TCRAP_Public/090323.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, March 23, 2009, Vol. 12, No. 57

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Trust Company to Attend Creditors' Meeting
SKYAIRWORLD: Fed Gov't Blamed for Not Conducting Due Diligence


H O N G  K O N G

ADJECTIVE LIMITED: Appoints Briscoe and Meng as Liquidators
COME LONG: Court to Hear Wind-Up Petition on April 8
FORTUNE MIND: Court to Hear Wind-Up Petition on April 15
GARWIN INTERNATIONAL: Court to Hear Wind-Up Petition on April 15
GOLDEN JOINT: Court to Hear Wind-Up Petition on May 6

HIP LEE: Court to Hear Wind-Up Petition on April 8
I-STAR CHINA: Creditors' Proofs of Debt Due on March 30
KAM FUNG: Court to Hear Wind-Up Petition on March 25
LLOYDS ARCHITECTURAL ET AL: Court Enters Wind-Up Order
PHAROS INTERNATIONAL: Court to Hear Wind-Up Petition on April 8

SANAMA INTERNATIONAL ET AL: Court Enters Wind-Up Order
SKY SONIC: Appoints Wai and Fun as Liquidators
TAI LIN: Contributories and Creditors to Meet on March 27
THE NEW CHINA ET AL: Members and Creditors to Meet on April 8
WANG KWONG: Court to Hear Wind-Up Petition on May 13


I N D I A

AJIT SOLAR: CRISIL Assigns 'BB-' Rating on Rs.285 Mln. Term Loan
DADIJI STEELS: CRISIL Rates Rs.35.1 Million Term Loan at 'BB'
EASTERN FOODS: CRISIL Puts 'B+' Ratings on Various Bank Facilities
HI-TECH PIPES: CRISIL Rates Rs.260.0 Million Cash Credit at 'BB'
MAHESH AGRO: Fitch Assigns 'B-' National Long-Term Rating

MULTIMETALS LTD: Low Net Worth Cues CRISIL 'BB+' Ratings
NAGARJUNA FERTILIZERS: CARE Puts'CARE BB' Rating on LT Bank Loans
NEELKAMAL STEELS: CRISIL Places 'B+' Rating on Rs.42.5MM Term Loan
RAYANA PAPER: CRISIL Assigns 'B-' Rating on Rs.170.00MM Term Loan


I N D O N E S I A

PT INDOSAT: Creditor's Consent Won't Affect Moody's 'Ba1' Ratings


J A P A N

HARVEST TRUST: Moody's Changes Ratings on Various Classes
JLOC37 LLC: Fitch Downgrades Ratings on Two Classes of Notes
JMAC4 TRUST: Fitch Downgrades Ratings on Two Classes of Notes
MAZDA MOTOR: S&P Changes Outlook on 'BB' Rating to Negative


K O R E A

SAMSUN LOGIX: Voluntary Chapter 15 Case Summary


M A L A Y S I A

WWE HOLDINGS: High Court to Hear Application for Stay on April 29


N E W  Z E A L A N D

BAR & BISTRO: Liquidator Wants Company's True Value Paid
BLUE CHIP: Parent Firm Ordered to Pay NZ$1,125 for Carpark Rent
FIVE MILE: Unsecured Creditors May Not Get Anything
NUPLEX INDUSTRIES: Regulators See Possible Disclosure Breach
NUPLEX INDUSTRIES: To Raise NZ$132.8 Million Through Rights Issue


S O U T H  A F R I C A

SUPER GROUP: Fitch Changes Watch on 'Bb' Rating to Evolving


                         - - - - -



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

BABCOCK & BROWN: Trust Company to Attend Creditors' Meeting
-----------------------------------------------------------
Fiona Robertson at The National Business Review reports the
trustee for Babcock & Brown Ltd subordinated noteholders will act
on their behalf at the company's first creditors' meeting, despite
having been previously unwilling to provide guidance for
investors.

According to the report, Trust Company Fiduciary Services
(formerly known as Permanent Trustee Company), has told Babcock
administrators Deloitte Touche Tohmatsu that it now acts as
creditor, on behalf of noteholders themselves.

Deloitte has confirmed the trust deed gives Trust Company a legal
obligation to act on behalf of creditors, the report says.

The first meeting for creditors, which are primarily noteholders,
has been set down for March 25, according to The Australian.

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against the special resolution to
restructure the terms of the notes.

Under the special resolution, the company's equity and
subordinated note holders won't receive any return.

Babcock & Brown  appointed David Lombe and Simon Cathro of
Deloitte Touche Tohmatsu as Voluntary Administrators.

                      About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'CC' from 'CCC+', following disclosure
of a dispute relating to the release of a deposit with a bank.
The short-term rating remains on 'C', and the long-term and the
short-term ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.

The CreditWatch negative reflects that the rating on BBIPL is
expected to be lowered to 'D' if the worsening liquidity problems
lead to a default.  The rating is also likely to be lowered to 'D'
if BBIPL fails to meet its AU$3.1 billion corporate facilities'
financial covenants and the banks accelerate payments under the
facilities, or if a facility is restructured in such a way that is
deemed by Standard & Poor's as a distressed exchange.  For
example, a restructure could result in lenders not receiving
appropriate compensation.  S&P notes that Babcock & Brown intends
to negotiate with its lenders for amendments in the corporate bank
facilities.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


SKYAIRWORLD: Fed Gov't Blamed for Not Conducting Due Diligence
--------------------------------------------------------------
Steve Creedy at The Australian reports anger is mounting over the
federal Government's handling of the SkyAirWorld contract to
service the Christmas and Cocos islands.

According to the report, the Nationals have raised questions about
the due diligence carried out by the Attorney-General's Department
when it awarded the contract to the Brisbane-based carrier.

The report says government officials reassured the public earlier
this month that SkyAirWorld's contract would go ahead despite the
fact that the airline at that stage had stopped flying after
losing three of its five jets and announcing it would axe 40 jobs.

Nationals deputy leader and Northern Territory senator Nigel
Scullion, as cited by the report, said the whole situation had
been abysmally managed by the federal Government noting it was
obvious that the bureaucrats who negotiated the contract had not
done sufficient due diligence and looked at the financial probity
of SkyAirWorld.

Citing The Australian in an earlier report, the Troubled Company
Reporter-Asia Pacific on Mar. 19, 2009, said Queensland carrier
SkyAirWorld collapsed, owing creditors more than AU$40 million and
left 140 staff with little chance of getting their full
entitlements.

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 said, SkyAirWorld sacked 40 staff from
its 140 workforce and grounded three of its five aircraft.

The carrier, Watoday.com.au said, 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.

Backed by Australian, New Zealand and British businessmen,
Watoday.com.au said 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.



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

ADJECTIVE LIMITED: Appoints Briscoe and Meng as Liquidators
-----------------------------------------------------------
On November 10, 2008, Stephen Briscoe and Wong Teck Meng of
Briscoe & Wong Limited were appointed as liquidators of Adjective
Limited.

