB minus)/Outlook Stable)
by virtue of Union's well-established domestic franchise.

The downgrade of Union's Individual Rating reflects Fitch's
concern that Tier 1 capital is low given the bank's weak asset
quality, low coverage ratios and concentrations in credit risk.
Union reported a Tier 1 capital ratio of 17.6% at the financial
year to end-March 2008 (FYE07: 26.5%).  Further strong growth in
risk-weighted assets since FYE08 has caused the bank's Tier 1
capital ratio to deteriorate further.

Union's operating profit improved by 85.8% to NGN32.7 billion
during FY08 (FY07: NGN17.6 billion) as a result of strong growth
in net interest income combined with reduced operating expenses.
Fitch considers that the bank's financial performance indicators
would have been significantly lower if the bank had made
appropriate impairment charges to adequately cover the bank's
NPLs.  Fitch expects that Union's growth in earnings will be
negatively impacted by slower economic activity in Nigeria and
capital constraints.

Union's loan book grew by a strong 61.6% to NGN296.7 billion at
FYE08 (FYE07: NGN183.6 billion).  Union's loan book was
concentrated at FYE08.  The agency considers Union's asset quality
to be weak with an NPL ratio of 24.3% at FYE08 (FYE07: 18.6%)
despite rapid credit growth. Fitch considers Union's coverage
ratio of 46.6% (FYE07: 64.8%) to be low.

During FY08, Union reported strong growth in deposits with this
trend continuing after FYE08. This resulted in a loan/deposit
ratio of 29.9% at FYE08 (FYE07: 33.5%), which was better than some
of Union's peers.  Union's deposit base is relatively diversified,
with overall levels of liquidity considered to be acceptable.

Union was established in 1917 as Colonial Bank and its first
branch was in Lagos. Barclays Bank acquired Colonial Bank in 1925
and changed the name to Barclays Bank (Dominion, Colonial and
Overseas).  Barclays Bank International disposed its shareholding
to Nigerians in 1979.  The bank was listed as Union Bank of
Nigeria Plc, with shares on the Nigerian Stock Exchange in 1990.

The rating actions taken on 16 March are:

Union Bank of Nigeria Plc

  -- Long-term foreign currency IDR: affirmed at 'B+'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: downgraded to 'D/E' from 'D'

  -- Support Rating: affirmed at '4'.

  -- Support Rating Floor: affirmed at 'B+'

  -- National Long-term: affirmed at 'A+(nga)'

  -- National Short-term: affirmed at 'F1(nga)'



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

MARIWASA SIAM: Gets Reprieve on Loan Repayments
-----------------------------------------------
Mariwasa Siam Holdings, Inc., the parent company of Mariwasa Siam
Ceramics, Inc., has gained a reprieve from creditors, securing
approval to suspend loan repayments for this year and next so it
can buy new machinery, Business World reports.

"We need to invest in energy-saving equipment," the news agency
quoted Emilie B. Maramag, the firm’s corporate information
officer, as saying.

The report relates that in a disclosure with the Philippine Stock
Exchange Mariwasa Siam Holdings Inc. said the company signed an
agreement with its creditors on March 13 to modify loan terms,
such that no principal repayments would be collected in 2009 and
2010.

Citing Ms. Maramag, the report discloses the debtors involved in
the agreement, among others, are Bank of the Philippine Islands,
China Banking Corp., Banco de Oro Unibank, Inc., and JP Morgan.

The company's restructured debts stood at almost PHp1.3 billion in
2007, supposed to be repaid in 25 quarterly installments starting
2008, the report notes.

Mariwasa Manufacturing, Inc. (MMI) was incorporated on November 5,
1963, to primarily engage in the manufacture and sale of various
quality ceramic floor and wall tiles which come in a wide array of
colors, shapes, sizes and finishes.  MMI's products include
vitrified floor tiles, glazed and decorated ceramic wall tiles
among others.  The company's subsidiaries are Mariwasa Siam
Ceramics, Inc. (MSCI), Artistica Ceramica, Inc., Cera Linda
Incorporated, Millennium Ceramics, Inc., Cyber Ceramics, Inc. and
Ceramic Tile Specialists, Inc.

In June 2001, the Board of MMI approved the motion to permanently
cease the manufacturing operations of MMI's Pasig plant in view of
the continuing losses encountered by MMI.  The Board agreed to
transfer all the manufacturing operations to one of its
subsidiaries, MSCI, whose plant is located in Bo. San Antonio,
Sto. Tomas, Batangas. Although MMI discontinued its manufacturing
operations, it still performed administrative services to its
subsidiaries in terms of sales, marketing, credit and collection,
finance, and treasury.  In September 2006, the company ceased
these functions and became a holding company.

Since the cessation of operations of MMI and other subsidiaries
situated in Pasig, MSCI now solely manufactures ceramic floor and
wall tiles in the Mariwasa Group of Companies.



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

MAGNETAR FINANCIAL: Creditors' Proofs of Debt Due on April 16
-------------------------------------------------------------
The creditors of Magnetar Financial (Singapore) Co., Pte. Ltd. are
required to file their proofs of debt by April 16, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

         Cameron Duncan
         Neo Ban Chuan
         Brian Mcmaster
         c/o KordaMentha Pte Ltd
         30 Robinson Road
         Robinson Towers, #12-01
         Singapore 048546


NEO INVESTMENT: Creditors' Meeting Set for March 24
---------------------------------------------------
The creditors of Neo Investment Pte Ltd will hold their meeting on
March 24, 2009, at 3 p.m., at One Raffles Quay, North Tower, in
Level 18, Singapore 048583.

Seshadri Rajagopalan is the company's judicial manager.


TOSHALI MARKETING: Final Meeting Slated for April 20
----------------------------------------------------
Toshali Marketing Pte. Ltd. will hold its final meeting on
April 20, 2009, at 9:30 a.m., at 10 Jalan Besar, #11-05, in Sim
Lim Tower, Singapore 208787.

At the meeting, Akber Ali S/O Thajudeen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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

NANYA TECHNOLOGY: Not Discussing Capital Reduction, Board Says
--------------------------------------------------------------
The China Post reports that Nanya Technology Corp said the
company's board had not discussed a capital reduction.

According to the Post, Nanya's statement follows after the
Economic Daily News reported that Nanya's parent company, Formosa
Plastics Group, was considering a reduction in outstanding shares
to boost Nanya's per-share value.

The Economic Daily News, as cited by the Post, said Formosa plans
to invest additional funds in Nanya after cutting the number of
shares in the unit by a third, or about NT$15 billion (US$438
million).

As reported in the Troubled Company Reporter-Asia Pacific, in the
fourth quarter of 2008, Nanya posted a net loss of NT$10.39
billion, compared with a net loss of NT$11.27 billion in the same
period in 2007.

Nanya reported net sales of NT$6.13 billion in the fourth quarter
of 2008, a decrease of 41 percent compared to 2007 fourth quarter.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.

The company reported a net sales of NT$36.31 billion in the fiscal
year ended Dec. 31, 2008, compared with a net sales of NT$52.89
billion in fiscal year 2007.

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The Company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others. DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


PROMOS TECHNOLOGIES: More Than 50% Investors Agree on Tender Offer
------------------------------------------------------------------
ProMOS Technologies Inc said that more than 50 percent of its
investors agreed to sell back the company's convertible bonds at a
deep discount, or withdraw their redemption request as of March 3,
2009, Lisa Wang at Taipei Times reports.

The report says ProMOS had also extended its early bird deadline
from March 2 to March 17, which allows bond holders to an extra 20
percent premium on the face value.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, the China Post said ProMOS offered to buy back
convertible bonds for as little as 10 percent of the principal.

Citing ProMOS in a filing to Singapore's stock exchange, the Post
related that the tender offer started Feb. 19 and ends on
March 21.

ProMOS, as cited by the Post, said the tender will fail if less
than 79 percent bondholders accept the offer.  However, ProMOS
said creditors can still demand full payment if they apply by
May 14, the Post related.

The Post said the company would spend as little as US$33.5
million, less than half it has available, buying back US$335.6
million worth of zero-coupon convertible bonds listed in
Singapore, freeing it from a payment default.

The TCR-AP, citing Taipei Times, reported on Jan. 20, 2009, that
ProMos was facing mounting pressure to repay US$330 million in
overseas corporate debt that matured on Feb. 14.

For the first nine months of 2008, ProMOS lost NT$22.5 billion
amid a slump in demand for memory chips.  The company reported a
net loss of NT$7.32 billion for the year ended December 31, 2007.

                          About ProMOS

ProMOS Technologies Inc. -- http://www.promos.com.tw--  is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.
The Company distributes its products within the domestic market
and to overseas markets.  As of December 31, 2007, the Company had
six wholly owned subsidiaries, including United Memories, Inc,
ProMOS Technologies Pte. Ltd, Flourishing Moment Limited, ProMOS
Technologies Japan Limited and ProImage Technologies Inc.



                         *********

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

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

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


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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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