The Liquidators can be reached at:

          Stephen Briscoe
          Wong Teck Meng
          Briscoe & Wong Limited
          Wing on House
          1801, 18th Floor
          71 Des Voeux Road Central
          Hong Kong


COME LONG: Court to Hear Wind-Up Petition on April 8
----------------------------------------------------
A petition to have Come Long Fashion Knits Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 8, 2009, at 9:30 a.m.

Chan Wai Nga filed the petition against the company on Feb. 4,
2009.


FORTUNE MIND: Court to Hear Wind-Up Petition on April 15
--------------------------------------------------------
A petition to have Fortune Mind Transportation Co. Limited's
operations wound up will be heard before the High Court of Hong
Kong on April 15, 2009, at 9:30 a.m.

Law Yeung Chan filed the petition against the company on Feb. 11,
2009.


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

Sham Tseng Chan Kee Roasted Goose Company Limited filed the
petition against the company on Feb. 3, 2009.

The Petitioner's solicitors are:

          Li, Wong, Lam & W.I. Cheung
          One Pacific Place
          Suites 908-910, 9th Floor
          88 Queensway
          Hong Kong


GOLDEN JOINT: Court to Hear Wind-Up Petition on May 6
-----------------------------------------------------
A petition to have Golden Joint Steel Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
May 6, 2009, at 9:30 a.m.

Contrive Company (H.K.) Limited filed the petition against the
company on Feb. 27, 2009.

The Petitioner's solicitors are:

          Fong Yin Cheung & Co.
          Prince's Building
          Suite 1432, 14th Floor
          10 Chater Road, Central
          Hong Kong


HIP LEE: Court to Hear Wind-Up Petition on April 8
--------------------------------------------------
A petition to have Hip Lee Company Limited's operations wound up
will be heard before the High Court of Hong Kong on April 8, 2009,
at 9:30 a.m.

Lau Wing Ching filed the petition against the company on Feb. 4,
2009.


I-STAR CHINA: Creditors' Proofs of Debt Due on March 30
-------------------------------------------------------
The creditors of I-Star China Limited are required to file their
proofs of debt by March 30, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Cosimo Borrelli
          Kelvin Edward Flynn
          Admiralty Centre
          1401, Level 14, Tower 1
          18 Harcourt Road
          Hong Kong


KAM FUNG: Court to Hear Wind-Up Petition on March 25
----------------------------------------------------
A petition to have Kam Fung Furniture International Limited's
operations wound up will be heard before the High Court of Hong
Kong on March 25, 2009, at 9:30 a.m.

Burwill Steel Pipes Limited filed the petition against the company
on Jan. 15, 2009.

Burwill Steel's solicitors are:

          Hampton, Winter and Glynn
          Printing House, 20th Floor
          No. 6 Duddell Street, Central
          Hong Kong


LLOYDS ARCHITECTURAL ET AL: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:

   -- Lloyds Architectural & Engineering Consultants Limited on
      March 2, 2009;
   -- Watery Ocean Restaurant Company Limited on Feb. 25, 2009.

Stephen Briscoe and Wong Teck Meng were appointed as the
companies' liquidators.


PHAROS INTERNATIONAL: Court to Hear Wind-Up Petition on April 8
---------------------------------------------------------------
A petition to have Pharos International Limited's operations wound
up will be heard before the High Court of Hong Kong on April 8,
2009, at 9:30 a.m.

Ma Ka Hay Chloe filed the petition against the company on Feb. 2,
2009.


SANAMA INTERNATIONAL ET AL: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:

   -- Sanama International Limited on March 4, 2008;
   -- Kwan Lik Engineering (Asia) Limited on March 4, 2008;
   -- Cheung Wo Industrial Limited on September 4, 2008;
   -- Richmond Engineering Limited on July 15, 2008;
   -- Semax International Limited on September 4, 2008;
   -- Wing Hang Mechanic Company Limited on Sept. 4, 2008;
   -- Hanbo Engineering Limited on March 4, 2008;
   -- Q10 Asia Limited on June 11, 2008;
   -- Blessearn Limited on July 15, 2008;
   -- Ever Success (H.K.) Limited on June 19, 2008;
   -- Link Printing Eqipment Company Limited on June 11, 2008;
   -- Oriental Crystal Finance Company Limited on Sept. 4, 2008;
   -- A & G Promotions (HK) Limited on May 22, 2008; and
   -- Topasia Management Limited on May 19, 2008.

Chan King Hang Danvil and Chan Man Yiu are the companies'
liquidators.


SKY SONIC: Appoints Wai and Fun as Liquidators
----------------------------------------------
On February 23, 2009, Li Man Wai and Tsang Lai Fun were appointed
as liquidators of Sky Sonic Development Limited.

The Liquidators can be reached at:

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


TAI LIN: Contributories and Creditors to Meet on March 27
---------------------------------------------------------
The contributories and creditors of Tai Lin Radio Service Limited
will hold their meetings on March 27, 2009, at 3:00 p.m. and
3:30 p.m., respectively, at the Auditorium in Duke of Windsor
Social Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


THE NEW CHINA ET AL: Members and Creditors to Meet on April 8
-------------------------------------------------------------
On April 8, 2009, an annual meetings will be held at Room 203 of
Duke of Windsor Social Service Building, No. 15 Hennessy Road, in
Wanchai, Hong Kong, for the members and creditors:

   -- The New China Hong Kong Capital Limited;
   -- The New China Hong Kong Finance Limited; and
   -- The New China Hong Kong Group Limited.


WANG KWONG: Court to Hear Wind-Up Petition on May 13
----------------------------------------------------
A petition to have Wang Kwong Group Limited's operations wound up
will be heard before the High Court of Hong Kong on May 13, 2009,
at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Feb. 26, 2009.

The Petitioner's solicitors are:

          ONC Lawyers
          The Bank of East Asia Building, 15th Floor
          10 Des Voeux Road Central
          Hong Kong



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

AJIT SOLAR: CRISIL Assigns 'BB-' Rating on Rs.285 Mln. Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to Ajit Solar
Pvt Ltd's (Ajit Solar's) bank facilities.

   Rs.29.5 Million Cash Credit       BB-/Stable (Assigned)
   Rs.285 Million Term Loan          BB-/Stable (Assigned)
   Rs.70.5 Million Packing Credit    P4 (Assigned)
   Rs.45 Million Letter of Credit    P4 (Assigned)
   Rs.11.3 Million Bank Guarantee    P4 (Assigned)

The ratings reflect the price volatility and intense competition
in the photo-voltaic (PV) industry, and the promoters' lack of
experience in high-technology manufacturing business.  These
weaknesses are mitigated by the company's choice of a proven
production process, procured from a reputed supplier.

Outlook: Stable

CRISIL believes that Ajit Solar is presently in the process of
completing the installation of the production line sourced from
Schmid Technology Systems GmbH, Germany, the world leader in PV
manufacturing machinery.  The outlook may be revised to 'Positive'
if the project is commissioned on schedule, and if the company
bags long-term contracts, leading to good revenues at stable
operating margins.  Conversely, the outlook may be revised to
'Negative' in case of cost overruns or delays in project
implementation, or lower-than-expected profitability.

                         About Ajit Solar

Ajit Solar was incorporated in 2007 by Mr. Ajit Singh Gehlot, who
runs many automobile dealerships in the Alwar region of Rajasthan.
The company is setting up a 20-megawatts (MW) PV production line,
entailing an investment of about Rs.400 million.  The
manufacturing unit will produce solar panels and modules using PV
cells as the primary raw material.  The company has acquired land
near Jaipur and has also constructed the factory building. The
production line has been sourced from Schmid.  The line is under
installation and is expected to be commissioned by end of
February 2009.


DADIJI STEELS: CRISIL Rates Rs.35.1 Million Term Loan at 'BB'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Dadiji Steels Ltd (Dadiji).

   Rs.57.4 Million Cash Credit *      BB/Stable (Assigned)
   Rs.35.1 Million Term Loan          BB/Stable (Assigned)
   Rs.7.5 Million Standby Line        P4 (Assigned)
          of Credit

   * Includes proposed limit of Rs.7.4 Millions.

The ratings reflect Dadiji's marginal market share in the steel
industry, limited backward integration initiatives, and exposure
to risks relating to cyclicality in the steel industry.  These
weaknesses are, however, partially offset by the benefits that
Dadiji derives from the experience of its promoters, and its
average business risk profile.

Outlook: Stable

CRISIL believes that Dadiji will maintain a stable business risk
profile.  The outlook may be revised to 'Positive' if the company
reports strong growth in revenues or undertakes initiatives
relating to integration of operations.  Conversely, the outlook
may be revised to 'Negative' if inability to fully utilise
capacity results in deterioration in operating margins.

                       About Dadiji Steels

Dadiji, incorporated in 1996 by Mr. R C Gupta and Mr. Binay Kumar
Singh, manufactures mild-steel rods, thermo-mechanically treated
(TMT) bars, channels and other structural items.  The company
currently has an induction furnace capacity of 44,000 tonnes per
annum (tpa) for ingots.  The TMT bar manufacturing facility has a
capacity of 37,200 tpa.  For 2007-08 (refers to financial year,
April 1 to March 31), Dadiji reported a profit after tax (PAT) of
Rs.24 million on net sales of Rs.1003 million, as against a PAT of
Rs.18 million on net sales of Rs.850 million for 2006-07.


EASTERN FOODS: CRISIL Puts 'B+' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the various bank
facilities of Eastern Foods Pvt Ltd (EFPL), which is part of the
Eastern group.

   Rs.93.3 Million Cash Credit Limits    B+/Stable (Assigned)
   Rs.26.7 Million Term Loan             B+/Stable (Assigned)

The ratings reflect EFPL's weak financial risk profile, and
exposure to risks relating to the highly fragmented nature of the
food products industry, small scale of operations, and dependence
on agriculture produce for raw materials.  However, these
weaknesses are partially offset by EFPL's moderate business risk
profile.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of EFPL and Eastern Roller Flour Mills
Pvt Ltd (ERFM), together referred to as the Eastern group.  This
is because both companies have a common management, and similar
product profiles and brand; moreover, the management proposes to
merge the two entities over the medium term.

Outlook: Stable

CRISIL believes that the Eastern group will continue to benefit
from its average business risk profile.  The outlook may be
revised to 'Positive' if there is significant improvement in the
group's operating margins or net worth.  Conversely, deterioration
in the group's financial risk profile may prompt a revision in
outlook to 'Negative'.

                        About Eastern Foods

EFPL, set up as a partnership firm in 1999, became a private
limited company in 2006.  The company undertakes production of
white flour, whole wheat atta, suji (semolina) and bran in its
wheat division and raw and parboiled rice in the rice division.
It has an installed capacity of 120 tonnes per day (tpd) in the
wheat division and 200 tpd in the rice division. ERFM, established
in 1988, has wheat milling capacities of 150 tpd.

For 2007-08, (refers to financial year, April 1 to March 31)
Eastern Group reported a profit after tax (PAT) of Rs.6 million on
net sales of Rs.1062 million, as against a PAT of Rs.3 million on
net sales of Rs.876 million for 2006-07.


HI-TECH PIPES: CRISIL Rates Rs.260.0 Million Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Hi-Tech Pipes Ltd (Hi-Tech).

   Rs.260.0 Million Cash Credit        BB/Stable (Assigned)
   Rs.40.0 Million Term Loan           BB/Stable (Assigned)

   Rs.30.0 Million Stand by Line       BB/Stable (Assigned)
           of Credit

   Rs.150.0 Million Letter of Credit   P4 (Assigned)
   Rs.30.0 Million Bank Guarantee      P4 (Assigned)
   Rs.10.0 Million Foreign Bill        P4 (Assigned)
           Purchase

The ratings reflect Hi-Tech's weak financial risk profile, and
exposure to risks relating to its small scale of operations in a
highly competitive industry, and to regional concentration.  These
weaknesses are, however, partially offset by the company's
diversified revenue profile, and extensive track record in the
pipes segment.

Outlook: Stable

CRISIL expects Hi-Tech Pipes Ltd (Hi-Tech) to maintain its
moderate business and financial risk profiles.  The company is
expected to operate with moderate capital structure.  The outlook
may be revised to 'Positive' if the company consolidates its
presence in electronic resistance and welded (ERW) pipes by
entering new markets, leading to substantial improvement in
realisations and profitability.  Conversely, the outlook may be
revised to 'Negative' if the company takes on large debt, thereby
straining its capital structure.

                       About Hi-Tech Pipes

Set up in 1986 by Mr. H L Bansal, Hi-Tech is an ISO-9001 certified
company, manufacturing ERW pipes. It has capacity to manufacture
50,000 tonnes of ERW pipes, 77,000 tonnes of cold-rolled and
galvanised coils, and 30,000 tonnes of mild steel flats at its
facilities in Secunderabad.  For 2007-08, (refers to financial
year, April 1 to March 31), Hi-Tech reported a profit after tax
(PAT) of Rs.23 million on net sales of Rs. 2720 million, as
against a PAT of Rs. 20 million on net sales of Rs. 2507 million
for 2006-07.


MAHESH AGRO: Fitch Assigns 'B-' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India's Mahesh Agro Private Limited a
National Long-term rating of 'B-(ind)' (B minus(ind)).
Simultaneously, the agency has assigned ratings of 'B-(ind)' (B
minus(ind))/F4(ind)' to MAPL's fund based working capital limits
amounting to INR450m, and 'F4(ind)' to its non-fund based working
capital limits amounting to INR300m.  The Outlook is Stable.

The assigned ratings reflect MAPL's diversified presence in
unrelated sectors exposing it to volatility in revenues and
profitability.  The company's revenues have oscillated during
FY04-FY08, ranging between a low of INR1188 million in FY07 to a
high of INR2231 million in FY04.  Concerns also emanate from
MAPL's low profitability, irregular working capital cycle, high
leverage levels and low coverage ratios.  The Op. EBITDA margins
have remained below 2% during FY04-FY08, and the net margins were
range bound between 0.19%-0.25%.  The ratings are also undermined
by the company's exposure to forex related risk and regulations
relating to exports and imports.  During FY04-FY08, forex
fluctuation contributions ranged between negative INR19.525
million in FY05 to INR7.376 million in FY04.

The ratings find support in MAPL's flexibility to adapt to market
conditions, as shown in the past, by changing the mix of
commodities traded, the experience of the promoters in this trade
and the low exit barriers involved in the nature of its business.

A significant improvement in profitability and financial leverage,
and sustained stability in revenues could be positive ratings
triggers.  Any further deterioration in profitability margins,
leverage levels or coverage ratios, and adverse government's
regulations impacting MAPL's trade could act as negative ratings
triggers.

For the year ending March 2008, MAPL earned INR1924.64 million in
revenues with its EBITDA and Net Income at INR36.08 million and
INR4.05 million, respectively.  The company's profitability as
measured by Operating EBITDA and net income margins stood at 1.87%
and 0.2%, respectively.  It had a total debt of INR256.83 million
in FY08, and its financial leverage computed as Total Adjusted
Debt Net of Cash/Op.  EBITDAR equaled 7.1x.  The coverage ratio as
computed as Op. EBITDAR/Net Interest measured 1.2x.

MAPL is a privately-held company involved primarily in the trade
of agricultural commodities, kerosene oil, fuel oil and other
chemicals.  The customers primarily include retail traders,
exporters and manufacturers of food grains and edible oil.


MULTIMETALS LTD: Low Net Worth Cues CRISIL 'BB+' Ratings
--------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Multimetals Ltd (MML).

   Rs.160 Million Cash Credit Limit     BB+/Stable (Assigned)
   Rs.22 Million Working Capital        BB+/Stable (Assigned)
                 Demand Loan
   Rs.220 Million Letter of Credit      P4 (Assigned)

The ratings reflect the company's constrained financial risk
profile on account of its low net worth and high gearing, and
susceptibility of its margins to fluctuations in prices of copper.
The increasing use of aluminium and other alloys in place of
copper also poses a substitution threat to the copper tube
industry especially at the time of high copper prices. These
weaknesses are partially mitigated by the company's enhanced end-
user diversity on account of improving presence in the export
market.

Outlook: Stable

CRISIL believes that MML will maintain its existing business risk
profile, backed by its improving presence in export markets.  The
outlook may be revised to 'Positive' if the company's net-worth
improves because of any equity infusions by the promoters, or if
there is a substantial increase in its revenues and profitability.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in MML's margins or cash flows, or if the company's
capital structure deteriorates, due to any large debt-funded
capital expenditure.

                      About Multimetals Ltd

MML's current promoters, Mr. Vasudev Agrawal and Mr. Rajendra
Agrawal, acquired the company in 2004-05 (refers to financial
year, April 1 to March 31) from Mr. P R Damani and Mr. N R Damani
(Damani group). MML has a 3000 tonnes per annum (tpa) capacity for
production of copper and copper alloy tubes from copper
billets/ingots in Kota, Rajasthan.  For 2007-08, MML reported a
profit after tax (PAT) of Rs.46 million on net sales of Rs.1.16
billion, as against a PAT of Rs.30.8 million on net sales of
Rs.1.11 billion for the previous year.


NAGARJUNA FERTILIZERS: CARE Puts'CARE BB' Rating on LT Bank Loans
-----------------------------------------------------------------
CARE has assigned a 'CARE BB' (Double B) rating to the long-term
bank facilities and 'PR4' (PR four) rating to the short term bank
facilities of Nagarjuna Fertilizers & Chemicals Ltd. (NFCL)
aggregating Rs.1,182.54 cr.  CARE has also assigned a 'CARE BB-'
(Double B Minus) rating to the outstanding (Rs.24.39 cr)
redeemable preference shares of the company.

The ratings factor in NFCL's track record of operations in the
Urea business and satisfactory operating performance in the last
few years.  However, the ratings are constrained by the company's
large investments in long gestation projects, which have been much
delayed. NFCL's investments in these projects have been a strain
on its financial position and still account for a substantial
portion of its tangible networth.  The ratings also factor in the
regulatory environment surrounding the fertilizer sector.

NFCL, promoted by Late Shri. K.V.K. Raju, operates two urea plants
(1,500 T/day each) at Kakinada, Andhra Pradesh. It also trades in
Urea (Government pool urea), other fertilisers and agri-inputs.
NFCL consistently registered over 100% capacity utilizations for
the last three financial years, upto FY08.  During FY08, the
company's plants produced 13.54 lakh ton of urea as against 13.24
lakh ton for FY07 (marginal growth of 2%). This represents a
capacity utilization of 113%(based on reassessed capacity).

Urea sales account for largest portion of NFCL's income. Urea
sales increased from Rs.1,346 cr in FY06 to Rs.1,495 cr in FY08.
The increase in sales was primarily because of the increase in the
subsidy payout on account of the rising feedstock prices.  PBIDT
margins have remained in the 19-21% range in the last three
financial years.  NFCL reported a PAT of Rs.22 cr in FY08. NFCL's
higher interest costs and discount/mark to market provision on
fertilizer bonds during FY08 had an impact on the overall profits.

Overall gearing as on March 31 2008 was high at 1.70x. However,
adjusting for NFCL's exposure to non-operational subsidiaries
gearing will be substantially higher. Interest coverage for FY08
was 1.12x.  During the nine-month period ended Dec.31, 2008. NFCL
reported a Total operating income of Rs.1,497 cr and a PAT of
Rs.20 cr.  Going forward, while the demand for fertilisers is
likely to go up with the increased thrust on agricultural growth
in the country, the fortunes of the individual units in the sector
will continue to depend largely on the polices of the
Government for the sector.  NFCL, in line with the Government
policy of utilizing gas as a feedstock for the fertilizer units,
plans to utilize the additional gas, likely to be made available
from the Krishna Godavari basin.  To help utilize the gas that
is likely to be available, NFCL is implementing a project for
installation of 450 ton per day CO2 recovery plant.  This together
with the implementation of debottlenecking and energy saving
devices is expected to enhance the capacity by over 2 lakh Mts per
annum.  Ability of the company to implement these projects in a
timely manner will ensure effective utilization of the gas and the
additional production will also be entitled to incentives linked
to the import parity price.  Moreover, NFCL's ability to exit from
JESCO (Jaiprakash Engineering & Steel Company) as planned and
timely implementation of the NOCL project with no additional
outflow from NFCL would be key to its long term sustainability.


NEELKAMAL STEELS: CRISIL Places 'B+' Rating on Rs.42.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the various bank
facilities of Neelkamal Steels Pvt Ltd (Neelkamal).

   Rs.37.5 Million Cash Credit       B+/Stable (Assigned)
   Rs.42.5 Million Term Loan         B+/Stable (Assigned)

The ratings reflect Neelkamal's marginal market share in the steel
industry, small scale of operations, low net worth, and exposure
to risks relating to cyclicality in the steel industry.  These
weaknesses are, however, partially offset by Neelkamal's moderate
business risk profile.

Outlook: Stable

CRISIL believes that Neelkamal will maintain a stable business
risk profile.  The outlook may be revised to 'Positive' if the
company reports improved revenues and profitability, or launches
initiatives to enhance the level of integration in its operations.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large debt-funded capital expenditure (capex).

                      About Neelkamal Steels

Neelkamal, incorporated in 2005, began commercial production of
thermo-mechanically treated (TMT) bars in August 2006.  The
company has launched a capex programme to double its capacity to
60,000 tonnes per annum. Its sells TMT bars under the Neelkamal
brand in Bihar and Uttar Pradesh.  For 2007-08 (refers to
financial year, April 1 to March 31), Neelkamal reported a profit
after tax (PAT) of Rs.12.1 million on net sales of Rs.288.7
million, as against a PAT of Rs.2 million on net sales of Rs.119.2
million for 2006-07.


RAYANA PAPER: CRISIL Assigns 'B-' Rating on Rs.170.00MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative' to the various
bank facilities of Rayana Paper Board Industries Ltd (Rayana).

   Rs.100.00 Million Cash Credit Limit   B-/Negative (Assigned)
   Rs.170.00 Million Term Loan           B-/Negative (Assigned)

The ratings reflect Rayana's small scale of operations and weak
financial risk profile.  These weaknesses are, however, partially
offset by the established track record of Rayana's promoter in the
paper manufacturing business.

Outlook: Negative

CRISIL believes that Rayana's financial risk profile will continue
to remain stretched because of insufficient cash accruals to
service the maturing term debt obligations.  The rating can be
downgraded in case of more than expected deterioration in
operating profitability leading to less than expected cash
accrual.  The outlook may be revised to 'Stable' if Rayana's
operating margins improve following commissioning of its new
captive power plant and W&P Paper division, backed by the strong
sales growth.

                           About Rayana

Incorporated in 1986, Rayana began production in 1989. It
manufactures industry paper (kraft paper and duplex boards) and
Writing & Printing Paper (WPP) at its two units at Gorakhpur
(Uttar Pradesh); Unit I manufactures industry paper from agro
waste, while the recently-installed Unit II manufactures WPP.  The
company also has a 3 mega watt (MW) captive power plant.  For
2007-08, (refers to financial year, April 1 to March 31) Rayana
reported a net loss of Rs.32.5 million on net sales of Rs.215.6
million, as against a profit after tax (PAT) of Rs.5.4 million on
net sales of Rs.199.8 million for 2006-07.



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

PT INDOSAT: Creditor's Consent Won't Affect Moody's 'Ba1' Ratings
-----------------------------------------------------------------
Moody's Investors Service has said that PT Indosat Tbk's
announcement that it intends to solicit consent from creditors to
loosen the Debt/Equity covenant and liken the financial
definitions of the covenants across the company's different debt
instruments, will have no immediate impact on Indosat's Ba1 local
currency corporate family and Ba2 senior unsecured ratings.

Moody's notes that no consent will be solicited on the US$234.7
million 7.75% bonds due 2010 issued by Indosat Finance Company
B.V. (rated Ba2), or on the US$109.4 million 7.125% bonds due 2012
issued by Indosat International Finance Company B.V. (rated Ba2).

Under the proposed covenant amendment, the Debt/Equity covenant
will be increased from the current level of 1.75x to 2.50x.
Moody's notes that the amendment will provide the company with
flexibility against non-cash losses resulting from potential rapid
and volatile changes in the Rupiah/US$ exchange rate.

Although currently less than half of the company's debt is US$
denominated and 52% of this amount is hedged, the covenant
calculation excludes the impact of the offsetting hedge position.
The company could therefore be exposed to reduced headroom under
the covenant in the event of a rapid and sudden depreciation of
the Rupiah against the US$.

"Although the covenant amendment would effectively allow Indosat
to incur greater leverage, Moody's expects the company to remain
committed to its existing financial policies, and maintain Total
Debt/Equity within 1.5x (assuming minimal volatility in the
foreign exchange rate)," says Ivan Palacios, a Moody's
AVP/Analyst.

"In addition, Moody's derives comfort from the fact that the more
restrictive maintenance covenants -- such as Debt/EBITDA below
3.5x and EBITDA interest coverage above 3.0x -- will remain in
place and will not be amended," adds Palacios.

Therefore, it is Moody's expectation that the company will
continue to operate under a conservative financial framework, as
reflected in its financial ratios for the year ended December
2008, of Adjusted debt/EBITDA of 2.4x and Adjusted EBITDA interest
coverage of 5.2x.

The last rating action with respect to Indosat was taken on
October 6, 2008, when the company's ratings were confirmed with a
stable outlook.

Indosat is a fully-integrated telecommunications network and
services provider in Indonesia.  The company is the second largest
cellular operator in the country, as well as its leading provider
of international call services.  It also provides multi-media,
data communications, and internet services.



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

HARVEST TRUST: Moody's Changes Ratings on Various Classes
---------------------------------------------------------
Moody's Investors Service has changed the ratings of the Class D
through G trust certificates of Harvest Trust.  The final maturity
of the certificates will take place in October 2012.

The rating actions follow:

  -- Class D: Placed Under Review for Possible Downgrade;
     previously on September 28, 2007 Assigned Baa2

  -- Class E: Placed Under Review for Possible Downgrade;
     previously on September 28, 2007 Assigned Baa3

  -- Class F: Downgraded to B2 from Ba2 and placed under review
     for possible downgrade; previously, Ba2 had been placed under
     review for possible downgrade on December 26, 2008

  -- Class G: Downgraded to Caa3 from B3; previously, Ba3
     downgraded to B3 and placed under review for possible
     downgrade on December 26, 2008

Harvest Trust, effected in September 2007, represents the
securitization of eight non-recourse loans and three specified
bonds.  Two of the non-recourse loans and one of the specified
bonds have been paid in full, and one non-recourse loan was
partially paid on the maturity date.  The transaction is currently
secured by six non-recourse loans (one non-recourse loan has been
placed under special servicing) and two specified bonds backed by
15 properties.

The rating actions on December 26, 2008 reflected the need to
reconsider initial assumptions about collateral recovery, as one
non-recourse loan had been placed under special servicing.

Moody's has now downgraded the ratings of the Class F through G
trust certificates, and continues its review of the rating of the
Class F trust certificate for possible downgrade.  Moody's has
placed the ratings of the Class D through E trust certificates
under review for possible downgrade as well.  Currently, the
Trustee and the Servicer are managing the disposition of the
collateral for the specially serviced loan under instructions from
the senior trust beneficiaries; however, the recovery from the
collateral is likely to be lower than the remaining principal
balance.

These actions reflect Moody's growing concerns about the
collateral recovery of the specially serviced loan.  Moody's will
closely monitor the collecting process of the specially serviced
loan, as well as the payments at maturity and the collateral
recovery of the remaining non-recourse loans and specified bonds,
to decide whether to confirm or downgrade the ratings.

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.


JLOC37 LLC: Fitch Downgrades Ratings on Two Classes of Notes
------------------------------------------------------------
Fitch Ratings has downgraded two classes of JLOC37, LLC notes due
January 2015 and maintained Rating Watch Negative on both.  Two
other classes have also been placed on RWN.  The remaining classes
of notes have been affirmed and the outlooks on these are Stable.

The full list of rating actions is:

  -- JPY34,706,380,000*, Class A1 Notes affirmed at 'AAA'; Outlook
     Stable;

  -- EUR7,805,478*, Class A2 Notes affirmed at 'AAA'; Outlook
     Stable;

  -- JPY5,320,650,000*, Class B1 Notes affirmed at 'AA'; Outlook
     Stable;

  -- EUR 3,266,476*, Class B2 Notes affirmed at 'AA'; Outlook
     Stable

  -- JPY 4,714,500,000*, Class C1 Notes 'A'; placed on RWN;

  -- EUR 5,691,077*, Class C2 Notes 'A'; placed on RWN ;

  -- JPY 5,388,000,000*, Class D1 Notes downgraded to 'B-' (B
     minus) from 'BBB'; remains on RWN;

  -- EUR1,313,325*, Class D2 Notes downgraded to 'B-' (B minus)
     from 'BBB'; remains on RWN;

  -- Interest-only classes X Notes affirmed at 'AAA'; Outlook
     Stable.

As of March 18, 2009

The rating actions follow updated information received by Fitch
from the servicer on March 13, 2009, regarding the collateral
disposition activity related to the accelerated loan, controlled
by junior note holders.  Additionally, Fitch believes that another
of the underlying loans, due March 2009, is likely to default
because of the current availability of refinancing.

The downgrade of the class D1 and D2 notes is due to the agency's
view that the expected recoverable amount of these two loans has
been revised downward and there remains a probability of
additional downward revision, considering the current real estate
market and the quality of the property portfolio.

Fitch will review the RWN status after it carefully reviews
additional information, including the latest collection status on
the loans, the probability of recovery stemming from sale of
properties, and disposition strategy from the servicer.

The agency also has concerns regarding two liquidation type loans
whose pace of collateral sales has been below Fitch's assumption.
Otherwise, cash flow from these properties is performing in line
with expectations.

There is no significant concern regarding the cash flow
performance of the other underlying asset, and credit enhancement
levels are expected to improve as principal collections from the
defaulted assets progress; therefore, the ratings of the senior
notes and Class X notes have been affirmed.

For further information, please see 'Fitch Places 2 JLOC 37 Notes
on RWN, Affirms 7; Outlooks Assigned' published 9 October 2008,
and available at www.fitchratings.com

At closing, the notes were ultimately secured by 10 loans
collateralized by 61 real estate and property trust beneficial
interest in respective trusts.  Three loans have been fully repaid
and the transaction is currently secured by seven loans backed by
a total of 42 real estate and others.

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


JMAC4 TRUST: Fitch Downgrades Ratings on Two Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded two classes of JMAC4 Trust's trust
beneficiary interests due February 2013, and maintained Rating
Watch Negative on class D and E TBIs.  Fitch has also assigned a
Recovery Rating to class E TBIs, placed class C TBIs on RWN, and
affirmed the remaining classes:

  -- JPY3.46 billion*, Class A TBIs affirmed at 'AAA'; Outlook
     Stable;

  -- JPY1.0 billion*, Class B TBIs affirmed at 'AAA'; Outlook
     Stable;

  -- JPY0.9 billion*, Class C TBIs rated 'A+'; placed on RWN;

  -- JPY0.8 billion*, Class D TBIs downgraded to 'B' from 'BBB';
     remains on RWN;

  -- JPY0.5 billion*, Class E TBIs downgraded to 'C' from 'BB';
     remains on RWN; 'RR5'; and

  -- Class X1 TBIs (interest-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of March 18, 2009

Fitch recently received a business plan from the trustee with
regards to the loan which defaulted in December 2008.  The rating
action reflects the agency's concerns about the principal
repayment of class C through E TBIs following property sales based
on the business plan, in light of the current real estate market
and the characteristics of the property portfolio.  Based on the
business plan and current market conditions, Fitch is of the view
that losses will inevitably impact on the class E TBIs, and so has
downgraded this class to 'C'.  The agency has also maintained RWN
on this class as it anticipates that default will occur in time.

The agency has placed and maintained the RWN on these classes,
reflecting its further concerns about the probability of recovery
from the defaulted loan depending on the updated information of
sales activities to be provided by the servicer.  Fitch will
resolve the RWN status after it carefully reviews further
information from the latest loan collection status.

As the other underlying loans are performing in line with
expectations and credit enhancement has improved following loan
prepayments, the agency has affirmed the ratings of classes A, B
and class X1 TBIs, where the Outlooks remain Stable.

Currently, the transaction is secured by five loans backed by 12
properties as well as prepaid principals currently held at the
trust account.

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


MAZDA MOTOR: S&P Changes Outlook on 'BB' Rating to Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
the outlook on its 'BB' long-term corporate credit rating on Mazda
Motor Corp., reflecting increased pressure on the company's
profitability and cash flow amid ongoing turbulence in global auto
markets.  At the same time, Standard & Poor's affirmed its
long-term corporate credit and 'BB+' senior unsecured debt ratings
on Mazda.

Due to a rapid decline in sales and the negative effects of a
strengthened yen, Mazda now forecasts an operating loss of
JPY25 billion for fiscal 2008 (ending March 31, 2009).  In fiscal
2007, the company achieved record earnings with an operating
profit of JPY162.1 billion.  For the nine months through to
Dec. 31, 2008, cash flow was adversely affected by weakened
profitability and an increased working capital burden, with free
cash flow standing at a negative JPY197 billion.  Although
inventory reductions through sharp production cuts could somewhat
improve cash flow in the final quarter of fiscal 2008 (Jan. 1 to
March 31, 2009), S&P expects free cash flow to be negative to a
significant degree for the full fiscal year.  Standard & Poor's
expects profitability at Mazda to remain under considerable
pressure in fiscal 2009 (ending March 31, 2010), as global
economies and auto markets are unlikely to recover soon.

As a result, S&P expects the company's financial profile, after
improving in the past few years, to deteriorate going into fiscal
2009.  S&P expects the ratio of funds from operations to total
debt to drop below 15% in fiscal 2008 from the 20%-30% range seen
in the past few years.  In addition, S&P believes the ratio of
total debt to capital will likely rise to about 60% at the end of
March 2009 from about 50% as of March 31, 2008.  Mazda's debt
leverage remains higher than many of its Japanese peers.  S&P
believes Mazda's liquidity is supported by its strong relationship
with its main creditor banks and limited refinancing risk.  As of
Dec. 31, 2008, Mazda had cash and marketable securities of
JPY144 billion, complemented by unused committed credit facilities
of JPY200 billion.

The ratings on Mazda may come under downward pressure if the
company is unable to improve free cash flow and this trend leads
to further deterioration in the company's financial profile in
fiscal 2009.  Conversely, the outlook may be revised back to
stable if S&P perceive that positive free cash flow is likely to
consistently improve the company's financial profile.  S&P feel
that the latter scenario is unlikely at the moment, however, given
the expected tougher market conditions for fiscal 2009.

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, given the
company's relatively high exposure to bank borrowings and close
relationship with its main creditor banks.

                          Ratings List

                 Ratings Affirmed; Outlook Action

              Mazda Motor Corp. (Unsolicited Ratings)
                                   To                 From
                                   --                 ----
Corporate Credit Rating           BB/Negative/--     BB/Stable/--

                         Ratings Affirmed

           Senior Unsecured                        BB+



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

SAMSUN LOGIX: Voluntary Chapter 15 Case Summary
-----------------------------------------------
Chapter 15 Petitioner: Hyun-Chul Hur
                       as receiver of Samsun Logix
                       Corporation

Chapter 15 Debtor: Samsun Logix Corporation
                   5-6F, Lee Ma Blg
                   146-1 Soosong-Dong
                   Jongno-Gu
                   Seoul
                   Korea

Chapter 15 Case No.: 09-11109

Type of Business: The Debtor is one of South Korea's largest
                  bulker operators.  It owns 15 bulkers and has
                  another four new buildings on order.  The
                  company's fleet comprises capesize, panamax and
                  handysize vessels built in the 1980s and 1990s.
                  The oldest vessel is the 1982-built, 21,289 dwt
                  Ataraxia, while the youngest is the 1999-built,
                  69,406 dwt Clio.

                 See: http://www.samsunlogix.com/

Chapter 15 Petition Date: March 11, 2009

Court: Southern District of New York (Manhattan)

Chapter 15 Petitioner's Counsel: Martin G. Bunin, Esq.
                                marty.bunin@alston.com
                                Alston & Bird LLP
                                90 Park Avenue
                                New York, NY 10016
                                Tel: (212) 210-9492
                                Fax: (212) 922-3892

Estimated Assets: More than US$1 billion

Estimated Debts: More than US$1 billion



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

WWE HOLDINGS: High Court to Hear Application for Stay on April 29
-----------------------------------------------------------------
As reported by the Troubled Company Reporter-Asia Pacific on
June 18, 2008, WWE Holdings Bhd had been served with a Writ of
Summons and Summons in Chambers by its sub-contractor -- Tebing
Aur Sdn Bhd (TASB).

Tebing Aur was appointed by the company as a sub-contractor for
the Jelutong Sewage Project and is claiming the final claim for
the sum of MYR118,810,023.97 in addition to the injunction
relating to the payment from the Government of Malaysia of up to
MYR10 million.

The High Court had on Sept. 16, 2008 granted the injunction.  The
decision of the High Court was subsequently affirmed by the Court
of Appeal on December 3, 2008.

In an update, the company said it had applied for a Stay of
Proceedings pursuant to Section 10 of the Arbitration Act, 2005
wherein the company applied for the case to be referred to
arbitration.

The hearing of the application has been fixed at the High Court on
April 29, 2009.

                       About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                               *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.



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

BAR & BISTRO: Liquidator Wants Company's True Value Paid
--------------------------------------------------------
Grant Reynolds, the appointed liquidator for Bar and Bistro
Limited, has filed a claim seeking true value of the company after
it was bought by Lochiel Corporation for NZ$3, Lucy Craymer at The
National Business Review reports.

According to the report, Mr. Reynolds described the sale of the
restaurant "as a blatant disregard for the creditors” noting many
of the creditors were involved in either the fit-out of the bar or
for goods or services provided to the bar and they were owed
around NZ$200,000.

The report discloses the company, which was owned by siblings
Alexander and Aleksandra Blagojevic, no longer ran the restaurant
and it had been sold for NZ$3 in March 2008 to the former owners'
father Michael Blagojevic, who also runs Le Grand Hotel.


BLUE CHIP: Parent Firm Ordered to Pay NZ$1,125 for Carpark Rent
---------------------------------------------------------------
Lucy Craymer at The National Business Review reports Judge David
Gendall ordered Blue Chip parent company Northern Crest
Investments to pay, within five days, Robt. Jones Holdings the sum
of NZ$1,125.56 for overdue carpark rent.

According to the report, Robt. Jones had demanded that Northern
Crest pay NZ$48,030 in overdue rent for their carpark and office
space at Qantas House in Auckland.

However, the report says Northern Crest, of which Mark Bryers is
sole director, had argued that it was not debt because the lease
had been terminated by Robt. Jones in August 2008.

Northern Crest, the report relates, said the owed money instead
relates to rental for two months following the termination, to
which Judge Gendall agreed.

Northern Crest Investment Limited (ASX:NOC), formerly Blue Chip
Financial Solutions Limited, is a financial planning specialist,
providing wealth creation opportunities for clients in Australasia
using residential property solutions.  The company operated in two
divisions: financial services and leasing services.  The financial
services division is engaged in the provision of financial
structuring services and investment product to a variety of
clients.  The leasing activities division is engaged in rental of
residential property.  The company sources its clients through a
network of licensees and advisers in New Zealand and Australia.
During the year ended December 31, 2006, the company disposed
TIBL, Blue Chip Finance Limited and Enform Limited.  In April
2008, the company placed its New Zealand arm into voluntary
liquidation.

                       About Blue Chip NZ

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

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company of Northern Crest Investment Limited, formerly known as
Blue Chip Financial Solutions Limited.


FIVE MILE: Unsecured Creditors May Not Get Anything
---------------------------------------------------
Jazial Crossley at The National Business Review reports Five Mile
Holdings's unsecured creditors are unlikely to get any funds after
receivers of the failed Queenstown property development placed the
company's outstanding debt at NZ$93 million.

Citing Deloitte's six monthly report, the news agency says
receiver Rod Pardington recorded that Five Mile owed NZ$81.14
million to Hanover Finance as at December 2008, and in
January 2009 debt to other secured creditors was NZ$11.87 million.

Deloitte's initial report from September 2008 declared Five Mile
owed NZ$79.6 million to creditors, the news agency recalls.

The news agency relates 31.2 hectares of Five Mile land with
development potential is currently available by mortgagee sale
through Bayleys.  Tenders close Friday, March 27.


NUPLEX INDUSTRIES: Regulators See Possible Disclosure Breach
------------------------------------------------------------
Sarah McDonald at The National Business Review reports Nuplex
Industries Limited is being investigated by the Securities
Commission and NZX over whether it breached continuous disclosure
rules in relation to its breach of banking covenants.

According to the report, in early February, analysts were warning
that the company was in danger of breaching banking covenants
after it cut its earnings forecast, however, the company did not
confirm it was in breach until two weeks later, when it admitted
its problems in response to a stock exchange share price enquiry.

The report relates Nuplex said it has been advised by NZX that "an
investigation is being conducted with regard to Nuplex's
compliance with continuous disclosure obligations in relation to
its failure to comply with the senior debt cover ratio covenant in
its bank facilities as at December 31 2008.”

As reported in the Troubled Company Reporter-Asia Pacific, under
the group's multi-currency cash advance facility agreements with
banks, Nuplex is required to comply at all times with a senior
debt cover ratio to EBITDA of 3.00 times, however, as at
December 31, 2008, the company said it did not comply with this
covenant.

Nuplex said it has been in discussion with its banks to seek an
amendment to the covenant ratio to enable the company to comply.
The facility agreements require that all banks agree to conditions
for an amendment.

The company said it is reviewing the group's funding arrangements
and the board is considering the merits of issuing ordinary
equity.

Mr. John Hirst, group managing director, said "This has been the
most difficult period in the company's history, with a drop in
global demand at a rate and to an extent we have never seen
before.

"Against this backdrop, the result, although disappointing,
demonstrates that Nuplex remains a sound and profitable Company,
even in such adverse times.  While our operations have been
restructured in line with current trading the benefits of this
will not be realised until future periods.  However, as global
confidence returns, as it will inevitably do, a leaner and focused
Nuplex will be well positioned to profit from increased demand."

Nuplex said it suspended payment of 2009 interim dividend to
strengthen balance sheet and repay debt.

                          About Nuplex

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.


NUPLEX INDUSTRIES: To Raise NZ$132.8 Million Through Rights Issue
-----------------------------------------------------------------
Nuplex Industries Limited said on Friday it is considering raising
NZ$132.8 million of new equity capital by undertaking a pro-rata
renounceable rights issue of new ordinary shares to existing
Nuplex shareholders.

The Rights Issue will be fully underwritten by First NZ Capital
Securities Limited and has received sub-underwriting support from
a broad range of institutional and habitual investors, the company
said in a statement.

Nuplex said it decided not to proceed with the proposed placement
that had been initially contemplated, and instead decided to
proceed with the Rights Issue.  Accordingly, the special
shareholder meeting proposed for Friday, April 3 will no longer be
required.

The key terms of the proposed Rights Issue are:

   -- Entitlement Ratio: 7 new shares for every 1 existing share

   -- Issue Price: NZ$0.23 per new share

   -- Total New shares: 577,643,738 million new shares to be
      issued

   -- Gross Proceeds: NZ$132.8 million to be raised (fully
      underwritten)

Key dates expected for the Rights Issue are:

   -- Existing Shares Trade Ex-Rights: ASX: Thursday, March 26

   -- Record Date: Wednesday, April 1, 2009

   -- Offer document sent to eligible shareholders and Rights
      Issue opens : Thursday, April 2, 2009

   -- Rights Trading:

       NZX: Thursday, April 2 to Wednesday, April 15, 2009
       ASX: Thursday, March 26 to Thursday, April 9, 2009

   -- Offer closes: Monday, April 20, 2009

   -- Allotment of Rights Issue shares: Thu., April 23, 2009

                        Top-Up Placement

As part of the underwriting arrangements for the Rights Issue,
subjec to Nuplex obtaining NZX approval and certain relief from
ASX, the company also intends to enter into a call option
arrangement with First NZ Capital Securities Limited in respect of
new Nuplex shares that may be issued upon completion of the Rights
Issue.  For the period of five days following the allotment of
shares under the Rights Issue, First NZ Capital Securities Limited
may call for Nuplex to issue to habitual and institutional
investors who provided sub-underwriting commitments up to 15% of
the shares then on issue for a price of NZ$0.23 per new shares
(Top-up Placement).  Provided that NZX and ASX grant the requested
relief, this issue will not require shareholders approval if the
option is called.

                          Use of Funds

The net proceeds from the planned capital raising shall be applied
in reduction of amounts outstanding under Nuplex's senior debt
facilities.

                           Conditions

The Rights Issue is conditional upon Overseas Investment Office
approval being obtained prior to the allotment date.

A condition of the Underwriting Agreement is that Nuplex's banks
agree, to a level satisfactory to the Underwriter, acting
reasonably, either to make a pro-forma adjustment to the rolling
12-month interest cost until March 31, 2010, for the purpose of
calculating the interest cover levels, or to amend the level of
the interest cover convenant in the bank facilities, to reflect
the capital contributed by the Rights Issue.

The Underwriting Agreement is also conditional upon receipt by
Nuplex of ASX relief to permit the Top-up Placement to proceed
without shareholder approval.

As reported in the Troubled Company Reporter-Asia Pacific, under
the group's multi-currency cash advance facility agreements with
banks, Nuplex is required to comply at all times with a senior
debt cover ratio to EBITDA of 3.00 times, however, as at
December 31, 2008, the company said it did not comply with this
covenant.

Nuplex said it has been in discussion with its banks to seek an
amendment to the covenant ratio to enable the company to comply.
The facility agreements require that all banks agree to conditions
for an amendment.

The company said it is reviewing the group's funding arrangements
and the board is considering the merits of issuing ordinary
equity.

Mr. John Hirst, group managing director, said "This has been the
most difficult period in the company's history, with a drop in
global demand at a rate and to an extent we have never seen
before.

"Against this backdrop, the result, although disappointing,
demonstrates that Nuplex remains a sound and profitable Company,
even in such adverse times.  While our operations have been
restructured in line with current trading the benefits of this
will not be realised until future periods.  However, as global
confidence returns, as it will inevitably do, a leaner and focused
Nuplex will be well positioned to profit from increased demand."

Nuplex said it suspended payment of 2009 interim dividend to
strengthen balance sheet and repay debt.

                         About Nuplex

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.



======================
S O U T H  A F R I C A
======================

SUPER GROUP: Fitch Changes Watch on 'Bb' Rating to Evolving
-----------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Super Group Ltd's
National Long-term 'BB(zaf)' rating to Rating Watch Evolving from
Rating Watch Negative.  The National Short-term 'B(zaf)' rating
remains on Rating Watch Negative .

These rating actions follow the company's announcement of
discussions with their bankers and shareholders for a ZAR1 billion
fully underwritten rights offer and debt restructuring, expected
by FEY09.  The rights offer is expected to be fully underwritten
by Super Group's bankers and a major shareholder, Allan Gray.  If
successful, this would result in a material reduction in short-
term and total debt levels.  Fitch notes that a ZAR1 billion
inflow of new capital will positively impact Super Group's
liquidity position and is also expected to improve net leverage.

The change in Rating Watch to Evolving incorporates Fitch's
expectation that a successful completion of the proposed rights
issue and debt restructuring will contribute towards a
strengthening of Super Group's credit profile and may have a
positive impact on Super Group's long-term rating, although a
stabilization of the ratings currently looks probable.  However,
in the event that Super Group is unable to complete the proposed
funding arrangements, the group would still face material
refinance risks.  The RWN on the short-term rating reflects
Fitch's expectation that an upgrade to 'F3(zaf)' seems unlikely at
this time.

Fitch remains concerned about the impact of the economic downturn
in the retail and automotive sectors in the regions in which Super
Group operates.  Fitch is of the opinion that the group's business
profile remains susceptible to reduced consumer spending from
worsening macroeconomic conditions, particularly in the automotive
and retail sectors.  Fitch expects that, in the current
environment, pressure on earnings and margins will continue for at
least the next 12 to 24 months, and believes that the challenging
operating environment may deteriorate further.

Super Group benefits from its stable full maintenance lease
business, long term growth prospects for Fleet Africa and the
contractual nature of income in the Supply Chain business.

Super Group is a South Africa-based company involved in supply-
chain management, fleet logistics and vehicle retail
distributorships.



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***